business final
in order to create an understanding of what customers can expect from their relationship with your company it is essential that a company create a _______ which differentiates your company from the competition
unique selling proposition
in a free market economy, when the gross domestic product increases, the corresponding affect is
a higher standard of living
in a free market economy where individuals are free to pursue their own self-interest, the role of the government is to:
create an environment where individuals and businesses can prosper
the future of work will continue to remain one of the most important issues facing organizations in the future. as a result of an aging workforce, expanding regulations, and the transition toward an automated workplace these, and other forces affecting 21st century organizations will make the _____ process even more difficult
forecasting
the government,. within the circular flow of business, establishes tax rates and regulations that impact the interaction of consumers and businesses. taxes represent the principal source of government revenue, which are used to:
fund education
the concept of "ceteris paribus" is particularly important in economics and the study of cause and effect. when the concept is applied to the law of supply we would be correct to conclude that when the market price of a good falls below market equilibrium price this would result to
greater demand beyond the quantity supplied
The primary responsibility of management within an organization is to:
improve the ability of organizational members to efficiently utilize scarce resources.
the fundamental purpose of human resource management is to ensure that organizations remain in compliance with the relevant legislation involving employment practices, as well as
improve the work life of employees
an organization that endeavors to engage in acts of social responsibility must be committed to__
improving the well-being of society
what statement most accurately explains the validity of the following assertion: people working in their own self-interest who produce goods and serives, create economic gain for all
in order to earn money and produce goods that improve lives, self directed gain would provide jobs, and subsequently wages for others
Peter Drucker introduced the MBO model in his book, The Practice of Management, published in 1954. Drucker stated that the primary purpose of the model was to:
increase organizational performance
a mission statement is a summary of an organizations goals and values. the quality and content of a company's mission statement can affect every part of a business, including its manager, employees, and customers. a well crafted mission statement will generate greater enthusiasm for the company's core purpose and elicit ____ from everyone in the company
increased personal effort
an essential skill required to effectively manage a new business and evaluate operational performance requires that new entrepreneurs/managers be able to evaluate and understand
information contained within the financial statements
you are working with a group of students who are preparing for an exam in their introduction to business class. one of the students in your study group asks you if you can help her understand the key elements of a supply curve chart? you state that the supply curve
it illustrates the price of a good and the quantity of that good sellers are willing to offer for sale at a specific point in time
The psychologist Fredrick Herzberg, in the1950s and 60s, asked people what they wanted from their jobs, as a means of understanding employee satisfaction. Herzberg concluded that in order to increase job satisfaction, organizations needed to create opportunities for:
job enrichment.
As a human resource manager, you recognize that the rapid changes in technology require a higher level of knowledge and experience of any future applicants for open positions within your company. These new requirements would need to be reflected in _______________________ for a wide variety of jobs at your company.
job specification statement
for every organization, it is crucial to ensure that prospective candidates seeking employment understand the qualifications necessary to be considered a viable candidate for a given job opening. in order to attract the most qualified candidates' organizations need to develop a detailed:
job specification statement
hydrogen energy inc has developed a manual, which outlines the procedures; managers must follow when attempting to resolve employee grievances. the primary purpose for developing the manual is to ensure company rules will be administered fairly and consistently. what ethical approach has sun solar systems corporation adopted to facilitate the equitable treatment of all employees?
justice rule approach
The HR function, if carried out correctly, can be the source of an organization's:
competitive advantage
What theory, in part, suggests that people prioritize their needs based on their tangibility?
Alderfer's ERG Model
Often cited as the catalyst for the Human Relations Movement in management, what fundamental changes occurred as a result of the Hawthorne Studies
Greater emphasis on employee satisfaction.
The Strategic Human Resource planning process begins by assessing the current labor situation within a company. At this stage in the process, what would a manager be required to do?
Complete a job analysis.
The Controlling function is the basis for determining what is being accomplished, evaluating performance and when necessary, taking corrective measures. Controlling can also be viewed as detecting and correcting significant variations in the results obtained from planned activities. Which of the following most accurately describes the importance of the controlling function?
Controlling without planning is useless.
According to the work of Edward Locke, what could managers do to improve employee motivation?
Create difficult goals.
Marleen was recently hired as a middle manager at a large insurance company. As a new manager Marleen was required to attend a conference where a corporate trainer explained the benefits of expectancy theory. Marleen now wants to incorporate what she has learned, and believes that in order to properly apply the basic principles of expectancy theory she must be able to?
Ensure that the performance standards are attainable.
the next wave of marketable innovations will likely involve new ways to produce and conserve energy. if the united states can turn new technology into marketable products and services that produce energy the US could see an increase in what macroeconomic indicate
GDP
Life often presents complicated situations filled with uncertainty. In order for managers to reduce the impact of biases, logical fallacies, and knee-jerk reactions they would be well advised to utilize the _______________________________ in order to reduce uncertainty and optimize the use of the scarce resources of the organization.
Rational Decision-Making Model
A SWOT analysis is done as part of the overall __________________________ in which financial and operational goals are set for the upcoming year and strategies are created to accomplish these goals.
Strategic planning process
what would be considered one of the primary benefits of writing a business plan prior to the launch of a new business venture?
assists in securing financial resources
when a company attempts to increase its social bottom, according to john elkington, they would
attempt to create fair and beneficial labor practices
According to Herzberg's Two Factor Theory, basic factors like safety and salary need to be met to prevent dissatisfaction at work, however, motivating factors like ________________ and ______________ are required in order to create stimulating work.
autonomy and recognition
alejandra is a human resource manger at a local high tech company. if alejandra's organization is like most companies today, which of the following statements about her primary job responsibilities is the most accurate?
alejandra would be responsible for maintaining the company's compliance with the various laws and regulations concerning hiring, worker safety, pay, and unionization
your professor, during her lecture, has asked you to describe what key resource is being circulated as a result of the interactions within the circular flow model
all of the activities within the circular flow generate the flow of money
as a new entrepreneur who lacks access to other financing options you have chosen to utilize a cash-only approach in the sale of your goods and services as the basis for financing the growth of your company. this typeof financing is referred to as:
bootstrapping
Strategic planning requires managers to determine what forces will have the greatest impact in the respective businesses. Which of the following represents a major factor that manager's would need to account for as they engage in the strategic planning process?
business cycles
the lighthouse corporation has decided to move beyond their mission statement and bridge the gap between rhetoric and its internal operating practices. this decision will require lighthouse corporation to
conduct a responsibility audit
As a new manager your first priority is to try and improve employee motivation. You remember the important implications of the Hawthorne Studies and have determined that ______________________________ would likely be a great starting point in your efforts to improve employee motivation.
considering the needs of your employees
As a result of frequent changes, including, but not limited to, shifting societal norms, new and disruptive technologies, and continued economic instability managers must engage in a systematic process wherein they develop thoughtful _________________________________ that results in development of a series of strategies in order to respond to future events.
contingency plans
when jayden started his new business he purchased trucks, forklifts, compressors, and power tools in order to service the needs of his clients. these resources would all classified
capital
in order to formulate effective strategies managers will need ti understand the _____ as the basis for creating and sustaining a meaningful competitive advantage
competitive environment
when an organization attempts to create a culture that relies on the adherence of rules and policies in order to govern employee behavior, they have opted to adhere to the basic principles of
compliance based ethics
jamal is the human resource manager for his company, renewable energy corporation. in his role as human resource manager jamal's primary responsibility would include
creating sound policies and processes for attracting and retaining the most talented people
due to rapid changes in the 21st century economy managers within their respective organizations will rely on what factor of production as a critical factor affecting their future success
knowledge
in order for this resource to realize its economic value it requires the application of capital and human resources
land
in a command economy the two key factors of ____and ___ have no bearing on what products are produced and the prices for goods in the market
demand and the needs of the customer
What author concluded that the management style in organizations is often influenced by the manager's beliefs and assumptions about human behavior in the workplace and what motivates employees to perform?
douglas mcgregor
within a free market economy every economic occurrence is the result of the interaction of the _____ and _____
law of supply and demand
you have decided to launch a new business in santa barbara that will provide small businesses (restaurants, nightclubs, health clubs, etc) with sanitized cleaning services to combat the spread of covid. when attempting to decide what legal structure would be optimal for your business you would need to consider
liability implications
netflix's success is based on the fact the company determined that the lifestyle needs of its customers called for more convenient methods to receive entertainment. blockbuster on the other hand did not pay enough attention to competitor movements, permitting netflix to quickly capture greater market share as well as increase their profitability. blockbuster on the other hand has now shuttered its doors. which external environment probably has the least effect on netflix's success
economic environment
effective leaders must demonstrate high levels of honestly and integrity. this is essential to inspiring confidence and trust from employees, without which a leader is not likely to be effective. which of the following statements about effective leaders and leadership is the most accurate?
effective leaders provide timely feedback and reward outstanding performance
some studies suggest that it may be more important for leaders to be knowledgeable and skilled in the areas of human relations, individual motivation, and group processes. these skills are essential in order to drive the _____ of people and mobilize them to action
emotions
if as a new manager you were attempting to apply the basic principles of expectancy theory, which of the following problems would indicate that you were unsuccessful
employees are unwilling to work toward achieving an important goal because they believe the reward offered is not sufficient to justify the effort
Your company has recently decided, in order to improve employee motivation, to implement the principles of Management by Objectives, which will allow for a more open discussion of employee performance. Your manager asks you for your opinion of MBO. You respond, "When it is all said and done MBO requires":
employees to motivate themselves.
what legislation requires organizations to provide equal health and life insurance coverage, retirement plans or pensions, pre-tax medical or dependent care savings accounts, and use of company equipment
equal pay act
the success of any organization is dependent on a number of different factors. however, the profitability of a company is influenced by its ability to price its goods and services _____ the market price
equal to
within a free market economy business activities are based on a process of voluntary exchange between the consumer and individual businesses. for any business to survive and prosper in a free market, they must be capable of:
establishing a unique competitive advantage
a recent article by business leader stated that the global workforce is now 35% millennial, with baby boomers inly making up 6%. the new generations of millennials entering the workforce have become an important factor for managers to understand as they attempt to determine how best to motivate their performance. this new generation of millennial employees is motivated by a variety of factors, which include:
long term job security
when curtis and justin started their new business they determined that a general partnership would ensure that they each could actively participate in the day to day operations of the business. after two years in business they are now faced with outstanding financial obligations totaling $150,000, far more than their initial investment as general partners in the company. As a result of their inability to meet their financial obligations they are forced to close their business. for curtis and justin this means that they will
lose their personal assets as a result of their company's failure
Employees bring different generational expectations and life experiences into the workplace that ultimately influences their perceptions of fairness. Equity theory explains how inequities, perceived or real, can impact employee motivation. When employees believe that the workplace is unfair, they will likely experience:
low morale
what type of economic system operates under the pretext that consumers will purchase a product when they believe that the value they derive from the product is greater than the price they must pay
market
a competitive environment wherein consumers are willing to pay more for products containing distinctive features that are designed to meet their unique needs would be classified as
monopolistic
the owners of campus pointe surf believe that in order to succeed as a new business they must be able to provide consumers with products that contain unique features that are not currently available in the market. the competitive environment that campus pointe surf is competing in would be characterized as
monopolistic
what rule would a manager of a company need to apply if they attempted to adhere to the philosophies of some of the most notable philosophers of the nineteenth century, if they were attempting to ensure the fundamental rights of every individual within the company?
moral rights approach
Jonas has decided that he wants to provide his employees with a greater sense of job enrichment. In order to successfully increase job enrichment for his employees Jonas would be well advised to focus his attention on creating jobs with:
more autonomy
Expectancy Theory is described as a process theory and attempts to provide an explanation of why individuals choose one behavioral option over others. The basic idea of Expectancy Theory is that:
motivation is dependent upon the perceived association between performance and outcomes.
despite passage of the equal pay act (epa) more than half a century ago, surveys consistently show that women still earn significantly less than men. under the provisions of the epa, do women and men have to be performing identical jobs for the epa to apply?
no
when an employee files a claim with the EEOC and an investigation is initiated the role of the EEOC is to fairly and accurately assess the allegations in the charge and then make a finding. if the EEOC finds that discrimination has occurred, it has the authority to:
order reinstatement of an employee
what document is essential in facilitating the achievement of organizational objectives while at the same time serves as a mechanism for improving employee development and satisfaction
performance appraisal
in order to be an effective decision maker, managers must understand the context of environment in which they are operating within and as a result_____ asserted that the most difficult and most important part of the decision making process was to make sure that the decision was about the right problem
peter drucker
a family member has recently launched a new business and is struggling to meet her monthly expenses. she has indicated that her company is profitable and continues to increase its monthly sales yet she struggles each month to meet her normal operating expenses. she asks you for if you have any advice and you state that her company's profits are of little value if they are not accomplished by:
positve cash flow
what is the key determinant in a market economy, that signals to producers what to produce and how much to produce
price
american financial institutions (traditional banks, credit unions, etc.) use this rate as an index or foundation for pricing various short term loan products
prime rate
Alderfer's ERG Model, unlike Maslow's Hierarchy, requires managers to:
recognize that all three needs must be met simultaneously.
today's managers are rethinking the design of their organizations. they recognize that organization design can serve as a catalyst to increase performance as well as adapt to the rapid changes within their competitive market. when managers attempt to redesign their organizations in order to improve the efficiency and effectiveness of their customer service processes, they are engaged in what type of process
restructuring process
legal considerations affect the decisions of HR professionals who design and manage compensation programs. in addition to being competitive with the external market, compensation should also serve as a catalyst to motivate employees to perform at their best. among the many objectives an organization attempts to accomplish when establishing a compensation system, one of the primary objectives is to
retain valued employees
entrepreneurs must carefully consider the important implications of the legal structure they select for their new venture. as a result every entrepreneur would be well advised to
seek the counsel of an attorney
As a frontline manager, you often struggle when it comes to conducting performance appraisals of subordinate employees. In order to make the performance evaluations a better experience for all, you should:
set performance standards that are reasonable, understandable, and measurable.
the scope and number of changes that will occur in the future will require organizations to shift away from the old management paradigm of hierarchal command and control to a new model based on a systems approach. this shift in how organizations are managed will be driven, in part, by significant changes including but not limited to
shifting societal norms
what type of economic system is designed to reduce the disparity of wealth and reduce inequality among the citizenry?
socialist
the principles of scientific management were based on research and experimentation, designed to determine the most effective methods for maximizing job performance. managers who apply the principles of scientific management would design jobs within their organizations that are ______and_____
specialized and standardized
the individual's in this stage of moral development, according to lawrence kohlberg's theory, adhered to few universal principles and instead answered to a strong inner conscious
stage six
julian is a member of a management team who is considering whether their company should develop and offer new services that would broaden its business by appealing to a completely new segment of the market. julian's management team is involved in what type of planning
strategic planning
ethics becomes a more complicated issue when an ethical dilemma dictates that one value overrules others. when a manager is confronted with an ethical dilemma the situation requires them to
strive to maintain the moral high ground
jose, in spite of all his efforts to improve employee motivation is frusturated that is attempts to motivate employees have not been successful. a colleague asks jose if he is familiar with the hawthorne studies and the resultant hawthorne effect. he encourages jose to consider the results of the hawthorne studies and attempt to _____ as he attempts to improve employee motivation
take into account of the feelings and needs of his employees
manager's within today's contemporary organizations are required to access and harness information as a primary factor of production. this requires managers to effectively plan how they will utilize
the four v's of data
determined that you will legally structure the company as a general partnership. you have consulted with your business professor and indicated that you should draft an articles of partnership agreement, and encouraged you to include a "right of refusal" provision in order to ensure
the legal right/ability of each partner to purchase a withdrawing partners ownership interest
abraham maslow is well renowned for proposing the hierarchy of needs theory in 1943. according to maslow, individuals are motivated by unsatisfied needs. as each of these needs is significantly satisfied, it drives and forces the next need to emerge. Malsow asserted that people focused on satisfying their lower-level needs first. of the five needs maslow identified in his hierarchal model, which of the following would maslow describe as an unmet lower order need
the need to become a valued member of your work team
ethics is often referred to as a "normative" discipline, and if asked to explain how this approach affects business ethics, you would be correct in stating that this approach is based on
the standards of conduct and moral judgement
adam smith asserted that freedom was vital in order to sustain the survival of an economy because it allowed individuals to pursue their own self-interest, which ultimately resulted in
the well being of society
as a result of the growing diversity around the world, in order to effectively compete, organizations must be able to understand the implication of the changing social trends on
their employees
rhonda launched her new business almost ten years ago. she has operated her small company as a sole proprietor and most recently she has decided that it would be to her advantage to change the legal status of the business from a sole proprietorship to an LLc. what would be a likely reason rhonda would want to make this change?
to take advantage of pass through taxation
HRM developed in response to the substantial increase in competitive pressures american business organizations began experiencing by the late 1970s. HR has since become a critical business function that helps companies build an outstanding team of high performing professionals and improves the ability of an organization to build such a team by performing which of the following activities?
training, compensating and development of current/future employees
shelly, a general manager at a local restaurant is confronted with an ethical dilemma that she must now attempt to resolve. Shelly is attempting to take into account the impact of her decision on those stakeholders affected by her decision. what approach would you recommend that shelly utilize in order to take into account the concerns of respective stakeholders?
utilitarian
this is what we know to be true: business is good because it creates value, it is ethical because it is based on __________, it is noble because it can elevate our existence, and it is heroic because it lifts people out of poverty and creates prosperity
voluntary exchange
One of the major flaws in performance appraisals is the fundamental misconception of what is to be appraised. A performance appraisal, for every employee, should at a minimum address what fundamental question?
what am i supposed to be doing?
the equal employment opportunity commission (eoc) has a set of standards every organization must follow in order ti ensure an ethical and legal interview process. which of the following would be considered an illegal question based on EEOC guidelines?
what are your child care arrangements?
it is essential, prior to launching a new business, that entrepreneurs engage in a critical analysis of numerous start-up issues including but not limited to
whether a market really exists for the product or service
when a company and its management team utilizes a stakeholder approach in an effort to engage in ethical decision-making, the most difficult aspect of deciding how to resolve an ethical dilemma is answering the following question:
who has the greatest stake?
no state or federal law "requires" that an organization provide employees with a job description statement. but job description can be helpful tools for both practical and legal reasons. which of the following is a provision included in a fully developed job description statement?
working conditions
a good friend of yours knows that you are taking an introduction to business class and as a result may have better understanding of what she should do to launch her new business. you tell her that in a lecture this past week your professor stated that an entrepreneur must be able to assess the risk and potential return of a new business venture and that this is best accomplished by
writing a business plan