Business Final

Refer to Personal Wellness, A business plan should answer all of the following questions except

"Which accounting firm will audit the company"

Why is a sole proprietorship the most flexible type of business?

-Easy to start up -you get to be your own boss -you only have to manage your stuff and the type of people you put on your team

Code of conduct demonstrated its application of moral standards to business situations, which is also known as?

Business Ethics

Jamie Potts works for a California-based computer manufacturer according to Jamie, the time required to develop a new product has decreased because of the increased use of ______ software

CAM

Why do we say that the U.S. economy is a mixed economy?

The U.S. is a mixed economy because although the government has some control and can regulate the economy, business owners have a say in what services they provide and how they provide it.

Macroeconomic is the study of?

The decisions made by individuals

Frank and Lillian Gilbreth took Taylor's work and developed the following approach

Time and motion studies

A corporation is an artificial person created by law

True

According to the hierarchy of needs concept, people satisfy their needs in order of importance

True

Cultural barriers can impede acceptance of products in foreign countries

True

Ethical Issues often arise out of business's relationships with investors, customers, employees, creditors, or competitors?

True

Ethics is the study of right and wrong and of the morality of the choices we make

True

Frederick W Taylor made his most significant contribution to management practices by his involvement with the Hawthorne studies

True

Human resources management consist of or includes all activities involved in inquiring maintaining and developing and organizations human resources

True

Macroeconomics often study the effects of taxes, government spending, interest rates, and similar factors on a nation's economy

True

Performance appraisal is the evaluation of an employees current and potential levels of performance within a firm

True

Physiological needs are satisfied by job security, health insurance, pension plans, and good working conditions

True

Profits of a large corporation are taxed twice, once as corporate income and again as personal income of stockholders.

True

SCORE is a group of retired business people who volunteer their services to small businesses through the SBA

True

Small Businesses are typically managed by people who started and own them

True

Statistically, one can expect about 50 percent of new businesses to fail within five years of their founding

True

The Sarbanes-Oxley act of 2002 deals with corporate responsibility, conflicts or interest, and corporate accountability

True

The weakness of one partner may be offset by another partner's strength

True

When translated, caveat emptor means "let the buyers beware"

True

What are some of the advantages and disadvantages of a partnership?

Unlimited liability knowing who has more power within the company what to do when one partner dies or wants to leave.

When employees are not willing to go to management with ethical issues but would instead report them to the press. This is an example of

Whistle blowing

Personal wellness can be classified as operating in what type of industry?

Wholesaling

A small business is all of the following except

dominate in its field

The _______ leadership style tends to take initiative and be visionary

entrepreneurial

Legally, a partnership must

have at least one general partner

The study of an individual's economic decisions would be an example of

microeconomics

Why are small businesses prone to failure?

owners don't plan well enough for the start of their business, and they don't manage it well after startup. Also lack of capital

A voluntary association of two or more people acting as co-owners of a business is known as a

partnership

One's duty to do a job or preform a task is called

responsibility

The relationship between sales and profits can be written as?

sales revenue-expenses=profit

An organizations chart reveals

the company's organizational structure

Because of unlimited liability, it is easy for sole proprietors to borrow large sums of money.

False

Compared to a corporation, a partnership is more difficult and expensive to establish

False

International business includes all business activities that involve exchanges across state boundaries

False

ISO 9000 is used as a certification in

Food Safety

The type of utility in which production and operation management focuses is _______ utility

Form

Which president led the way in creating programs to improve the working and social conditions in the United states in the 1930's?

Franklin Roosevelt

Refer to Personal Wellness, In preparing the business plan Jackie would have incorporate all of these except

Government regulations

Environmental management uses the standardized

ISO 14000

How do trade restrictions typically affect the economy?

If the business can't get the products they need due to trade restrictions, then that can affect and also will up our taxes/the price of the goods so that businesses can provide us the good or service

One primary difference between services and the production of goods is that that services are consumed _______ whereas goods can be ______

Immediately: stored

Nordstrom sells designer suits made in Italy in its stores in the United States. Nordstrom is ________ suits

Importing

Purchasing products or materials in other nations and bringing them into one's own company is

Importing

Leadership can best be described as the ability to

Influence others

Business ethics

Is the application of moral standards to business behavior

Which of the following is not an advantage of a sole proprietorship?

It has limited liability

What is the affirmative action program?

It is a plan that businesses put into place to increase number of minorities in an organization

The book, The wealth of nations, published in the 18th century emphasizes the power of

Job specialization

The partner who can lose only what he or she invested in a business is the

Limited Partner

Management can achieve its goals by coordination what four types of resources?

Material, Informational, human, and financial

When general mills and a few other dominate the American cereal market, this is an example of?

Oligopoly

What organization created by Congress in 1953 assist, counsels, and protects the interests of small businesses?

SBA

The American economy is now characterized as a(n) _______ economy

Service

Mandy Bush decides to start a residential business. How would this business most likely be classified?

Service Business

Michelle wants to start a business, but she is unsure of the legal form best for her. Short of cash, she has decided to take the form that is the least expensive and most flexible in terms of decisions making and implementation. Which would you recommend?

Sole Proprietorship

Which form of business is the easiest to start?

Sole Proprietorship

Another name for an import duty is a(n)

Tariff

The different resources available to all managers include all of the following except

Competitors

When carol learns all that it takes to be a manger, she will be involved in?

Controlling, organizing, planning, and leading

Which of the following is not a factor of production?

Demand

What type of manager was Miranda at Dazzle Magazine

Democratic

Which of the following is not a reason for starting a small business

Desire for a guaranteed financial return

The Age of Discrimination in Employment Act of 1967 and its amended version in 1986 apply directly to

Discrimination based on age

businesses are generally placed into three broad categories service industries, production industries, and _________ industries?

Distribution

Which of the following would least likely be started as a small business?

Electricity company

What is the most effective way to encourage ethical business behavior?

Establish and enforce a corporate code of ethics