Business Management Final

What type of corporation sells millions of shares and must furnish complete information about its earnings, assets, and debts?

"C"

A type of state-chartered corporation that was developed to help small businesses by taxing them as individuals in a partnership is a(n) __________ corporation

"S"

A benefit to producers and consumers of a growing economy is that it provides

A higher standard of living

A low salary is a common

Cause of stress

Which of the following is considered an external cause of business cycles

Climatic changes

Emotional intelligence is especially important today because

Collaboration is becoming a standard method of achieving business goals

Brent likes to use his emotional intelligence to describe his feelings in accurate terms. He is experiencing which of the following benefits of emotional intelligence

Communicating needs effectively

Which of the following factors characterizes the growth phase of business cycles

Consumers and producers are borrowing more money

The ultimate goal of all economic activity is

Consumption

A business manager realizes that the demand for his/her products now exceeds producers' capabilities, and producers have raised their prices to offset the high demand. Under these conditions, what phase of the business cycle should the manager begin to prepare for?

Contraction

The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?

Corporation

The heart of economics is

Decision-Making

What do consumers, producers, and the owners of resources do with money payments to create a flow of resources, goods, services, and money payments?

Exchange

Why should a businessperson understand business cycles?

To make plans that will help to level out cycles

Which of the following is the best reason for studying economics

To prepare for effective decision making and responsible citizenship

As the group leader, Janine needed to address the issue of effective communication, an important part of which of the following

Relationship management

John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's expertise is selling, and Charles' expertise is management. However, each has limited capital. The ideal business ownership for these young men is a

Partnership

During which phase of the business cycle are industries and businesses producing and selling goods at their maximum?

Peak

During which phase of the business cycle would there most likely be shortages of workers in certain skill areas?

Peak

The top of a business cycle is known as the

Peak

When a leader keeps trying in spite of setbacks, s/he is demonstrating which characteristic of emotional intelligence

Perseverance

What do business owners consider when they select a business ownership structure?

Personal circumstances, financial needs, and type of business

Jane is the owner of a pizza shop associated with a national chain of pizza restaurants. She established her business in a regional supermarket. The pizza shop is referred to as a

Piggyback franchise

Friendship would be considered a(n) __________ want

Non-economic

The American Red Cross is an example of a(n) ___________ corporation

Nonprofit

A manager is willing to accept the production of fewer products as long as her workers produce higher quality products. The manager is making a(n)

Trade-off

Vicki's coworkers aren't cooperative, and they spend most of their time at work gossiping and fighting. Vicki is stressed because she's dealing with a(n)

Unpleasant work environment

How long do most business cycles last?

Varying lengths of time

What are the three basic economic questions?

What products will be produced, how will products be produced, and how will products be allocated

If you are a change catalyst, you are likely to

Work to improve situations

If Hank feels like he has too much on his plate at work, he should consider

talking about the situation with his boss

In emotional intelligence, which of the following demonstrates self-management

A positive attitude

Paul is feeling apprehensive about his sales presentation, but he doesn't want to admit it to himself. His coworker, Amanda, pointed it out to him while he was practicing what he was going to say. What should she recommend that he do?

Accurately assess his emotions

Which of the following parts of self-management reflects the ability to adjust to new and changing situations?

Adaptability

One of the factors that affects business cycles is the total demand for goods and services known as

Aggregate demand

Two factors involved in determining the value of a resource, good, or service are

Availability and demand

Which benefit of emotional intelligence helps you to handle constant change?

Being flexible

In economics, capital goods include

Buildings and equipment

Liam is constantly stressed out at his job. If he isn't careful, he may find himself facing

Burnout

Ups and downs in the level of economic activity over a period of time are called a(n)

Business Cycle

Jake wanted to run his own business but was unsure that he had adequate business skills to be successful. Which type of business would give Jake the help he needs?

Business-format franchise

Which of the following is a true statement about emotional intelligence

Emotional intelligence can be defined in different ways

Which of the following accurately reflects the relationship between traditional intelligence and emotional intelligence

Emotional intelligence is more difficult to measure accurately than traditional intelligence

A particularly high stress level at a company can lead to a high rate of

Employee turnover

Who should be part of a stress management committee?

Employees from all levels

Seeing a movie at a theatre would be considered a(n) __________ want

Economic

Into what two categories can wants be divided?

Economic and non-economic

Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is

Economizing

The economy of the country of Swizzleland is undergoing rapid changes. Unemployment is low, consumer spending is high, and factories are increasing their production capabilities. Swizzleland is in the __________ phase of the business cycle.

Expansion

The period of time during the business cycle when production and employment increase is called

Expansion

Which of the following is a common sign of employee stress

Fatigue

Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of

Franchising

If all of the individuals who own a business share unlimited liability for the business's losses, these individuals are part of a(n)

General Partnership

Olivia runs a home-based business that distributes high quality, handmade baskets. She sells the products and earns commissions on the baskets sold by four other basket representatives. This is an example of

Multi-level marketing

Endorphins are released by exercise, and they make you feel

Happier and calmer

Which of the following is characteristic of a business cycle in which there is a short money supply

High Unemployment

Administering employee surveys is one way to

Identify employee stress

If aggregate demand is rising, businesses and industries will tend to

Increase production

When producers are hopeful about the economic business outlook, they

Increase their investment in capital goods

What action expands economic activities

Increasing inventory levels

What will probably result if aggregate demand continues to grow, and production cannot meet the demand?

Inflation

Which of the following correctly describes stress

It can help you face challenges successfully

Which of the following statements is true regarding joint ventures

Joint-venture arrangements are usually short-term relationships

Noah isn't sure how to finish the project he's working on. He can't ask his boss for guidance because his boss is out of the office. Noah is stressed because of a

Lack of direction

Adam tries to concentrate at work, but several of his coworkers were recently laid off and now he constantly worries about being fired. Which common stressor is Adam facing?

Lack of job security

Which of the following is a true statement about emotional intelligence and leadership

Leaders have to get along with a variety of people

A person's cognitive ability is his/her ability to

Learn and understand

ABC Specialty Wear is the only company that has written permission to use a national football team's logo on its sportswear. This is an example of a

Licensing agreement

Lois and Lora plan to open a florist shop. Lois is unable to devote full time to the daily operations of the shop but wishes to provide financial support. Which form of business partnership is most likely to appeal to Lois?

Limited

Nasim is under a lot of stress, and she's finding it difficult to be enthusiastic about her job.Nasim isn't doing her best at work because she's dealing with

Low morale

When Victor is stressed out, he calms himself down by spending some time in quiet, calm thought. Victor is engaging in

Meditation

The total quantity of money existing in a nation at one time is known as the

Money Supply

Which of the following is a consequence of workplace stress

More absenteeism

Water and air are examples of __________ resources, while people are considered to be __________ resources

Natural; human

Which of the following occurs as a result of discoveries

New jobs are created

John only had $40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?

New pair of jeans

What type of corporation may be owned by just a few people and does not offer its shares for sale to the general public?

Private

Which of the following is an example of how leadership and emotional intelligence overlap

Proactive behavior

In order for consumption to occur, goods and services must be

Produced

Distribution examines how income is divided between

Producers and resource owners

Which of the following is a way employers can help employees prevent or alleviate stress

Promote physical activity

One reason a physician's' practice might form a partnership as an LLP is to

Protect innocent partners from the malpractice of another partner

Illegally run organizations that emphasize the collection of high fees from potential product distributors are often referred to as

Pyramid-Schemes

The government can restrict the flow of money by

Raising Taxes

Gross domestic product that has been adjusted for inflation is known as

Real GDP

If the contraction phase of the business cycle lasts for six months, it is called a(n)

Recession

Emotional intelligence can best be described as the ability to

Recognize and manage emotions in ourselves and others

Consumers are typically most willing to pay more for goods and services that bring them greater

Satisfaction

A gap between unlimited wants and limited resources creates

Scarcity

When we face difficult people, emotional intelligence helps us to

See the reasons people behave the way they do

In your new job, you encounter an unhappy customer who yells at you. Immediately, you realize that anger is welling up inside you. This realization demonstrates

Self-awareness

When you are angry about something but control your temper, you are demonstrating

Self-management

When you understand and relate to another person's feelings, thoughts, and experiences, you are demonstrating

Social awareness

"To form my business, I used all of my savings and borrowed from the bank, and I'm personally liable for all of the debts." This is an example of which of the following forms of business ownership

Sole proprietorship

As Penny used her emotional intelligence to separate negative feelings from the positive action she could take in a situation, she experienced the benefit of

Solving problems

Jess is worried about getting a huge project at work done by her deadline. The feeling of pressure or tension she has is known as

Stress

How are healthcare costs related to workplace stress?

Stressed employees have greater healthcare costs

Zane is feeling overwhelmed about his stressful job. Which action should he take to manage his stress?

Talk through the situation with a friend or coworker

Who should be responsible for stress management?

The employee and the employer

Which of the following is a characteristic of a product trade-name franchise

The franchisee can choose the name of the business

One of the characteristics of the form of business ownership known as an LLC is that

The owner's' personal property cannot be taken to pay the business's debts

Why are resources considered limited

There are not enough available for everyone to have as much of them as desired

The bottom of the business cycle is called a(n)

Trough

When there are high levels of unemployment and business failures, the business cycle is in its __________ phase

Trough

Which one of the following groups of words best describes wants

Unlimited, changing, and competing