intro to business ch1 quiz study
As president-elect of the board of directors of a global not-for-profit, you have been tasked with creating a performance appraisal policy so that the board can assess the effectiveness of upper management. Which would be your BEST choice?
360-degree-feedback
In Guadalajara, Mexico, Mercado Libertad-San Juan de Dios is a vast, crowded, bustling array of booths and vendors selling everything from shoes and fruit to saddles and motorbikes. In a larger sense, the entire economy of Mexico is much like Mercado Libertad-San Juan de Dios, with people buying and selling constantly. Both of these are examples of ____________.
A Market
________provides the applicant with a actual picture of what it would be like performing the job the organization is trying to fill.
A Realistic Job Preview (RJP)
Which of the following BEST describes a conflict of interest? A. An employee engaging in an activity that may benefit that individual to the detriment of his or her employer B. A company engaging in practices that conflict with government regulations C. Two companies competing for the business of the same customer D. People on different sides of an issue agreeing to disagree E. Parties engaging in an activity that does not equally benefit all parties
A. An employee engaging in an activity that may benefit that individual to the detriment of his or her employer
Which of the following BEST describes the term economic system? A. A nation's system for allocating resources among its citizens B. The system for controlling the size of the nation's money supply C. The total value of all goods and services produced by a national economy within a given period D. A nation's policy to smooth out fluctuations in output and unemployment and to stabilize prices E. The value of all of the products a nation exports minus the economic value of its imported products
A. A nation's system for allocating resources among its citizens
Which of the following is the BEST description of the law of demand? A. The quantity demanded increases as the price decreases. B. Supply decreases as the demand increases. C. The quantity demanded decreases as the price decreases. D. Demand is unrelated to fluctuations in supply. E. The quantity demanded increases as the price increases.
A. The quantity demanded increases as the price decreases.
On a PERT chart, an arrow from "Activity D" to "Activity E" indicates that _______.
Activity D must be completed before Activity E can start
According to expectancy theory, an employee is likely to ask which of the following questions before deciding to exert maximum effort toward completing a task?
Am I likely to receive the reward if I perform well? Your answer is correct.
_______ enables managers to transform data into information and collect, process, and transmit that information for use in decision making.
An information system (IS)
Which of the following would be characterized as an individual factor that serves as a leadership neutralizer?
Ana has more experience in electrical engineering than her supervisor, along with an advanced degree in her field.
A manager must decide whether a particular course of action is ethical. What is the SECOND step the manager should take in reaching this decision?
Analyze the facts to determine the most appropriate moral values.
Charismatic leadership is based on the leader's interpersonal attraction that inspires support and acceptance. Charismatic leaders have confidence in their beliefs and ideals and a strong need to influence people. To become a charismatic leader, which of the following talents would you choose?
Articulating and promoting a compelling vision
Marianne wants to fill a new position in the firm with an internal candidate. Which of the following methods would she MOST likely to use in order to do so?
Asking managers to recommend employees
Marco has asked you to help him bring to market an idea he has for a service business that compiles data for homeowners on basic services, and then helps them schedule the best services at the best prices. He defined the value package and then prototyped the service, testing it out on a small scale in one urban area in the Northwest. Which of the following activities would you advise him to add to his development process?
Business analysis
How does a firewall prevent unauthorized access to a computer system?
By filtering incoming data by applying a security policy and using a router to control where data goes
Which of the following organizations is MOST LIKELY to be a for-profit business? A. St. Jude's Children's Hospital B. The Internal Revenue Service C. Ford Motor Company Your answer is correct. D. University of Illinois E. Khan Academy
C. Ford Motor Company
Ali gets a bank loan in order to purchase new lifts for his automotive repair business. In terms of the factors of production, how would this bank loan be characterized?
Capital
Which of the following is NOT one of the elements of a private enterprise system?
Capital
Which of the following groups or individuals would NOT be considered an organizational stakeholder?
Competitors
Which "Big Five" personality trait would characterize an individual's attention to detail, organization, and self-discipline?
Conscientiousness
Which of the following indices measures inflation by examining changes in the prices of typical products purchased by consumers living in urban areas?
Consumer price index (CPI)
Which of the following BEST describes the difference between data and information?
Data are raw facts or figures; information is the interpretation of that data.
_______ is the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information.
Data mining
Tobacco companies are legally required to include product warnings and to limit advertising to prescribed media. Domestically, they follow these rules, but in some Asian and African countries, which don't have these rules, cigarettes are heavily promoted. What approach to social responsibility does this BEST demonstrate?
Defensive stance
Which of the following is deemed as the single MOST effective step an organization can take to encourage ethical behavior in the workplace?
Demonstrate top management support of ethical standards.
Annette buys a laptop computer from Apple.com, and the company ships the product to her home. Which type of distribution channel does this BEST describe?
Direct distribution
A manager who is examining an action or policy based on the ethical norm of utility would likely ask which of the following questions?
Does the action or policy optimize the benefits to those who are affected by it?
As the newly hired network administrator for a small business, you notice that the company is running a very old version of Microsoft Windows. Which is your BEST course of immediate action?
Download and install the most recent software update.
Which of the following is an advantage of a sole proprietorship?
Ease of formation
The Federal Reserve System suddenly raises the federal discount rate, resulting in significantly higher interest rates for consumers and businesses that want to purchase property, vehicles, machinery, or other items on credit. Which factor in the firm's external environment does this BEST reflect?
Economic environment
A manager who subscribes to Theory X management would believe which of the following?
Employees need close supervision and correction.
Which of the following is NOT a reason for speed to market, the strategy of introducing new products to respond quickly to customer or market changes?
Encouraging challenges by new competitors
________ assigns an e-mail message to a unique code number (digital fingerprint) for each computer so only that computer, not others, can open and read the message.
Encryption system software
Which of the following is an information system for organizing and managing a firm's activities across product lines, departments, and geographic locations?
Enterprise resource planning (ERP)
our company has entered into a five-year lease for a building for your business, but it now looks as if it will cost up to half a million dollars to bring the facility up to code and to your operating standards. Rather than attempting to break the lease and find a better location, the facilities committee is focusing on trying to salvage this deal, even though it looks like a bad decision. Which is the MOST LIKELY behavioral aspect you are facing?
Escalation of commitment
In 2016, the citizens of the United Kingdom, one of the most important members of the____________, voted to withdraw from the group.
European Union (EU)
Christina has been shopping for a new car for several weeks. She narrowed her selection down to a few models, and has been doing extensive research on the Internet to determine which car would be the best match for her in terms of price, gas mileage, features, and so on. Which stage of the consumer buying process does this BEST represent?
Evaluation of alternatives
Xin would like to be promoted to shift supervisor, but he knows that, without a college degree, he won't even be considered as a candidate. As a result, he sometimes slacks in his performance, knowing that a promotion isn't a possibility. Xin's lack of motivation could BEST be described by which theory of motivation?
Expectancy theory
Participants in a marketing research study are given a sum of money to purchase products in a simulated store. Researchers then change the shelf location of the product to determine what effect it has on sales volume. What form of marketing research are the researchers using?
Experimentation
_______ are manufacturer-owned stores that sell merchandise directly to the consumer without the use of one or more intermediaries.
Factory outlets
Which law sets a minimum wage and requires the payment of overtime rates for work in excess of 40 hours per week.?
Fair Labor Standards Act
One element of President Obama's platform was an overhaul of the U.S. tax system. He proposed cutting taxes for the middle class while raising taxes for both higher-income people and businesses. During President Trump's term, he lowered all taxes, although higher-income people and businesses saw the largest cuts. This is an example of the government exercising _______ policies.
Fiscal
Which of the following statements BEST explains the difference between fixed costs and variable costs?
Fixed costs must be paid regardless of production output; variable costs change depending on the volume produced or sold.
Which of the following would be considered a source of primary data?
Focus group interviews
Catherine is the manager of a hair salon. In order to increase sales, she decided to offer a customer discount on a haircut and color. At the end of the quarter, she reviews sales data to determine how successful her decision was. Which step in the rational decision-making process does this represent?
Following up and evaluating the results
For the renovation of an office building, a _______ shows progress to date, schedules for the remaining work, and steps that can be performed at the same time. Some steps must be completed before others can begin.
Gantt chart
Which of the following is an advantage of a partnership over a sole proprietorship?
Growth is possible through the addition of new talent and money.
Helen Rimm was 65 when a new interstate highway bypassed her restaurant in Jackson, North Dakota, driving it out of business. Rimm hit the road with a couple of pressure cookers and her now-famous blend of herbs and spices and spent almost a decade selling her process to restaurants by offering to cook their chicken for them. Rimm's eventual success was MOST LIKELY due to which basic factor of success?
Hard work, drive, and dedication
Which of the following is an example of a low-contact system?
Having your lawn cut by the neighbor's son
The company you work for crafts specialty fishing rods for sale across the country in high-end sporting goods stores. During economic downturns, when people have less disposable income, sales drop dramatically. Management has asked your advice on how to better handle the cyclical effects of the economy. Which of the following would be the BEST recommendation?
Increase product mix
Data, market forecasts, and specialized knowledge used by businesses would be considered which factor of production?
Information Resources
Which additional factor of production do economists now include in addition to the traditional factors of labor, capital, entrepreneurs, and physical resources?
Information resources
Which of the following is NOT an ethical concern for information technology?
Installing software updates
Which of the following questions would a manager ask if s/he were examining an action or policy based upon the ethical norm of justice?
Is this action consistent with what is generally considered to be "fair"?
Which of the following BEST describes the benefit of mass customization for an organization?
It allows companies to manufacture products in large volumes, but each item features the unique customer options.
Which of the following activities would be involved in the organizing function of management?
Janet makes a monthly schedule for staffing the restaurant that she manages
Karen a owns a small nursery. She hires a part-time employee to handle the bookkeeping activities. Which factor of production does Karen's employee represent?
Labor
Which of the following laws contains the National Emergency Strike provision, which allows the president of the United States to prevent or end a strike that endangers national security?
Labor-Management Relations Act/The Taft Hartley Act
Which of the following is a key element of customer relationship management?
Learn as much as possible about your customers so that you know what they want and will buy.
Which type of partnership acts much like a corporation in that it sells shares (partnership interests) to investors on public markets?
Limited partnership
_______ networks are used to link computers in a relatively small geographic area, such as a single building or a group of buildings.
Local area
Many small businesses fail because of all of the following EXCEPT:
Market demand for the products or services provided
Which of the following is true of master limited partnerships?
Master limited partnerships sell partnership interests to investors on public markets like the New York Stock Exchange.
Which of the following is NOT a B2B market?
Mercantile market
Rolex Watches have lost some of their exclusiveness, and Rolex has been losing U.S. market share to BVLGARI and Tag Heuer. Based on this information, which degree of competition would BEST describe the luxury watch market in the United States?
Monopolistic competition
According to Herzberg's two-factor theory, which of the following would be MOST likely to result in a higher level of employee motivation?
Monthly employee recognition luncheons
The _______ strengthened unions by establishing union organization procedures, whereas the _______ limited union power and specified management rights during the organizing campaign.
National Labor Relations Act; Labor-Management Relations Act
Which of the following terms identifies the model explaining why countries engage in international trade?
National competitive advantage
In which of the following does the seller of a product or service have the MOST amount of control over the price?
Natural Monopoly
In 2012, Izhar Gafni, an Israeli mechanical engineer and a multi-disciplinary systems developer, invented a bicycle made completely from recycled materials, mainly cardboard. His plan was to sell the bikes for $20. He is also known for his development of the Automatic Pomegranate Peeling machine, a prize-winning invention recognized by the American Association of Engineers. What are the two MOST LIKELY attributes that make Izhar Gafni an entrepreneur?
Not afraid to take a risk and passion
Volkswagen was found guilty of knowingly and intentionally misreporting emissions data to make its automobiles look more environmentally friendly. Which approach to social responsibility would this BEST demonstrate?
Obstructionist stance
Which of the following approaches to social responsibility reflects the lowest degree of socially responsible practices?
Obstructionist stance
"First lie, then deny" would be consistent with which approach to social responsibility?
Obstructionist stance
Which of the following pricing strategies uses price points to help create the impression in consumers' minds that the product is less expensive than it really is?
Odd-even pricing
_______ arise(s) when there are multiple barriers to entry, making it hard for new competitors to break into the market.
Oligopolies
Farah makes it a practice to consult with her staff before making major decisions that affect the department. She believes it is important to consider their concerns and process their inputs. According to the path-goal theory, what type of leader behavior does Farah display?
Participative
BellStar Communications is a new provider of 3D satellite TV service. It offers an extremely low introductory price for the first 12 months because it wants to attract new customers and quickly garner market share. Which pricing strategy is it using?
Penetration pricing
_______ refers to the activities needed to move products from an intermediary or a manufacturer to customers and includes warehousing and transportation operations.
Physical distribution
Which of the following is the BEST description of industrial goods?
Physical items used by companies to produce other goods or services
Which of the following BEST defines the economic systems of North Korea, Vietnam, Laos, Cuba, and the People's Republic of China, nations controlled by communist parties?
Planned Economy
_______ is the process of establishing an easily identifiable product image in the minds of consumers by fixing, adapting, and communicating the nature of the product itself.
Positioning
Muneko's cosmetic company was at the forefront of the move to ban animal testing. Her firm has adopted an aggressive energy conservation approach to manufacturing, and it actively participates in programs to reduce homelessness and to support the local food bank. Which of the following would BEST describe the company's approach to social responsibility?
Proactive stance
A nationwide fast-food restaurant is considering adding an innovative new item to its menu. It introduces the item at a few carefully selected restaurants that most accurately represent its test market and carefully evaluate consumers' reaction to it. Which stage of the product development process does this BEST represent?
Product testing and test marketing
A producer of camping gear, such as tents, sleeping bags, and camp stoves, has identified its target market as outdoor adventurers or enthusiasts. Which type of variable does this reflect in segmenting the market?
Psychographic
A company that adopts a _______ marketing strategy targets its promotional efforts toward consumers.
Pull
Which of the following BEST indicates that exchange rates are set so that the prices of similar products in different countries are about the same?
Purchasing power parity
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The delegation process involves which three elements?
Responsibility, authority, and accountability
Which of the following can be expected during the growth stage of the product life cycle (PLC)?
Revenues surpass costs and sales increase rapidly
Like many countries, the United States collects revenue, mostly in the form of taxes, and spends money on national defense, social programs, education, and a number of other public services. Historically, the government spends more than it collects, resulting in a budget deficit. _______ is the most common way for the government to make up for the shortfall.
Selling government bonds
In addition to your résumé and personal and professional references, which of the following would give a potential employer the BEST insight into your personal and professional life?
Social networks such as Facebook and LinkedIn
Under _______, the government owns and operates selected major industries such as transportation, communications, and banking, but smaller businesses are privately owned.
Socialism
Pascal is the sales manager of a large car dealership. He wants to increase sales significantly over the next quarter, and after talking with his staff and giving the matter some thought, he decides that offering a customer rebate on new vehicles is the best strategy to achieve this. What decision-making condition does this BEST describe?
State of uncertainty
What are the elements of a SWOT analysis?
Strengths, weaknesses, opportunities, threats
Which of the following BEST describes conceptual skills?
The ability to think creatively, understand complicated or abstract ideas, and see the "big picture"
Which of the following factors determines whether a product is characterized as a consumer good or an industrial good?
The end user of the product
Which of the following is the BEST description of leadership?
The processes and behaviors used to motivate, inspire, and influence others' behavior toward achievement of organizational goals
______ is a series of stages in a product's commercial life.
The product life cycle
Due to ideal growing conditions in the Napa Valley and an overabundance of grapes, the price of Merlot wine decreases dramatically. Which of the following is likely to occur as a result?
The quantity demanded will increase.
Which of the following functions would be part of the leading function of management?
The sales manager of an automotive dealership holds a rally to familiarize the sales staff with the features of the new model year cars and get them enthused about selling them.
Which of the following statements about contingent workers is true?
The use of contingent workers is growing as employers seek to lower labor and benefits costs and increase workforce flexibility.
As the price of textbooks has increased, more and more students are renting textbooks, buying used textbooks online, or using the electronic version of the required course materials. The law of demand and supply suggests that the book sellers will raise prices to the point where supply and demand come into balance. What happens if the price of textbooks goes above this equilibrium point?
There will be a surplus of textbooks.
For which of the following purposes would a company use data mining?
To identify trends, patterns, and relationships among the data it has amassed
Employees in the United States are comfortable with commission- and incentive-based pay plans, whereas employees in Italy and Mexico prefer pay plans that are more predictable, like seniority pay. Which of Hofstede's cultural dimensions would explain this difference?
Uncertainty orientation
Which of the following statements BEST describes the current state of labor unions in the United States?
Union membership has declined significantly over the past 20 years.
_______is legally required insurance for compensating workers injured on the job.
Workers' compensation insurance
Which of the following would be considered a high-contact service which would require the service provider to quickly adjust the service activities?
You get a manicure and add a pedicure when you arrive at the salon.
If you buy a single ticket to one performance of the Philharmonic Pops Series, you will pay $69. However, if you buy tickets to the entire series, tickets only cost $52. This is an example of _______.
a bundling strategy
An investigation into the Japanese television industry revealed the presence of associations between the major producers. The groups actively shared data and increased prices in the Japanese. This is an example of _______.
a cartel
_______ exists in a file that attaches itself to a program and migrates from computer to computer as a shared program or as an e-mail attachment. It does not infect the system unless the user opens the contaminated file.
a computer virus
Juan, a purchasing agent, is offered an all-expense paid trip to Paris by a supplier if he agrees to award a substantial contract to the supplier. Accepting the trip to Paris would constitute _______.
a conflict of interest
_______ is a security system with special software or hardware devices designed to keep computers safe from hackers.
a firewall
When a US Airways flight crashed into the Hudson River, all members of the flight crew knew exactly what to do, without waiting for orders. As a result of their actions, a disaster was averted, and all passengers were rescued. This is an example of _______.
a leadership substitute
A formal assessment of how well—or how poorly—an employee is performing his or her job is referred to as _______.
a performance appraisal
A decision that has a "ready-made" solution because it has been evaluated and resolved in the past is known as _______.
a programmed decision
At Medical Center Hospital, the surgery department orders masks and gloves for employees every quarter or when the supply reaches the 25 percent level. This is an example of ______.
a programmed decision
You want to buy a can of Lysol spray disinfectant, but the grocery store shelves are empty. You buy the Clorox brand of spray disinfectant because it is the only one available This is an example of _______.
a substitute product
Cobalt is found in abundance in the Democratic Republic of Congo. Cobalt is used to make batteries for electric cars. Because 60 percent of the cobalt is produced in the Democratic Republic of Congo, this country would be said to have a(n) _______ advantage in the production of cobalt.
absolute
Apex Enterprises meticulously follows all laws and regulations and attempts to satisfy ethical requirements, but it does not address social or environmental issues unless it is persuaded to do so. This would suggest that the company has adopted a(n) _______ stance to social responsibility.
accommodative
A drawback of the functional structure is it makes ___________more difficult.
accountability
To satisfy local tastes, McDonald's sells wine in France, beer in Germany, gazpacho in Spain, and some vegetarian sandwiches in India. This is an example of _______.
adapting to customer needs
According to the steps in the control process, if performance varies each year against standards, managers should _______.
adjust performance or standards
During the 2020 COVID-19 pandemic, some companies promoted their products in the context of the pandemic. AT&T promoted itself as way for people to stay in touch while social distancing. This is an example of _______.
advertising
You may like one of your classes, dislike another, and be indifferent toward a third. If the class you dislike is an elective, you may not be concerned about your grade. But if it is the first course in your chosen major, your reaction may cause anxiety. Which element of your attitude does this example best describe?
affect
Unlike wholesalers, _______ do not own the goods that they distribute to customers; rather, they serve as independent sales representatives.
agents and brokers
Midland Community College has a private computer network that can be accessed only by employees. It contains the college's policies and procedures, the employee handbook, internal job postings, confidential information about employee benefits, and other restricted information. This is an example of _______.
an intranet
When management and the union could not come to an agreement on the terms of the labor contract, they agreed to bring in a third party who heard both sides of the dispute and rendered a binding judgment. This process is referred to as _______.
arbitration
Nam recently started a real estate company with a unique way of presenting a menu of services, each with a fixed price, rather than using the traditional commission on sales price. His firm has grown to 21 brokers, and he has plans to expand his model nationally. In applying for a loan, how should Nam BEST present his firm?
as a small business
Research on gender and leadership has shown one difference that has arisen in some cases is that women may be slightly more democratic in making decisions, whereas men have a tendency to be somewhat more ______.
autocratic
Most McDonald's and Dunkin' Donuts outlets are franchises operating under licenses issued by parent companies to local owners. One of the primary advantages of purchasing a franchise rather than starting a business from scratch is that a franchise offers _______.
a ready-made business model
A country's _______ is the flow of money into or out of a country, including the value of its imports and exports, money spent on tourism, foreign aid programs, and currency trading.
balance of payments
A country's ________is the total economic value of all the products that it exports minus the economic value of all the products that it imports.
balance of trade
Functional departmentalization is used to divide an organization _______.
based on a groups activities
Marketing research conducted by a consumer products producer reveals that some consumers buy toothpaste to whiten their teeth, whereas others buy it because it freshens their breath, makes their teeth less sensitive to heat and/or cold, or even because it has a certain flavor. If the company decided to segment the market based upon this data, it would be using _______ segmentation.
behavioral
The term operations (or production) refers to all of the activities involved in producing _______.
both goods and services
A manager who discriminates against a member of a protected class in an employment decision such as hiring, firing, training, or promotion demonstrates _______ behavior.
both unethical and illegal
When a teacher in France was killed by a jihadist in 2020 for showing his students disrespectful cartoons of the the prophet Mohammed, the president of France spoke out against this terrorist act. In retaliation, the president of Turkey called these remarks Islamaphobic and called for a complete_______of all French products.
boycott
What company comes to mind when you think of getting a hamburger and fries quickly? For many people, McDonald's has the necessary _______.
brand awareness
The use of words, symbols, or designs to identify and differentiate a product from other products and communicate its qualities to buyers is known as _______.
branding
_______ identifies the sales volume where total costs equal total revenues by assessing costs versus revenues at various sales volumes and showing, at any particular selling price, the amount of loss or profit for each volume of sales.
breakeven analysis
Ethical or unethical behaviors by employees and managers in the context of their jobs are referred to as _______.
business ethics
Walmart was not allowed to follow its normal practice of refunding price differences on items sold for less by other stores because the practice is illegal in Germany. This is an example of _________.
business practice laws
Smith Farm Equipment changed to an online system for customers. Smith revamped the whole payments and financing process by improving equipment, retraining employees, and connecting customers to Smith's databases. This is an example of _____.
business process reengineering
As a broker for advertising, MediaBids links large-volume buyers of advertising with potential suppliers. Client companies such as Biocentric Health Inc pay a fixed annual subscription fee and receive networking into MediaBids' auction headquarters. This is an example of _______.
business-to-business brokers
Fausto has purchased a long-term care insurance policy that provides nursing home coverage should this benefit be needed in the future. This purchase is an example of a(n) ________.
capital service
_______allows private ownership of the factors of production.
capitalism
Viral marketing is effective because of all of the following EXCEPT _______.
career opportunities in social media positions have declined
Rosa's is a nationwide fast food chain, and it is critical for the company's image and brand that a burrito tastes the same in Midland, Texas as it does in Springfield, Oregon. This would tend to suggest that the organization should have _______.
centralized decision making
Lee is an employee at the Sunset Corporation. He reports to a manager who reports to a senior manager who reports to the vice president who reports to the CEO. This is an example of_______
chain of command
Selling over the Internet while maintaining a physical distribution network is an example of _______.
channel conflict
The most common form of U.S. corporation is a ______________corporation.
closely held
James places the purchase contract in front of Mary, hands her a pen, and says, "So, Mary, are you ready to place the order?" Which step of the personal selling process does this BEST represent?
closing
On your most recent performance evaluation, you scored highly on your abilities to control situations, direct work, supervise people, monitor performance, make decisions, and structure activities. In order to be a more effective leader in your company, which attribute would be BEST to focus on developing?
coaching
Avi was late returning from lunch for the second time in a week. His boss sent him home without pay for the remainder of the day. This is an example of _______ power.
coersive
The ability to punish a subordinate is associated with _______ power.
coersive
Attitudes are comprised of three dimensions:intention, affect, and _______.
cognition
Mauricio believes in a leading a healthy lifestyle and works out at a gym three times a week. Yet, he eats high-calorie candy and cookies at work. This is an example of _______.
cognitive dissonance
The process through which management and the union negotiate wages, benefits, and other conditions of employment is known as _______.
collective bargaining
South Korea has a(n) _______ advantage in electronics manufacturing because of efficient operations and cheap labor. This means that South Korea can produce more efficiently and better than other nations in the area of electronics.
comparative
A nation is extremely efficient in the production of electronics. However, its climate and terrain make it difficult to grow grain. Economists suggest that the country should _______.
concentrate on production of electronics and import grain from another nation
The characteristics of the B2B buyers include all of the following EXCEPT _______.
conduct half the amount of business that is in the consumer market
A key concept in reinforcement/behavior modification is that _______.
consequences follow behavior
Business travelers using La Quinta enjoy the same features at all of La Quinta hotels across the country—high-speed Internet access; meeting space; access to an exercise room, restaurant, lounge, and a swimming pool; and 24-hour access to food. Which aspect of quality does La Quinta exhibit?
consistancy
Organized efforts by individuals, groups, and the government to help protect buyers from unfair business practices are referred to as _______.
consumerism
As a supervisor for a food processing company cleanup crew, you contact a reporter for a major news network and disclose unsafe food-handling practices that are condoned by your company. The company is a major advertiser on the station that hosts the news and was warned that there was a potentially damaging story in the works. The story is never aired, and upper management is aware that you are the source and has warned you to stay quiet. Your BEST course of action would be to _________.
contact the company's ethics committee or a U.S. government regulatory agency such as the USDA
When the COVID-19 pandemic hit in 2020, the Metropolitan Opera cancelled its season but was able to utilize many components of its existing programs on the radio and online to replace live performances at Lincoln Center in New York. This is an example of _______.
contingency planning
Antonia has spent the morning reviewing data from the manufacturing department to determine whether finished products are meeting the quality standards established by the organization. Which function of management does this BEST describe?
controlling
Numerous farmers in the Midwest pool their resources to buy seed, sell grain, store grain, and even help with marketing efforts. This is an example of which type of business entity?
cooperative
A(n) _______is an organization comprised of sole proprietorships and/or partnerships who work together for common benefits, such as enhanced financial power, greater production power, and/or superior marketing power.
cooperative
The makers of WD-40 concentrate almost exclusively on that brand. Some corporations own and operate only a single business. This example shows that the purpose of _________ is to determine what business or businesses a company will own and operate.
corporate strategy
A _______has state-chartered legal status as a separate entity, along with property rights and obligations and an indefinite life span.
corporation
One disadvantage of ________ is double taxation.
corporations
In choosing to move manufacturing of a product from the United States to another country such as China or Mexico, a company would MOST LIKELY consider ____________ as a primary factor.
cost of labor
If allegations of dumping are proven, international law allows the country whose businesses are affected to impose penalties called _______ on products coming from those countries found guilty.
countervailing duties
All of the following are examples of the impact of technology EXCEPT _______.
creating portable offices
Because of the devastation caused by the California wildfires in 2020, there is a new wildfire readiness guide and evacuation plan offered online. This is an example of ________.
crisis manegment
In a PERT chart, the _______ path refers to the most time-consuming set of tasks in a project.
critical
European leaders must often be aggressive, and meetings are frequently characterized by loud verbal exchanges and arguments. In Japan, emphasis is put on consensus building and polite exchanges of dialogue. This example shows that _______ play a growing role in organizations as their workforces become more diverse.
cross-cultural factors
L.L.Bean, Orvis, Starbucks, Google, and Trader Joe's have excellent reputations as businesses that charge fair prices, honor warranties, meet delivery commitments, and stand behind the quality of their products. The stakeholders MOST likely to benefit are ___________.
customers
Raw, unanalyzed facts and figures are known as _______.
data
______ automates the massive analysis of data by using computer software to sift, sort, and search for previously undiscovered clues about what customers look at and react to and how they might be influenced
data mining
A _______ is an interactive system that creates virtual business models for a particular kind of decision and tests them with different data to see how they respond.
decision support system (DSS)
According to the _______ approach to leadership, there are rules for deciding how much participation to allow.
decision tree
as a result of loss of profits and market share, Kodak quit marketing traditional film cameras in the United States in 2004. In 2012, the company announced it would stop making its newer line of digital cameras, too, because of low profits. In the stages of the product life cycle, Kodak's digital camera is in the stage of _______.
decline
The process of grouping jobs into logical units within the organization is known as _______.
departmentalization
the leader behaviors identified by the path-goal theory are _______.
directive, supportive, participative, and achievement-oriented
Nonstore retailing includes all of the following EXCEPT _______,
discount houses
A drawback of the informal organization is that it can _______________
disseminate distorted or inaccurate information
Each month, HR manager Alexandra sends out a newsletter to employees in the organization, highlighting specific employee benefits and advising employees of ways in which they can capitalize on those benefits. Which basic managerial role would this BEST describe?
disseminator
Procter & Gamble bought Revlon's Max Factor and Betrix cosmetics, both of which have distribution and marketing networks in foreign markets. Many companies have avoided time delays by buying existing businesses with already-established marketing networks. This example shows that _______ methods used in the United States do not always fit in international markets.
distribution
A _______ is the path a product follows from producer to end user.
distribution channel
After two assembly line employees have a loud argument in the cafeteria, the foreman calls them into his office to resolve the conflict. Which basic managerial role does this BEST describe?
disturbance handeler
In order to allow the company to focus on more lucrative products, Eli Lily sold one of its divisions. This is an example of a(n) _______.
divestiture
Market segmentation is BEST described as _______.
dividing a broader market into subsets of customer types having similar needs, interests, and priorities
Which of the following terms BEST describes an organization structure with separate product lines that operate as relatively autonomous business units under a larger corporate umbrella?
divisional
Which market intermediary does not keep goods in inventory or handle products but instead passes on orders to the manufacturer, who then delivers the goods directly to the customer?
drop shipper
A _______ strategy calls for increasing foreign market share by pricing products below cost. As a result, a product is priced lower in a foreign market than in its own country.
dumping
China's steel industry is experiencing excess capacity, and China has been accused of selling its steel products to the European Union for less than they are worth. This practice is known as _______.
dumping
Which of the following facets of the external environment of business reflects the relevant conditions that exist in the economic system in which a company operates?
economic environment
Which of the following represents one of the existing trends for small business start-ups?
emergence of e-commerce
You buy the same Lavazza brand of coffee as your friends to feel accepted in a certain group. This is an example of a(n) _______ motive.
emotional
People who are collectivist in their values _______.
emphasize the needs of the group over the needs of the individual
When a firm uses _______, it gives its employees a voice in how they do their jobs and in how the company is managed; the employees become empowered to take greater responsibility for their own performance.
empowerment
Passive nondiscrimination, required by both the Age Discrimination in Employment Act and Title VII of the Civil Rights Act of 1964, is also known as _______.
equal employment opportunity
A new college grad gets a job at a salary of $65,000 a year and an inexpensive company car. If he learns that another new employee received $75,000 and a more expensive company car, he feels that the situation is unfair. This is an example of which theory?
equity theory
EpiPens contain a pre-set dose of epinephrine, a life-saving drug used by people at risk of experiencing anaphylactic shock from an allergic reaction. In July 2013, the price for a two-pack of EpiPens had risen from below $100 to more than $250. In May 2015, it hit $460, and by May 2016, the price was more than $600 and was generating more than $1 billion in annual revenues. Because it is a prescribed medication, sales of EpiPen did not drop and company revenues have steadily increased. This is BEST described as an example of a(n) ____________ issue.
ethical
In the wake of scandals at Boeing, Wells Fargo, Volkswagen, Toshiba, and Walmart, business leaders are being called on to maintain high standards for their conduct, and to hold others in their organizations to the same standards—in short, to practice _______ leadership.
ethical
A(n) _____ is the rate at which the currency of one nation can be exchanged for that of another.
exchange rate
Brad just got a big promotion at work and wants to buy a new Jaguar. However, he lives in northeast Indiana, and the nearest Jaguar dealer is nearly 200 miles away in Indianapolis. This suggests that Jaguar utilizes _______ distribution of its vehicles.
exclusive
The major influences on consumer behavior include all the following EXCEPT _______.
experimental
A doctor has power over his patients when they go to visit him. Why? Because on the subject of health and wellness, doctors are considered to have special training and knowledge. This is an example of _______ power in the field of medicine.
expert
Holding college job fairs, using employment agencies or executive search firms, placing help-wanted ads in newspapers, and posting available positions on Internet sites such as Monster.com are all forms of _______ recruiting.
external
Lula failed to get a promotion and feels that this action was due to a politically moti- vated boss or just bad luck, rather than to her lack of skills. People who think that forces beyond their control dictate what happens to them have _______.
external locus of control`
After working for Stafford Automotive Group as an automotive technician for the last four years, Chico was promoted to the position of service manager. He now oversees the work of the other automotive technicians and shop attendants, is responsible for training them, and manages the parts inventory. Chico would be considered a(n) _______ manager.
first-line
Christina is the supervisor of customer service and she directly oversees the work of four customer service specialists. Christina would be categorized as a(n) _______ manager.
first-line
Jill has a dog-grooming business. She has to pay for rent and insurance each month no matter how many dogs she grooms. This is an example of _________.
fixed costs
While a patient is recovering at home from a knee replacement, physical rehabilitation specialists come to the patient's home for rehab services. This is an example of a _______ layout.
fixed-position
The salary of a supervisor in the shipping department would be a(n) _______ cost for a bicycle manufacturer, whereas shipping costs would be a(n) ______ cost.
fixed; variable
Decentralized firms tend to have relatively fewer layers of management, resulting in a ____________organizational structure.
flat
A _______ organization typically has a _______ span of control.
flat; wide
Several years ago, Burger King's jingle was, "Hold the pickles, hold the lettuce, special orders won't upset us, all we ask is that you let us serve it your way." This would suggest that Burger King sought to gain competitive advantage based upon which of the following?
flexibility
In a law firm, administrative staff can alter the times they come in for work and leave at the end of the day as long as they work 8 hours and are in the office between 10:00 a.m. and 3:00 p.m. This is an example of _______.
flextime
KIA, headquartered in Seoul, Korea, has announced plans to build a new factory in California. KIA is engaged in _______.
foreign direct investment
The parts of a lounge chair—the wood frame, the fabric, the glue and nails, and reclining mechanism—are all less useful by themselves. Putting them together creates _______ utility.
form
Della's Gourmet Cupcakes creates _______ utility by combining flour, eggs, sugar, cocoa, nuts, and numerous other ingredients into delectable cupcakes.
form
A seamstress combines lace, satin, tulle, and pearl trim to create a one-of-a-kind bridal gown for a customer. Which form of utility is the seamstress providing to the customer?
form utility
General Motors develops ___________ strategies for marketing its vehicles and decides how best to achieve corporate goals by performing activities effectively.
functional
In a partnership, a(n) _______ partner actively manages the business and has unlimited liability for the debts of the business.
general
Levi Strauss, for instance, has one division for North and South America; one for Europe, the Middle East, and North Africa; and one for the Asia Pacific region. This is an example of ___________.
geographic departmentalization
To help firms transfer their corporate culture to different locations, the trend is to transfer U.S. managers rather than hire local managers. For this reason, it is important that managers have _________.
global management skills
CEO Scott Kirby at United Airlines wants to continue to improve operational efficiency, revenues, and profits while improving customer service. Kirby is also focused on how to address sharp declines in air travel due to the COVID-19 pandemic. This is an example of _________.
goal setting
Informal communication is increased by information technology that makes it easier than ever before for people to communicate quickly and easily. Social media plays a growing role in the _________.
grapevine
Cybercriminals who gain unauthorized access to a computer or network, either to steal information, money, or property or to tamper with data are called _______.
hackers
Pedro is shopping for a new car, and the salesperson says, "I know you like the car, but it seems like you're hesitating about the price. If I could offer you another $2,000 on your trade-in, would that seal the deal?" Which step of the personal selling process does this BEST illustrate?
handling objections
As a manager in a hair salon, you would MOST LIKELY give more consideration to the ____________ element of operations because success or failure often depends on provider-customer contact.
human
Ari is the manager of employee assistance programs for a large state university. In this role, he provides short-term counseling services to faculty and staff and their families with respect to personal, career/work-related, and behavioral health problems or makes referrals for longer-term counseling to a network of partner firms. Which managerial skills would likely be the MOST crucial to the performance of Ari's job?
human relations skills
Paulo applies for a mortgage loan and is turned down. He obtains a copy of his credit report and learns that someone using his name, address, and Social Security number has opened numerous credit card accounts and obtained a car loan. Paulo has been the victim of _______.
identity theft
Xin's Rug Emporium offers the widest variety of Persian and Oriental rugs in the area. Xin regularly travels worldwide to find and buy the most exquisite and unusual rugs that foreign producers have to offer. Xin is a(n) _______.
importer
When a firm wants to enter the international market, which of the following represents the lowest level of international involvement, and hence the LEAST risk?
importing/exporting
Juanita has a small business in Colorado that produces one-of-a-kind jewelry using semi-precious gemstone beads. She purchases a supply of gemstone beads from a company in France and sells several necklaces to a buyer in Ireland. The beads are _______; the necklaces are _______.
imports; exports
_______ are often seen as rising stars, and the manager trusts them to work and perform at a high level. This is also the group that the manager talks to most, offering support and advice, and they are given the best opportunities to test their skills and grow. So, of course, they are more likely to develop in their roles.
in group members
M&M's candies enter the market through many different retail outlets—supermarkets, vending machines, drugstores, and online. M&M's candies are an example of _______ distribution.
incentive
_______are special pay programs designed to motivate high performance. Some programs are available to individuals, whereas others are distributed on a companywide basis.
incentive programs
Which of the following is the primary or ultimate objective of promotion?
increase sales
Selling goods and services to other businesses, either for use in their own manufacturing or production processes or for resale to other customers, is _______ selling.
industrial
The general price level of goods and services in the United States has been steadily increasing for the past 100 years. This is known as _______.
inflation
The president of ImClone learned that the company's stock was going to drop in value and allegedly tipped off Martha Stewart, who sold her stock. Stewart eventually pled guilty and served several months in prison. This is an example of _______.
insider trading
Dino's restaurant in Omaha failed because Dino was overly optimistic about how soon his restaurant would start earning a profit. This example shows that some entrepreneurs fail because of _____.
insufficient capital
You go to a hair salon for a haircut and end up buying a tube of styling gel as you are checking out. The haircut is a(n) _______, whereas the styling gel would be considered a(n) _______.
intangible service; tangible product
Ownership and right to the use of _______ may be protected by patent, copyright, trademark, and other means. But crooks may be able to create unauthorized duplications.
intellectual property
A(n) _______ refers to an individual or firm that helps to distribute a product.
intermediary
The company you work for is planning to expand operations by both offshoring and establishing sales outlets in several European Union member nations. Currently, the CEO makes most of the day-to-day decisions. As a member of the strategic planning team, you should suggest adopting a more _________ organizational structure.
international
United Markets is headquartered in the United States and has manufacturing facilities in South Carolina and Georgia, as well as numerous sales offices in the United States. The company recently opened a manufacturing facility in Italy to capitalize on the European market. The company would be considered a(n) _______.
international firm
General Electric (GE) functions as one integrated organization. GE businesses around the world connect and interact with each other, and managers freely move back and forth among them. This is an example of a(n)____________.
international organizational structure
Many firms, including Rubbermaid, DreamWorks Animation, 3M, and Xerox, encourage and support___________, creating and maintaining the innovation and flexibility of a small-business environment within a large, bureaucratic structure.
intrapreneuring
Juan has always been known as an imaginative "big picture" person. He sees the world in terms of possibilities and abstract concepts rather than realities, and often relies on his instincts or interpretations of situations or people. Which dimension of the Myers-Briggs framework does this describe?
intuition
During the 2020 COVID-19 pandemic many managers had to make decisions about closures and changes to operating procedures based on their intuition, and they relied heavily on personal judgment. This example shows that the art of management depends on _________.
intuition and personal judgment Your answer is correct.
A manufacturing company has multiple small plants in a region. Each plant is headed up by a plant manager, but major decisions regarding what and how much is produced at each plant is made by the executive staff at the company's headquarters. This suggests that the company _______.
is a centralized organization
_______ is a method of increasing job satisfaction by establishing a more satisfactory fit between workers and their jobs.
job redesign
A(n) _______ is a written statement of the skills, abilities, qualifications, and credentials that an individual needs in order to perform a given job effectively.
job specification
Fine Arts and Communication faculty members at Midland College must possess a master's degree from a regionally accredited college or university and 4 years of work experience. These requirements would MOST likely be stated on the _______ for this position.
job specification
_______ including ranking and rating techniques, are the most common way to measure performance.
judgmental methods
Bob Mills Inc. markets office furniture but does not manufacture it. The company orders the furniture from the manufacturer only when a customer makes a purchase. The manufacturer delivers it directly to the customer. Bringing together materials when they are needed is called _________ production.
just-in-time
______ workers are employees who are of value because of the expertise they possess.
knowledge
A(n) _______ is an information system that supports knowledge workers by providing resources to create, store, use, and transmit new knowledge for useful applications.
knowledge management system
When a manager works to motivate, inspire, and encourage employees to meet the organization's stated objectives, which function of management is s/he performing?
leading
Shell Oil's employees routinely attend training programs and seminars. Shell has state-of-the-art classrooms and instructional technology. Line managers rotate through the center to fulfill teaching assignments. Shell Oil is an example of (a)_______________.
learning organization
Isabella owns a small floral shop and operates the business as a sole proprietorship. If Isabella passes away, her business _______.
legally dissolves
The type of power that a person in an organization has when s/he has control over employees in lower positions or levels within the organization is known as _______ power.
legitimate
One of the biggest advantages of corporations is that investors cannot be held personally responsible for the debts of the business. This is the concept of _______.
limited liability
Tai Lee is a famous guitar player. Kevin Rodriguez is a small business owner that wants to market guitars using Tai Lee's name as a brand. Tai wants to invest heavily in the business but not be involved in management and doesn't want to be liable for business debts above and beyond his investment. Both want to keep things simple and private. What business structure should they consider under these circumstances?
limited partnership
_________authority is the power given to someone in a supervisory position to mandate actions by subordinates. Examples of managers within a business include the controller, engineering manager, production manager, and sales manager.
line
The National Rifle Association (NRA) has staff in Washington to represent the NRA's position on gun control and to influence members of Congress. This is an example of _______.
lobbying
An oil company in Texas donates a share of its profits to Meals on Wheels and sponsors plays at the local repertory theater. The company is demonstrating social responsibility toward which of the following organizational stakeholders?
local communitly
When deciding where to build a new factory, senior managers of Wyoming Products considered factors such as transportation, the availability of a trained labor force, tax incentives, and the government regulations in the area. This process BEST describes which aspect of operations planning?
location planning
At Family Foods, goods and everyday items are offered at savings up to 40 percent less than conventional food chains. Which strategy has Family Foods chosen?
low cost
Gonzalez Construction is contracted by the county to construct a bridge over a set of railroad tracks. Which of the following would BEST describe this operations process?
make-to-order operations
The prime minister of Canada, curators at New York's Museum of Modern Art, the dean of your college, and the chief administrator of your local hospital are all _________ (although they may have different titles).
managers
Growing corn in Iowa is an example of perfect competition because ________.
many small sellers offer identical products
Once marketing managers have a basic understanding of their role and the nature of their competition, their next step is to develop their _______.
marketing plan
When the 2020 COVID-19 pandemic swept the globe, many people lost their jobs. During this period, physiological and security issues became much more important to these individuals than pursuing challenging projects. This is an example of _______.
maslow's Hierarchy of Needs
Sophia is a software engineer for an electronics firm. She reports to the Manager of Software Engineering but also works on a new product development team and reports to the team leader in that capacity. Based on this information, it would appear that Sophia's firm has a _______ structure.
matrix
During which stage of the product life cycle does sales growth peak and then ultimately begin to slow?
maturity
Which of the following terms refers to two companies combining to form a new company?
merger
Clara is the central region sales manager for a large electronics distributor. Reporting to her are district sales managers in Chicago, Milwaukee, Indianapolis, Cincinnati, and Detroit, a regional customer service manager, and an administrative assistant. Clara would likely be characterized as a(n) _______ manager.
middle
Many factors play a part in determining an organization's optimal structure. Chief among them are the organization's __________
mission and stragtegy
Starbucks intends to "establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow." This is an example of a ___________.
mission statement
_______ refers to the personal selling task in which salespeople promote their firms and products rather than try to close sales.
missionary selling
Eve tried out for the soccer team at her high school because her classes are virtual, and she wants to get some exercise. She didn't get accepted to the team. She applied to her former soccer team but didn't meet the residency requirements. She kept on applying and was finally accepted to the Sleepy Hollow co-ed soccer team. Which aspect of emotional intelligence does Eve's behavior exemplify?
motivating oneself
Atmos Electronics used to produce its products in a manufacturing facility in South Carolina, but has moved manufacturing to a contract manufacturing plant in India, where labor is significantly cheaper. This is an example of _______.
offshoring
For an entrepreneur, which would be the MOST USEFUL personality trait?
open-mindedness
Ahava is curious and willing to listen to new ideas and to change her own ideas, beliefs, and attitudes in response to new information. Which "Big Five" personality trait does this BEST exemplify?
openness
Among other duties, _________ are responsible for production, inventory, and quality control. Manufacturing companies such as General Electric, General Motors, and Caterpillar have a strong need for these managers at many levels.
operations manager
During the 2020 COVID-19 pandemic, many individuals, especially those in the health care industry and first responders, stepped forward and worked beyond the normal scope of their jobs. This is an example of ________.
organizational citizenship
Which of the following is a positive employee behavior?
organizational citizenship
As the operations manager for a large guitar maker, you recently received an offer from an overseas parts manufacturer that wants to supply the electric pickups for your signature series electric guitars at $4 each. You currently manufacture this component, but labor costs and overhead are high in your production facility, and you estimate that each pickup costs $8 to produce. For this item, you should consider _______.
outsourcing
you just interviewed a college graduate from another state and even though she has no real work history, she seems like a perfect fit for the job. She has relocated and can start work soon. Which inducement will MOST likely appeal to her in her current situation?
pay
Wells Fargo employees created thousands of fake demand deposit accounts to fulfill performance quotas set by upper management. As managers, the lesson we can learn from this is that _______ can create ________.
performance goals; counterproductive behavior
_______ is the enduring pattern of behaviors, emotions, and psychological attributes that characterize an individual.
personality
Some opponents of the national minimum wage laws believe that eliminating the minimum wage would virtually wipe out unemployment. Proponents of the minimum wage point to historical studies that show that raising the minimum wage has little or no effect on unemployment. As a corporate CEO, the BEST way for you to try to change the minimum wage law would be to __________.
personally contact your state and federal legislators
Shanti's company donates $1 million to the Children's Miracle Network so that children with cancer can be treated in the area. This is an example of _______.
philanthropic giving
Maia receives an e-mail that appears to be from her bank, advising that it is conducting an account verification process. The e-mail asks Maia to click on a link to update her account information, including her name, address, account number, and Social Security number. This is likely an example of _______.
phishing
Target is conveniently located on a main thoroughfare in Odessa, Texas. Shoppers can go to Target or easily purchase items on Target's website and pick them up in the store or have them mailed directly to their homes. This is an example of ________.
place utility
Irma, the business administration department chair, observes a trend of increased enrollments in online college courses versus traditional face-to-face courses. She establishes a goal of introducing three new online courses during the fall semester and maps out the steps that the department needs to address to develop these course offerings. Which management function does this BEST describe?
planning
Kevin Johnson is the CEO of Starbucks. He is responsible for developing strategies to keep Starbucks growing while maintaining quality. Which BEST describes the CEO's job?
plannning
A group formed for the purpose of soliciting funds and then contributing those funds to the campaigns of politicians is known as a(n) _______.
political action committee (PAC)
A state passes a law requiring major appliances sold in the state to meet energy consumption standards. Which factor in the firm's external environment does this BEST reflect?
political-legal environment
Shortly after President Barack Obama first took office, a number of new regulations were imposed on businesses. Among other things, he signed legislation that imposed new restrictions on lobbying and on political action committees. Which dimension of the external environment BEST encompasses the factors affecting government regulation of business?
political-legal environment
Recently, a few retailers marked up prices for items such as hand sanitizers, home cleaning products, and toilet paper during the COVID-19 pandemic. This is an example of _______.
price gouging
599fashion.com is an online clothing outlet store that offers all its clothing, apparel, jewelry, and accessories for the same price—$5.99, although some items may be on sale for even less. This BEST exemplifies the strategy of _______.
price lining
When VCRs were introduced in the mid-1970s, they were priced at $900 and above. As more competitors and new technology entered the market, the price dropped dramatically. The introductory price of $900 is an example of _______.
price skimming
Products that carry the name of the wholesaler or retailer instead of the name of the manufacturer are referred to as _______ brands.
private
Oklahoma City negotiates a deal with the Jackson Company to operate its parking meter system. The city will receive a lump-sum payment of several million dollars, and the Jackson Company will have the rights to operate, maintain, and collect the revenue from the parking meters. This is an example of _______.
privatization
At Mills Brothers, a manufacturer of outdoor furniture, one department is responsible for cutting the wood according to pattern. Another department is responsible for staining and finishing the wood. Another department is responsible for assembling the stained wood pieces. Based on this information, what type of departmentalization does Mills Brothers use?
process
Office Depot stores use _______ layouts to accommodate a variety of custom jobs. Specific activities such as photocopying, computing, and printing photos are performed in separate, specialized areas of the store. Walk-in customers move from area to area performing self-service tasks.
process
At a bakery, baked goods boxes travel past individual work stations on a conveyor, and workers at each station perform a small task, such as placing baked goods in the box, placing the cover on the box, affixing stickers to the box, or shrink-wrapping the box in plastic. This BEST describes a _______ layout.
product
The design for the newest iPhone offers more new features than previous models to keep on top in the increasingly competitive smartphone market. This is an example of which component of the marketing mix?
product
In an intrapreneurial organization, a manager who uses his/her influence to help overcome organizational resistance and convinces others to take the innovation seriously is known as the _______.
product champion
In the manufacturing process of a car, the car body goes from one stage of production to the next. Employees at each stage work on the car and then pass it on to the next stage. This is an example of _______.
product layout
E*TRADE offers online financial investing and trading services, retirement planning, and educational resources. This is an example of a(n) _______.
product mix
Jet fuel used by airline services is an example of a(n) ________.
production item
Which of the following is NOT a leading cause of wasted time for managers?
productivity
Dillard's can calculate the profits it generates from men's clothing, home furnishings, cosmetics, and women's shoes separately. Managers can make decisions about advertising and promotional events and budgeting This is an example of (a) ________.
profit center
Title VII of the Civil Rights Act of 1964 ________.
prohibits discrimination in employment based on race, color, gender, religion, or national origin
The World Trade Organization's (WTO) 164 member countries are required to do all of the following EXCEPT ____________.
promote health care for poor nations
You recently received your real estate sales license, and you now represent a seller in a popular new subdivision where buyers have many choices. As an agent, your job is to get the highest competitive market price for the seller. In creating your marketing plan for this house, which element of the marketing mix, other than pricing, would be the BEST focus?
promotion
Marketing Manager Sasha is responsible for deciding what combination of advertising, personal selling, sales promotions, direct or interactive marketing, publicity, and public relations will best reach the customers for her company's product line. Sasha is determining the company's _______.
promotional mix
During the 2012 London Olympics, critics were outraged when it was discovered that Ralph Lauren, provider of official U.S. team uniforms, had outsourced the production of those uniforms to China. This is an example of _______.
protectionism
IT-based industries, including computer backup and identity-theft protection, offer valuable services for individuals and business customers. This example shows that IT ________.
provides new business opportunities
As a supervisor, you expect your employees to work overtime if the job is not done, but your employees choose to leave at the end of the regular workday. These conflicting expectations are MOST likely a result of a problem with the ________.
psychological contract
Pedro, Kevin, and Juanita currently own all shares of stock in Sunshine Enterprises, and shares of stock are offered to the general public. Sunshine Enterprises is likely a _______.
publicly held corporation
When Volkswagen executives decided to promote their diesel engines in the United States, engineers at the company realized they could not meet emissions standards, so they installed "cheat devices" that kicked in emissions controls only when the car was being tested. The fallout from this illegal activity cost the company billions of dollars. From the standpoint of total quality management (TQM), this scandal was MOST LIKELY the result of failing to ensure ___________.
quality ownership
Phillip''s supervisor repeatedly asks him to have dinner or drinks with her. Phillip refuses each time. His supervisor has now suggested that, if he agrees to date her, she'll see that he gets a bigger raise. This is an example of _______.
quid pro quo harassment
A(n) ______ restricts the number of products of a certain type that can be imported and, by reducing supply, raises the prices of those imports.
quota
One common error in performance appraisal is ______, the tendency to base judgments on the subordinate's most recent performance because it is most easily recalled.
recency error
_______ is the process of attracting qualified persons to apply for jobs an organization is seeking to fill.
recruiting
Basketball legend LeBron James of the Lakers has a lifetime contract with Nike and will be shooting his way through Nike products for a long time. Celebrity endorsements are an example of _______ power.
referent
Direct influence to shape social responsibility practices by the government is most often accomplished through _______.
regulation
NCR (National Cash Register) has been selling manually operated cash registers in Latin America. This is an example of extending product life through _______.
reintroduction
Annabelle is preparing a graph that lists all key managerial positions in the organization, the current job holders, how long those individuals are expected to remain in the job before being promoted or retiring, and individuals in the organization who are now qualified or will soon be qualified to be promoted into those positions. Which of the following is Annabelle preparing?
replacement chart
As a leading distributor of parts and accessories for the pleasure boat market, Texas Boats buys lights, steering wheels, and propellers and markets them to marinas and boat-repair shops. Texas Boats is part of the ________ market.
reseller
In terms of the delegation process, the first element is assigning_______ , the duty to perform an assigned task.
responsibility
in the past, the only benefit you have offered your employees has been a cafeteria benefits plan. In establishing a new employee compensation system, which would be the MOST likely incentive that you could offer to improve retention?
retirement benefits
A business reports profits when _______ are greater than _______.
revenues; expenses
Tide detergent offers a $1-off coupon that you can save and use on your next trip to the supermarket, the promotion is both convenient and accessible for you. This is an example of _________.
sales promotion
To coincide with the release of the 2020 Disney movie Mulan, Burger King offered a Mulan hamburger kids meal featuring a dozen different Mulan toys, along with a new flavor of yogurt that featured Mulan on the packaging. This is an example of _______.
sales promotion
Frigidaire and Whirlpool use ________ distribution for appliances to cement relationships with wholesalers who will then market Frigidaire and Whirlpool over other brands.
selective
During the 2020 COVID-19 pandemic, many organizations quickly developed and adopted new ways of delivering services to customers. For instance, restaurants that had previously been dine-in only offered curbside pickup and/or home delivery. This is an example of _______.
service process designs
The majority of private sector employment in the U.S. economy is in the _______ sector.
services
which type of business might be best for a person with expertise but little or no capital investment?
services
Examples of _________include unwelcome actions like repeated compliments of an employee's appearance, commenting on the attractiveness of others in front of an employee, and sending sexually suggestive text messages or emails.
sexual harassment
A(n)_______is a computerized system containing information on each employee's education, work experiences, and career aspirations.
skills inventory
When Loretta is suspended for swearing at an abusive customer, the other customer service representatives are more careful to watch how they behave toward customers. This is an example of _______.
social learning
Chase Bank, Proctor & Gamble, Costco, and Samsung use corporate blogs increasingly for public relations, branding, and otherwise spreading messages that stimulate chat about products in target marketing. This is an example of _______.
social networking media
Paulina wants to earn extra money and decides to open a cleaning service for dormitory rooms at her college campus. She posts fliers on the bulletin boards in each dormitory and buys some cleaning supplies. She plans to operate this business alone and keep all the profits. Based on this information, it would appear that Paulina's business is a _______.
sole proprietorship
The number of employees reporting to a manager is referred to as the manager's _______.
span of control
At Southwest Airlines, reservationists book flights, pilots fly the planes, and baggage handlers deal with passenger luggage. When the overall task of Southwest—transporting passengers—is broken down, workers develop expertise, This is an example of________.
specialization
You have visited every bridal shop in town to find the best wedding gown and tuxedo. You consider this purchase to be very important. What type of product is this?
specialty good
Which of the following retailers would focus on selling a full product line in a relatively narrow product range, such as men's or women's clothing, office supplies, or carpet?
specialty store
Kay Jewelers, Victoria's Secret, and Payless Shoes are examples of _______.
specialty stores
Juanita, the CEO of a landscape company, fights for the budget needed to develop an idea and uses organizational politics to ensure her project's survival. Juanita is a(n) ______.
sponser
_______ is a program unknowingly downloaded by users that monitors their computer activities, gathering e-mail addresses, credit card numbers, and other information that is then transmitted to someone outside the host system.
spyware
As corporate attorney for Medical Center Hospital, Richard Stoker may advise the hospital's marketing department as it prepares a new contract with the its advertising agency, but it will not make decisions that affect how the marketing department does its job. In this example, the attorney has___________authority.
staff
A(n) _______ is the collaborative effort of two or more independent organizations on a project for mutual gain.
strategic alliance
_______is a leader's ability to understand the complexities of both the organization and its environment and to lead change in the organization so as to enhance its competitiveness.
strategic leadership
Farmers receive payments from the government if prices for wheat, corn, soybeans, and certain other crops fall below a certain level in order to protect farmers from cheaper prices charged by foreign competitors. This is an example of a(n) _______.
subsidy
Which materials management function likely would be responsible for identifying, evaluating, and choosing potential vendors of materials and services and negotiating terms of service?
supplier selection
A ______ for any product is the flow of information, materials, and services that starts with raw-materials suppliers and continues adding value through other stages in the network of firms until the product reaches the end customer.
supply chain
Your consulting client owns several local grocery stores within a 100-mile radius of one another that specialize in regional products such as locally roasted coffees, wines from around the area, and grass-fed beef. Each store places its own orders with various suppliers, but no one coordinates efforts among the group. As an advisor to the owner, which would you suggest as the BEST overall improvement to consider?
supply chain management
After her recent chat session with technical support at Apple Inc., Jennifer received an e-mail asking her to rate the chat session, rate the technician, and state whether the problem had been solved. What form of marketing research is Apple Inc. using?
surveys
Kenisha went online to a popular travel site to book her air travel to a conference in Dallas and found a banner ad listing recommended hotels in the Dallas area. If she booked a room at any of these hotels, the hotel would be required to pay a referral fee or commission to the travel website. This BEST describes _______.
syndicated selling
Dell's effort to extend its distribution expertise into the markets for televisions and other home electronics is an example of __________ planning.
tactical
________reflects the view that the people in an organization represent a portfolio of valuable skills that can be effectively managed and tapped in ways best targeted to organizational success.
talent management
Within its human resource department, Rodriguez Enterprises has a vice president of human resources, a director of human resources, a labor relations manager, assistant managers of human resources, a manager of compensation, an employee benefits manager, human relations supervisors, and team leaders for training and employee development. This hierarchy would suggest that Rodriguez Enterprises is a(n) _______ organization.
tall
Managers who use this style develop a structured workplace with clearly defined priorities and schedules. This is an example of a(n) _______ leadership.
task-focused
Which managerial skill set is particularly important for first-line managers?
technical skills
A nation's economy experiences periodic increases in economic activity, often followed by periods of economic slowdown or decline. This is known as _______.
the business cycle
The total value of all goods and services produced within a given period by a national economy through domestic factors of production is known as _______.
the gross domestic product
Research showed that productivity rose in response to almost any management action that workers interpreted as special attention. This phenomenon is called________.
the hawthorne effect
The global communication network that allows millions of computers worldwide to connect and exchange information is known as _______.
the internet
_______ grants government investigators access to previously confidential personal and financial records.
the patriot act
According to the laws of demand and supply, if the price of beef decreases, which of the following likely will occur?
the quantity demanded will increase
_______holds that people are naturally energetic, growth-oriented, self-motivated, and interested in being productive.
theory y
Corporate culture would BEST be described as _______.
the "feel" of the organization
Melinda firmly believes that decisions should be made based on facts and logic, not on emotions or subjective factors. Which dimension of the Myers-Briggs framework does this describe?
thinking
Susan orders a sweatshirt on Amazon.com from a third-party vendor. The delivery date shows October 29, but it is already November 6 and the sweatshirt has not arrived. The online tracking number for the package has not been updated for a week. Amazon.com and the third-party seller have failed to provide _______ utility.
time
More small businesses are being started by minorities and women because of all the following reasons EXCEPT _______.
to avoid risk
To change a corporate culture, companies must have _______.
top management formulate a vision of a new company
Businesses must also consider building quality into goods and services. Everyone who flies wants the plane to take off and land on time and the luggage to arrive when they do. So, airlines concentrate on on-time performance and baggage handling. This is an example of _______.
total quality management (TQM)
The ______ with China increased from $1.6 billion to $28.3 billion in July 2020. This means that imports from China exceed exports to China from the United States.
trade deficit
When exports exceed imports, the nation enjoys a(n) ______.
trade surplus
_______ focuses on the leader and not on how he or she responds to the followers or the situation. It assumes that it is the leader and his/her personality that are central to the leadership process.
trait approach
Workers will be dissatisfied if they believe they have poor working conditions. During the 2020 COVID-19 pandemic some workers walked off their jobs because they felt the firm wasn't doing enough to protect their health. This is an example of hygiene factors according to _______.
two-factor theory
The cultural dimension that describes the degree to which people in a culture tolerate or feel threatened by ambiguity is known as _______ orientation.
uncertainty
Your boss has asked you to create an e-mail marketing campaign that will blanket purchased user lists with messages that appear to be from friends and acquaintances recommending the company's products. Your BEST response would be that this could be both ______ and _______.
unethical; illegal
Janie has a daycare center for seven children. If one child gets sick and misses three days, those daycare hours of service cannot be saved. This is an example of the service's _______.
unstorability
the _______ of a product refers to its comparative benefits versus costs.
value
You are buying a new laptop and you consider the software package, the color, design, and the fast online delivery. These features are part of the _______.
value package
Depending on the style of the wedding gown—and the size of the bride—a wedding dress custom-designed and sewn in Christina's bridal shop may use up to 8 yards of satin or silk, plus tulle, trim, buttons, and lace. The cost of these elements is part of Christina's ______.
variable costs
Frederika has started an automotive repair firm with the potential for high growth. She obtains funding for the business from a group of investors who demand partial ownership of the business and representation on the board of directors. What type of financing has Frederika procured?
venture capital
During the 2020 COVID-19 pandemic, companies sent their employees home. Companies implemented protocols for __________ such as Zoom, to bring quarantined workers back into meeting environments. This allowed organizations to maintain function even when employees were, at times, many miles away from their normal workplace.
video conferencing
QVC displays and demonstrates products, allows viewers to phone in or e-mail orders, and is available on Facebook, YouTube, and Twitter. QVC is an example of _______.
video retailing
_______ is a form of marketing that focuses on spreading information and opinions about a product or service from person to person, often through e-mail or social media sites.
viral marketing
_______ leadership has become increasingly critical for organizations utilizing alternative workplace options such as telecommuting and geographically dispersed teams.
virtual
Telecommuting surged during the 2020 COVID-19 pandemic as people were either encouraged or required to work remotely. Some firms felt that remote work was so effective that it would become permanent. This new working environment is an example of_______.
virtual leadership
Françoise owns a film production company that produces television commercials and short documentaries. She has only a few permanent employees but hires temporary crew members such as lighting specialists, camera operators, and set designers as needed to produce films. What type of organizational structure does this describe?
virtual organization
Data _______ refers to the collection, storage, retrieval, and management of data in an organization's electronic files.
warehousing
_______ involves public disclosure, often by an employee, of corruption, a wrongdoing, or illegal or unethical conduct on the part of others within an organization.
whistle-blower
Xin discovers that his company is dumping dangerous chemicals into the river instead of disposing of them in an environmentally friendly manner. When his boss refuses to listen to his concerns, he contacts the Environmental Protection Agency to report the firm's conduct. This is an example of _______.
whistle-blowing
Sam's Club offers large discounts on a wide range of brand-name merchandise to customers who pay annual membership fees. This is an example of a _______.
wholesale club
Employees from a culture that is characterized by power respect _______.
would expect their superiors to make decisions with little input from employees
What are the three acquired needs identified by McClelland's theory?
Achievement, affiliation, and power
A(n) _______ is an Internet distribution channel member that assists in delivering products to customers or that collects information about various sellers to be presented to consumers, or they help deliver online products to buyers.
e-intermediary
Véronique is a "people person" when it comes to managing her department. She is friendly and approachable and strives to make the workplace a happy, pleasant environment. This BEST describes _______ leader behavior.
employee-focused
Marco wants to open a sandwich shop near campus. Rather than start the business from scratch, he considers purchasing a franchise from Jersey Mike's Subs. If he decides to purchase the franchise, Marco would be the _______, and Jersey Mike's Subs would be the _______.
franchisee; franchiser
Sony had a movie critic who lauded movies released by Sony's Columbia Pictures. When advertising its newest theatrical releases, the studio had been routinely using glowing quotes from a fictitious critic. After the story broke, Sony stopped the practice and apologized. This might be __________ as well as ___________.
illegal; unethical
A company's _______ can be accessed only by employees or those with specific permission, whereas its _______ allows those outside the organization to access certain parts of its network.
intranet; extranet
Dell was one of the first companies to change the customer experience, allowing customers to order and configure their own PCs online, pay online with a credit card, and have the product delivered in three days. In addition, Dell was able to reduce the number of computers in finished goods inventory. The company MOST LIKELY did this through a combination of _______.
just-in-time inventory and supply chain management
Research that investigated what behaviors were employed by effective leaders suggested that there are two types of leader behaviors: _______ and _______ behavior.
task-focused; employee-focused
Donald Trump's successful bid for the U.S. presidency was fueled by many people's perceptions that he was both a transformational and charismatic leader. He talked about the need to change issues such as health care, immigration, and foreign policy. A transformational leader exhibits _______.
vision, dedication, and perseverance