Midterm Spring 2019
The Age Discrimination in Employment Act of 1964 protects employees at what age?
40 years or older
According to the U.S. Small Business Administration, what percentage of businesses fail within the first four years of launching?
56%
Which of the following is the best explanation of radical transparency?
A management method where nearly all decision making is carried out publicly
Which of the following is an element that makes ethical behavior conducive within an organization?
All of these answers
Why do people have trouble making the "right" decision?
All of these answers
Which one of the following is an example of a strategic operation decision?
Determining how labor and equipment are organized
In order to be effective, a team leader should NOT:
Disengage from the team
The Civil Rights Act of 1964 was important because:
It ended racial discrimination for voting
Which of the following is NOT a step in the decision making process?
Multiple decisions are made, executed and then evaluated
Which of the following is NOT a step in outsourcing?
Opening a new plant in a foreign country
An analytical mindset does NOT include which of the following:
The ability to make irrational decisions
The one universal criterion for measuring the rate of success in production is:
The ability to produce surplus value
In response to economic conditions, employment in small businesses
declines when the economy is doing well and increases when the economy struggles.
The difference between a firm's total revenue and all costs represents __________.
economic profit
Fairness in trading practices, trading condition, sales practices, consultancy service, tax payments, internal audits, external audits, and executive compensation also fall under what field?
finance and accounting
Opponents of socialism see private ownership of the means of production and the market exchange as natural entities or moral rights which are central to their conceptions of _____________.
freedom and liberty
Navigating government regulations is one of the primary advantages of owning a sole proprietorship since
sole proprietorships do not have to pay corporate taxes
What belief has driven customers, businesses, home buyers, and the U.S. government itself to rely increasingly on debt?
that the value of their investments would continue to grow
Which of the following is NOT a federal agency the enforces the ADA?
Mine Safety and Health Administration
To be eligible for S corporation status, a corporation must have no more than
100 shareholders
The World bank incorporates which of these studies in fighting poverty of developing countries?
All of these answers
Which of the following characteristics of the service sector distinguish it from the product sector?
All of these answers
Which of the following is a potential improvement to a transport route?
All of these answers
Entrepreneurs can increase their odds of success by avoiding which of the following drawbacks when starting a small business?
Failing to set aside cash reserves that can be used during economic downturns
Which one of the following is a characteristic of the service sector?
Intangible products
The reasoning behind the creation of the Euro can best be explained as a means to:
Integrate the European countries
Successful small business owners often need a high level of _______, due to the high likelihood of drawbacks and failure.
Perseverance
Which of the following is NOT necessarily a result of planning?
Making a decision quickly
Which of the following is NOT an example of supply chain sustainability?
Using a more than necessary amount of resources
Which of the following is NOT an advantage of starting a business?
a lack of involvement in day to day business activities
A statistic that reports the status of the economy a few months in the past is known as what?
a lagging indicator
How is a stakeholder different from a shareholder?
A shareholder is an owner of the company, whereas a stakeholder is any individual or group with an interest in the company's operations and/or output.
The two departments that are usually involved in the purchasing process are:
Accounts payable and purchasing department
The goals of organization include:
All of the following
A promotion can be in the form of:
All of these answers
An HR professional is generally expected to perform which of the following functions?
All of these answers
Businesses that are partnerships typically include which of the following details in the partnership agreement?
All of these answers
When a company allows workers to leave voluntarily without replacing them, it is called:
Attrition
Which of the following is NOT a legal benefit of incorporation?
Complete decision making power
Customer Experience Management (CEM) , as opposed to Customer Relationship Management (CRM), focuses on which of the following:
Customer needs
Which section of a business plan outlines a management summary of the projected business?
Executive summary
Assuming the US is efficient in growing corn and therefore sells it to other countries. We call this:
Exporting
Economic growth is conventionally measured as the percentage rate of increase in what economic measure?
GDP
What qualities do employers want in their employees?
Good interpersonal and communication skills. Character traits such as leadership skills, honesty, flexibility, accessible and adaptable to different management styles.
Which of the following is NOT an educated risk regularly taken by good managers?
Ignoring customer needs for the benefit of the business
If a country has a trade deficit, what will occur?
Imports will exceed exports
The main advantage for employers in offering employee benefits is:
Improve worker retention
A limited partnership can be best described as which of the following?
It is a partnership in which only one partner is required to be a general partner.
Which of the following is NOT true about planning?
It should be set at the beginning of a project and not changed afterward
Which of the following would constitute as a technological barrier to trade?
Product standards
Which of the following characteristics is NOT conducive with entrepreneurial drive?
Risk adversity
An employee would exercise their stock options if:
The market price is higher than the call price
Which of the following is an advantage of business ownership structures that are partnerships?
The profits from the business flow directly through to the partners' personal tax returns.
All workers benefit from international trade because:
They have more options as consumers
Which demographic has seen a great deal of recent growth in the entrepreneurial area?
Women
Which one of the following is NOT an example of a Total Quality Management (TQM) practice?
Working harder
What is business ethics?
Written and unwritten codes of principles and values that govern decisions and actions within a company
Which of the following would NOT be an associated negative faced by a business that is focused on cheating the customer?
a desirable reputation in the community
Which of the following occurs when real GDP reaches its maximum, stops rising, and begins to decline?
a peak
One of the primary advantages of organic growth is
better control and coordination of the business
Which of the following basic business processes has the Internet NOT been increasingly used for?
bookkeeping
When a company expands by supplying independent business owners with an established business, including its name and trademark, this is referred to as a
business format franchise
What is the process in which a government dictates which goods or services are produced, how they are produced, and who will receive them?
central planning
Which of the following fields would be most concerned with the comparison of business ethical traditions from various religious perspectives?
international business ethics
IT is changing the basis of business from labor and manual skills to _________.
knowledge management
Industries with a high concentration of small businesses generally require
little investment capital up front.
The section of the business plan that states how a company will sell and communicate to its potential customers and suppliers is described in the
marketing and sales management section.
According to economist Milton Friedman, the main purpose of a business is to ________.
maximize profits for its owners
What type of companies do individuals tend to want to work for?
ones in which ethical dilemmas are minimized
What is the primary tool of monetary policy?
open market operations
In a mixed economy, what remains as the fundamental driving force behind economic activity?
profit-seeking
Issues such as dangerous products/services; transparency about environmental risks, product ingredients, or possible health risks; respect for consumer privacy and autonomy; and fairness in pricing and distribution arise in which field?
sales and marketing
In a sole proprietorship, there is no legal distinction between:
the owner and the business
What event occurred alongside the development of industrial capitalism in 19th Century Britain?
universal adult male suffrage
Some policies of affirmative action have been criticized because they are seen to be:
A form of reverse discrimination
New technologies are allowing more women and young people to start businesses. This is mainly because
All of these answers
Suppose you, as an American company, started a phone business in India. Which of the following cultural barriers might you face?
All of these answers
What 4 categories of people will you interact with at work?
In leadership we can find different styles: Authoritarian Democratic Laizzez Faire Transactional Narcissistic With co-workers, we might need to use the push-pull & pull influencing style. Logic & The Carrot Stick fall under the pushing influencing style Consultative & The Big Picture approach falls under the pull influencing style.
In terms of supply and demand, what is the quantity of a product that people are willing to buy most dependent upon?
Its price
Logistics management encompasses all of the following EXCEPT:
Manufacturing
Fill in the blank. Cory is the Director of Business Development for a drug company. Part of his responsibilities requires him to develop five-year plans and present them to the executive team. Cory has been with the organization for a while and knows that the executives like detail. They want to see the necessary steps Cory is going to take to achieve the five-year goal, so Cory explains his five-year plan in one-year intervals. According to what you have learned, Cory is providing the executives with a (an) _____________.
Operational plan
Suppose a company is having problems with a high turnover rate of their highly skilled employees. One remedy for this would be to:
Pay above-market wages
What are some ways to make an unsatisfied customer feel better?
Remain calm and provide good communication skills Be objective and do not take things into a personal stage/place. Address what they are thinking and feeling in regards to the product or service of consumption. Put their needs in first place before offering a solution, but make a suggestion that will/could satisfy their needs at the same time. Provide customers with the pros and cons when finding a solution. Apologize in a professional and grateful way.
Which one of these management styles rewards only the manager for the completion of a team project?
Traditional Management
Assuming you were the CEO of a company with 72 shareholders, offering only common stock. This company would likely fall under which of the four categories of corporations?
S corporation
What is theoretical ethics?
All of these answers
