World of Business (Chapter 1-9)

Kent Huston is a middle manager at a management consulting company. He has the ability to negotiate, impress the right people, and make the right connections. Huston has ____ skills. a. Human relations b. Conceptual c. Technical d. Functional e. Development

a

The higher the price of a good or service, the greater the amount a producer is willing to supply. a. True b. False

a

The internal labor market is made up of all employees in an industry. a. True b. False

a

The three basic levels of the managerial hierarchy are: a. Functional, process, and product b. Strategic, tactical, and functional c. Top, middle, and supervisory d. Planning, coordinating, and controlling e. None of the above

a

Scientific management is based on economic incentives and the premise that there is "one best way" to perform any job. a. True b. False

a

The tax that the United States imposes on imported carbon steel products is called a tariff. a. True b. False

a

The original Hawthorne studies were set up to study: a. Testing used in the selection of employees b. Lighting c. Employee breaks d. Employee incentives e. Employee personality conflicts

b

Having a global vision simply means having a willingness to sell outside one's national borders if, and when, the opportunity arises. a. True b. False

b

A team made up of employees from about the same hierarchical level, but different functional areas of an organization is called a: a. Cross-functional team b. Horizontally-organized team c. Vertically-organized team d. Problem-resolution team e. Project committee

d

Hannah Li wants to quit her job as a legal secretary and start her own small business. She knows that she will be successful if she can find the right idea. Where can Li look for ideas for her new business? a. Problems she noticed in her old job b. Her interest in the history of Asian art c. Suggestions from her family d. Other businesses in other regions of the country e. All of the above

d

Human resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals. a. True b. False

d

The European Union (EU) bans the importation of hormone-fed U.S. beef and bioengineered corn and soybeans on safety grounds although Americans eat this food every day. This ban is so consumers in the EU will buy domestic beef and products made from domestically produced corn and soybeans. This ban is an example of: a. Free trade b. Ethnocentricity c. Dumping d. Countertrading e. Protectionism

e

Which of the following is an example of a business? a. Jack & Jill, a specialty clothing store for young children b. Walmart c. Ford Motor Company d. Lawson & Tyler law offices e. all of the above

e

An employee who was more worried about having a safe work environment and a financially sound pension plan than anything else would be most concerned with which of the needs in Maslow's hierarchy of needs? a. Safety needs b. Physiological needs c. Social needs d. Self-actualization needs e. Esteem needs

a

An entrepreneur is a person who opens and manages his or her own business. a. True b. False

a

An increase in the price of crude oil could trigger cost-push inflation. a. True b.False

a

At the equilibrium point, quantity demanded equals quantity supplied. a. True b. False

a

Division of labor is process of dividing work into separate jobs and assigning tasks to workers. a. True b. False

a

Human rights include an individual's right to life, to freedom, and to the pursuit of happiness. a. True b. False

a

The distributive process by which the burdens and rewards that society has to offer are shared varies from society to society. a. True b. False

a

A(n) ___ is a tax levied by a nation on imported goods. a. Embargo b. Tariff c. Premium d. Boycott e. Subsidy

b

According to Herzberg, hygiene factors are: a. Job satisfiers b. Potential job dissatisfiers c. Morale factors d. Motivating factors e. Self-actualizing factors

b

Demography is the study of how people use their free time, how people integrate their hobbies and their vocations, and how people make their purchase decisions. a. True b. False

b

Dissolving a partnership is easier than dissolving a sole proprietorship. a. True b. False

b

Ethical decision making begins in the marketing department. a. True b. False

b

Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior. a. True b. False

b

If the sole proprietorship acquires a legal business name, the owner then has limited liability. a. True b. False

b

Micropreneurs are entrepreneurs who start small and plan to stay small. a. True b. False

a

One of the basic functions of management is controlling. a. True b. False

a

Planning is the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done, and determining by whom it should be done. a. True b. False

a

The ____ style of management is based on a pessimistic view of human nature and assumes that the average person dislikes work, will try to avoid work, prefers to be directed, avoids responsibility, and wants security above all else. a. Theory X b. Theory Y c. Theory Z d. Self-actualized e. Scientific

a

The _____ of any country is measured by the output of goods and services people can buy with me money they have. a. Standard of living b. Consumer productivity c. Input per person d. Quality of life e. Total consumption rate

a

Laws have curtailed smoking, and as a result, the sale of cigarettes is down. Rather than fighting the law, the cigarette industry is looking for ways to take their business beyond cigarettes. Many experts believe that the cigarette producers have found a way around the law with the promotion and distribution of smokeless tobacco, which has shown consistent sales gain over the last decade. In terms of the social responsibility pyramid, at which level is the cigarette industry operating? a. Ethical b. Legal c. Economic d. Stakeholder e. Philanthropic

b

Mandy Ewing has been working as a veterinarian's assistant for almost a year. Her friend recently told that her employee was in violation of the ___ because she was not being paid the minimum wage. a. Fair Wage and Salary Bill b. Fair Labor Standards Act c. Compensation-Wage Law d. Minimum Compensation Act e. Equal Opportunity Act

b

Ottens Flavors, Philadelphia, announced its combination with MK Flavors & Co., Mexico City. The Mexican operation will offer the U.S.-based company an increased market presence in Central and South America. The new company will be renamed MK Ottens Flavors. MK Ottens Flavor was created through a(n): a. Joint venture b. Merger c. Conglomerate d. Cartel e. Voluntary union

b

The first two stages in the selection process are the initial contact and the preliminary interview. a. True b. False

b

____ involves presenting an accurate and positive image of the film to those it is recruiting for jobs. a. Job imaging b. Recruitment branding c. Selective perception d. Employment affirmation e. Job assurance

b

The major difference between a good and a service is how the producer uses the factors of production to create each. a. True b. False

b.

Two co-workers at Nortel came up with an idea for renting software over the internet. Nortel's top management liked the idea and set up a special division called Channelware devoted to taking the idea and making a new product. The establishment of a new company and assigning the employees in the division the task of making an idea a reality requires which management function? a. Organizing b. Controlling c. Communicating d. Planning e. Leadership

a

Which of the following is an example of a trend in ethics and social responsibility? a. Strategic giving b. The addiction of a fifth level to the social responsibility pyramid c. Limits placed on employee empowerment d. Decreased concern about international ethics e. All of the above

a

A business is an organization that strives for a profit by providing goods and services desired by its customers. a. True b. False

a.

A company with a wide span of control and short chain of command is a ___ organization. A company with a narrow span of control and long chain of command is a ___ organization. a. networked; flat b. matrix; narrow c. networked; tall d. flat; tall e. matrix; tall

b

A farmers market where sixty farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition. a. True b. False

b

Motivation is basically a need-satisfying process. a. True b. False

b

The three basic roles of management are: a. Informational, educational, and operational b. educational, operational, intrapersonal c. interpersonal, decisional, and informational d. decisional, operational, and interpersonal e. interpersonal, intrapersonal, and informational

c

What is the primary difference between a good and a service? a. A good costs more to produce than a service b. A service is tangible, and a good is intangible c. A good is tangible, and a service is intangible d. A good costs more to market than a service e. The development costs for a service is higher than for a product

c

When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship. As a sole proprietor, McAnem: a. Found it easy to raise capital b. Had no trouble finding qualified employees c. Found the business to be easy and inexpensive to form d. Had limited liability e. Was able to take advantage of various tax deductions

c

____ is the practice of giving a great deal of authority and decision-making freedom to lower-level managers. a. Centralization b. Decentralization c. Autonomy d. Functionalization e. Subordination

c

____ is the process of ensuring that the organization's objectives are being met and of correcting deviations from the plan. a. Planning b. Leadership c. Controlling d. Staffing e. Communicating

c

The World Bank's emphasis has recently shifted from helping to build the infrastructure of developing countries to: a. Purchasing food for the population b. Building highways, schools, and hospitals c. Developing new agricultural techniques d. Offering loans to help to relieve their debt burden e. Expansion of local product lines for more exporting

d

Which of the following factors would most likely result in a shift in the supply curve? a. Countertrading b. The principle of cause/ effect c. The multiplier effect d. An increase in the price of raw materials used in the production process e. A change in what consumers consider to be fashionable

d

____ is a permanent organization structure that combines functional and product departmentalization. a. A functional organization b. Subordinated management c. A cartel d. A matrix structure e. A committee structure

d

_____ inflation is triggered by increases in production costs which increase the costs of final goods and services. a. Supply-side b. Demand-push c. Demand-side d. Cost-push e. Demand-pull

d