World of business final exam
Under what condition is there perfect competition?
A large number of people providing a strand product to consumers
What is a customer?
A person or organization that buys goods or services from a store or business.
What is odd-even pricing?
A pricing strategy involving the last digit of a product or service price.
What is an advantage and a disadvantage of make-to-order production method?
Advantages to MTO include customization for customers, reduction in stock obsolescence and finished goods inventory, and overall waste. Disadvantages to MTO include increased costs and increased wait times for a finished product.
What is an advantage and disadvantage of hiring internal candidates for a job vacancy?
An advantage is that we already know you and you know the company. A disadvantage is you won't get someone with new ideas.
What is product?
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
What is an example of liabilities?
Anything you owe such as credit card debt.
What is process organizational structures?
Are designed around the end-to-end flow of different processes.
What items are on the balance sheet?
Assets, liability, and shareholder's equity.
What are the different types of leadership style?
Autocratic, authoritative, pacesetting, democratic, and laissez-Faire
What are advantages of a diverse workforce?
Better decision-making, greater innovation, and higher engagement in the workplace.
What is customer-relationship management?
Building relationship.
What is a desired outcome of customer-relationship management?
Building the relationship with my customers so that they keep continuing buying our product.
What areas are covered in Title VII of the Civil Rights Act of 1964?
Can't discriminate against someone based on race, color, national origin, sex or religion.
What is an example of threats in a SWAT analysis?
Changing government regulations and changing legal landscape.
What is dynamic pricing?
Changing market.
What tasks are on the critical path of a Gantt chart?
Client meeting, project report, wire-framing, design, and front end development.
What is interpersonal skills?
Communicate, get along with other people, and build trust
What skills are needed to be a successful manager?
Communication and planning.
What does interpersonal skills of a manager include?
Communication skills, leadership, confidence, and organization.
What is bundling pricing?
Companies sell the bundle for a lower price than would be charged for items individually.
What does an organizational chart show?
Company structure, who reports to who, and span of control.
What is benchmarking?
Comparisons
What is the best indicator of inflation over time?
Consumer price index.
What are disadvantages of owning your own business?
Financial risk, stress, time commitment, and undesirable duties
What is a disadvantage of foreign direct investment?
The most expensive option for my international business.
Where is the equilibrium price?
It is where the supply and the demand lines intercept.
What is the purpose of a Gantt chart?
It provides a graphical visualization of the project.
What is JIT and its risks?
Just in time. Running out of your needed supplies.
What are examples of fixed assets?
Land, equipment, and building.
What does transformational leadership include?
Leaders bringing about positive change.
What are debts owned by a business on a balance sheet?
Liabilities.
What is the relationship between two companies when one operates under a Licensing Agreement with the other?
Licensing agreement rights.
What is the general goal of lifestyle entrepreneurship?
Making enough money to support your family.
What is a purchase of one corporation by another?
Merger
Product life cycle and early adopters?
Need to come into introduction.
What are the ethical responsibilities of managers?
Obie by the law.
What are pricing strategies?
Odd even, preside pricing, and skimming.
What are pricing strategies?
Odd-even and skimming.
What is the difference between functional organization, departmental organization, and divisional organization?
Organic it around business functions. Departments. Divide up the organization.
Economic systems are divided into what two broad categories?
Plan and free market
What are the functions of management?
Plan, control, and lead.
What does operations include?
Planning, production, warehousing, and customer service.
What are the 4 Ps included in the marketing mix?
Price, product, promotion, and place
What are the four parts of the marketing mix?
Pricing, product, place, and promotion.
What are the elements of total quality management?
Quality of my product, and total quality of how we do things.
Title VII of the Civil Rights Act of 1964 prohibits discrimination based on?
Race, gender, religion, and national origin.
What is geographic?
Region, city size, urban/rural, region.
What are examples of of not-for-profit corporation?
Religious and educational.
What is on an income statement?
Revenue, expenses, and net income.
Who receives dividends from a company? What funds them?
Shareholders. They have to make a profit.
What is an example of outsourcing functions of an organization?
Skillset and capacity
What is an entrepreneur?
Someone who takes risks to introduce a new product or service.
What does the break-even analysis tell us?
Start making a profit.
What are the SWOT categories?
Strengths, weaknesses, opportunities, and threats
What are the regular duties of First-line (Front-line) supervisors?
Supervise front line workers.
What does a Gantt chart show?
Tasks or activities and time.
What is the current ratio?
Tells me if I have enough short term assets to cover short term ratio. Current assets divided by current liability.
What does an organization's mission statement tell us?
The purpose of the organization.
What are the Four Consumer rights as identified by President Kennedy in 1962?
The right to safety, the right to be informed, the right to choose, and the right to be heard.
What is social media marketing?
Utilization of social media or social networks to market a product, company, or brand.
When does perfect completion exist?
When a lot of providers are providing a standardize product.
When would a company use Outsourcing (Contract Manufacturing)?
When it is cheaper.
When do you use a dynamic pricing strategy?
When the market conditions are changing.
What does the chain of command include?
Who reports to who.
What is a potential disadvantage of choosing sole proprietorship form of business?
You have all of the responsibility.
What are disadvantages of sole proprietorship?
You own all the risks.
A stakeholder is any person or group with _____________
interest
What does management involve?
planning, leading, and controlling
What are assets?
what they own.
What are the stages of product life cycle?
Introduction, growth, maturity, decline.
What is the current ratio?
Current assets divided by current liabilities.
What does the six-step approach to decision making include?
Define, alternative, analysis, select an alternative, and evaluate it
What is an example of mass customization?
Dell computer.
Different leadership styles include ____________________
Democratic.
What international business strategy requires the most expensive commitment to enter a market?
Direct investment.
What are paid to shareholders from the profits of a corporation?
Dividends
What is a market segmentation?
Division of the total market into smaller, relatively homogenous groups.
What is a disadvantage of the corporate form of organization?
Double taxation.
What is a disadvantage or corporate form of organization?
Double taxation.
What does EEOC Stand for?
Equal Employment Opportunity Commission
What is EEOC?
Equal Employment Opportunity Commission
A typical flat organization has eliminated ___________________________________
Excess management layers.
What is a tool to help chart a project's progress?
Gantt.
What are the objectives during the introduction stage of the product life cycle?
Get into the market.
What can contribute to employee satisfaction?
Good benefits, bonuses and poor management.
What is the difference between gross income and net income?
Gross income is the money you earn from your hourly wages, salary, commissions, and bonuses. Net income is the money you're left with after taxes are paid and any deductions for health insurance or other benefits are taken.
What is prestige pricing?
High dollar.
Why support a diverse workforce?
Ideas.
What is the difference between centralization and decentralization of decision making?
In centralized organizations, primary decisions are made by the person or persons at the top of the organization. Decentralized organizations delegate decision-making authority throughout the organization.
What items are on the income statement?
Income, revenue, and profit.
What are advantages of owning your own business?
Independence, financial gains, control, equity, and opportunity.
What does consumer price index (CPI) measure?
Inflation
What is the internal and external categories of SWOT?
Internal factors are your strengths and weaknesses. External factors are the threats and opportunities.
What are the stages of the product life cycle?
Introduction, growth, maturity, and decline.
What is opportunity cost?
The tradeoff.
What is transformational leadership?
Those who lead their leaders to make a positive change.
What is the purpose of a business plan?
To create an effective strategy for growth, to determine your future financial needs, and to attract investors including angel investors and VC funding and lenders.
When would a government use a Tariff?
To minimize imports.
What is TQM?
Total quality management