Business 101 Final KBritt Flashcards

Terms Definitions
In which economic system(s) does central government provide basic services?a. Communism and socialismb. Capitalism and socialismc. Communism and capitalismd. Socialism onlye. capitalism only
A. Communism and socialism
Communist societiesa. Appear to be efficient and equitable, at least in theoryb. Have a high standard of livingc. Seldom have consumer shortagesd. Have only one class of peoplee. Do not spend much on defense
A. Appear to be efficient and equitable, at least in theory.
Businesses differ from nonprofit organizations in that a business's focus is ona. priceb. goodsc. profitd. organizatione. plans
C. profit
The functions of organizing, staffing, planning and controlling are most closely associated witha. employeesb. customersc. managersd. stockholderse. accountants
C. managers
A severe recession may turn into a(n)a. economic expansionb. black market economyc. depressiond. economic contractione. more stable economy
c. depression
In the history of the American economy, the period or stage following the Industrial Revolution was known for its emphasis ona. serviceb. technologyc. manufacturingd. agriculturee. information
C. manufacturing
If a very successful professional football team has been ignoring the players' use of illegal muscle-building steroids, then the owners should begin focusing on improving the organization'sa. game planb. productivity c. profitabilityd. defensee. ethics
e. ethics
The Sarbanes-Oxley Act was passed toa. punish those who committed accounting fraud in the late 1990'sb. improve corporate profitsc. help laid off employees get their jobs backd. help investors recoup their lossese. help restore confidence in corporate ame
e. help restore confidence in corporate america.
The best way to judge the ethics of a decision is toa. ask a total stranger for an opinionb. call your lawyer for an up-to-date legal opinionc. look at the situation from a customer's or competitor's viewpointd. call a reporter from your local newspaper t
C. Look at the situation from a customer's or competitor's viewpoint
A set of formalized rules and standards that describe what a company expects of its employees is called a(n)a. code of ethicsb. opportunityc. moral philosophyd. guidelinee. law
a. code of ethics
the social responsibility of a business is important toa. owners and investorsb. employeesc. governmentsd. competitorse. all of the above
e. all of the above
many of the laws regulating safety in the workplace are enforced bya. the FTCb. The Department of CommerceC. NAFTAd. OSHAe. the ADA
Which of the following is not highlighted in John F. Kennedy's 1962 consumer bill of rights?a. the right to be heardb. the right to choosec. the right to minimum pricesd. the right to safetye. the right to be informed
c. the right to minimum prices
An absolute advantage exists when a country has a monopoly on a natural resourcetrue or false
to reduce dollars flowing out of the country, the united states can limit the number of Japanese cars being imported by imposing a(n)a. quotab. exchange controlc. trade deficitd. embargoe. free trade zone
a. quota
the translation of product names can be crucial in the success of a foreign marketing effort because ofa. political barriersb. cultural barriersc. legal barriersd. export quotase. body language
b. cultural barriers
which of the following is a major business resource that should be viewed as an asset to be developed and distributed to managers?a. datab. informationc. information technologyd. management information systeme. knowledge
b. information
___ uses the Internet to carry out marketing activities including buying and selling activities conducted onlinea. customer relationship managementb. e-commercec. intranetsd. extranetse. supply chain management
b. e-commerce
lack of control is a disadvantage of sole proprietorshipstrue or false?
Corporations cannot be suedtrue or false
corporations distribute profits to their owners in the form ofa. tax-free dividendsb. interestc. retained earningsd. dividendse. bribes
d. dividends
when two companies combine to form a new company, it is called a(n)a. mergerb. acquisitionc. tender offerd. leveraged buyoute. white knight
a. merger
small businesses are the heart of the US economic and social system becausea. they are owner-operatedb. they allow for the development of new and better productsc. there are so few of themd. they offer opportunities and express the freedom of people to ma
d. they offer opportunities and express the freedom of people to make their own destinies
Which of the following is not part of the definition of a small businessa. it employs more than 500 employeesb. it employs fewer than 500 employeesc. it is independently owned and operatedd. it is not dominant in its fielde. all of the above are part of t
a. it employs more than 500 employees
which of the following is an advantage of small-business ownership?a. lower cost of formationb. high stress leverc. high failure rated. lack of flexibility e. poor reputation
a. lower cost of formation
the lack of funds to operate a business is normally calleda. discountingb. creative financingc. financial pessimismd. under capitalizatione. over capitalization
d. under capitalization
many financial institutions decide whether to loan a small business money based on its a. reputationb. business planc. ownersd. employeese. goals
b. business plan
In a franchise business, the follwing generally happensa. the franchiser pays a fee to the franchiseeb. the franchisee pays a fee to the franchiser c. both the franchiser and the franchisee pay fees to the capital investorsd. each pays separate fees to th
b. the franchisee pays a fee to the franchiser
many experts think that the __ demographic is the market of the futurea. echob. ethnicc. hispanicd. counter-culturee. boomer
e. boomer
all of the following are typical resources that must be acquired by each organization in the pursuit of its objectives excepta. peopleb. raw materials and equipmentc. moneyd. informatione. laws and regulations
e. laws and regulations
if a manger is concerned about doing the work with the least cost and waste, then her primary managerial concern isa. effectivenessb. accountability c. delegationd. hiringe. efficiency
e. efficiency
crisis management plans are the long-range plans developed by top managementtrue or false
the type of planning conducted on a short-term basis to implement activities and objectives is calleda. strategicb. staticc. tacticald. comprehensivee. timely
c. tactical
when jane pointed out to the supervisor that the number of nails used by the table assemblers had increased by 20 percent from the preceding month, she was involved ina. planningb. organizingc. staffingd. controllinge. directing
d. controlling
describe the major functions of managementp. o. c. d. s. police often create donut shops
p. planningo. organizingc. controllingd. directings. staffing
top management is most involved ina. developing the organizations strategic plansb. developing operational plans for a divisionc. day-to-day operational decisionsd. regularly motivating assembly workerse. controlling the firm's performance
a. developing the organizations strategic plans
the specific operations of the organization, plan, division or department would most typicall involvea. top managementb. middle managementc. first-line managementd. the board of directiorse. stockholders
b. middle management
the development of a performance-appraisal system is primarily the concern ofa. financial managementb. human resources managementd. marketing managemente. administrative management
b. human resources management
when making a decision, selecting the best option is an objective proceduretrue of false
decision making in a medium-sized corporation is importanta. at all levels of managementb. only to top management.c. primarily to administrative managersd. to finance plannerse. to marketers
a. at all levels of management
organizational culture cannot be expressed informally through work habits and storiestrue or false?
dress codes, work habits, extracurricular activities and stories are informal expressions of an organizationsa. grapevineb. lack of organizationc. informalityd. culturee. formality
d. culture
organizational structure is defined as.a. the arrangement or relationship of positions within an organizationb. a group of people working together to achieve an objectivec. the division of labor into small specific tasksd. the grouping of jobs into workin
a. the arrangement or relationship of positions within an organization
a disadvantage of product departmentalization is that it does not focus on the organization's overall objectives.true or false?
the benefits of division of labor were described in The Wealth of Nations bya. henry fordb. john adamsc. adam smithd. cyrus mccormicke. sam walton
c. adam smith
a company that has departments for marketing, finance, personnel and production is organized bya. productb. functionc. territoryd. customere. geographic region
b. function
general motors is organized into these groups: GMC Trucks, Chevrolet, Pontiac, Oldsmobile, Buick, and Cadillac. Its type of departmentalization isa. functionalb. processc. customerd. stylee. product
e product
flat organizations have narrow spans of managementtrue or false
the basis of all formal organizational structures is the concept of a. free expressionb. profit makingc. delegation of authorityd. customer departmentalizatione. regular meetings
c. delegation of authority
multidivisional structuresa. are temporaryb. organize departments into larger divisions, often based on geography, product, and/or customerc. bring together specialists from a variety of areas to work on a single projectd. make slower decisionse. are less
b. organize departments into larger divisions, often based on geography, product, and/or customer
teamsa. have individual and group accountabilityb. create collective work projectsc. have a specific purpose that the team deliversd. have shared leadership rolese. all of the above
e. all of the above
work groupsa. have shared leadership rolesb. have a specific purpose that the group itself deliversc. create collective work productsd. have individual accountabilitye. encourage open-ended discussion
d. have individual accountability
if an employee is involved with transforming resources into goods and services, then he is ina. marketingb. financingc. human resourcesd. operationse. budgeting
d. operations
the transformation process isa. the development and administration of activities that transform resources into goods, services and ideasb. the conversion of human, financial and physical resources into goods, services and ideasc. labor, materials, energy
b. the conversion of human, financial and physical resources into goods, services and ideas
operations management includes responsibility fora. customer serviceb. inputs and outputsc. product developmentd. pricinge. promotion
b. inputs and outputs
if abc computer company is determining demand for its future products and how much consumers are willing to pay, the company will likely rely ona. the economyb. marketing researchc. the competitiond. the paste. intuition
b. marketing research
minimizing inventory by providing an almost continuous flow of items from suppliers to the production facility is referred to asa. just-in-time managementb. economic orderingc. material requirements planningd. logisticse. operations management
a. just-in-time management
a planning system that schedules the precise quantity of materials needed for production is calleda. just in time managementb. material-requirements planningc. economic order quantitiesd. flexible schedulinge. cycle time management
b. material requirements planning
qualitya. is a concern only for manufacturing companiesb. is a concern only for service providersc. refers to the price charged for a productd. is a critical element of operations managemente. depends on employee's perceptions
d. is a critical element of operations management
What is quality control?
quality control refers to the process and organization it uses to maintain its esablished
human relations is important in business primarily becausea. it can prevent unionsb. it affects productivity and productsc. employees like it, although management doesn'td. the government mandates ite. all of the above
b. it affects productivity and goods
good morale is likely to result ina. loyaltyb. turnoverc. absenteeismd. tardinesse. mistakes
a. loyalty
the hawthorne studies found that money was the primary motivator of employees. true or false
frederick taylor and other early twentieth-century management theorists believed which of the following would motivate employees to work hard?a. satisfactory payb. adequate tools and long hoursc. satisfactory pay and job securityd. nice bosses and long va
c. satisfactory pay and job security
prior to the hawthorne studies, management theorists believed that the primary motivators of employees were job security anda. recognitionb. moneyc. awardsd. praisee. punishment
b. money
what were the hawthorne stuides
physical conditions in the workplace such as light and noise levels, would stimulate employees to be most productive
herzberg's motivational factors correspond to maslow's physiological and security needs.true or false?
based on maslow's hierarchy, a homeless person will most likely work toward fulfilling which of the following needs?a. self-actualizationb. esteemc. sociald. securitye. physiological
e. physiological
herzberg's two-factor theory proposes thata. the absence of work setting factors may dissatisfy workersb. factors such as comfortable working conditions will motivate employees to do a better jobc. factors such as job security will motivate employees to d
a. the absence of work setting factors may dissatisfy workers
theory z is less formal and more personal than traditional management approachestrue of false
the assumption that expenditure of physical and mental effor in work is as natural as play or rest is mostly closely associated witha. theory xb. theory yc. theory zd. equity theorye. behavior modification
b. theory y
theory z includes many elements associated witha. the chinese approach to managementb. the american approach to managementc. the european approach to managementd. the japanese approach to managemente. none of the above
d. the japanese approach to management
Jane learned that, although she and June were both hired as part-time salesclerks at the same time and have similar backgrounds, June is paid 1 more per hour. Jane decided to stop cleaning dressing rooms on her shift because she thinks this is unfair. Thi
d. equity theory
Job rotation attempts to reduce the boredom created by specialization of tasks bya. laying people off for short periodsb. giving people longer breaksc. giving workers a variety of tasks to do, moving from one to the other on a regular basisd. adding new t
c. giving workers a variety of tasks to do, moving from one to the other on a regular basis
which of the following adds tasks to a job instead of treating each task as a separate job?a. job rotationb. job enlargementc. job enrichmentd. job designe. job reduction
b. job enlargement
which of the following is not a potential problem associated with telecommuting?a. telecommuters may be left behind in today's fast pace of changeb. telecommuters may create a security riskc. career advancement opportunities may be hindered for telecommut
e. telecommuting may increase job satisfaction and productivity
the planning function of human resources management includes determining the status of current personnel when planning human resource needs for the futuretrue or false
a human resources manager deciding how many positions an organizations will need is engaging in which of the following activitiesa. recruitingb. planningc. trainingd. sellinge. compensationg
b. planning
applicants can ask questions about a job, its compensation, working conditions and more, during an interviewtrue or false?
the manager at a Kmart store is probably paida. a commissionb. time wagesc. piece wagesd. by unitse. a salary
e. a salary
which of the following makes carrying out normal business operations difficult, if not impossible?a. a strikeb. picketingc. a boycottd. the blue fluee. an injunction
a. a strike
what are some of the benefits associated with having a culturally diverse work force?
more productive use of human resourcesreduce conflict among employeesmore productive working relationshipsincreased employee commitment, innovation, creativity, and serve needs off a diverse customer base
if an exchange is to occur, each participant must be willing to give up something of value to receive something the other hastrue or false?
james johnson has developed a new product, found a store willing to sell it and has agreed to help promote the product's sale. he is engaging ina. retailingb. marketingc. researchingd. discountinge. exchanging
b. marketing
the exchange process is a. value added to productsb. at the heart of all businessc. the price of a productd. satisfaction of the sellers needse. the source of credit
b. at the heart of all business
what is marketing?
activities designedcreatingdistributionpromotingpricing goods, services and ideas
xyz inc. is surveying customers as to what kinds of services they would like the company to add. it is involved in the marketing function of a. buyingb. storingc. financing d. marketing researche. risk taking
d. marketing research
trying to determine buyer's needs is easy because marketers fully understand what motivates people to buy thingstrue or false?
to effectively implement the marketing concept, an organization musta. meet its own objectives and satisfy customer needsb. make a large profitc. meet consumer needs and wantsd. perform all of the marketing functionse. produce quality products
a. meet its own objectives and satisfy customers needs
during the industrial revolution, new technologies fueled strong ___ for productsa. marketing researchb. advertisingc. marketing conceptd. supplye. demand
e. demand
the first major step of a marketing strategy is toa. determine the priceb. select a target marketc. develop an appropriate marketing mixd. add on a warranty featuree. put the product on sale
b. select a target market
if a company is focusing on delineating its market and developing the right combination of price, promotion, distribution and product,t he company is developing a a. market nicheb. marketing strategyc. marketing policyd. marketing research experimente. ma
b. marketing strategy
after analyzing its own resources and unique abilities, a company is now trying to determine what group of customers it can satisfy with a good or service. It is in the process of choosing a a. production strategyb. target marketc. sales pland. geographic
b. target market
which of the following is used to focus on a specific target markets so that a satisfactory marketing strategy can be developed?a. concentration approachb. total-market approachc. customer segmentationd. audience segmentatione. market segmentation
e. market segmenation
In addition to distribution, the main components of the marketing mix area. product, price profitb. price, publicity, promotionc. product, promotion, priced. positioning, product, pricee. promotion, price, positioning
c. product, promotion, price
the aim of ___ is to communicate directly or indirectly with individuals, groups and organizations to facilitate exchanges. a. promotionb. a marketing strategyc. a marketing pland. a marketing approache. a marketing mix
a. promotion
profits are negative in the growth stagetrue or false
if a nationwide sandwich shop company introduces a new sandwich in the midwest to try out its marketing strategy before offering the product across the country it is usinga. idea screeningb. commercializationc. concept testingd. menu experimentatione. tes
e. test marketing
a light bulb used to provide light for workers on an assembly line would be classified as what type of product?a. mechanicalb. technicalc. businessd. commerciale. consumer
c. business
products such as furniture, audio equipment, bicycles and clothing are generally classified as a. convenience goodsb. specialty goodsc. shopping goodsd. luxury goodse. capital goods
c. shopping goods
if a product is experiencing negative profits and the company is spending a great deal of money on advertising to make the consumers aware of the product, the product is most likely in the following life cycle stage:a. growthb. declinec. introductiond. ma
c. introduction
when a computer company initially charged a low price for a new computer and then raised the price after gaining a large market share, it was using which pricing strategya. low ballb. subterraneanc. psychologicald. skimminge. penetration
e. penetration
services are usually distributed througha. direct marketing channelsb. indirect channelsc. a wholesaled. an agente. a retailer and a wholesaler
a. direct marketing channels
the level of market coverage for Liz Clairborne clothes could be described as a. intensive distributionb. exclusive distributionc. selective distributiond. coordinated distributione. none of the above
c. selective distribution
when ford pays a television network to air its commercial, it is usinga. publicityb. advertisingc. personal sellingd. sales promotione. packaging
b. advertising
if a manufacturer offers a wholesaler a special incentive to carry a new product line, which strategy is being applieda. pullb. advertisingc. briberyd. creative financinge. push
e. push
bookkeeping is only one aspect of accounting and involves the recording of routine, day to day business transactionstrue or false
if sara sidle is self employed, state-certified accountant who provides various types of accounting services for different companies and organizations, she is probably aa. private accountantb. certified management accountantc. certified public accountantd
c. certified public accountant
liquidity is judged by how easily an asset can be turned into cashtrue or false
the financial document that has been likened to a snapshot of how the company's finances are doing at that moment is called a(n)a. income statementb. balance sheetc. annual reportd. budgete. statement of cash flow
b. balance sheet
the owners contributions to a company and all earnings retained to finance continued growth and product deveopment area. owner's equityb. assetsc. liabilitiesd. revenuee. profits
a. owner's equity
money functions as all of the following excepta. a store of valueb. a medium of exchangec. a measure of valued. a portable fiate. none of the above
a portable fiat
when used to accumulate wealth, money functions as a a. yardstick of valueb. store of valuec. measure of valued. medium of exchangee. transaction
b. store of value
in certain latin american countries, citizens spend their money as fast as they receive it in order to keep up with or stay ahead of the rapidly rising prices of consumer goods. under these conditions, money is said to lacka. portabilityb. divisibilityc.
d. stability
another name for a savings account is a(n)a. interest depositb. space depositc. demand depositd. time deposite. certificate of deposit
d. time deposit
to carry out its function of controlling the supply of money, the federal reserve board a. uses financial policyb. uses monetary policyc. prints moneyd. taxes issuese. destroys old money
b. uses monetary policy
the rate the federal reserve system charges banks for borrowing money from it is called thea. prime rateb. medium ratec. mortgage rated. finance ratee. discount rate
e. discount rate
the major difference between banks and credit unions is thata. credit unions are owned and controlled by depositorsb. banks distribute their profits to depositorsc. credit unions make large loans to corporationsd. bank depositors vote for the bank officer
a. credit unions are owned and controlled by depositors
when the federal reserve buys securities, ita. decreases the money supplyb. increased the money supplyc. increases the amount of insurance for accountsd. clears up all of the checks in the system immediatelye. reduces the percentage of deposits that banks
a. decreases the money supply
another name for a checking account is a a. demand depositb. money market accountc. time depositd. mutual funde. cash deposit
a. demand deposit
the federal reserve system was established by congress in 1913 toa. regulate the banking industryb. allow huge swings in the economyc. be dependent on congress politicallyd. reduce the money supplye. increase the money supply
a. regulate the banking industry
cash, marketable securities, accounts receivable and inventory are also known asa. current assetsb. current liabilitiesc. long term assetsd. long term liabilitiese. fixed assets
a. current assets
the market value of common stock is the price at which it is currently tradingtrue or false
current assets include all of the following excepta. accounts receivableb. accounts payablec. marketable securities d. inventorye. cash
b. accounts payable
short term debt obligations that must be repaid within a year area. long term assetsb. long term liabilitiesc. current liabilitiesd. current assetse. fixed liabilities
c. current liabilities
a bonda. must be repaid according to the terms set in its indentureb. may be defaulted without penaltyc. is the same as a stockd. is a fixed assete. is a current liabililty
a. must be repaid according to the terms set in its indenture
if a company retains all of its earnings then it will not paya. dividendsb. taxesc. expensesd. billse. suppliers
a. dividends
the two biggest stock markets in the united states area. american stock exchange and new york stock exchangeb. chicago stock exchange and NASDAQc. new york stock exchange and NASDAQd. southeast regional stock exchange and new york stock exchangee. tokyo s
c. new york stock exchange and nasdaq
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