Exam 1 Review

Question 1

Groups of small investors seeking to make profits on companies with rapid growth potential

Accepted Answer

venture capital companies

Question 2

In which country do some businesses close for lunch so families can have longer meals together?

Accepted Answer

France

Question 3

Ford (American car co) purchased Volvo, which is based in Sweden. What is this an example of?

Accepted Answer

foreign direct investment

Question 4

Groups, individuals, and organizations directly affected by the practices of an organization.

Accepted Answer

organizational stakeholders

Question 5

What is likely the single MOST effective step that a company can take to set ethical standards?

Accepted Answer

Demonstrate support from top management

Question 6

Who invests all of the funds needed for a business but plays no role in its management?

Accepted Answer

silent partner

Question 7

Business w/2+ owners who share operations and debts.

Accepted Answer

partnership

Question 8

Some actions may be illegal, yet considered ethical.

Accepted Answer

True

Question 9

What marks the key difference between economic systems?

Accepted Answer

The way they manage the factors of production

Question 10

Total value of all domestic goods & services produced w/in a given period by a national economy

Accepted Answer

Gross domestic product

Question 11

Which country consumes approximately three times more coffee than the United States?

Accepted Answer

Finland

Question 12

A manager who works well with people and makes them feel excited about their work uses -skills.

Accepted Answer

human relations

Question 13

A business legally considered a separate entity from its owners and is liable for its own debts

Accepted Answer

corporation

Question 14

Government order forbidding exportation or importation of a product from a particular country

Accepted Answer

Embargo

Question 15

The way a business balances commitments to groups and individuals in its social environment?

Accepted Answer

Social responsibility

Question 16

Which of the following managers depend most on conceptual skills?

Accepted Answer

top

Question 17

What are profits?

Accepted Answer

Difference between revenues and expenses

Question 18

Which of the following is the least likely to be a goal of entrepreneurs?

Accepted Answer

to meet community and social goals

Question 19

U.S. imports of Canadian softwood timber are limited to 14.7 billion board feet per year due to

Accepted Answer

a quota

Question 20

A person's ability to think in the abstract & diagnose & analyze different situations.

Accepted Answer

conceptual skills

Question 21

Which of the following country is not part of NAFTA?

Accepted Answer

Australia

Question 22

Perfect competition can be described as:

Accepted Answer

many producers with little influence on price

Question 23

Which of the following exists when an industry or market has only one producer?

Accepted Answer

monopoly

Question 24

1. Which term refers to the patter of short-term ups and downs in an economy?

Accepted Answer

Business cycle

Question 25

International organization strategy of finding a partner in another country to conduct business

Accepted Answer

developing a strategic alliance

Question 26

Which of the following countries most closely represents a command economy?

Accepted Answer

North Korea

Question 27

All products that a country exports minus the economic value of its imports

Accepted Answer

balance of trade

Question 28

Rewarding an employee with additional vacation is an example of which management function?

Accepted Answer

leading

Question 29

The total quantity of goods and services produced by an economic system during a given period.

Accepted Answer

aggregate output

Question 30

What are beliefs about what is right and wrong or good and bad called?

Accepted Answer

Ethics

Question 31

1. What is the price at which the quantity of goods demanded and supplied are equal?

Accepted Answer

The market price

Question 32

In which country would it not be unusual to purchase a whole pig at WalMart?

Accepted Answer

Italy

Question 33

Which of the following types of businesses is MOST common in the United States?

Accepted Answer

sole proprietorship

Question 34

Which of the following BEST describes a positive trade balance?

Accepted Answer

economic condition in which exports exceed its imports

Question 35

To increase share of the snack food market by 10 percent during the next eight years is a -goal

Accepted Answer

long-term

Question 36

In which country would it be considered normal to conduct business in a sauna?

Accepted Answer

Finland

Question 37

A manager responsible for implementing the strategies and policies made by top managers:

Accepted Answer

Middle manager

Question 38

Who are the owners of a corporation?

Accepted Answer

Stockholders

Question 39

What is the MOST significant disadvantages of owning a franchise?

Accepted Answer

start-up costs

Question 40

Which of the following best describes a mission?

Accepted Answer

statement of how the org will achieve its purpose

Exam 1 Review

Questions 40

Exam 1 Review

Questions 40