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BUS 100- Chpts 1-5 Flashcards | StudBud
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BUS 100- Chpts 1-5
What is collusion?
BEST definition of entrepreneurship
BUS 100- Chpts 1-5
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1
BEST definition of entrepreneurship
process-seek business opportunities under conditions of risk
group of small investors who invest $ in companies
business owned/operated by 1 person responsible for all debt
advantage because firm exploits opportunity before others
2
What is collusion?
approach to social responsibility
illegal practice using special knowledge about firm for gain
Illegal agreement between 2 companies- commit a wrongful act
social activism dedicated to protecting rights of consumers
3
______ is the difference between a business’s revenues and its expenses.
Surplus
Capital
GDP
Profit
4
Which type of market is the BEST definition of a monopoly?
only 1 producer that can control prices of its products
numerous buyers & sellers trying to differentiate products
handful of sellers w/ power to influence their product price
numerous small firms producing an identical product
5
Which of the following is an example of an import?
Tulips grown in Netherlands but are being sold in the U.S.
A ban by the U.S. government on cigars manufactured in Cuba
Tax Chinese govt imposes on autos coming into its country
A bottle of sake produced in Japan & shipped and sold abroad
6
What is a subsidy?
govt order forbidding exportation of a particular product
A tax on imported products
restriction on # of certain products that can be imported
govt payment to help domestic firms compete w/ foreign firms
7
Which of the following BEST describes the Controlling function of management process?
Determining how best to arrange an organization’s resources
Determine what an org needs to do & how best to get it done
Monitoring org’s performance to ensure it's meeting its goal
Guiding/motivating EEs to meet an organization’s objectives
8
Which of the following BEST describes a proactive stance to social responsibility?
Doing little as possible to solve social/environment problem
Exceeding the legal & ethical requirements whenever possible
legally required+admitting mistakes & action, but no more
Exhibiting highest degree of social responsibility all times
9
Which of the following is the BEST example of a general partnership?
Sam, Will & Josie open & operate a ski apparel shop together
Rashad buys an apparel design firm.
Ruby gives $ to Jon to open bike shop but will not manage it
2 doctors set up a corp to protect from unlimited liability
10
In which industry are small businesses most prevalent?
Retail
Wholesale
Services
Construction
11
Which of the following is the BEST definition of managerial ethics? Standard of behavior...
Beliefs about what is right/wrong in action affecting others
conforming to generally accepted social norms
that does not conform to generally accepted social norms
that guide individual managers in work
12
Which of the following is the BEST definition of balance of trade?
country’s exports > its imports, creating +balance of trade
country’s imports >its exports, creating -balance of trade
Economic value all exports - economic value all imports
Flow of all money into or out of a country
13
Which of the following is an example of an organizational stakeholder?
A political action committee
A supplier to the organization
A competitor to the organization
A government lobbyist
14
Which of the following is the BEST definition of a mission statement?
org's statement of how it will achieve its purpose in environment
assessment-org strength, weakness, opportunity & threat
A determination of what business a company will own/operate
A broad set of plans for implementing decisions made
15
Which is the MOST significant trend for a small business start-ups?
Global opportunities
Minority and Women owned businesses
Crossovers
E-commerce
16
A(n) __ is a tax on an imported product.
tariff
embargo
quota
subsidy
17
BEST example of govt. indirectly influencing how organizations practice social responsibility
Through legal compliance
Through the use of tax codes
Through the use of lobbyists
Through donations to political action committees
18
What is a sole proprietorship?
holds owner responsible for paying off all debts of business
business own/operate by 1 person responsible for all debts
partnership consisting of limited partners & general partner
Businesses with 2 or more owners, share in operation of firm
19
Top managers are responsible for .
supervising the work of employees
a corporation’s overall performance and effectiveness
design & implement system to gather, organize & distrib info
implement strategies & work toward goals set by other mgrs
20
An economy in which the government owns and controls factors of production, such as labor
planned economy
mixed market economy
socialism
market economy
21
What is protectionism?
law requiring product sold in a country be partly made there
A law/regulation governing business practices in countries
practice- protecting domestic business at expense of free market
Assoc of producers- purpose is to control supply & process
22
Labor and capital are examples of .
economic systems
standards of living
factors of production
domestic business environment
23
Which of the following is established when a nation allocates resources among its citizens?
Markets
An economic system
Factors of production
Surplus
24
Which of the following is the role of a human resource manager?
Develop, pricing, promo, & distribution of goods/services.
Production, inventory, and quality control
Hire & train employees, evaluate performance & determine comp
Plan & oversee accounting functions and financial resources
25
Which of the following BEST describes the Leading function of management process?
Monitoring org’s performance to ensure it's meeting its goal
Guiding & motivating employees to meet an org’s objectives
Determining how best to arrange an organization’s resources
Determining what org needs to do & how best to get it done
