PBM Final Exam Study #1

The most basic form of company ownership and includes voting rights and dividends

Often in business the greater the risk, the

The number of units that must be sold for the total revenue to equal the total cost is called

___ involves creating a vision for others to follow, establishing values and ethics

A market segment toward which a company directs its marketing effort is called a

Unlimited liability means

A merger between two firms that make and sell similar products in similar markets

You can work 40 hours anytime between Monday through Saturday between 7 a.m. and 10 p.m.

Means giving employees the authority and responsibility to respond quickly to customer requests

All employers are required by law to provide certain benefits to their employees. An example

The idea that satisfaction and dissatisfaction are distinct dimensions is referred to

Process of establishing and maintaining contacts

When demand exceeds capacity, all of the following are reasonable options for the firm except

Important provisions of the Sarbanes-Oxley Act:

Consumers purchase these goods with a minimum of shopping effort.

When starting a corporation, people submit articles of incorporation to

Document that describes the nature of the business, target market, competitive advantage

Fern Motors is offering a rebate on cars purchased this month. What P of marketing mix?

U.S. hires workers in other countries

The balance sheet is composed of the following types of accounts:

Executive summary section of the business plan contains:

Acquiring funds through borrowing represents:

Process of systematically gathering, recording, and analyzing marketing data

Empowerment and better educated lower level management, span of control in organizations has

U.S. imports no more than 100 million tons of sugar from India. This type of import restriction

Manager who has the ability to see the big picture and how it fits together has ____ skills

Which government agency is responsible for encouraging the development of small business?

___means tailoring products to meet the needs of a large number of individual customers.

Assignment part of a manager's work and authority to a worker

The top governing body of a corporation

Volunteers for SCORE are

The type of utility on which production and operations management focuses is ___ utility.

Borrowed money that will be used for more than one year

The elements of the marketing mix are

Borden offers snacks and dairy along with films and other nonfoods. This is Borden's

The board of governors of the Fed determines

Cultural diversity represents

Planning, organizing, leading/motivating, and controlling make up the

Assets are $124,000, Liabilities are $31,000, which of the following statements is correct?

In the control process the first step is to:

____ refers to how quickly an asset can be converted into cash.

A list of duties and working conditions of a job

Stage in the evolution of new products in which the product is introduced in a limited way

In which order do the stages of the product life cycle occur?

Primary disadvantage of both a sole proprietorship and a partnership

Management function determining whether an organization is progressing towards its goal

Legally, a partnership must

Plan to deal with external circumstances

The head of the marketing department at CBS supervises twelve people in her department.

The resources that contribute to the create of wealth are known as

Purchasing products or materials in other nations and bringing them into one's own country

A company had sales revenues of $1,500,000. Expenses were $800,000. What was the profit?

A firm that has sizeable investments and a physical presence in several foreign countries.

Significance of the name "preferred stock"

Title VII of the Civil Rights Act of 1964

Most large cities there are a large number of bakeries. These bakeries produce similar products

The simplest form of business owned and operated by one person is called a(n)

Dana is a supervisor at a small manufacturing plant. Her pay is $635/week. Dana is paid on

Most important impact of the Hawthorne study

Contractual agreement where one firm gives another permission to produce and market its product

___ are the firm's after tax profits that are distributed to stockholders.

Ethical behavior covers a ____ range of conduct than legal behavior.

Human resources department administers a(n) __ program to introduce new employees.

An economic system in which individuals and businesses make the decisions is called a

Arizona Jean Co. brand of jeans, owned by JCPenney, is a(n) ____ brand.

Statement with best description of how scientific management viewed employees

Two consecutive three-month periods of decline in a country's gross domestic product

By definition, every country has a(n) ____ advantage in some product.

The fundamental accounting equation states: Assets=

Which statement is most accurate about the Federal Reserve Bank (the Fed)

All of the following are sources of external recruiting except

A firm's ___ reports the profit or loss for the firm over a specified time period.

The three countries participating in NAFTA are:

If you own all the stock of a corporation and it is not sold to the general public

Method of inventory control that suppliers deliver parts and materials just as they are needed

Which of the following is not a disadvantage of sole proprietorship?

Leadership style advocating that a leader makes all decisions and tells subordinates what to do

Strategy of charging the highest possible price for a product during the introduction stage

Which of the following represents the largest floor-based stock exchange in the world?

Rating an organization's practices, processes, and products against the best of the world

Government agency with power to investigate complaints of discrimination

The strategy of using borrowed funds to increase the rate of return for stockholders.

The ____ is a statistic used to compute the pace of inflation or deflation.

Narrow span of management implies the height of the organization will be__; wide span implies

An unfavorable balance of trade occurs when the value of

The U.S. economy is now characterized as a(n) ____ economy.

A lack of guests during the peak season. These resorts have a felt an impact from ___ forces.

Del Aluminum uses its stock of unsold aluminum products as collateral for a short term loan

Customers, employees, stockholders, suppliers, creditors of a business

Line of authority that moves from the top of hierarchy to the lowest level

What does double taxation mean?

Hierarchy of human needs was developed by

If the demand for a product declines, what happens to the price of the product?

What are two types of costs associated with inventory?