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Intro to Business 111 Flashcards | StudBud
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Intro to Business 111
Intro to Business 111
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Questions from Chapters 1 - 10
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1
6. Theory ___ managers see employees as having a general dislike for work and an unwillingness to accept responsibility.
Y
X
A
Z
2
The most important difference between for-profit businesses and nonprofit organizations is that:
nonprofit organizations do not file tax returns.
businesses do not benefit society.
nonprofit organizations seek to make a profit for its owners and organizers
nonprofit organizations do not seek a profit for its owners or organizers.
3
Computer-integrated manufacturing is used to
design and manage all manufacturing systems
design and test products
manage new product research
coordinate marketing activities
4
__________ is the chance a biz owner will lose the time and money invested in a business that proves to be unprofitable
Risk
Depreciation
Redundancy
Fallibility
5
Purposefully understating your firm's income to avoid paying higher taxes is an example of:
illegal behavior.
an accepted business practice.
a firm's responsibility to its owners.
tax accountants doing their job.
6
The __________ is the most common form of business ownership.
joint venture
corporation
sole proprietorship
partnership
7
___ used the terms theory x and y to describe different attitudes managers had about employees
Elton Mayo
Victor Croom
Douglas McGregor
Robert Colby
8
CareerBuilder and Monster are examples of:
online firms can use to recruit employees
career interest surveys
magazines that list job opportunities by skill requirements.
web browsers
9
_______ was the father of scientific management.
Abraham Maslow
Frank Gilbreth
Frederick Taylor
Peter Drucker
10
As a group, Millennials tend to be:
adaptable, tolerant, and tech savvy.
older and more mature than Gen Xers.
less interested in technology than Baby Boomers.
inefficient, easily bored, and uncommitted.
11
An ethical dilemma refers to a situation where you must:
balance the concerns of profit and legality.
treat someone unfairly.
choose between a correct and an incorrect option.
choose between equally unsatisfactory alternatives.
12
Business owners who prefer to maintain their businesses at a manageable size are called:
micropreneurs
macropreneurs
intrapreneurs
home workers
13
Dividing tasks into smaller jobs is called:
job enrichment.
division of authority.
job specialization.
departmentalization.
14
To many businesspeople, one of the major attractions of a sole proprietorship is:
the protection of limited liability.
an unlimited lifespan.
the chance to be their own boss.
the ability to obtain additional financial resources.
15
The
Spotlight on Small Business box
"Earning While Learning" features students who
convinced banks to fund their business ideas.
turned a passion into a business opportunity.
realized the American dream at a very young age, & now run $$multimillion
directed inheritance money they received into profitable business ventures.
16
Entrepreneurship is:
managing businesses that operate in multiple countries.
a controlling interest in the ownership of a corporation.
managing businesses for others.
accepting the risk of starting and running a business.
17
A major benefit of socialism is the:
emphasis on social equality.
emphasis on private enterprise instead of public ownership.
ability to stimulate rapid economic growth.
ability to keep taxes low.
18
U.S. businesses are known for their creativity and their ability to implement change.
True
False
19
Many individuals today believe that ethical behavior is determined by what is best for them at the time. This example is
new age realism.
the Golden Rule.
moral absolutes.
situational ethics.
20
The amount of goods and services people can buy with the money they have is called their:
profit margin
standard of living
consumer price index
nominal income
21
The practice of moving employees from one job to another to make work more interesting
job rotation
worker alternation
task mobility
job incrementation
22
According to Herzberg, a sense of achievement, earned recognition, and interest in the work itself were all:
hygiene factors.
important motivators.
consistent with his Theory X approach to motivation.
ways for workers to meet their social needs.
23
Considering the potential impact on others prior to making a decision is consistent with ________ behavior.
self-motivated
anti-social
legal
ethical
24
Which of the following workers would be the best example of a contingent worker?
A full time engineer traveling out of country.
an elementary school teacher who just received tenure
an accountant hired to help during the busy tax season
assembly-line worker who belongs to a union
25
___________ are broad, long-term accomplishments an organization wants to achieve.
Objectives
Mission complements
Opportunity targets
Directives
26
Which of the following would be a topic emphasized in a microeconomics class?
How a nation's GDP is computed.
How market conditions determine the price of a specific product.
How the government uses fiscal & monetary policies to stabilize the economy
The reasons why the unemployment rate for the economy is rising or falling.
27
Which of the following statements would a follower of Adam Smith most likely make?
The fed gov't should use its ability to spend & tax to guide biz & consume
Overpopulation is the main danger confronting modern economies.
If people are free to follow their own interests it may lead to econ growth
Market economies are flawed because they put too much emphasis on econ grow
28
____________ is the selling of products to another country.
In-trading
Dumping
Importing
Exporting
29
____________ comprise about 20% of all businesses but account for about 81% of U.S. business receipts.
Limited liability companies
Corporations
Sole proprietorships
Partnerships
30
Enterprise zones are specific geographic areas that:
attract biz investment by offering lower taxes & gov't support for developm
the gov't has set aside for corps that promise to spend $10m to create jobs
the gov't has recognized as having the fastest growth rates in the country
are characterized by government ownership of small businesses.
31
Which of the following questions can help us avoid a decision that would injure our self-esteem?
Is it balanced?
How will it make me feel about myself?
Is it legal?
How can I avoid taking the blame?
32
The ultimate resource of a firm is its:
employees
business plan
capital budget
marketing mix
33
A successful web-based strategy that helps a business spread the word about its website and products is called _________
social marketing.
wildfire marketing.
"it’s all about the buzz."
affiliate marketing.
34
Which of the following is an example of a move to reorganize?
Revising plans by creating contingency plans
Reducing the labor force within your business
Managing by objectives and clearing pathways for success
Developing a way to monitor financial success
35
Organizing a business begins with:
developing an efficient plan of action.
determining the work to be done.
acquiring the necessary resources.
choosing the best qualified employees.
36
An owner of a corporation is known as a(n:
director.
stockholder.
limited partner.
general partner.
37
When a sole proprietor dies:
the company always closes down.
the company continues to function as it always has.
the business is sold to a larger corporation.
the sole proprietor's heirs have the option of taking over the business.
38
Ethical behavior covers a _________________ range of conduct than legal behavior.
less demanding
wider
more limited
smaller
39
Strategic planning looks at the organization as a whole, while ________ planning focuses on daily tasks and decisions.
tactical
mission
strategic
operational
40
Reprimands, pay reductions, and suspensions are all examples of:
equity adjustments.
hygiene factors.
negative reinforcement.
shock therapy tactics.
41
The concept of "reasonable accommodations" means that all workers should be treated in the same manner
True
False
42
Baby Boomers as managers need to understand that:
Gen X and Gen Y employees will be motivated by flexibility.
Millennials are motivated from with in, Xers need rewards.
Gen X and Y employees motivated by a good deal of structure
Gen Xers are motivated by knowing they can keep their jobs
43
The theory of comparative advantage exists because:
customers are always comparing the quality of service from companies.
free-trade agreements became the trend during the past 15 years.
no nation can produce all the products its people want and need.
there are too many products and services to choose from today.
44
Which of the following U.S. issues does entrepreneurship most directly affect?
The political process
The ability to create jobs for others
Contributions of money to organizations that help people in need
The ability to influence national macroeconomics polices
45
Today's workers have an increased demand for benefits tailored to their individual needs.
False
True
46
A favorable balance of trade occurs when the value of:
imports equals the value of exports.
the dollar is greater than the value of the euro.
imports is less than the value of exports.
the cash inflows equals the value of the cash outflows.
47
The Civil Rights Act of 1964 did not do enough to discourage discriminatory practices in the workplace.
False
True
48
The largest importer in the global market today is:
Germany.
Japan.
Russia.
United States.
49
Economics is the study of how a society _________________.
employs statistical techniques to make predictions about societys evolution
governs itself for the good of its citizens.
employs resources to produce goods & services and distribute them.
invests wisely in the stock market.
50
Carrie, a U.S. resident, says that her home computer was made in Japan. Carrie purchased a(n):
imported item.
protected good.
exported item.
generic good.
51
The Hawthorne studies were conducted by __________ and his colleagues from Harvard University.
Elton Mayo
John Hawthorne
Henry Gantt
Peter Drucker
52
In a partnership a __________ partner actively manages the company & has unlimited liability for claims against the firm
limited
unlimited
general
associate
53
The U.S. is still manufacturing intensive. Only 25% of U.S. jobs come from the service sector.
True
False
54
Under the Family Medical Leave Act
J. Employee has assignment to different work location
F. Employee gets time off for college degree
G. Employee gets time off to care for newborn child
H. Employee gets time off due to airline delays
55
Promotions and transfers are what type of sources available in recruiting efforts?
passive
internal
redundant
external
56
Today, human resource management has become so important that in many firms it has become:
the sole responsibility of the firm's legal staff
performed by managers in all areas of the organization
handled only by specialists in the human resource department
handled only by the firm's top management
57
The first step toward establishing open communication within an organization is to
place suggestion boxes in every department.
create a clear chain of command like those found in military organizations.
set up a computer network.
create an organizational culture that rewards listening.
58
Which of the following questions will help individuals and organizations when deciding if their decisions are ethical?
Has it been done before?
Is there a desirable alternative?
Can I do this without getting caught?
Is it balanced?
59
Shadowing is another term used to refer to
job rotation
vestibule training
on-the-job training
role playing
60
workers have a higher skill level than their current job requires.
Frictionally unemployed
Structurally unemployed
Contingent
Underemployed
61
The economic & political system in which the government owns almost all the major factors of production is called:
communism.
socialism.
ethnocentrism.
capitalism.
62
Which of the following is an advantage of a partnership?
Shared management and pooled skills
Ease of starting and ending the business
Little time commitment
Unlimited liability
63
Generation X employees are likely to:
be poor at providing feedback to others.
lack the drive and ambition of earlier generations.
more concerned with career security than with job security.
be less willing to move and change jobs.
64
A __________ is an overall explanation of why an organization exists and where it is trying to head.
tactical plan
vision
corporate charter
prime directive
65
Term refers to natural, self-given rewards that include a sense of pride and accomplishment when a job is well done:
Extrinsic reward
ERG theory
Intrinsic reward
Equity theory
66
What is the first step in the planning process?
Evaluation
Establish a goal or objective
develop an action plan
Gather information using a SWOT analysis
67
Dividing the required work among a group of employees is called:
delegation of responsibility.
separation of control.
division of labor.
departmentalization.
68
Today's workers place a lower priority on leisure time than they did in the past.
True
False
69
Concept that a hierarchy of human needs could be used to explain motivation was developed by:
Frederick Herzberg
Frederick Taylor
Douglas McGregor
Abraham Maslow
70
Theory Y managers assume that...
workers act irresponsibly
you rather be led than lead
people love to work and could be responsible on their own
people need instructions all the time
71
One advantage of free trade is:
jobs are shifted to low-wage global markets.
service jobs are moved overseas.
innovation for new products occurs which keeps firms competitive.
advanced production operations are built in low-wage countries.
72
Laws represent the standards of ________ behavior.
moral
ethical
legal
socially responsible
73
Which of the following is a characteristic of successful entrepreneurs?
Action-oriented
Willingness and desire to follow others
Relies heavily on others who believe in the business
Power-seeking
74
A business incurs a ___________ if its costs and expenses exceed its revenues.
liability
loss
debit
dividend
75
Which of the following goals best describes today's view of the organizing function? Organizing today focuses on:
designing the organization around the customer.
simplifying the process of measuring outcomes related to performance stds.
achieving unified opinions from a diversified workforce.
developing the most efficient strategic plans for the firm.