What does comparative advantage mean?

Production grows in markets where products can be made most efficiently

When looking at an org chart, where are most people employed?

At the bottom where the work gets done

When a brand licenses their brand trademarks...

The brand equity can be damaged if their are quality issues, Most of the profit goes to the company paying for the trademark, Companies can pay to use the trademarks on their product

The balance of trade shows...

The difference between exports and imports by dollar value

How does the Federal Reserve use the Discount Rate?

More money on hand gives bank more money to loan which speeds the economy.

A way to help American workers, A form of protectionism, An economic barrier to trade that makes some goods more expensive

What is "contract manufacturing"?

When a company outsources production to help keep up with demand

If someone works in the in-house creative agency at Georgia-Pacific, who are their customers?

They have internal customers like the various brand teams

Movement of goods among nations without political or economic barriers.

When middle managers take on the planning function, they...

Set precise measurement standards, Develop strategies to reach their goals, Set goals for the team

Communicate Clearly, Expect Accountability, Embrace Change, Set a Vision for the Company

A gig economy results in ...

The use of Contingent Workers/Contractors

Which of these is NOT true of strategic planning?

Action plans for each team are developed in this process

Which steps are included in Decision Making?

Define the Situation, Collect Information

What is an "exchange rate"?

The value of currency in terms of another currency

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Biz Quiz 4 - ch 2, 6, 10 and 16

26 termsStudBud Administration1,293 plays

Global, Management, HR, Money

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Questions 26

Answers

1
What is the difference between training and development?
Both training and development focus on long-term goals
Training is short term
Development is short term
Development includes demonstrations of doing the job properly
2
What does comparative advantage mean?
Some consumers only want products made in their home country
Production grows in markets where products can be made most efficiently
Some markets pay lower wages and this hurts producers in other markets
Some countries have an advantage on products like gold, coffee and bananas
3
When looking at an org chart, where are most people employed?
At the top where all of the strategic decisions are made
At the supervisory level where all of the teams are coordinated
In the middle where managers determine how goals will be met
At the bottom where the work gets done
4
Some countries have an Absolute Advantage with some products. What kind of products?
Diamonds
Jeans
Coffee
Computers
5
When a brand licenses their brand trademarks...
The brand equity can be damaged if their are quality issues
Most of the profit goes to the company paying for the trademark
Most of the profit goes to the company holding the trademark
Companies can pay to use the trademarks on their product
6
The Americans with Disabilities (ADA) Act requires employers to...
Make changes to the job description for the capabilities of the employee
Make reasonable accommodations
Adust the workspace conditions to meet the needs of the employee
Give preferential treatment to people with disabilities
7
Duties of the Human Resources Department include ...
Counseling employees on how to integrate into the company successfully
Resolving legal issues
Determining when employees are ready for promotions
Recruiting new employees
8
What are the steps in the HR planning process?
Job Analysis
Union Membership
Networking
Job Description
9
Which piece of legislation dealt with harassment in the workplace?
Civil Rights Act of 1991
Title IX
Americans with Disabilities Act
Civil Rights Act of 1964
10
Which TWO nations are the largest in terms of importing and exporting goods?
China
The US
India
The countries of the EU
11
The process of creating a "Plan B" for use in the event of an unexpected development is called..
Tactical Planning
Crisis Management
Operational Planning
Contingency Planning
12
At what level in the organization are conceptual/strategic skills the most important?
Supervisory/First Line Level
Finance Dept
Middle Management
Upper Management
13
The balance of trade shows...
How much free trade costs a country in exports.
The tax revenue incurred from trading with other countries
The total the government made from tariffs.
The difference between exports and imports by dollar value
14
A company's mission statement includes ...
Their philosophy
A brief history of the company
Information about the leadership team who will accomplish the goals
Their revenue and profit goals
15
How does the Federal Reserve use the Discount Rate?
More money on hand gives bank more money to loan which slows the economy.
More money on hand gives bank less money to loan which slows the economy.
More money on hand gives bank more money to loan which speeds the economy.
Less money on hand gives bank more money to loan which slows economy.
16
What are "tariffs"?
A way to help American workers
A form of protectionism
An economic barrier to trade that makes some goods more expensive
A tax on transportation costs
17
What is "contract manufacturing"?
When unions sign contracts with manufacturing companies
When a business owner pays for a location of a business
When a company pays for the use of a brand's trademark
When a company outsources production to help keep up with demand
18
If someone works in the in-house creative agency at Georgia-Pacific, who are their customers?
They have internal customers like the various brand teams
They don't really have customers because they are a part of the company
They have external customers like Coca-Cola and other local firms
Both internal and external customers
19
Sasha made a piece of jewelry for Leo to give his girlfriend. Leo made a video to help Sasha promote her business.
Partnership
Joint Venture
Barter
Payment
20
What is free trade?
The import/export companies are not allowed to charge for their services
When companies do not respect patents and trademarks from other countries
Movement of goods among nations without political or economic barriers.
When countries "dump" low-cost goods in a country to disrupt competitors
21
When middle managers take on the planning function, they...
Set precise measurement standards
Develop strategies to reach their goals
Provide a strategic plan for the whole company
Set goals for the team
22
Leaders must ...
Communicate Clearly
Expect Accountability
Embrace Change
Set a Vision for the Company
23
A gig economy results in ...
Higher unemployment
The use of Contingent Workers/Contractors
Reduction in GNP
More employees retiring than expected
24
Which of these is NOT true of strategic planning?
It is done by upper management to set the direction for the company
Determines the major goals of the organization
Action plans for each team are developed in this process
Determines the best way to use resources
25
Which steps are included in Decision Making?
Assign Team Member Roles
Define the Situation
Define the break-even point
Collect Information
26
What is an "exchange rate"?
The value of exports vs imports
The value of currency in terms of another currency
How fast goods can be imported or exported
The rate in which people barter in less industrialized markets

Biz Quiz 4 - ch 2, 6, 10 and 16 Flashcards | StudBud