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BUS-130 Exam 1 Flashcards | StudBud
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BUS-130 Exam 1
BUS-130 Exam 1
52 terms
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Critical Thinking and Chapters 1, 2, 5, & 11
Flashcards
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Questions
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Answers
1
Who created Stakeholder Theory and what is it?
Freeman = Considers the interest of all partners
Freidman = Make profit to satisfy shareholders
2
Fiscal Policy is
Government policy using expenditure and taxation to guide the economy
A policy followed by the central bank to control the money supply
3
HRM stands for
Human Research Management
Human Resource Micromanagement
Human Resource Model
Human Resource Management
4
An isolationist mindset will
increase prices
create fewer jobs
All of the above
increase unemployment
5
Market Structure: Pure Compitition is
A single supplier of goods or services that has the power to set prices.
a few producers identical products cater to the needs of the whole market
Many producers competing against each other with different products
Suppliers make identical products and are sold at market determined price
6
What is a Free Trade Agreement?
imit the amount (quantity) of imports that can come into a country
an agreement to form a free-trade area between the cooperating states
a tax or duty to be paid on a particular class of imports or exports
Trade sanctions that are imposed on a country that stop trade
7
The principle that shareholders are not generally liable for the debts or actions of the corporation.
S Corporation
C Corporation
M Corporation
Limited Liability Company
8
What is a cross-border investment in which an investor in one economy establishes a lasting interest in another economy
Competitive Advantage
Free-Trade Agreement
Multinational Investor
Foreign Direct Investment
9
Economic Systems: Public ownership of means of production & decisions made by the government determine economic activity
Socialism
Communism
Capitalism
10
Contingent Workers
Someone who works for an organization without being hired as their employee
The non-salary portion of employee compensation, such as life insurance.
Formal evaluations of the effectiveness of employees’ job performance
The principle that all groups should be treated equally in employment
11
Economic System: Public & Private ownership of means of production
Communism
Socalism
Capitalism
12
A higher standard of living leads to decreased production, fewer jobs, and lower wages.
True
False
13
Able to produce a product or service cheaper than anyone else. It has a lower opportunity cost to produce a good.
Natural Advantage
Total Advantage
Absolute Advantage
Competitve Advantage
14
Public Corporation, Corporate Taxed, Easy to change ownership & attract new employees, and pay stockholder dividends
S Corporation
Limited Liability Company
C Corporation
M Corporation
15
What are the factors of production?
Land, Labor, Capital, Technology
Natural Resources, Labor, Capital, Entrepreneurship, Knowledge, Technology
Land, Labor, Capital
Land, Natural Resources, Labor
16
The specialization of labor and the division of labor was a concept created by whom?
Henry Ford
Thomas Edison
Fredrick Taylor
Adam Smith
17
Individually operated unincorporated businesses
Limited Partner
General Partner
Sole Proprietorship
S Corporation
18
What is a Tariff?
an agreement to form a free-trade area between the cooperating states
Trade sanctions that are imposed on a country that stop trade
imit the amount (quantity) of imports that can come into a country
a tax or duty to be paid on a particular class of imports or exports
19
Recruitment: Considering present employees as candidates for available jobs
External
Internal
20
Which is not a step in the recriutment process?
Interviews
Skills Inventory
Employment Tests
Applications & Resumes
21
A for profit business...
Has the right to incorporate shareholders
Legally cannot have shareholders and distribute dividends
22
Economic System: Private ownership of means of production & decisions by consumers & businesses affect economic activity
Capitalism
Communism
Socialism
23
Market Structure: Oligopoly is
a few producers identical products cater to the needs of the whole market
Suppliers make identical products and are sold at market determined price
Many producers competing against each other with different products
A single supplier of goods or services that has the power to set prices.
24
Real GDP is?
Economic output measured in current prices.
Economic output measured on an inflation-adjusted basis.
25
Performance Appraisals
The non-salary portion of employee compensation, such as life insurance.
Formal evaluations of the effectiveness of employees’ job performance
The principle that all groups should be treated equally in employment
Someone who works for an organization without being hired as their employee
26
What is an agreement that unites two existing companies into one new company?
Franchisee
Merger
Franchise
Aquisition
27
Risk is the possibility of a commercial business making inadequate profits due to uncertainties
True
False
28
GNP: The value of all final goods and services produced and measured at current prices over a given time period
True
False
29
No corporate tax, can sell stocks with restrictions, pay few stockholder dividends, perpetual life
M Corporation
S Corporation
Limited Liability Company
C Corporation
30
What is a Quota?
Limit the amount (quantity) of imports that can come into a country
Trade sanctions that are imposed on a country that stop trade
a tax or duty to be paid on a particular class of imports or exports
an agreement to form a free-trade area between the cooperating states
31
Liability is limited to the amount of money invested in the partnership, and aren't involved in running the business
Limited Partner
Sole Proprietorship
General Partner
S Corporation
32
GDP is: The total dollar value of all final goods and services produced each year within a country’s borders
True
False
33
A union is an organized association of business owners formed to protect and further their rights and interest
True
False
34
Partners who run the partnership’s business and who are liable for its actions
Limited Partner
General Partner
Sole Proprietorship
S Corporation
35
Who created Shareholder Theory and what is it?
Freeman = Considers the interest of all partners
Freidman = Make profit to satisfy shareholders
36
Nominal GDP is
Economic output measured on an inflation-adjusted basis
Economic output measured in current prices
37
Recruitment: Considering individuals outside the organization as candidates for the job.
Internal
External
38
What does a dynamic business model not include?
Resources
Techology
Strategy
Governance
39
What is when the a person has liscense to a franchisor's property and is not protected by the franchisor for liabilities
Franchise
Merger
Franchisee
Aquisition
40
The economic system in which the ownership and control of the factors of production are totally in government hands.
Command Economy
Mixed-Economy
41
What is an Embargo?
Trade sanctions that are imposed on a country that stop trade
a tax or duty to be paid on a particular class of imports or exports
an agreement to form a free-trade area between the cooperating states
imit the amount (quantity) of imports that can come into a country
42
Which category is not present in both Bloom's Taxonomy as well as Overbaugh's and Schultz's version?
Evaluation
Analyzing/Analysis
Applying/Application
Creating
43
One that exhibits elements of both the capitalist systemand the command system
Command Economy
Mixed Economy
44
What is when
one company purchases most or all of another company's shares to gain control of that company?
Franchise
Aquisition
Merger
Franchisee
45
Benefits
The non-salary portion of employee compensation, such as life insurance.
The principle that all groups should be treated equally in employment
Formal evaluations of the effectiveness of employees’ job performance
Someone who works for an organization without being hired as their employee
46
Able to be the best at producing a product or service. A company has an economic process above everyone else.
Total Advantage
Competitve Advantage
Absolute Advantage
Natural Advantage
47
Market Structure: Monopolistic is
Many producers competing against each other with different products
a few producers identical products cater to the needs of the whole market
A single supplier of goods or services that has the power to set prices.
Suppliers make identical products and are sold at market determined price
48
What is not a Critical Thinking questioning catgory?
Questions of Application
Questions of Interpretation
Questions of Fact
Questions of Opinion
49
Market Structure: Monopoly is
Suppliers make identical products and are sold at market determined price
A single supplier of goods or services that has the power to set prices.
Many producers competing against each other with different products
a few producers identical products cater to the needs of the whole market
50
What is
a type of license that grants access to a franchisor's proprietary business knowledge, processes, and trademarks
Aquisition
Franchisee
Franchise
Merger
51
Equal Employment Opportunity
Someone who works for an organization without being hired as their employee
The non-salary portion of employee compensation, such as life insurance.
Formal evaluations of the effectiveness of employees’ job performance
The principle that all groups should be treated equally in employment
52
Monetary Policy is
Government policy using expenditure and taxation to guide the economy
A policy followed by the central bank to control the money supply
