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Business 100 Chapt 1-5 Flashcards | StudBud
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Business 100 Chapt 1-5
Business 100 Chapt 1-5
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1
In which industry are small businesses most prevalent?
Wholesale
Retail
Services
Construction
2
Which of the following is an example of an organizational stakeholder?
A supplier to the organization
A government lobbyist
A political action committee
A competitor to the organization
3
A(n) is a tax on an imported product
subsidy
quota
tariff
embargo
4
BEST definition of entrepreneurship is...
the process of seeking 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
5
MOST significant trends for a small business start-ups
E-commerce
Global opportunities
Crossovers
Minority and Women owned businesses
6
BEST example of government indirectly influencing how organizations practice social responsibility
Through legal compliance
Through the use of tax codes
Through donations to political action committees
Through the use of lobbyists
7
Economy in which the government owns and controls factors of production, such as labor
Market economy
Planned economy
Socialism
Mixed Market Economy
8
The management process of monitoring performance to make sure a company is meeting its goals is.....
Spying
Organizing
Leading
Controlling
9
A management process of determining what a firm needs to do and how best to get it done is.....
Planning
Leading
Organizing
Scheming
10
An objective that a business hopes and plans to achieve is a....
Statement
Goal
Strategy
Road map
11
Which of the following is the BEST definition of managerial ethics/ Standard of behavior.....
conforming to generally accepted social norms
Beliefs about what is right/wrong in action affecting others
that guide individual managers in work
that does not conform to generally accetped social norms
12
which of the following is the BEST definition of balance of trade?
Country's exports > its imports, creating + balance of trade
Flow of all money into or out of a country
Economic value all exports - economic value all imports
country's imports > its exports, creating - balance of trade
13
The ability of a company to produce some products more efficiently than others is a .....
Comparative Advantage
Production efficiency
Monopoly
SWOT analysis
14
What is collusion?
illegal agreement between 2 companies-commit a wrongful act
Illegal practice using special knowledge about firm for gain
approach to social responsibility
social activism dedicated to protecting right of consumers
15
Finding foreign companies to manufacture or market your goods is.....
Outsourcing
Strategic planning
Branching
Licensing Arrangement
16
Which of the following is the BEST definition of a mission statement?
A determination of what business a company will own/operate
Assessment-org strength, weakness, opportunity & Threat
Organization's statement of how it will achieve its purpose in environment
A broad set of plans for implementing decisions made
17
What is a sole proprietorship?
business own/operate by 1 person responsible for all debts
Businesses with 2 or more owners, share in operation of firm
Holds owner responsible of paying off debts of business
partnership consisting of limited partners & general partner
18
___is the difference between a business' revenues and its expenses
GDP
Capital
Profit
Surplus
19
Which of the following BEST describes a proactive stance to social responsibility?
Legally required + admitting mistakes & actions, but no more
Exhibiting highest degree of social responsibility all times
Doing little as possible to solve social/environment problem
Exceeding the legal & ethical requirements whenever possible
20
Which of the following is the BEST example of a general partnership?
Sam, Will, and Jose open & operate a ski apparel shop together
2 doctors set up a corp to protect from unlimited liability
Ruby gives $ to Jon to open bike shop but will not manage it
Rashad buys an apparel design firm
21
SWOT Analysis identifies...
a firm's environmental strengths and weaknesses, & own opportunity & threat
a firm's strengths & weaknesses, and environmental opportunities & threats
The SWOT team of a company in need of security services
A company's mission statement alternative
22
Which of the following is established when a nation allocates resources among its citizens?
Surplus
Factors of Production
An economic system
Markets
23
Which of the following is an example of an import?
A ban by the US government on cigars manufactured in Cuba
Tulips grown in Netherlands but are being sold in the U.S
A bottle of sake produced in Japan & shipped and sold abroad
Tax Chinese Govt imposes on auto coming into its country
24
Labor and Capital are examples of......
Standards of Living
Domestic Business Environment
Factors of Production
Economic Systems
25
Which of the following is the BEST definition of a monopoly?
Numerous smaller firms producing an identical product
Handful of sellers w/ power to influence their product price
Only 1 producer that can control prices of its products
Numerous buyers & sellers trying to differentiate products
