BSN 101 Final Exam Review

We have a shortage when

Brain drain is when knowledgeable people move out of a country

A comapny incurs a net loss when:

when employees and lower level managers are able to make deicisons, a company has

cycle of review and evaluation of objectives among top and middle level managers, supervisors, and employees

a limited partner

__ physical arrangement of resources, including people, to most efficiently produce goods and provide services

presentation of a company's facts and figures in a way that is clear to all stakeholders

Which of the following is NOT a mangement function

joins 2 firms in the same industry and allows them to diversify their products

the federal reserves efforts to mange the money supply by increasing or decreasing interest rates

___ one person is at the top of the organization and there is a ranked sequential ordering from the top down of managers

_____ movement of goods and services among nations without political or economic barriers

A ___ is/are people who stand to gain or lose by the policies & activities of a business.

objetives are specific and short term statements detailing how to achieve goals

a football team or firefighter would work best with free-rein leadership

when an individual incorporates and does not issue stock, but avoids double taxation

___ is a legal form of business with 2 or more owners

____ is the amount of goods and services people can buy with the money they have

What determines how much producers should produce

When exports are higher than imports we have a trade defecit, which is an unfavorable balance of trade

_____ is the total value of final goods and services produced in a country in a given year

selling products in a foreign country at lower prices than those charged in the producing country

a ____ is the easiest form of a business, but has unlimited liability and limited financial resources

which of the following is NOT an advantage of a matrix organization

The idea of the invisible hand is that if youbetter your life as an individual, the nation will benefit

Which of the following is an example of microeconomics?

___ the optimum number of subordinates a manager should supervise

a country has a monoploy on producing a product and can produce it more efficiently than all other countries

__ the process of selecting a geographic location for a company's operations

Which of the following is NOT a factor of production?

The invisible hand supports the idea of a free-market economy

When imports are higher than exports we have a trade surplus which is an unfavorable balance of trade

a ___ orgnaization has many layers of management

Which of the following is a governemtn policy that would NOT favor businesses?

_____ the quantity of products that someone is willing to sell at different prices at a specific time

____ are broad, long term accomplishments an organization wishes to attain

puts together components like putting an egg and toast and coffee togethr to make 1 breakfast

the idea that emplyoees try to maintain equity between inputs and outputs compared to others in similar situations

Macroeconomics studies the nation's economy as a whole

where supply and demand meet

_____ is the general well being of a society

the sequence of taks that take the longest time to complete

A _____ is a person who risks time and money to start a business

the process that turns self-directed gain into social and economics benfefit for all

democratic leadserhip increases job satisfaction but is not always most effective

a tall organization leads to a game of telephone in communication

most countries, including the US, have what type of economy?

The resources used to create wealth

studying workers to find the most efficient way to do tasks and then teaching people those techniques

one company purchases another company

______ is the surrounding factors that either help or hinder the development of a business

consistently producing what the customer wants while reducing erros

a company that only allows top level management to make decisions has

line of authority that moves from the top of a hiearchy to the lowest level

line personnel are employees who

dumping is used to reduce a surplus of products

the amount of effort employees exert on a task depends on their expectation of the outcome

physically or chemically changing materials, like boiling an egg

the federal gov's ability to increase or decrease taxes or government spending

total value of a nation's exports compared to its imports

____ is giving frontline workers the responsibility, authority, freedom, & training to respond quickly to customer needs

a ___ organization has few layers of management and a broad span of control

in an autocratic leadership, a manger would...

When we have a shortage, prices will

splitting up departments by function, product, region, etc is an example of

buying products from another country

Consumer price index (CPI) measures the pace of

If there is a surplus then that means....

unlimited liability is the _____

the need to develop one's fullest potential (highest need on Maslows Hierarchy of needs)

profit ____

The lower the risk the higher the profit

______ is the amount of output you generate given the amount of input

Which of the following is NOT a hygiene factor

If there is a surplus prices will

Which of the following NOT an advantage of a franchise

a ___ is an outline of the fundamental purpose of an organization

Which factors of production makes rich countries rich?

redesigning an organization so it can more effectively and efficiently service its customers

joins 2 firms operating in different stages of related business. example: a soda company and a sweetner company

____ period rises and falls that occur in economies over time

PPI measures change in prices at the ______

Socialism can result in what effect

Maslow's needs can go out of order. For example social needs may motivate your before your need to find food and water.

a broad span of control allows for more empowerment and fast decision making

__ is a temporary networked organization made up of replaceable firms that join and leave as needed

Maslow believed that motivation arises from an unmet need and out desire to satisfy the need.

What is trend we are seeing in demographics?

which of the following is NOT an example of staff personnel

joins 2 firms in completely unrelated industries in order to diversify business operations

___ is similar to an S corp, but without special eligbility requirements