Which of the following are not one of Henri Fayol's principles of organizational management?

Each workers should report to multiple bosses or managers

Which of the following is an advantage of starting a franchise instead of another business venture?

Franchises give their owners access to an established business concept and

According to the law of supply, assuming other factors are held constant:

as the price of milk decreases, the quantity of milk supplied will decrease

Which of the following statements is not true of the Foreign Corrupt Practices Act?

Businesses in all nations are required to comply with the act

In a free market society, which statement best describes how prices are determined?

The market price is determined by the intersection, or equilibrium, of the

________ is an inventory strategy that companies employ to increase efficiency and decrease waste by receiving goods onl

Just-in-time (JIT) inventory control

According to the law of demand, assuming other factors are held constant:

as the price of milk decreases, the quantity of milk demanded will increase

In a line-and-staff manufacturing organization structure, which of the following personnel would be considered a staff m

Director of Information Technology

Which of the following statements is a disadvantage of a general partnership ?

Profits must be divided, which can cause conflict if the division is seen a

Which of the following would likely not be considered an advantage of being an entrepreneur as compared to an employee?

The risk of losing all time and money invested

Which of the following is not a step that U.S. businesses can implement to improve business ethics?

Develop, and require adherence to, aggressive financial goals and targets.

Which of the following is the primary advantage small businesses have over large corporations?

Ability to respond quickly to opportunities

Which of the following is not a reason that entrepreneurs are willing to accept the risks of entrepreneurship?

The opportunity to spend more time with friends and family

A material-requirements planning system is primarily intended to meet which of the following objectives:

Ensure that materials are available for production

A hierarchical organization is one that has:

A high number of layers of management

Which of the following statements best describes a drawback of using a joint venture to access global markets?

One of the members of the joint venture can appropriate the others business

Which of the following are a disadvantage of departmentalization?

Isolation within departments may lead to poor communication

The job of operations management consists of all of the activities involved in:

Coordinating efforts, tasks, and resources

studbud

Duplicate of Business 1

95 termsStudBud Administration68 plays

Imported from external platform

Flashcards95 cardsFPractice quizPHost liveL

Questions 95

Answers

1
All members of a nation or society benefit equally from policies that promote free trade?
False
True
2
Which of the following is the least important skill for top managers to possess?
Technical Skills
Planning Skills
Communication Skills
Conceptual Skills
3
Which of the following leadership styles would be most effective in emergency situations?
Democratic leadership
Autocratic leadership
Free-rein leadership
Participative leadership
4
Which of the following are not one of Henri Fayol's principles of organizational management?
Functions should be divided into areas of specialization
All workers should know who they report to
Each workers should report to multiple bosses or managers
There should be clear communication channels between workers and managers
5
Ethnocentricity involves an attitude that all cultures are created equal.
False
True
6
The outcome of a service industry operation is generally a customer ________.
reward
tangible good
experience
activity
7
Which of the following is an advantage of starting a franchise instead of another business venture?
Franchises give their owners access to an established business concept and
Franchises allow their owners to have total control of the decisions impact
Franchises are more profitable than original business concepts
Franchises have a higher failure rate than other business ventures
8
According to the law of supply, assuming other factors are held constant:
as the demand for milk decreases, the price of milk will also decrease.
as the price of milk decreases, the quantity of milk supplied will decrease
as the supply for milk increases, the price of milk will also increase.
as the price of milk increases, the quantity of milk supplied will decrease
9
Which of the following economists is considered to be the father of modern economics?
Adam Smith
Milton Friedman
None of the above
Thomas Malthus
10
Which of the following statements are true of organizational leaders?
They must be willing to embrace change.
They must promote an ethical culture throughout the organization
All of the choices
They must communicate the organizational vision and rally others around tha
11
Which of the following strategies for reaching global markets is generally going to involve the greatest amount of risk
Contract manufacturing
Franchising
Foreign direct investment
Licensing
12
Which of the following statements is not true of the Foreign Corrupt Practices Act?
None of the above
Businesses in all nations are required to comply with the act
It prohibits U.S. companies from bribing foreign officials to secure busine
It can potentially put U.S. businesses at competitive disadvantage to thei
13
In a free market society, which statement best describes how prices are determined?
The market price is determined by the government to ensure all citizens hav
The market price is determined by the intersection, or equilibrium, of the
The market price is determined by the producers of the product or service i
None of the above
14
Which of the following groups are considered to be stakeholders of a business?
Stockholders/Owners
All of the above
Bankers/Creditors
Employees
15
Successful entrepreneurs tend to have all the following characteristics EXCEPT:
Creative
Energetic
Hesitant
Goal oriented
16
The most important step in starting a business is preparation.
True
False
17
________ is an inventory strategy that companies employ to increase efficiency and decrease waste by receiving goods onl
Just-in-time (JIT) inventory control
Economic order quantity (EOQ)
Product layout
Material-requirements planning (MRP)
18
In a line-and-staff organizational structure, staff personnel have the formal authority to make policy decisions.
True
False
19
According to the law of demand, assuming other factors are held constant:
as the price of milk decreases, the quantity of milk demanded will increase
as the demand for milk decreases the price of milk will remain unchanged.
as the price of milk increases, the quantity of milk demanded will increase
as the demand for milk increases, the price of milk will remain unchanged.
20
Which of the following is not a type of organizational structure?
Matrix-Style
Line-and-Staff
Span of control
Line
21
Which of the following is the most common source of funding or financing for a small business?
Bank loans
Personal savings
Venture capitalists
Angel investors
22
In a line-and-staff manufacturing organization structure, which of the following personnel would be considered a staff m
Assembly worker
Plant manager
Distribution worker
Director of Information Technology
23
Which of the following statements is a disadvantage of a general partnership ?
Profits must be divided, which can cause conflict if the division is seen a
They are easier to terminate than a sole proprietorship
They can allow for shared management and provide access to a wider range of
They can limit the personal liability of the owners
24
Which of the following would likely not be considered an advantage of being an entrepreneur as compared to an employee?
Freedom, control, and independence to make your own decisions
None of the above
The risk of losing all time and money invested
The ability to create significant wealth
25
Mass produced products are:
Unique
Standardized
Cheap
Semi-custom
26
Profit is defined as the gross amount of money a business takes in during a given period by selling goods and services.
True
False
27
Which of the following is an economic and political system in which the government makes almost all economic decisions a
Socialism
Capitalism
Communism
None of the above
28
Which of the following is an advantage of a broad span of control within an organization?
More opportunities for advancement for employees
Closer supervision of employees
Faster decision making
All of the choices
29
Which of the following is not a step that U.S. businesses can implement to improve business ethics?
Provide training to mangers and others to consider the ethical implications
Develop, and require adherence to, aggressive financial goals and targets.
Communicate the ethics program to outsiders.
Require that top management adopt and support an explicit corporate code o
30
Which of the following is the primary advantage small businesses have over large corporations?
None of the choices
More efficient operations
Ability to respond quickly to opportunities
Access to more capital and lower expenses
31
The task of creating budgets and comparing them against actual results would fall under which of the following managemen
Leading
Planning
Controlling
Organizing
32
To identify areas for improvement, companies use a technique called ________, which monitors quality by testing samples
SWOT analysis
statistical process control
best out of three practice
PESTEL analysis
33
The flatter the organization, the broader the span of control.
False
True
34
Effectively managing an organization takes the same set of skills that effectively leading an organization does.
False
True
35
Ethics is only concerned with those behaviors that are legal in a society?
True
False
36
Which of the following is not one of the three levels of management in a corporate hierarchy?
Top management
Vendor management
Supervisory management
Middle management
37
Which of the following is not a reason that entrepreneurs are willing to accept the risks of entrepreneurship?
The opportunity to spend more time with friends and family
The ability to work independently and be responsible for one’s own destiny
The opportunity to generate profits and wealth for oneself and their family
None of the choices
38
Which of the following nations is the largest exporting nation in the world?
China
Canada
United States
Germany
39
Which of the following are ways that governments can encourage entrepreneurship?
All of the choices
Implement policies that draw more entrepreneurial immigrants
Create enterprise zones with lower taxes and government support
Establish incubator that offer affordable office space and other essential
40
Often stakeholders of a business have competing concerns and priorities regarding the operations and activities of a bus
True
False
41
A material-requirements planning system is primarily intended to meet which of the following objectives:
Maintain the costs associated with the company
Maintain the highest possible material and product levels in store
Maintain the operations department profit margin
Ensure that materials are available for production
42
A trade surplus represents an unfavorable balance of trade with other nations and occurs when the value of a country's
True
False
43
A company that assigns responsibility and authority to production, marketing, finance, human resources, and accounting
Geographic location
Function
Product
Customer group
44
Fiscal policy is the management of the money supply and interest rates by the Federal Reserve Bank.
True
False
45
Which of the following is not one of the four functions of the management process?
Financing
Organizing
Planning
Leading
46
A hierarchical organization is one that has:
A high number of layers of management
Few layers of management
Few managers
A large number of employees
47
Which of the following statements best describes a drawback of using a joint venture to access global markets?
All members of the joint venture can share marketing efforts and management
All members of the venture can share technology and risk
None of the above
One of the members of the joint venture can appropriate the others business
48
Which of the following are a disadvantage of departmentalization?
Top management can easily direct and control various departments' activitie
Isolation within departments may lead to poor communication
Employees can develop in depth skills in one specific area
None of the choices
49
Which of the following forms of planning would include the setting of broad, long-range goals by top managers?
Tactical Planning
Operational Planning
Strategic Planning
Contingency Planning
50
A PERT chart identifies the ________, which is the sequence of activities that will entail the greatest amount of time.
price of goods
lag time
outcome of the process
critical path
51
The job of operations management consists of all of the activities involved in:
Creating efficient sales pipelines
Creating deal structures for customers to buy your product
Coordinating efforts, tasks, and resources
Marketing to end customers
52
Which of the following leadership styles typically leads to the highest level of job satisfaction among employees?
None of the choices
Free-rein leadership
Participative leadership
Autocratic leadership
53
Which of the following is a drawback for an entrepreneur setting up a business as a sole proprietorship?
Unlimited liability
Financial accounts are kept private
Limited liability
Profit is shared
54
ISO 9000 is a certification used by many companies for:
International cost management
International environmental management
International quality management
International ethics management
55
Which of the following would be considered macroeconomic indicators of the health of a nation’s economy?
Gross domestic product (GDP)
Inflation
Unemployment rates
All of the above
56
Which of the following is an advantage of an organizational structure with centralized authority?
Faster decision making
Less empowerment of employees
More efficient operations
Higher employee morale
57
What is the main difference between a matrix-style organization's structure and the use of cross-functional teams?
Cross-functional teams encourage interorganizational cooperation and teamwo
Cross-functional teams can produce creative solutions to product developmen
Under a matrix organizational structure teams only work together on a short
None of the choices
58
Which of the following factors of production is most important to wealth creation?
Entrepreneurship and the use of knowledge
Labor
Land
Machinery
59
If an entrepreneur’s primary concern is avoiding double taxation of profits, which form of business entity would not be
Sole proprietorship
General partnership
All of the choices
Corporation
60
Which of the following is an advantage of a corporation as compared to other types of business entities?
None the choices
The profits of the corporation are subject to double taxation
It provides the ability to raise large amounts of cash or capital by issuin
It is relatively easy and cost effective to establish and maintain
61
Approximately what percentage of new jobs created each year are generated by small businesses?
Between 80 to 100
Between 40 to 60
Between 60 to 80
Less than 40
62
An increased standard of living among members of society as a result of entrepreneurial activity always results in a cor
False
True
63
The preparation of a SWOT analysis would be part of which of the four management functions?
Planning
Leading
Organizing
Financing
64
Max Weber expanded on Henri Fayol's principles of organization by emphasizing:
The empowerment of employees to make their own decisions
Informal rules and guidelines
A flat organizational structure
None of the choices
65
Which of the following questions should you ask yourself when faced with an ethical dilemma?
How will my proposed solution make me feel about myself?
Is my proposed solution legal?
Is my proposed solution balanced and am I acting fairly?
All of the above
66
An automobile manufacturer combining with a tire manufacturer is an example of which of the following types of transacti
Vertical merger
Horizontal merger
None do the choices
Efficient reorganization
67
Which of the following is not one of the four basic rights of citizens under a capitalist economic system?
The right to freedom of choice.
The right to a safe and healthy environment.
The right to own a business and keep all that business's profits.
The right to own private property.
68
If a single entrepreneur has the funds necessary to operate their business without assistance from others and wants a bu
Limited partnership
Corporation
Sole proprietorship
Limited liability company
69
Which of the following statements is true of licensing, franchising, contract manufacturing, and foreign direct investme
All involve exporting a product made in the U.S.
All of the above.
All strategies involve the same level of commitment, control, risk, and pro
All represent strategies that businesses can implement to access global mar
70
Which of the following is not a common reason for small business failures?
Underestimating how much time it will take to build a market
Starting with too little capital
Keeping and maintaining complete and accurate books and records
Going into business with little or no experience
71
Which of the following statements best describes one of the main arguments favoring expansion of U.S. businesses into gl
None of the above
It is easier to conduct business in foreign countries as compared to the U.
The United States has a comparative advantage to sell those products that i
Employees in foreign countries are more productive than U.S. employees.
72
The European Union is an example of which of the following?
A multinational corporation
None of the above
A sovereign nation
A common market, or trading bloc
73
According to Coca Cola, they strive to "refresh the world in mind, body, and spirit, to inspire moments of optimism and
None of the choices
A company's mission statement
A company's objectivess
A company's goals
74
Microeconomics is a subset of the study of economics that focuses on the operation of a nation’s economy as a whole.
True
False
75
Which of the following statements would not be considered a benefit of a socialist economic system?
All of the above.
It promotes equality and equity among its citizens.
Provides citizens with generous government programs.
It maximizes the incentives for entrepreneurs to innovate and create wealth
76
If an entrepreneur’s primary concern is limiting personal liability, which form of business entity would be most appropr
None of the choices
Corporation
General Partnership
Sole proprietorship
77
A partnership ____________
Is the most common form of business ownership in the U.S.
Requires at least two owners
Limits the liability of the owners to the amount of money invested
Is funded through the sale of stock
78
_{An airplane manufacturer assembles a plane in one location and the workers and equipment go to the airplane when they ne}
fixed-position layout
process layout
product layout
cellular layout
79
Swisher cigar factory makes little cigars and big cigars on the same machine. This is an example of using:
Computer-aided design (CAD)
Computer-aided manufacturing (CAM)
Flexible Manufacturing System (FMS)
Computer-integrated manufacturing (CIM)
80
Which of the following statements best describes management's role in setting ethical standards?
Setting ethical standards begins with management who can help instill corpo
Setting ethical standards begin with the employees who are most likely to i
Ethics are a personal matter and, therefore, management has no role in sett
None of the above
81
One of the key factors that influence facility location are:
what the building design will look like
if there is space available to expand the facility in the future
proximity to customers, suppliers and skilled labor
what are the products that will be available
82
The process of staffing an organization is only concerned with hiring employees.
True
False
83
A multinational company updates it marketing brochures to be printed in the multiple languages that are spoken within th
Economic
Sociocultural
None of the above
Regulatory
84
What are the two primary concerns of a small business entrepreneur when starting a business?
Planning and financing the business
Planning and marketing the business to customers
Marketing the business to customers and managing employees
Managing employees and keeping accurate records
85
Which of the following statements best describes integrity based ethics codes?
None of the above
Integrity based ethics codes emphasize maintaining control and penalizing
Integrity based ethics codes define the organization's guiding values, crea
The only goal of integrity based ethics codes is adherence to laws and regu
86
Which of the following functions of management would staffing an organization fall under?
Organizing
Controlling
Leading
Planning
87
Which of the following stakeholders is corporate social responsibility concerned with?
All of the above
Customers
Employees
Investors
88
The value of one nation's currency in comparison to another nation's currency does not fluctuate over time.
False
True
89
Which of the following economic and governmental policies would promote business formation and economic growth?
Reduce access to education and training
Increase interest rates
Minimize spending and keep taxes and regulations to a minimum.
Restrict the ownership of businesses to certain individuals or institutions
90
Which of the following forms of business entity are not taxed separately from it’s owners?
Sole proprietorship
General partnership
Limited liability partnership
All of the choices
91
Which of the following describes a business cycle?
Periods of increasing and decreasing real GDP.
Regular growth rate of consumer spending.
Inflationary pressures.
Irregular division of labor
92
Which of the following forms of business would be the easiest to terminate?
Sole proprietorship
General Partnership
Corporation
S Corporation
93
In order to be called a multinational company, what must be present?
None of the above
A centralized management structure in the home country.
Products or services that are sold in two or more different countries.
A manufacturing capacity or some other physical presence in two or more dif
94
Which of the following is the most restrictive form of trade protectionism?
Embargoes
Tariffs
None of the above
Import quotas
95
Which of the following parties are most likely to benefit from a weaker, or lower, value of the U.S. dollar?
U.S. export businesses
None of the above
U.S. import businesses
A family taking a foreign vacation

Duplicate of Business 1 Flashcards | StudBud