PBM Final Exam Study #1

Line of authority that moves from the top of hierarchy to the lowest level

Consumers purchase these goods with a minimum of shopping effort.

Leadership style advocating that a leader makes all decisions and tells subordinates what to do

Planning, organizing, leading/motivating, and controlling make up the

Most large cities there are a large number of bakeries. These bakeries produce similar products

Assets are $124,000, Liabilities are $31,000, which of the following statements is correct?

A lack of guests during the peak season. These resorts have a felt an impact from ___ forces.

Which of the following is not a disadvantage of sole proprietorship?

The board of governors of the Fed determines

Most important impact of the Hawthorne study

An unfavorable balance of trade occurs when the value of

You can work 40 hours anytime between Monday through Saturday between 7 a.m. and 10 p.m.

The U.S. economy is now characterized as a(n) ____ economy.

Primary disadvantage of both a sole proprietorship and a partnership

The number of units that must be sold for the total revenue to equal the total cost is called

Manager who has the ability to see the big picture and how it fits together has ____ skills

Customers, employees, stockholders, suppliers, creditors of a business

The fundamental accounting equation states: Assets=

Process of establishing and maintaining contacts

The elements of the marketing mix are

Which government agency is responsible for encouraging the development of small business?

Significance of the name "preferred stock"

Borden offers snacks and dairy along with films and other nonfoods. This is Borden's

All of the following are sources of external recruiting except

Plan to deal with external circumstances

In which order do the stages of the product life cycle occur?

A merger between two firms that make and sell similar products in similar markets

Arizona Jean Co. brand of jeans, owned by JCPenney, is a(n) ____ brand.

When starting a corporation, people submit articles of incorporation to

The three countries participating in NAFTA are:

Legally, a partnership must

The idea that satisfaction and dissatisfaction are distinct dimensions is referred to

The top governing body of a corporation

Del Aluminum uses its stock of unsold aluminum products as collateral for a short term loan

Narrow span of management implies the height of the organization will be__; wide span implies

Purchasing products or materials in other nations and bringing them into one's own country

What are two types of costs associated with inventory?

Which of the following represents the largest floor-based stock exchange in the world?

The resources that contribute to the create of wealth are known as

Statement with best description of how scientific management viewed employees

___ are the firm's after tax profits that are distributed to stockholders.

A market segment toward which a company directs its marketing effort is called a

Rating an organization's practices, processes, and products against the best of the world

Contractual agreement where one firm gives another permission to produce and market its product

Strategy of charging the highest possible price for a product during the introduction stage

Dana is a supervisor at a small manufacturing plant. Her pay is $635/week. Dana is paid on

By definition, every country has a(n) ____ advantage in some product.

If you own all the stock of a corporation and it is not sold to the general public

Often in business the greater the risk, the

Acquiring funds through borrowing represents:

A company had sales revenues of $1,500,000. Expenses were $800,000. What was the profit?

Which statement is most accurate about the Federal Reserve Bank (the Fed)

Document that describes the nature of the business, target market, competitive advantage

U.S. imports no more than 100 million tons of sugar from India. This type of import restriction

Means giving employees the authority and responsibility to respond quickly to customer requests

U.S. hires workers in other countries

The strategy of using borrowed funds to increase the rate of return for stockholders.

The ____ is a statistic used to compute the pace of inflation or deflation.

Ethical behavior covers a ____ range of conduct than legal behavior.

Title VII of the Civil Rights Act of 1964

Borrowed money that will be used for more than one year

A firm that has sizeable investments and a physical presence in several foreign countries.

Cultural diversity represents

An economic system in which individuals and businesses make the decisions is called a

In the control process the first step is to:

The type of utility on which production and operations management focuses is ___ utility.

Assignment part of a manager's work and authority to a worker

The simplest form of business owned and operated by one person is called a(n)

What does double taxation mean?

Fern Motors is offering a rebate on cars purchased this month. What P of marketing mix?

Management function determining whether an organization is progressing towards its goal

Empowerment and better educated lower level management, span of control in organizations has

When demand exceeds capacity, all of the following are reasonable options for the firm except

___ involves creating a vision for others to follow, establishing values and ethics

Important provisions of the Sarbanes-Oxley Act:

The head of the marketing department at CBS supervises twelve people in her department.

Unlimited liability means

Government agency with power to investigate complaints of discrimination

Process of systematically gathering, recording, and analyzing marketing data

If the demand for a product declines, what happens to the price of the product?

A list of duties and working conditions of a job

___means tailoring products to meet the needs of a large number of individual customers.

Two consecutive three-month periods of decline in a country's gross domestic product

Executive summary section of the business plan contains:

Hierarchy of human needs was developed by

____ refers to how quickly an asset can be converted into cash.

A firm's ___ reports the profit or loss for the firm over a specified time period.

All employers are required by law to provide certain benefits to their employees. An example

Human resources department administers a(n) __ program to introduce new employees.

The most basic form of company ownership and includes voting rights and dividends

Method of inventory control that suppliers deliver parts and materials just as they are needed

The balance sheet is composed of the following types of accounts:

Volunteers for SCORE are

Stage in the evolution of new products in which the product is introduced in a limited way