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