POB Midterm Review

Question 1

What tools do Fed use to protect depositors who may want to withdraw their money without notice

Accepted Answer

Reserve requirement

Question 2

_____ refer to expertise in a specific functional area or department.

Accepted Answer

Technical skills

Question 3

The span of control is also called _____.

Accepted Answer

span of management

Question 4

Which of the following is a drawback of buying a franchise?

Accepted Answer

If the national brand suffers, so does the franchisee.

Question 5

____ include differences among countries in language, attitudes, and values.

Accepted Answer

Sociocultural differences

Question 6

Which of the following is a characteristic of limited liability companies (LLCs)?

Accepted Answer

They are made to pay an annual franchise tax in many states

Question 7

The sum of all the money borrowed by the government over the years and not yet repaid is the

Accepted Answer

federal debt

Question 8

Creates flexibility bringing together specialists from different areas to work temp on projects

Accepted Answer

matrix organization

Question 9

Which of the following is true of a partnership?

Accepted Answer

It is a formal, long-term agreement.

Question 10

Which of the following is a disadvantage of holding larger inventories?

Accepted Answer

Additional holding costs

Question 11

A capitalist system depends on fair competition among businesses to:

Accepted Answer

drive higher quality and lower prices.

Question 12

scam in which official-looking emails are sent get individuals to divulge private information

Accepted Answer

Phishing

Question 13

Autocratic leadership tends to be the best option when:

Accepted Answer

a quick decision is the top priority.

Question 14

Paul, an employee at a bank, offers free financial advice to account holders Paul is offering a

Accepted Answer

Service

Question 15

In the context of goal setting in an organization, the most effective strategic goals are:

Accepted Answer

defined in clear, numerical terms.

Question 16

Which of the following statements is a characteristic of entrepreneurs?

Accepted Answer

Produce a ripple effect that enriches everyone around them.

Question 17

Which of the following is a disadvantage of foreign outsourcing?

Accepted Answer

The risk of poor quality control becomes higher.

Question 18

The two broad categories of software are:

Accepted Answer

system software and application software.

Question 19

Identify a true statement about exporting.

Accepted Answer

most basic level of international market development.

Question 20

In operations management, quality is defined in terms of:

Accepted Answer

how well a product satisfies customer preferences.

Question 21

Socially responsible employers:

Accepted Answer

ensure that hard work, commitment, and talent pay off.

Question 22

Quantity of products that producers are willing to offer for sale at different market prices.

Accepted Answer

Supply

Question 23

Who is involved with setting safety standards and enforcing them?

Accepted Answer

OSHA

Question 24

This can occur when an action by a company or individual results in an unfair benefit

Accepted Answer

Conflict of interest

Question 25

Ethics refers to:

Accepted Answer

sets of beliefs about right and wrong.

Question 26

Countries that adopted communist economics most likely developed:

Accepted Answer

crippling shortages and surpluses.

Question 27

A(n) _____ is a set of related activities that transform inputs into outputs, thus adding value

Accepted Answer

process

Question 28

Macroeconomics is primarily engaged in the study of:

Accepted Answer

employment rates in a country.

Question 29

Which aspects of a limited partnership differentiates general partners from limited partners?

Accepted Answer

Participation in management of a company

Question 30

Which of the following is an intimidating difficulty that small businesses face?

Accepted Answer

High health insurance costs

Question 31

Which of the following is a feature of joint ventures?

Accepted Answer

Sharing of resources

Question 32

The most socially responsible companies establish ___ for their vendors, setting clear policies

Accepted Answer

codes of conduct

Question 33

Huge factories replaced skilled artisan workshops during the _____.

Accepted Answer

industrial revolution

Question 34

Balance of payments deficit means that:

Accepted Answer

more money flows out than in.

Question 35

This administration enforces equal rights in the workplace for people with disabilities

Accepted Answer

ADA

Question 36

Which of the following is a disadvantage of a sole proprietorship?

Accepted Answer

Owner is personally liable for the debts of the firm

Question 37

Which of the following is an advantage of a C corporation?

Accepted Answer

The shareholders have limited liability in the firm.

Question 38

refers to the physical components used to collect, input, store, and process data

Accepted Answer

Hardware

Question 39

Which of the following is a true statement about profit in a business?

Accepted Answer

Calc by subtracting the cost of goods from the sales revenue

Question 40

Individuals elected by stockholders of a corporation to represent their interests are known as

Accepted Answer

a board of directors

Question 41

The purpose of JIT (just-in-time) production is to:

Accepted Answer

keep inventories at a minimum.

Question 42

_____ Measures the change over time in weighted-average wholesale prices (price businesses pay)

Accepted Answer

Producer price index (PPI)

Question 43

The two key phases of a business cycle are:

Accepted Answer

contraction and expansion.

Question 44

U.S. corporations are forbidden to offer bribes since 1977 under the _____.

Accepted Answer

Foreign Corrupt Practices Act

Question 45

Dimensions of a business environment embodies a group's values, attitudes, customs, and beliefs

Accepted Answer

Social

Question 46

In _____ e-commerce, many purchases may be based on impulse.

Accepted Answer

business-to-consumer

Question 47

____ software enables users to test, analyze, and optimize their designs through computer sim.

Accepted Answer

Computer-aided engineering (CAE)

Question 48

Which statements is true of the impact of federal regulations on entrepreneurship?

Accepted Answer

Extensive regulations can impede entrepreneurship.

Question 49

Which of the following is most likely to be a first-line management title in a large company?

Accepted Answer

Supervisor

Question 50

Which of the following statements is true of microeconomics?

Accepted Answer

It primarily focuses on smaller economic units.

Question 51

Refers to marketing, buying, selling, and servicing of products over a network such as inernet

Accepted Answer

E-commerce

Question 52

A _____ typically has a clear, simple chain of command from top to bottom.

Accepted Answer

line organization, decentralized organization

Question 53

In the context of factors of production, which is an example of a natural resource?

Accepted Answer

Land

Question 54

Which of the following is a characteristic of Six Sigma?

Accepted Answer

Aims to reduce defects to 3.4 per million opportunities.

POB Midterm Review

Questions 54

POB Midterm Review

Questions 54