question

The factors of production in an economic system are ________.

answer

natural resources, human resources, capital, and entrepreneurship

question

How are not-for-profit organizations different from profit-seeking businesses?

answer

Not-for-profit organizations focus on goals other than generating profits.

question

Why should a company act in an ethical manner?

answer

Acting ethically will help a company to prosper in the long run.

question

When a company establishes a code of conduct for employees, the company is utilizing ethical ________ to assist workers in identifying ethical problems when they occur.

answer

awareness

question

Businesses exercise social responsibility for all of the following reasons EXCEPT ________.

answer

the company will become more profitable

question

Approximately what percentage of managerial and professional positions is currently held by women?

answer

about 50 percent

question

Technology has ________ ethical issues.

answer

expanded the range of

question

A strategy that promotes environmentally friendly products and production methods is called ________.

answer

green marketing

question

The equilibrium price is established when the quantity ________.

answer

purchased is equal to the quantity offered

question

The three major types of economic systems are ________.

answer

capitalism, planned economies, and mixed economies

question

Business borrowing becomes easier when ________.

answer

the Federal Reserve increases the money supply

question

The federal government raises corporate income taxes in order to reduce the budget deficit. This change will likely ________ economic activity, which is an example of ________ policy

answer

decrease; fiscal

question

A country has a strong private sector, along with publicly owned enterprises. Entrepreneurs and private-sector investors are entitled to profits, after taxes, and even state-owned enterprises are expected to at least break even. What type of economic system does this country have?

answer

mixed economy

question

Williams & Co. management is trying to decide the appropriate prices for various products sold by the firm. This is a focus of ________.

answer

microeconomics

question

During the past decade, the value of both U.S. imports and exports has __________.

answer

more than doubled

question

Which of the following would result from devaluation of the U.S. dollar?

answer

U.S. goods would sell for less abroad.

question

Which of the following are considered to be trade restrictions?

answer

import quotas and embargoes

question

Companies such as Dell Computer adapt their Web sites to specific countries. These companies are following a(n) __________ strategy.

answer

multidomestic

question

Which statement is true about less developed countries?

answer

Their share of the world population will increase in the coming years.

question

Which of the following is true about exchange rates?

answer

Exchange rate changes can quickly create a competitive advantage.

question

Corporations have all of the following advantages EXCEPT __________.

answer

favorable tax treatment

question

An acquisition occurs when __________.

answer

one company purchases the property and assumes the obligations of another company

question

Assume that Microsoft decides to invest some of its excess cash by acquiring fellow Seattle-based Starbucks Coffee. This would be a __________.

answer

conglomerate merger

question

A written document that provides a statement of a company's goals, methods for achieving goals, and standards for measurement is

answer

a business plan.

question

__________ are the largest group of minority business owners in the United States.

answer

Hispanics

question

Which of the following best describes an entrepreneur?

answer

a risk taker who seeks a profitable opportunity

question

An important component of the service-oriented economy is

answer

the use of electronic information, the Internet, and related technologies.

question

As someone moves up the managerial hierarchy, which skills become relatively less important?

answer

technical skills

question

A firm's management usually has three levels except

answer

technical.

question

The Equal Employment Opportunity Commission (EEOC) assists employers with all of the following issues EXCEPT __________.

answer

arranging for legal counsel for companies against discrimination complaints

question

Gain sharing is an employee benefit that provides __________.

answer

bonuses based on surpassing performance goals

question

Kate is a full-time nurse and would like to work fewer days but the same amount of hours. Which flexible work plan would be ideal for her situation?

answer

compressed workweek

question

A need produces __________, which leads to __________.

answer

motivation; goal-directed behavior

question

The National Labor Relations Act of 1935 (Wagner Act) required employers to __________.

answer

negotiate with elected representatives of their employees

question

A team consists of a group of people with __________ skills and __________ are responsible and accountable for accomplishing team objectives.

answer

complementary; all team members

question

Team diversity is often established in a __________ team, by bringing together the expertise of members from various functions in the organization.

answer

cross-functional

question

The want-satisfying power of a good or service is called ________.

answer

utility

question

Companies use ________ to focus on a specific consumer market by combining product, distribution, promotion, and pricing strategies.

answer

a marketing mix

question

Which of the following marketing decision areas may be subject to government regulation but can be a powerful competitive tool for a business?

answer

pricing strategy

question

A bundle of physical, service, and symbolic attributes designed to satisfy customer wants is called ________.

answer

a product

question

Paycheck services and huge multifunction copying machines used in operating an organization would be classified as what type of product?

answer

business

question

Promotion that is aimed at the ultimate consumer with the goal of generating demand for the good or service is based on a(n) ________.

answer

pulling strategy

question

The most basic form of promotion is ________.

answer

personal selling

question

How is data different from information?

answer

Information is knowledge; data are the facts that can be converted to a usable form.

question

A(n) ____________ can be tailored to assist many business functions and departments— from marketing and manufacturing to finance and accounting.

answer

information system

question

A(n) ________ is a financial statement that is directly based on the accounting equation.

answer

balance sheet

question

Accounting plays a key role in all of the following except

answer

interpreting macro and micro analyses to report changes in the economy.

question

All of the following are types of securities except _____.

answer

cash

question

A company would most likely finance ________ using short-term sources.

answer

inventory

question

The sovereign wealth fund is a variation of _____.

answer

the private equity fund

question

Organizations must always look for opportunities to create _________ for their customers in order to achieve long-term success.

answer

Value

question

Ashley wants to increase the profits of her business. What two ways can she accomplish her goal of increasing profits?

answer

Cutting back on expenses and increasing sales

question

Opportunity cost refers to:

answer

The trade-off of a decision

question

For a business, stakeholders represent

answer

all of the different people or groups who are affected in some way by the business.

question

Stagflation can best be described as:

answer

A business cycle that includes a very low or negative growth rate in GDP and high inflation

question

The National Debt of the United States is approximately__________, and the Social Security/Medicare deficit is approximately__________.?

answer

$10-13 Trillion and $44-50 Trillion.

question

The total of all federal deficits in the United States is called

answer

national debt.

question

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease. What will likely result from this new information?

answer

The demand for fish will increase at every price.

question

A distribution of earnings to the stockholders of a corporation is a(n)

answer

dividend.

question

Limited partners

answer

Can only lose the amount of their investment

question

The three skill levels for being a high-quality manager are:

answer

Technical skills, conceptual skills, and human skills

question

__________ is called the first management function because all other management functions depend on it.

answer

Planning

question

Common stock carries all the following rights except the right to

answer

receive dividends before other classes of stock.

question

Gabrielle needs a line of credit from her bank to meet this months payroll for her employees. The "line of credit" represents _______.

answer

Short-term financing

question

There are 3 billion people in the world who lack basic access to Internet technologies and might never catch up to be a part of the new world economy. This problem is called the _________.

answer

Digital divide

question

Which of the following statements is correct?

answer

The more information a manager has, the less risk there is when making a decision.

question

In order to be effective, goals and objectives should be:

answer

specific, measurable, attainable, and time limited

question

The best managers and negotiators constantly try to create Win-Win solutions. Strategies for creating Win-Win solutions are:

answer

Separate people from the problem, focus on interests, not positions, and invent options for mutual gain

question

In the grand scheme of your career development, you should be doing which of the following?

answer

building your professional network. keeping your "digital footprint" clean. focusing on how you can create value for your organization. all of the above.

question

Fear of losing a job, fear of management, creativity, and pride in doing a good job are all sources of ________.

answer

motivation

question

Joe works in close proximity to Jim, doing the same job and appearing to put forth the same effort. Joe learns that Jim makes more money and now Joe is not working as hard as before. The theory that best explains Joe's behavior is ________.

answer

the equity theory

question

Paul wanted to know about the skills and experience needed to qualify for a management position with JC Penney. Thus, he called and asked the personnel specialist to send him a job

answer

description.

question

Joe works in close proximity to Jim, doing the same job and appearing to put forth the same effort. Joe learns that Jim makes more money and now Joe is not working as hard as before. The theory that best explains Joe's behavior is ________.

answer

the equity theory

question

According to "Guerrilla Marketing," Gabrielle spends $1 dollar communicating to each of her employees about her Wild Birds Unlimited business's products. This $1 investment is equivalent to spending how much communicating directly to her customer?

answer

$100

question

In "Guerrilla Marketing" all guerrillas know they have three markets. The largest of those markets and the one that represents the least profits to you is called your:

answer

Universe

question

The main reason marketing is so important to American Businesses is because we live in a _____________.

answer

Free market economy

question

An organization's ________ is the group of potential customers toward whom it directs its marketing efforts.

answer

target market

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