Business midterm study packet – Flashcards

When developing and maintaining good stakeholder relationships, companies find that _____

The number of businesses owned by immigrants, minority groups, and women has _____ in recent years.

To encourage entrepreneurial growth, governments might _____

Efficiency means _____

At Backstreet Books, Inc., the department manager uses a hand-held scanner to determine the quantity of each best seller the bookstore has on its shelves, how many copies of each book was sold the past week and the past month, and exactly when the next shipment of these books is expected to arrive. Backstreet Books embraces the strategy of _____

One of the results of the increase in the older population of the United States is:

Among the changes resulting from increased global trade are:

The following chart describes opportunities and challenges in the external environments that surround businesses. Which of the following statements best characterize and fit in the shaded cells?

Since the mid-1980s, the _____ sector has generated the most amount of increases in employment in the United States.

The new era of business will:

The foundation of the US economic system is considered to be:

The way in which a country's resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the _____

Willie Hayes owns his own landscaping business, including all the land on which they grow their nursery plants, and all the equipment. Willie's son josh has just graduated from college with an architectural landscaping degree. Willie hopes to retire in a few years and turn the business over to josh, and josh will inherit the business when Willie dies. This is an example of the _____ in a capitalist system.

Which of the following best describes a capitalist nation?

In a free-market system, if customers perceive the price for a state-of-the-art cell phone as too high for the value received, they are likely to avoid buying it. In the same light, if the _____

Even if you work harder than another personal you are likely to realize the same benefit.

Citizens of socialist nations can rely on the government to provide all of the following except:

______ are economic systems where some allocation of resources is made by the market and some by the government.

In terms of economic systems, the trend has been for:

Which of the following is not a part of the business cycles that occur in economies over time:

Buying products produced in another country is known as:

When the value of exports from a country exceeds the value of imports into that country, there is a ______

In global trade, the term "dumping" refers to:

The nation of Andolvia exports $50 million worth of products and services and imports $44 million worth of products and services. Andolvia has a(n)

_____ is a cost effective way that many companies outsource the production of goods, such as clothing, shoes, and cell phones. The domestic firm contracts with a foreign company to produce and private-label the goods, because the price is much cheaper than the domestic firm could produce the same goods in its home market.

Even though the nation faces political instability, the island of Frollik with its wide, expansive beaches is a destination hub for cruise lines. Recently, a large theme park business showed strong interest in buying land in Frollik, including the hiring of servers hundred local employees. The theme park company is using a global marketing strategy called ______

Americans are often been accused of ethnocentricity. This means that:

The makers of Whirlpool washers and other electrical appliance manufacturers need to be concerned about the kind and availability of electricity in the global marketplace. If there were a compatibility problem, it would be the result of a _____ difference.

According to Geert Hofstede, who has spent a lifetime studying differences in cultures, the Chinese have a long-term orientation, meaning they are patient savers and are willing to forgo things today, for a better future. Americans typically have a short-term orientation. They prefer more instant gratification and are not as wiling to save for the future. This difference in values between the Chinese and Americans is a ______ attribute that may represent a challenge in future global trade.

Using government regulations to limit the import of goods and services is called:

Which of these actions is least likely to restore the trust of the American public in the free market system?

When it comes to ethical behavior:

Ethics are the standards of right and wrong set for us by society, whereas a law is _____

If your supervisor directed you to enter false information into a sales order book and told you if you refused that you would lose your opportunity for promotion, you would probably consider this situation to be a(n) _______

According to the text, ethical behavior begins with:

Which of the following is not included as one of the questions we must ask when faced with an ethical dilemma?

The most basic question in an ethics-base management system is asking the question:

Which of the following is the best reason for a business to be managed ethically?

Encouraged by the new Sarbanes-Oxley law, individuals who report unethical or illegal behavior within an organization are referred to as ______

A legal provision known as the _____ now provides an award for whistleblowers whose actions result in legal conviction. The monetary award may total as high as 30% of the amount collected for violations, above the first $1 million

Contemporary managers ______

"We believe in creating loyal customers by providing a superior experience at a great value. We are committed to direct relationships, providing the best product and services based on standards-based technology,mans outperforming the competition with value and a superior customer experience." This statement is part of Dell's:

Most businesses follow a logical process when performing the planning function. It is important to understand _____, before embarking upon creating future long-term goals, objectives, and strategies.

A traditional tool that serves as a way of evaluating a company's current business situation is called the SWOT Analysis. This is an acronym for _____

All managers do planning. Allison is a general manager for a large toy store. Each day she plans the number of employees she will have in each department, including the number of cashiers. She plans the break schedules and the freight delivery schedules. In the business world, we refer to this type of planning as ______

As managers perform all four management functions, we recognize that ______ is required. For example, when making plans, the manager must typically choose between two or three alternatives, that have pros and cons.

Harold is a supervisor in a small automotive shop. He spends a lot of his time training some workers, while helping others solve some of the problems they have in doing their jobs. He also runs the diagnostic machine. Harold spends time on:

Technical skills that apply to the business at hand are most often necessary at _____

Which of the following is not characteristic of a leader?

Which of the following leadership styles focuses on making decisions without consulting others?

Division of labor means _____

The process of setting up individual departments to do specialized tasks is called:

Julie recently started working at a major urban university. One of the first things her supervisor provided her with was a large white notebook that contained rules and regulations on just about every aspect of the university's business. As a recent business graduate, Julie realized that the university operated in a(n) _____ environment.

The evolving business environment has made _____ a critical managerial function.

The principal of ______ means that each person should know to whom they report, and that managers should have the right to give orders and expect others to follow.

A managers need to exert tight controls on subordinates (span of control) is most accurately captured by which of the following statements?

During the past recession, Cali-Bration Company created a _____ organization, when it restructured and eliminated several middle management positions and broadened the span of control for the remaining managers. As it emerged from the recession, Cali-Bration realized that the Internet technology permitted the remaining employees to be just as responsive to customer needs as the firm was prior to restructuring.

In order to build the next generation of gaming software, Leisure Time Gaming, Inc., put together a ______ structure. The structure that consisted of employees also included suppliers, distributors, and customers, who joined the company experts to pursue the company's objectives.

ABC Company desires a successful product launch for this new product venture. Looking outside of its industry, the company solicited the advice of companies JKL and MNO who were known for successful product introductions in past years. The business term that we use to describe the practice of looking toward others to develop a model of approach is called ______

Which of the following would not be used to describe a company with a positive corporate culture?

Which of the following factors would not be part of a process to improve a business' competitive positioning in a global marketplace?

What statement is most accurate in describing the trend in manufacturing in the United States?

_____ is about converting resources into goods and services. It includes inventory management, quality control, production scheduling, follow-up services and more.

The United States has:

An operations manager at a wood processing plant in Oregon notices that there is significant scrap and inefficiencies in the plants operations. Which of the following techniques would he be most interested in implementing?

Paul works in an auto plant in which parts constantly travel along a conveyor belt and each worker performs his/her specific jobs the process Paul is involved with in his business is an example of a(n):

In order for a US or non-European company to export manufactured goods to European countries, which of the following would most likely apply?

As Leisure-Time Gaming, Inc.'s business and product lines continue to grow, it wants to limit the need to build additional space to house programmers and other personnel who work on new products. The company has strategically decided to adopt ______ so skilled employees can work from remote locations.

Anna works for over an hour trying to set up her new smart phone by following the brochure directions and even going online to access services. She finally gave up and used the online locator to find the service providers nearest location to her home. Businesses know their products can be complicated and many customers prefer in site service visits. Brick-and-mortar locations need to ______ in order to compete for the business of busy customers.

The US award that recognizes firms that meet customer needs, produce high quality products and have quality internal operations is known as:

With respect to the development of scientific management, Frederick Taylor's objective was to _______.

Elton Mayo's famous experiment at the Hawthorne Plant concluded______.

The tendency for people to behave differently when they know they are being studied is referred to as:

According to Maslow's theory, when a need is satisfied:

In accordance with Maslow's way of thinking, if Elizabeth secured a good paying job that paid her enough to live in a decent apartment and buy an economical car, and if she felt that her work location and her home location were relatively safe places, she would _______

According to Herzberg, workers felt that good pay and job security:

According to Herzberg, which of the following would be considered "motivators"?

Which of the following approaches suggests that a manager believes that employees should be involved in both defining problems and in designing the solutions?

The central idea of MBO is that:

The strategy of making work interesting and motivating employees by moving them from one job to another is called: