question

In order to create more wealth and provide better services, some nations recognize that _______________.

answer

a good strategy is to minimize interference with the free exchange of goods and services

question

Companies that outsource research and development and design jobs:

answer

run the risk of overseas companies using the information to produce competitive products.

question

The threat of terrorism,

answer

is costly to most firms because it is costly to governments who increase taxes to pay for added protection.

question

Which of the following is a factor of production?

answer

knowledge

question

Taxes and government regulations are part of the ________________ environment of business.

answer

economic and legal

question

___________ refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour.

answer

Productivity

question

Successful businesses are keenly focused on their:

answer

customers.

question

The total amount of money that businesses take in by selling goods and services is called ________.

answer

revenue

question

An activity which seeks to earn a profit by providing a good or service is known as a(n):

answer

business.

question

Retired people will be draining the U.S. economy of wealth. This is due to:

answer

The fact there are not enough workers in subsequent generations to support the ongoing drain of older persons into the social security system.

question

Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the:

answer

service sector.

question

Employers provide tools and technology for their employees in order to:

answer

improve their efficiency and productivity.

question

Since the beginning of the 1900s, the agricultural sector of the United States has:

answer

Experienced a significant drop in employment, mainly because of tremendous improvements in efficiency.

question

The global environment,

answer

is far reaching and affects all the other business environments.

question

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

answer

entrepreneurship and knowledge.

question

___________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

answer

Quality of life

question

How is the profile of business owners changing?

answer

Businesses owned by minority women are growing at a faster rate than businesses owned by men or nonminority women.

question

As a factor of production, the term capital includes:

answer

tools, machinery, and buildings.

question

In today's competitive environment, good value means:

answer

providing quality products and services at competitive prices.

question

Empowerment means:

answer

giving employees the authority to make decisions.

question

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:

answer

stakeholders.

question

Which of the following business policies would most likely help a single-parent family?

answer

Allowing family leave and flextime

question

In order to compete well and gain market share, contemporary businesses are changing to be more

answer

customer-driven

question

The immigrant population (both legal and illegal) is having a dramatic effect on

answer

schools, hospitals and other services type industries

question

In countries where businesses are government owned:

answer

there is less incentive to work hard.

question

Technology affects people in:

answer

all industries.

question

The green movement is:

answer

concerned with depletion of natural resources and leaving a large carbon footprint

question

A(n) ____________ is a person who assumes the risk of starting a business.

answer

entrepreneur

question

When corruption is present in the business environment:

answer

company leaders can threaten competitors and minimize competition.

question

The new era of business is likely to be dominated by the:

answer

information-based sector.

question

If a shortage exists for a good in a free-market economy, the:

answer

Price of the good will rise.

question

The four basic types of unemployment are frictional, structural, seasonal, and:

answer

cyclical.

question

There are some restrictions on freedom of assembly and freedom of speech under a ____________ system.

answer

mixed economy

question

A major premise of a socialist system is:

answer

to reduce the inequality in the distribution of wealth.

question

__________ unemployment refers to persons who purposefully quit their jobs and have not yet found a new job.

answer

Frictional

question

__________ unemployment refers to loss of jobs due to a recession or a similar downturn in the economy.

answer

Cyclical

question

The freedom of people to buy, sell, and use land, buildings, machinery, and inventions are basic capitalist rights under:

answer

The right to own private property.

question

One of the benefits of a free market is that:

answer

Businesses provide customers with quality products at fair prices.

question

___________ studies the operation of a nation's economy as a whole.

answer

Macroeconomics

question

Which of the following would be a topic emphasized in a macroeconomics course?

answer

Factors that determine how fast a nation's economy is growing.

question

Thomas Malthus was pessimistic about the ability of a society to achieve high standards of living for most of its citizens because he believed that:

answer

Significant population growth would result in shortages of food and resources.

question

One of the most significant problems faced by communist nations is:

answer

Persistent shortages of basic goods such as food and clothing.

question

A simple supply curve shows a relationship between the:

answer

Price of a good and the quantity of that good sellers are willing to offer for sale at a specific point in time.

question

The market price of apples is currently rising. In a free-market economy, the most likely explanation of this price change is that:

answer

There is a shortage in the market for apples.

question

Economics is the study of how a society _________________.

answer

employs resources to produce goods and services and distribute them among competing groups and individuals

question

When the market price of a good is above its equilibrium value, and all other determinants are unchanged:

answer

A surplus will exist in the market.

question

Which of the following is a basic right under capitalism?

answer

The right to compete.

question

__________ is a condition in which the price increases are slowing.

answer

Disinflation

question

An oligopoly is a market that is characterized by:

answer

A few large sellers who dominate the market.

question

The main goal of resource development is to find ways to:

answer

Increase the amount of resources and create conditions that will make better use of those resources.

question

A(n) _____________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

answer

demand

question

As the term "global" become "local", and as we see more opportunities to compete in the global market,

answer

the long-term trend is for most nations to operate as mixed economies.

question

A command economic system is characterized by:

answer

Reliance on the government to determine what is produced and who gets the output.

question

The freedom of people to decide where they want to work and live, and what they want to buy or sell are basic capitalist rights under:

answer

Freedom of choice.

question

Which of the following statements most accurately identifies a limitation of the free-market economic system?

answer

Free-market economies tend to result in unequal distribution of wealth.

question

If businesses are producing at capacity, and the nation is experiencing almost full employment (a very low rate of unemployment - less than 2%), the Fed may decide to:

answer

Increase interest rates.

question

Both socialism and communism are variations of:

answer

Command economies

question

On its website, Papa John's Pizza compares itself to the competition with the following message: "better ingredients, better pizza". The company wants to achieve:

answer

Product differentiation

question

The U.S. economic system relies on

answer

Key economic indicators such as GDP, to measure economic progress.

question

Under capitalism:

answer

Most of the means of production and distribution are privately owned and operated for profit.

question

In volume of exports, the three leading nations are:

answer

U.S., Germany, and China.

question

A favorable balance of trade occurs when the value of:

answer

the value of imports is less than the value of exports.

question

Trade experts' concerns about trading with China include:

answer

its political system, counterfeiting activities, and human rights abuses.

question

Which of the following is considered when calculating a country's balance of payments?

answer

military expenditures

question

A __________ represents a long-term partnership between two or more companies established to help each firm build competitive market advantages, without sharing the cost of risk.

answer

strategic alliance

question

Companies may have several reasons for creating joint ventures. Which of the following statements is one reason why firms may decide to form a joint venture?

answer

They will save time to market if they pool their technological know-how.

question

CAFTA consists of:

answer

free trade agreement with Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua., and the U.S.

question

______________ was an 18th century belief that a nation should try to sell more goods to other nations than it buys from them.

answer

Mercantilism

question

An unfavorable balance of trade occurs when the value of:

answer

Imports exceed the value of exports

question

The outlook for growth in global trade appears to be:

answer

more interesting yet more challenging every day.

question

The largest importer in the global market today is:

answer

The United States

question

________ tariffs are designed to raise money for the government.

answer

Revenue

question

The federal government created ___________ to help small and medium sized businesses get involved in exporting.

answer

Export Assistance Centers

question

With GDP totaling more than $570 billion, the common market known as COMESCA is:

answer

composed of Southern African and Eastern African nations.

question

One advantage of free trade is:

answer

innovation for new products occurs which keeps firms competitively challenged.

question

The __________ represents the first attempt to establish a truly global mediation center to resolve international trade disputes.

answer

World Trade Organization

question

A risk unique to firms with direct investment in a foreign county is the potential takeover of the firm's assets by the government of that country. This takeover is called a(n):

answer

expropriation.

question

The concept of free trade means:

answer

goods and services can be traded freely across borders without political and/or economic barriers.

question

The value of goods imported into France exceeds the value of French exports. This indicates that France:

answer

Has a trade deficit.

question

A sociological challenge that must be overcome in order to be successful in the global market is:

answer

A lack of cultural understanding.

question

One objective of NAFTA is:

answer

promote conditions of fair competition for the three trading partners

question

Ethnocentricity means:

answer

You believe your culture is superior to others.

question

As a business strategy, the strategy behind "dumping" is to ___________.

answer

gain a foothold in a new market

question

Another name for a common market is:

answer

Trading bloc.

question

__________ is lowering the value of a nation's currency relative to other currencies.

answer

Devaluation

question

If global trade experts predict that the value of the dollar will soon fall, it will result in:

answer

Prices of imported goods rising, but prices of U.S. goods sold overseas falling

question

The purpose of the General Agreement on Tariffs and Trade (GATT) is to:

answer

facilitate global trade

question

A disadvantage of licensing is:

answer

the licensee may decide to use the expertise you have developed, break the agreement, and begin producing the product on his/her own.

question

The two basic types of tariffs are:

answer

revenue and protective

question

Which of the following sociocultural forces can have a significant impact on global business operations?

answer

Religion

question

Although college graduates would prefer to work for socially responsible companies,

answer

they are not in agreement with what it means to be socially responsible.

question

Considering the potential impact on others prior to making a decision is consistent with ________ behavior.

answer

ethical

question

Which of the following is a reason why a business should be managed ethically?

answer

It is the right thing to do.

question

One problem with conducting a social audit is:

answer

how to determine what should be measured and how to calculate the effect on society.

question

Going green means:

answer

increasing one's initiatives toward a concern for the environment.

question

Which of the following statements describes ethical behavior in the U.S.?

answer

We can find common moral values that many Americans uphold, including respect for human life, self-control, honesty, integrity, and courage.

question

Following an ethics-based approach to decision making will normally lead to higher:

answer

trust and cooperation.

question

The first step when facing an ethical dilemma is to ask:

answer

"Is it legal?"

question

Ethical dilemmas in business:

answer

often force us to choose between equally unsatisfactory alternatives.

question

When Bagel Works employs in-store recycling, composting, and uses nontoxic cleaners, Bagel Works is participating in:

answer

corporate responsibility.

question

We describe charitable donations by corporations to nonprofit organizations as _________.

answer

corporate philanthropy

question

To improve America's business ethics:

answer

company leaders should adopt and support a corporate code of ethics.

question

Relationships between businesses and among nations,

answer

should be based on fairness, honesty, openness, and moral integrity.

question

Following an ethics-based approach to decision making will normally lead to:

answer

lower employee turnover.

question

Which of the following is a characteristic of an effective ethics officer?

answer

(S)he has a capacity to serve as a counselor and an investigator.

question

Compliance-based ethics codes:

answer

conform to laws and regulations.

question

Many Americans define ethical behavior according to the situation in which they find themselves. This suggests that there may be situations where ________ to cheat, steal, or lie.

answer

it might be OK

question

When working with international firms, U.S. businesses:

answer

expect socially responsible behavior from their business partners.

question

A recent study revealed that most Americans have:

answer

few moral absolutes.

question

A phone call to a government official by an employee of the Enron Corporation disclosed the deception and dishonesty of the firm's accounting records. This employee played the role of a:

answer

whistleblower.

question

An ethical dilemma refers to a situation where you must:

answer

choose between equally unsatisfactory alternatives.

question

Purposefully understating your firm's income to avoid paying higher taxes is an example of:

answer

Illegal behavior.

question

When discussing moral and ethical issues, it is helpful to remember that ethical behavior begins with __________________.

answer

each of us

question

________ refers to standards of moral behavior.

answer

Ethics

question

Corporate values are:

answer

learned by observing the actions of others in the organization.

question

After developing a code of ethics, it should be communicated to:

answer

everyone with whom the business has dealings.

question

Insider trading involves:

answer

investors using private company information to further their own fortunes.

question

Compliance based ethics codes typically:

answer

rely on laws and regulations outside the firm for guidance.

question

Many individuals today believe that ethical behavior is determined by what is best for them at the time. This is an example of:

answer

Situational ethics.

question

In recent years, progressive firms have embarked upon ___________, where they will commit company resources and expertise toward helping-out in emergency type situations.

answer

corporate social initiatives

question

____________ comprise about 20% of all businesses but account for about 81% of U.S. business receipts.

answer

Corporations

question

The most popular type of business for franchising is:

answer

Restaurants

question

"Double taxation" means:

answer

Corporations pay taxes on their profits. If they distribute after-tax profits to the stockholders, the stockholders also pay taxes on the distribution.

question

A merger involving a software producer and a clothing manufacturer is an example of a:

answer

Conglomerate merger.

question

An evaluation of franchising would conclude that this type of arrangement:

answer

Appeals to people who want to own a business, but are not comfortable starting a company from scratch.

question

When a sole proprietor dies:

answer

The sole proprietor's heirs have the option of taking over the business.

question

The form of business ownership best suited to raising large amounts of money for expansion is the:

answer

Corporation

question

One important consideration when prospecting for a good franchise business is:

answer

The market potential for the product or service, at the prices you need to charge.

question

The __________ is the most common form of business ownership.

answer

sole proprietorship

question

Which of the following is not a disclosure that should be part of a partnership agreement?

answer

The list of personal assets of each partner.

question

The organizational structure of a corporation permits:

answer

Stockholders to elect the Board of Directors.

question

Nick wants to start his own business. Nick should consider a sole proprietorship if he:

answer

Wants to be his own boss and can accept unlimited liability.

question

The reason a professional such as a lawyer or doctor would incorporate his/her business is

answer

to protect his/her other assets with limited liability.

question

_____________ is by far the most popular target for American franchisors seeking to establish franchises in other countries.

answer

Canada

question

A separation between ownership and management is most likely to occur in a:

answer

Corporation

question

The __________ is usually the easiest form of business to start and end.

answer

sole proprietorship

question

Which of the following statements about the operation of a corporation is correct?

answer

A corporation receives its charter from a state government.

question

The S corporation is likely to be less popular in the future because:

answer

Limited liability companies, which do not have the restrictive eligibility requirements of S corporations and offer greater flexibility in the choice of tax treatment, are now legal in all 50 states.

question

Earnings of C (conventional) corporations can be:

answer

Taxed twice if they are distributed as dividends to stockholders.

question

Global franchising offers:

answer

Opportunities for both large and small franchises.

question

A significant disadvantage of owning a sole proprietorship is the:

answer

Overwhelming time commitment often required of the owner.

question

To many businesspeople, one of the major attractions of a sole proprietorship is:

answer

The chance to be their own boss.

question

Which of the following statements is the most accurate? Sole proprietorships:

answer

Are taxed at the owner's personal tax rate.

question

An entrepreneur who wishes to start a business with little delay or hassle, and who wants to be his or her own boss, should organize the business as a:

answer

Sole proprietorship.

question

The board of directors for a corporation is elected by its:

answer

Stockholders

question

Three types of corporate mergers are:

answer

Vertical, horizontal, and conglomerate.

question

A partner (owner) who invests money in a business, does not take an active role in managing the operation, and is only subject to losing the funds he/she invested.

answer

Limited partner.

question

One reason limited liability companies have become so popular is that they:

answer

Can be taxed either as a corporation or as a partnership, so owners can choose the tax treatment that is most advantageous for their situation.

question

A conglomerate merger will:

answer

Diversify business operations and investments.

question

Compared to the C-corporation, the limited liability company is an attractive form of business ownership because:

answer

Once formed, the limited liability company does not require the firm to hold annual meetings, and has the option to avoid double taxation.

question

One reason we have seen continued growth in home-based businesses is:

answer

affordable computer and information technology makes it easier to compete.

question

Similar to how large businesses proceed, small businesses make marketing decisions _____________.

answer

before a product is developed or store is opened

question

A good business plan will:

answer

describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications.

question

A creative person working within a corporation to launch new products and generate new profits is known as a(n):

answer

intrapreneur

question

A business's size is measured:

answer

in relation to other firms in its industry.

question

Bankers and potential investors are likely to read ___________ first.

answer

the executive summary

question

Entrepreneurs seeking financial support from bankers and potential investors should:

answer

create a detailed business plan to help the bankers and investors understand why this business will succeed.

question

Business incubators are usually government-funded facilities intended to:

answer

offer startup firms low-cost office space and basic business services.

question

Affiliate marketing is a web-based business strategy that:

answer

Rewards individuals who are willing to link a company's website to their blog or social network page.

question

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

answer

market

question

When starting a small business, it's important to remember:

answer

learning from others and gaining relevant business experience improves the odds for success.

question

One of the best places for young entrepreneurs to start shopping for a SBA loan is a:

answer

Small Business Development Center.

question

Business owners who prefer to maintain their businesses at a manageable size are called:

answer

micropreneurs

question

Successful entrepreneurs are self-nurturing. This means they:

answer

believe in themselves and their ideas.

question

Increased participation in small business exporting owes credit to ________.

answer

technological advances such as the Internet and PayPal for safely fulfilling orders

question

A firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company is called a:

answer

venture capitalist.

question

The Small Business Administration's microloan program awards loans to entrepreneurs based primarily on their:

answer

integrity and sound business idea.

question

Using the analogy of boulders vs. sand for filling a hole, the textbook points out that:

answer

small businesses can serve niche markets that larger firms do not serve well.

question

often find more job satisfaction than their counterparts in big business. Small business employees:

answer

often find more job satisfaction than their counterparts in big business.

question

Successful entrepreneurial teams:

answer

bring a variety of talent to the business venture.

question

Enterprise zones are specific geographic areas that:

answer

attract business investment by offering lower taxes and government support for development.

question

To be considered part of a market, an individual must:

answer

have both a willingness to buy and the financial resources needed to buy.

question

Successful small business owners are:

answer

valuable sources for information since you can learn from their experiences.

question

Enterprise zones are:

answer

specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas

question

A detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a:

answer

business plan.

question

The Small Business Administration defines a small business as a firm that:

answer

is independently owned but not dominant in its industry.

question

One reason why many U.S. small businesses are not involved in exporting is:

answer

many of these firms do not know how to get started.

question

The size of the world market is:

answer

6.9 billion

question

Which of the following is a characteristic of successful entrepreneurs?

answer

Action-oriented

question

Which of the following best describes the outlook for small businesses in international markets?

answer

the world is a larger, and potentially a more lucrative market than the U.S. domestic market

question

__________ involves setting the organization's vision, goals, and objectives.

answer

Planning

question

Autocratic leadership is likely to be effective when:

answer

the organization faces an emergency situation.

question

One of the four primary functions of management is:

answer

controlling

question

The first step in the rational decision-making model is to:

answer

define the situation.

question

__________ is the management function that involves determining whether an organization is progressing toward its goals, rewarding employees for doing a good job, and taking corrective action when they are not.

answer

Controlling

question

The revolution in management that is currently underway suggests that the most effective managers of the future will:

answer

emphasize team work.

question

Which of the following activities would be a part of the leading function of management?

answer

Training and coaching workers to help them understand their job and perform it effectively

question

__________ include dealers, who buy products to sell to others, and ultimate customers who buy products for their own personal use.

answer

External customers

question

____________ is concerned with finding the right information and making that information accessible and understood by everyone in an organization.

answer

Knowledge management

question

Leadership, coaching, and morale building are all part of a manager's _________ skills.

answer

human relations

question

__________ are specific, short-term, measurable results an organization wants to achieve in order to fulfill its long term goals.

answer

Objectives

question

In comparing the types of skills used by managers at different levels within an organization, which of the following is true?

answer

First-line managers use mainly technical and human relations skills, while top managers devote most of their time to activities involving human relations and conceptual skills

question

__________ is the management function that involves allocating resources, assigning tasks, and establishing procedures for accomplishing the organizational objectives.

answer

Organizing

question

____________ skills include the ability to perform tasks of a specific department or job, such as selling (marketing) or bookkeeping (accounting).

answer

Technical

question

The downsizing that has occurred in recent years has __________ middle managers in many organizations.

answer

eliminated the jobs of some

question

___________ involves recruiting, hiring, motivating, and retaining the best people available to accomplish the company's objectives.

answer

Staffing

question

A(n) __________ is used by an organization to show who is accountable for the completion of specific work and who reports to whom.

answer

organization chart

question

__________ are units within an organization that receive services from other units within the organization.

answer

Internal customers

question

How are managers today different from managers in the past?

answer

Managers today emphasize teamwork

question

One difference between managers and leaders is that:

answer

mangers work to achieve stability while leaders embrace change.

question

The level of management that is directly responsible for assigning specific jobs to workers and evaluating their daily performance is called:

answer

supervisory management.

question

__________ is choosing among two or more alternatives.

answer

Decision-making

question

Which of the following should form the foundation of a firm's control system?

answer

Accounting and finance

question

Strategic planning looks at the organization as a whole, while ________ planning focuses on daily tasks and decisions.

answer

operational

question

When a firm makes use of the SWOT analysis, one of its objectives is to:

answer

identify the things it does well as an organization and the things it needs to improve.

question

Which of the following activities is part of the planning function of management?

answer

Looking at market forecasts to identify future business opportunities and challenges

question

Managers who listen to their subordinates and allow them to participate in decision-making are using the ____________ style of leadership.

answer

participative

question

__________ planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals.

answer

Strategic

question

A __________ analysis is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunities.

answer

SWOT

question

Leaders

answer

embrace change.

question

The line of authority that moves from the top of a hierarchy to the lowest level is called the:

answer

chain of command.

question

________ refers to the process of dividing organizational functions (sales, production, accounting/bookkeeping) into separate units.

answer

Departmentalization

question

One advantage of a bureaucratic organization is that:

answer

employees know they are expected to follow the rules and regulations.

question

Which of the following are common responses of employees when faced with change?

answer

"That's the way we've always done things"

question

Fayol's _____________ principle states that each worker should report to one, and only one, boss.

answer

unity of command

question

All organizations have two organizational systems:

answer

the formal organization and the informal organization.

question

Matrix organizational structures were first developed in:

answer

the aerospace industry.

question

Which of the following is true of cross-functional teams?

answer

Cross-functional teams work best when the voice of the customer is brought into the organization

question

The concept of ____________ suggests that as a firm produces more, the average cost of goods produced goes down.

answer

economies of scale

question

Which of the following is considered to be a disadvantage of functional departmentalization?

answer

There may be a lack of communication among the different departments

question

Due to more emphasis on empowerment and more talented and better-educated lower level management, span of control in organizations has __________.

answer

increased

question

Staff positions in an organization:

answer

support and assist the line positions.

question

In recent years, large organizations have tried to improve their efficiency in communication and decision making by:

answer

eliminating several layers of management.

question

__________ are responsible for directly achieving organizational goals.

answer

Line personnel

question

Which of the following is an example of a move to reorganize?

answer

Reducing the labor force within your business

question

The optimum number of subordinates a manager can supervise is referred to as the:

answer

span of control.

question

______________ organizations are characteristic of many layers of management and function with well-defined rules and procedures.

answer

Bureaucratic

question

The process of setting up individual functional units of the business to do specialized tasks is called:

answer

Departmentalization.

question

A ____________ organization is characterized by direct two-way lines of responsibility, authority, and communication running from the top to the bottom of the organization, with all people reporting to only one supervisor.

answer

line

question

In Weber's view of a bureaucratic organization, the organization demanded:

answer

clearly established rules and guidelines that were to be precisely followed.

question

Organizing a business begins with:

answer

determining the work to be done.

question

Which of the following factors help determine a manager's span of control?

answer

The level of standardization of the work to be done

question

__________ refer to those functions that an organization does as well as, or better than, any other organization in the world.

answer

Core competencies

question

The ___________ is the nerve center of the informal organization.

answer

Which of the following determines the degree of decentralization a firm might use?

question

Which of the following determines the degree of decentralization a firm might use?

answer

The degree to which lower level management is empowered to make decisions.

question

The widely shared values within an organization that provide unity and cooperation to achieve common goals is together known as the:

answer

organizational culture.

question

In open organizations the informal organization can be:

answer

an asset that promotes harmony among workers.

question

Which of the organization models follows all of Fayol's traditional management rules?

answer

Line organizations

question

Which of the following is an advantage of a matrix organization structure?

answer

It provides for efficient use of organizational resources

question

Fayol's ____________ principle says that workers' attitudes would create an environment of pride and loyalty within an organization.

answer

esprit de corps

question

The ___________ National Quality Award is given to firms that achieve an outstanding level of overall quality based on performance in seven key areas.

answer

Malcolm Baldrige

question

An example of a __________ is building a new home on a lot.

answer

fixed-position layout

question

Enterprise resource planning (ERP) goes beyond the capabilities of MRP because it:

answer

monitors the computerized functions of all the divisions and subsidiaries of the firm in a single software program.

question

Contemporary producers and their suppliers,

answer

locate close together to decrease the cost of distribution.

question

In recent years, the service sector of the U.S. economy has:

answer

grown much more rapidly than the manufacturing sector.

question

The goal of lean manufacturing is to:

answer

produce goods and services with less of everything that goes into the process.

question

__________ is the process of selecting a geographic location for a company's operations.

answer

Facility location

question

In manufacturing, a __________ is used to produce large quantities of a few types of products.

answer

assembly-line layout

question

Operations management becomes a(n) ____________ when companies outsource several processes and create a network of firms that cooperatively produce products and services.

answer

interfirm process

question

In manufacturing, one way to compete with cheap labor is to:

answer

use robots.

question

____________ standards are concerned with the best practices for managing an organization's environmental impacts.

answer

ISO 14000

question

In ___________, materials are physically or chemically changed to produce a product.

answer

process manufacturing

question

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

answer

Mass customization

question

A basic characteristic of flexible manufacturing is that it:

answer

uses machines designed to perform multiple tasks so they can be used to produce a variety of products.

question

A bar graph that shows what projects or tasks are in process and how much of each is completed is called a(n):

answer

Gantt chart.

question

Firms often use a(n) _____________ when working on a major project involving the production of a large item such as an airplane, ship, or bridge.

answer

fixed-position layout

question

Today manufacturers are relying more heavily on:

answer

one or two suppliers because firms share so much information.

question

__________ is the physical arrangement of resources in the production process.

answer

Facility layout

question

The U.S. economy is now dominated by the _________ sector.

answer

service

question

A firm would be most likely to employ statistical process control (SPC) if it wanted to:

answer

make sure products meet quality standards all along the production process.

question

A benefit of CAD (Computer Aided Design) and CAM (Computer Assisted Manufacturing) is:

answer

it permits customization without a significant increase in price.

question

The first step in the development of a PERT chart is:

answer

analyzing the tasks and determining the sequence in which they must be performed.

question

___________ is a computer application that enables a firm to combine computerized functions of all divisions and subsidiaries of the firm into a single, integrated software program that uses a single database.

answer

Enterprise resource planning (ERP)

question

Lean manufacturing ___________ productivity.

answer

increases

question

A(n) __________ puts together components to make a product.

answer

assembly process

question

__________ is the creation of goods and services using land, labor, capital, entrepreneurship, and knowledge.

answer

Production

question

___________ is a technique to analyze and sequence tasks involved in completing a project, to estimate the time needed to complete each task, and to determine the minimum amount of time needed to complete each project.

answer

PERT

question

In a PERT network, the sequence of tasks that takes the longest to complete is called the:

answer

critical path.

question

ERP is the acronym for:

answer

Enterprise Resource Planning.

question

Operations management is a specialized area in management that converts resources into:

answer

both goods and services.

question

When it comes to motivating Millennials and Gen Xers, it is important for managers to know that they have a few things in common. One important likeness is:

answer

They expect change

question

_________ blends Japanese and American management practices into a hybrid approach which calls for long-term employment, collective decision making, and individual responsibility for the outcome of decisions.

answer

Theory Z

question

_________________ was the father of scientific management.

answer

Frederick Taylor

question

Abraham Maslow thought that once needs at one level of his hierarchy were met:

answer

another, higher order need would emerge to motivate that person.

question

Theory X managers are likely to believe that:

answer

the average person dislikes work and will seek to avoid it when possible.

question

The concept that a hierarchy of human needs could be used to explain motivation was developed by:

answer

Abraham Maslow.

question

______________ was the dominant strategy for improving worker productivity during the early 1900s.

answer

Scientific management

question

Researchers David Nadler and Edward Lawler suggest that in order to use expectancy theory to improve worker motivation, the first thing managers should do is:

answer

determine what rewards are valued by employees.

question

Herzberg's research found that the factor that ranked highest as a motivator was:

answer

a sense of achievement.

question

Expectancy theory suggests that managers attempting to improve employee performance would be well advised to:

answer

set attainable performance goals.

question

Reflecting upon the differences in Type J and Type A work environments, which of the following statements is fundamental to Type J:

answer

Type J, unlike Type A environments embrace consensual decision-making and have a concern for the employee's life at work and outside of work.

question

As a contemporary manager, your employees will perceive that their opinions are more valued if:

answer

you provide settings where employees have the opportunity to converse with all levels of management.

question

The Hawthorne studies were conducted by ____________ and his colleagues from Harvard University.

answer

Elton Mayo

question

A key idea in reinforcement theory is that:

answer

managers can use both rewards and punishment to influence employee behavior.

question

Equity theory states that employees will perform well if they:

answer

believe the reward they receive fairly compensates them for their efforts when compared to others in similar positions.

question

According to Herzberg, the difference between motivators and hygiene factors is:

answer

overall, motivators related to greater job satisfaction, while hygiene factors made the work place a satisfying place to thrive.

question

The characteristic of work that is concerned with the amount of direct and clear information employees receive about performance is called:

answer

feedback.

question

In Maslow's hierarchy, __________ needs refer to the desire to reach one's fullest potential.

answer

self-actualization

question

________ is a system of goal setting and implementation that involves a cycle of discussion, review, and evaluation of objectives among top and middle managers, supervisors, and employees.

answer

Management by objectives

question

Equity judgments are based on:

answer

people's perceptions.

question

Which of the following statements about cultural differences in the workplace is most accurate?

answer

Managers must be very aware of cultural differences and recognize that different employees may respond best to different management and motivational styles.

question

As a contemporary manager, your employees will be motivated to provide you with important feedback if:

answer

you solicit open-ended responses from your employees.

question

According to goal-setting theory, in order for goals to enhance motivation and performance they must be:

answer

accompanied by feedback.

question

Which of the following statements about high-context cultures reflects how managers in this type of culture might operate?

answer

as a sales professional trying to sell your product to a business that operates with a high context culture, you may have to visit the decision makers several times and get to know them on a personal level

question

The findings of the Hawthorne studies led researchers to look more closely at how ____________ could lead to better productivity.

answer

the human side of motivation

question

A problem with equity judgments is that employees often ________ their own contributions to the success of a business.

answer

overestimate

question

__________ is the degree to which a job requires doing a task with a visible outcome from beginning to end.

answer

Task identity

question

Herzberg's research indicated that employees are motivated by job content. Contemporary managers focus on _____________ by increasing the significance of the job, and even providing the employee with important feedback.

answer

enriching the job

question

Herzberg found that factors that provided the highest level of motivation were mostly associated with:

answer

job content.

question

According to Herzberg's views, which of the following strategies would be most likely to result in a higher level of worker motivation?

answer

Making the work itself more interesting and challenging

question

Which of the following workers would be the best example of a contingent worker?

answer

an accountant hired to help during the busy tax season

question

If a firm wants to know why valuable employees are leaving the company, it will conduct ___________.

answer

exit interviews

question

Which of the following statements about performance appraisals is the most accurate?

answer

The discussion of the results of a performance evaluation with an employee should allow the employee an opportunity to make suggestions about how to improve on current procedures.

question

Which of the following strategies is used by a human resource manager whose goal is to fill an open position from within the company?

answer

advertise the opportunity for a promotion to current employees

question

The purpose of a performance appraisal is to:

answer

improve employee performance.

question

A ____________ is a statement that identifies the minimum qualifications required of a worker in order to perform a specific job.

answer

job specification

question

Which of the following statements identifies a key difference between a job description and a job specification?

answer

A job description is a statement about the job, while a job specification is a statement about the person who does the job.

question

In a _____________ arrangement two part-time employees fill one full-time job.

answer

job sharing

question

The purpose of ____________ is to increase an employee's ability to perform productively.

answer

training and development

question

The _______________ doctrine states that employers have as much right to fire workers as the workers have to leave the company voluntarily.

answer

employment at will

question

Shadowing is another term used to refer to _____________.

answer

on-the-job training

question

As companies continue to develop women and minorities for management positions, they:

answer

increase the available talent pool of skilled employees.

question

Employment testing:

answer

should be directly related to the job.

question

Which of the following statements is the most accurate description of the impact the Americans with Disabilities Act of 1990 (ADA) has had on businesses?

answer

Most firms are finding that the cultural changes required by ADA are more difficult to implement than the structural changes.

question

Which of the following statements about recruiting is most accurate?

answer

It is important for a firm to recruit and hire people who are not only skilled but also fit in with the firm's culture and leadership style.

question

Computer and robotics training is sometimes performed in a nearby classroom type setting. We refer to near-the-job-training as _____________.

answer

vestibule training

question

Humphrey Communications uses a flextime plan, however, all employees must be on the job from 10:00 a.m. until 2:00 p.m. These hours are referred to as the:

answer

core time.

question

A reason workers tend to receive fewer promotions than in the past is that:

answer

the movement toward flatter organizational structures, provide fewer opportunities to move upward.

question

Internet-based training courses are sometimes also called:

answer

distance learning.

question

__________ is a type of training that duplicates the exact combination of conditions that occur on the job.

answer

Job simulation

question

With the advent of more sophisticated technology, employers who operate locally and globally and want all employees to receive the same training may opt for _____.

answer

online training programs

question

Which of the following is a valid statement about contingent workers?

answer

An increasing number of companies are hiring skilled professionals such as accountants as part of their contingent workforce.

question

___________ is the process of training and educating employees to become good managers and then developing their managerial skills over time.

answer

Management development

question

CareerBuilder and the Monster are examples of:

answer

Internet services firms can use to recruit employees.

question

Which of the following statements describes the relationship between employee training and employee development?

answer

Training is short-term skills oriented while development is long-term career oriented.

question

Which of the following statements best describes the current view of the role of human resource management within a firm?

answer

human resource management functions have become so important that in many firms all managers now perform them

question

In a(n) ______________ an inexperienced worker learns by working alongside an experienced employee to master the skills and procedures of a craft.

answer

apprenticeship program

question

Corporate managers who supervise, coach, and guide lower-level employees and serve as their organizational sponsors are called:

answer

mentors.

question

Which of the following statements about networking is the most accurate?

answer

Students can begin building network connections in college, even before they take on a full time job.

question

Employers must verify that employment candidates are eligible to work in the U.S. as mandated by:

answer

Immigration Reform and Control Act

question

Which of the following statements about the distinction between consumer goods and B2B goods is the most accurate?

answer

The same product can be classified as either a consumer good or an industrial good, depending upon its end use.

question

The most important technological change likely to affect the marketing success of many firms is the:

answer

growth of consumer databases, blogs, and social networking.

question

Which of the following represents an example of demographic segmentation?

answer

An automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels.

question

Which of the following is consistent with relationship marketing?

answer

working with buyers to determine their individual needs

question

Which of the following is a part of the marketing concept?

answer

a consumer orientation

question

A firm's marketing mix consists of 4 major components, which are generally referred to as the four:

answer

Ps

question

The two major types of markets are the:

answer

consumer market and the business-to-business market.

question

"Selling to everybody and listening to nobody" might be the result of a firm that uses a ________ marketing strategy.

answer

mass

question

Comparing the business practices of the 1950s to those of today indicate that today's marketing managers:

answer

have a more ambitious goal of not just satisfying customers, but of exceeding their expectations.

question

Contacting customers after a sale to reassure them that they made the right decision is intended to offset:

answer

cognitive dissonance.

question

Which of the following is part of the marketing process?

answer

determining an appropriate brand name for a new product

question

__________ marketing involves developing a unique mix of goods and services for each individual customer.

answer

One-to-one

question

____________ is the process of identifying factors that can affect marketing success.

answer

Environmental scanning

question

During the ________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling.

answer

selling

question

The significant increase in consumer demand following World War II marked the beginning of the:

answer

marketing concept era.

question

The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras?

answer

production era

question

Exploring _________ data first helps marketers minimize marketing research costs.

answer

secondary

question

According to the _________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit.

answer

marketing

question

Which of the following describes the marketing era immediately after the development of mass production assembly lines?

answer

selling era

question

The first step in the marketing research process is to:

answer

define the problem and determine the present situation.

question

__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.

answer

Target

question

The factor that determines whether a product is classified as a consumer product or an industrial product is:

answer

the end use of the product.

question

A ________ marketing strategy develops products and promotions designed to please large groups of people.

answer

mass

question

A firm gathers ___________ data by conducting surveys, interviewing customers, or mailing out questionnaires.

answer

primary

question

The __________ is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.

answer

marketing concept

question

Which of the following describes a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing?

answer

concept testing

question

Which of the following is most consistent with a relationship marketing strategy?

answer

the development of a Web site that seeks customer feedback and allows customers to communicate with each other

question

A consumer's decision-making process is influenced by his/her _________, consisting of those people who help shape the consumer's beliefs, attitudes, values or behavior.

answer

reference group

question

The __________ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.

answer

B2B

question

A ___________ orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations.

answer

customer

question

Samuel Gompers believed that ___________ was the key to attaining a fairer share of the economic pie for American workers.

answer

collective bargaining

question

Under _______, workers are not required to join the union, but those who do not join are still required to pay a union fee or regular dues to the union.

answer

agency shop agreements

question

In the late 1930s management at Bodenger Industries agreed to hire only those workers who were already members of the Steelworkers Union. Bodenger had agreed to a type of arrangement known as a(n):

answer

closed shop.

question

In recent years some unions have granted concessions and given up benefits secured in earlier contract negotiations in an attempt to save jobs. These concessions are called:

answer

givebacks

question

The _____________ outlawed the use of yellow-dog contracts and prohibited courts from issuing injunctions against nonviolent union activities.

answer

Norris-LaGuardia Act

question

The process of bringing in an impartial third party to render a binding decision in a labor dispute is referred to as:

answer

arbitration.

question

The primary purpose of collective bargaining is to:

answer

negotiate a labor-management agreement that both the union and management are willing to accept.

question

The __________ was set up as a federation of many separate craft unions.

answer

American Federation of Labor (AFL)

question

During the first decade of the 21st century, the AFL-CIO saw its membership significantly decline when ___________________________________.

answer

Seven of its member unions split to form a new union, the CtW [Change to Win].

question

Bob believes that management is treating him unfairly because of his efforts to organize a vote for union representation. Which organization should Bob contact to report his concerns?

answer

National Labor Relations Board

question

Which of the following statements about sexual harassment is most accurate?

answer

In evaluating charges of sexual harassment, the courts place a great deal of emphasis on whether the behavior was unwelcomed.

question

Which of the following statements about collective bargaining is most consistent with the views of Samuel Gompers?

answer

Collective bargaining is the best way for workers to attain a fairer share of the economic pie.

question

Unions were originally formed _________________.

answer

to seek protection against unfair treatment

question

One strategy unions must adapt in order to grow in the future is to:

answer

find ways to appeal to white-collar, female, and foreign-born workers.

question

____________ is the process by which a group of workers legally take away a union's right to represent them.

answer

Decertification

question

Union shops are illegal in the state of North Carolina. This means that North Carolina:

answer

has passed a right-to-work law.

question

The key difference between an agency shop agreement and an open shop agreement is that in an agency shop:

answer

workers who do not join the union must pay a fee or regular dues, while in an open shop workers who choose not to join the union do not have to pay any union fees or dues.

question

Which of the following statements about the costs of elder care is most accurate?

answer

The costs of elder care are likely to rise very rapidly in coming years as an increasing number of older and more experienced employees face the need to care for aging parents and other relatives.

question

A(n) ___________ is a court order directing someone to do something or to refrain from doing something.

answer

injunction

question

A comparison of compensation of CEOs in the U.S. with compensation of top executives in Canada and Europe indicates that:

answer

executives in the U.S. are compensated at a much higher rate.

question

The ___________ guaranteed union members the right to nominate candidates for union office and participate in union meetings.

answer

Landrum-Griffin Act

question

The __________ guaranteed the rights of individual union members when dealing with their union.

answer

Landrum-Griffin Act

question

A(n) __________ occurs when a union encourages its members and the general public not to buy the products of a firm involved in a labor dispute.

answer

primary boycott

question

Despite a 1938 Supreme Court ruling allowing their use, ___________ were seldom used by management during labor-management disputes until the 1980s.

answer

strikebreakers

question

Historically, the most potent union tactic when collective bargaining efforts break down has been the:

answer

strike

question

In a(n) __________ shop, workers do not have to belong to a union before they are hired, but they must join a union within a specified period (usually 30, 60, or 90 days) in order to keep their job.

answer

union

question

__________ is the process by which a union becomes recognized by the National Labor Relations Board as the bargaining agent for a group of employees.

answer

Certification

question

Today, women earn approximately ________ of what men earn, though the disparity varies considerably by profession and the level of education.

answer

80%

question

Which of the following acts gave more power to management in its relations with organized labor?

answer

Taft-Hartley Act

question

The AFL was concerned primarily with:

answer

fundamental labor issues.

Business 101 Final. Marketing and productivity strategy. Employee – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards