Intro. to Business Mid-term Study Guide Chps. 1-6 – Flashcards

The total dollar value of all goods and services produced by all people within the boundaries of a country is called

According to economists, inflation is

A business' efforts to sustain the planet and their participation in ecological movements are part of a firm's

The United States, whose economy exhibits elements of both capitalism and socialism, has what is known as a ____ economy

The Federal Reserve uses ____ when it lowers the interest rate charged to banks on short-term loans

The consumer price index (CPI)

For a business, stakeholders represent

Raw materials, buildings, and machinery are ____ resources

The concept of sustainability focuses on which of the following

A system where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a ____ economy

Deflation

During which phase of the business cycle would a company like General Electric introduce new products?

Some economists believe that sound fiscal and monetary policy can reduce the amount of time the economy is in the ____ stage of the business cycle

Microeconomics is the study of

In a socialist economy, key industries owned by the government include all except

Fluctuations in a nation's economy are referred to as its

The purpose of specialization is to

Productivity can best be described as

A market or industry with only one seller is referred to as

Cultural diversity represents

Taking credit for others' ideas or work or not meeting one's commitments in a mutual agreement are ethical issues concerning

A whistle-blower is a person who

If a company deals with violations of its ethical codes ____, the opportunity to be unethical will be reduced

The National Alliance of Business is a combined effort between

Customers expect a firm's products to

Noise pollution can be reduced by

For health-related companies such as Weight Watchers, one of the most frequent ethical issues related to communications that they face is

Bribes are

Informing the press or government officials about unethical practices within one's organization is called

Major advances in consumerism have come through

Some Enron executives were aware of the financial problems the company was facing and yet failed to reveal this information to the public. These actions taken by Enron executives were

One problem affirmative action programs have encountered is

A major way technology affects land pollution is the potential for

Supporters of increased social responsibility would most likely say that the goal of a firm is to

If Casio were to buy out all other calculator manufacturers, what consumer right would be at stake?

A social audit is a

Social responsibility

MasterCard sends a customer a memo that discloses the true cost of borrowing with each billing statement. It does this because it realizes that the customer has the right to

Investors expect management to do all of the following except

Business ethics

CAFTA, NAFTA, OECD, and OPEC are all examples of

The United States is a member of the ____, which is the successor to GATT

The ___ was established in 1944 and offers low-interest loans and interest-free credit to developing countries?

A ____ is a partnership formed to achieve a specific goal or to operate for a specific period of time

When a country imports more than it exports, it has a(n)

An unfavorable trade balance is called a(n)

The U.S. government created the ____ as a comprehensive source for U.S. companies seeking information on federal programs and activities that support U.S. exports

A ____ is issued by a bank upon request of an importer stating that the bank will pay an amount of money to a stated beneficiar

The World Trade Organization was created by the

When a country exports more than it imports, it has a(n)

____ is an internationally supported bank that provides loans to developing countries to help them grow

A ____ is issued by the exporter's bank, ordering the importer's bank to pay for the merchandise

A favorable balance of payments means that

____ is the ability to produce a specific product more efficiently than any other product

Who are the members of NAFTA?

A limit on the amount of a particular good that may be brought into a country during a given period of time is called a(n)

____ is a contractual agreement where one firm gives another permission to produce and market its product and brand name in exchange for a fee

Countertrade is an international barter transaction in which

____ is the exportation of large quantities of a product at a price lower than that of the same product in the home marke

Globalization represents a huge opportunity for

How might a sole proprietorship have a possible tax advantage?

The order of difficulty and expense, from most to least, when forming a business organization is as follows:

The purchase of one corporation by another is referred to as a

A ____ is a form that enables stockholders to allow someone else to vote for them

Sears Holding Corporation is incorporated in Delaware, but when it operates in Illinois and Texas, it is considered a(n) ____ corporation in those states

Corporate officers are

A corporation whose stock can be purchased by anyone and is traded in stock markets is known as a(n)

Not-for-profit organizations must meet specific guidelines in order to obtain tax-exempt status. These guidelines are structured by the

The Smithsonian Institution exists to preserve historical and cultural items of value and to share those items with the public; it does not exist to maximize the wealth of any shareholders. This entity is organized as a(n)

In the United States, approximately 71 percent of all businesses are

A limited-liability company is

The ____ is a legal document that lists and explains the terms of the partnership

A ____ is a merger between firms operating at different but related levels in the production and marketing of a product

A corporation organized to provide a social, educational, religious, or other non-business service is known as a(n)

A ____ invests money in the business but has no management responsibility

The form of business organization most heavily regulated by the government is the

Quarrels among business associates have become common. The associates quarrel over what products the firm should sell, division of authority, selection of personnel, whether to bring family members into the business, whether to expand, and who is contributing most to the firm's success. Such feuding, which damages business relationships, occurs most frequently in what form of business?

Legally, a partnership must

Shares of Burger House stock cannot be purchased on any stock exchange or by just any individual. This means that Burger House is a(n)

A hostile takeover is a situation in which

The franchisee supplies

A company generally needs more than ____ employees in order to be considered large

Eric decides to purchase and operate a Subway restaurant. Eric is the

Before seeking financial backing for his new business, Tyler puts together a concise document explaining the nature, mission, and goals of his new business and its expected costs and potential. Tyler has constructed a(n)

SBA stands for

A franchisor supplies all of the following except

Chelsea is about to purchase a Baskin-Robbins franchise because she loves ice cream. How much work should Chelsea expect to have to do to make the franchise successful?

Small-business investment companies

Sarah owns a 7-Eleven franchise. What is the primary disadvantage of owning a franchise for Sarah?

All of the following are advantages to the franchisor except

The SBA places special emphasis on aid to

Privately owned firms providing venture capital would be identified as

Which of the following is not a reason for starting a small business?

Small businesses are typically managed by

All of the following are advantages that small businesses have except

The disadvantages of small businesses include all of the following except

What is the primary reason that so many new businesses fail?

Which of the following is not a franchise establishment?

Most Small Business Administration loans are actually made by

Steven Jobs and David Wozniak, the founders of Apple Computer, Inc., are creative, free-spirited individuals who decided that being corporate underlings was not what they wanted from a career. They had an innovative idea for a product and desired to create their own business based on this idea. All of the following are factors that could have led them to go into business except

The process of influencing people to work toward a common goal is

Lawyers, accountants, and engineers are ____ resources of Microsoft.

A positive problem may be viewed as a(n)

Grouping resources and activities to efficiently and effectively accomplish a result is called

A manager who coordinates the activities of operating employees is a(n) ____ manager

The process of evaluating and regulating ongoing activities to ensure that goals are achieved is known as

A manager who has the abilities to relate to people, understand their needs, and show compassion has ____ skills

A plan that outlines alternative courses of action is called a(n) ____ plan

Implementing a decision requires time, planning, and

A manager responsible for facilitating the exchange of products between an organization and its customers through distribution and advertising is known as a(n) ____ manager

A(n) ____ is a smaller-scale plan developed to implement a strategy

Common job titles associated with ____ management include president, vice president, and chief executive officer

A SWOT analysis is an identification and evaluation of a firm's strengths, weaknesses, ___, and threats

Airplanes, crates, and trucks represent ____ resources for Federal Express

In the last stage of the decision-making process, managers may decide to

A(n) ____ is a type of plan designed to implement tactical plans

Managers who must be familiar with the Equal Employment Opportunity Commission regulations are ____ managers

The ___ leadership style tends to take initiative and be visionary

A manager with ____ skills has the ability to deal effectively with people inside and outside the organization

An organization's most important resource is its ____ resources