OLS 274 Final Exam – Flashcards

Unlock all answers in this set

Unlock answers
question
In the U.S. economy, ________ are considered the reward for the risk of entering business.
answer
Profits
question
The factors of production in an economic system are ________.
answer
Natural resources, human resources, capital, and entrepreneurship
question
Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the ________.
answer
Production era
question
When Google opened offices in Tokyo, London, and Sydney, they were utilizing ________ by relocating business activities to lower-cost locations overseas.
answer
Offshoring
question
________ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs.
answer
Vision
question
"Newman's Own" is a food product line that gives 100% of its after-tax profits to charity. This company is practicing ________.
answer
social responsibility
question
Why should a company act in an ethical manner?
answer
Acting ethically will help a company to prosper in the long run.
question
Individuals who focus only on their own interests when making decisions are at the ________ stage of ethical development.
answer
preconventional - similar question .. has to do with cheating on a test
question
Jack Welch, former CEO of General Electric, is respected in business circles for focusing his company on the welfare of its customers and investors, and for ensuring GE would thrive in the long run. This type of environment is an example of ethical ________.
answer
Leadership
question
When Target stores donate 5 percent of its federally taxable income to nonprofit groups, the company is highlighting its ________.
answer
social responsibility
question
right to fair accounting
answer
something about telling the public first
question
Hailey's research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences. Hailey's analysis involves the study of ________.
answer
Microeconomics
question
The equilibrium price is established when the quantity ________.
answer
purchased is equal to the quantity offered
question
The four different types of market structure in a private enterprise system are ________.
answer
pure competition, monopolistic competition, oligopoly, and monopoly
question
In a ________ system, the government owns all of the nation's major industries, but still allows private ownership in less crucial areas.
answer
Socialism
question
Kim graduated from college in May and is looking for a job. She is ________ unemployed.
answer
Frictionally
question
The Federal Reserve increases the amount of money banks can lend. As a result, interest rates will ________ and economic growth will ________.
answer
fall; increase -- know if the fed DECREASES as well (rise, decrease)
question
A balanced budget will occur when ________.
answer
taxes, fees, and borrowings are equal to government spending for the year
question
Over the past decade, which of the following countries had the highest annual rate of GDP growth?
answer
China -- know that US has the highest NOW
question
A trade deficit occurs when ________.
answer
Imports exceed exports
question
Which of the following would result from devaluation of the U.S. dollar?
answer
U.S. goods would sell for less abroad.
question
A less-developed nation is facing a financial crisis due to the rapid devaluation of its currency. Which of the following might aid this country?
answer
International Monetary Fund
question
BMW and Toyota set up a factory in Brazil to produce minivans. Slightly different minivan versions are sold in Brazil -- one as a Toyota and one as a BMW. This is an example of ________.
answer
joint venture
question
All of the following are contributions of small businesses EXCEPT:
answer
They provide more job security than large corporations.
question
Know the foreign corruption act - question has to do with bribing
answer
Know the foreign corruption act - question has to do with bribing
question
The Small Business Administration (SBA) provides all of the following EXCEPT ________.
answer
Business incubators
question
The ________ industry represents the greatest percentage of minority-owned businesses.
answer
services
question
Sole proprietorships have all of the following advantages EXCEPT
answer
unlimited life
question
An acquisition occurs when ________.
answer
one company purchases the property and assumes the obligations of another company
question
A ________ would most likely be publicly owned.
answer
city sewer system
question
Information technology can help entrepreneurs in all of the following ways EXCEPT by ________.
answer
providing strategic alliances - answer is different on exam -something about financial success
question
An overall idea for how to convert a business idea into a success is called
answer
vision
question
________ are business organizations or groups of private individuals who invest in new or growing firms.
answer
Venture capitalists
question
Lisa is trying to start a new business. A women's business network puts her in touch with an investor who is willing to invest in her company in exchange for an equity stake. This investor is a(n) ________.
answer
angel investor
question
Question about finding business idea - answer: find something you like doing and do it
answer
Question about finding business idea - answer: find something you like doing and do it
question
Question about serial entrepreneurs -
answer
Question about serial entrepreneurs -
question
Intra-preneurship - what are two things CEOs need to promote intra-preneurship in their company?
answer
Intra-preneurship - what are two things CEOs need to promote intra-preneurship in their company?
question
Senior management usually spends the majority of their time on ________ plans.
answer
Strategic
question
Julian owns a bread company and is creating a SWOT analysis to see where he can make improvements and increase sales. All of the following are threats to the success of his company EXCEPT ________.
answer
economies of scale
question
Leaders establish power from all of the following sources EXCEPT their ________.
answer
work ethic
question
Question about corporate culture (easy)
answer
Question about corporate culture (easy)
question
Q: Joann likes to make decisions at top level
answer
= centralization (answer)
question
Departmentalization
answer
involves dividing an organization into different departments, which perform tasks according to the departments' specializations in the organization.
question
All of the following are core responsibilities of human resource managers EXCEPT ________.
answer
company budget forecasts
question
Pham is employed as a human resource manager. His responsibilities might include all of the following activities EXCEPT ________.
answer
projecting sales for the coming six-month period
question
Question about EEOC - discrimination
answer
Question about EEOC - discrimination
question
Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n) ________.
answer
salary
question
Robert's company contracted with another business to provide technical and computer support. This is an example of ________.
answer
outsourcing
question
According to Maslow, an individual's first priority is given to which level of need?
answer
Physiological
question
The Fair Labor Standards Act ________.
answer
established the federal minimum wage
question
Rajendra's company posts financial results on the company intranet. This sharing of information will ________ in employee empowerment and will have ________ on product quality.
answer
result; a positive impact
question
Faith works in the bakery at Whole Foods Market. As part of a ________ team, she shares in the responsibility of managing her department's work schedule and ordering baking supplies.
answer
self managed
question
Which stage of team development is marked by conflicts over the team's mission and the roles of team members?
answer
Storming stage
question
Samuel's company has an unwritten rule which implies that all managers must attend team meetings, no matter what projects they're working on. This informal standard of conduct constitutes which type of team?
answer
Team norm
question
The communication carrier is the ________.
answer
channel - similar - has to do with Communication Process (sender)
question
________ listening is the basis for effective communication.
answer
Active
question
Question about selection of suppliers: warranty, checking out other services, speed of delivery
answer
Question about selection of suppliers: warranty, checking out other services, speed of delivery
question
Questions on Utility: pointed out place & form specifically; questioned about something to do with converting raw materials
answer
Questions on Utility: pointed out place & form specifically; questioned about something to do with converting raw materials
question
________ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
answer
Marketing
question
Place utility is created ________.
answer
by having the good or service available at a convenient location when the consumer wants to buy it
question
The current marketing period is referred to as the ________ era.
answer
relationship
question
Companies use ________ to focus on a specific consumer market by combining product, distribution, promotion, and pricing strategies
answer
marketing mix
question
Wal-Mart uses data ________ to assess local preferences for merchandise so that the company can tailor the inventory of each store accordingly.
answer
mining
question
Developing and maintaining long-term, cost-effective exchange relationships with individual customers, suppliers, employees, and other partners for mutual benefit characterizes ________.
answer
relationship marketing -similar- dealing w. Relationship under Eras of Marketing
question
Question over Relationship Marketing
answer
Question over Relationship Marketing
question
Goods and services are classified as either consumer or business, depending on the ________.
answer
purchasers of the particular item
question
In a process called ________, products pass through a series of stages from their initial appearance to their decline.
answer
product life cycle
question
The Pampered Chef sells gourmet cooking supplies to consumers through the use of cooking parties at the homes of its salespeople. The Pampered Chef is a ________ retailer and uses ________.
answer
non-store; direct selling
question
What method of transportation accounts for the majority of finished goods finding their way to consumers?
answer
trucks
question
Question over Brand Preference
answer
Question over Brand Preference
question
Question over Guerilla Marketing
answer
Question over Guerilla Marketing
question
Question asking last step of the Sales Process = Closing
answer
Question asking last step of the Sales Process = Closing
question
Question over Point of Purchases (POP) Advertising (something about a grocery store)
answer
Question over Point of Purchases (POP) Advertising (something about a grocery store)
question
Question over Publicity that includes "unpaid placement" in the question
answer
Question over Publicity that includes "unpaid placement" in the question
question
Question over Break-Even; answer is "break-even analysis"
answer
Question over Break-Even; answer is "break-even analysis"
question
Raw facts and figures are ________.
answer
data
question
Which of the following is an application program?
answer
Microsoft Excel
question
A program that attaches itself to other programs and changes programs or destroys data is a(n) ________.
answer
computer virus
question
Deciding how to prevent system failures along with the ability to continue operating if computer systems fail is called ________.
answer
disaster recovery planning
question
Question over Malware: malicious program meant to infect computer systems
answer
Question over Malware: malicious program meant to infect computer systems
question
Question over Disaster Recovery Plan
answer
Question over Disaster Recovery Plan
question
The rules followed by accountants when preparing financial statements are referred to as ________.
answer
Generally Accepted Accounting Practices (GAAP)
question
Milwaukee Fabrication has $50 million in assets and $30 million in owners' equity. How much does the firm have in liabilities?
answer
$20 million - similar -
question
Camden Products buys a $500,000 machine by taking out a bank loan. The company's assets will ________ by $500,000 while its liabilities will ________ by $500,000.
answer
rise; rise
question
Kwane wants to assess his firm's ability to meet its short-term obligations. Which of the following ratios are the most relevant?
answer
Liquidity ratios
question
If Topeka Enterprises has a leverage ratio of 40 percent, it means that for every $1 in ________, the firm has 40 cents in ________.
answer
assets; liabilities
question
Question over Foreign Corrupt Practices Act
answer
Question over Foreign Corrupt Practices Act
question
Question of accounting equation: Assets = Liabilities + Owners' Equity
answer
Question of accounting equation: Assets = Liabilities + Owners' Equity
question
The basic form of corporate ownership is ____.
answer
Common stock
question
The two largest stock markets in the world are the ____ and the ____.
answer
New York Stock Exchange; Nasdaq stock market
question
Which of the following is a nondepository financial institution?
answer
Life insurance company - similar -
question
All of the following statements concerning the Fed are correct EXCEPT
answer
credit unions and savings banks must belong to the Fed
question
Which of the following interest rates does the Federal Reserve actually set?
answer
Discount rate
question
When the Fed sells government securities, banks have ________ money to lend and economic growth ________.
answer
less; will slow - maybe a question over this; wasn't positive
question
Question over what affects price of bonds: risk and interest rate
answer
Question over what affects price of bonds: risk and interest rate
question
More than 1 question over the Federal Reserve System
answer
More than 1 question over the Federal Reserve System
question
Question over Insider Trading
answer
Question over Insider Trading
question
Which of the following is the best definition of financial risk?
answer
Risk is the uncertainty regarding the gain or loss from an investment.
question
All of the following are sources of short-term funds EXCEPT ________.
answer
privately placed bonds - possibly a question like this
question
Which of the following assets would a firm most likely finance using long-term sources?
answer
Another company
question
Short-term assets are expected to be converted into cash within _____.
answer
a year
question
The term used to describe the benefits produced by a merger or acquisition is _____.
answer
synergy
question
Question over Financing: providing funds
answer
Question over Financing: providing funds
question
Question over Financial Planning: inflows and outflows
answer
Question over Financial Planning: inflows and outflows
question
Question about Marketable Securities, Accounts Receivable, and Inventory
answer
Question about Marketable Securities, Accounts Receivable, and Inventory
question
Know difference between Debt and Equity Capital
answer
Know difference between Debt and Equity Capital
question
Question on Private Placement: sources of long-term financing
answer
Question on Private Placement: sources of long-term financing
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New