Wiley – Essentials of Contemporary Business Questions – Flashcards
Unlock all answers in this set
Unlock answersquestion
_____ is essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services
answer
Profit
question
A company that values employees as sources of ideas and innovation is utilizing its
answer
Human resources
question
Technology, tools, information, and physical facilities for the operation of a business are examples of _________.
answer
Capital
question
All of the following are basic rights within a private enterprise system EXCEPT _________.
answer
Guaranteed Profits
question
Social Responsibility would include all of the following EXCEPT _________.
answer
Making campaign contributions to politicians in the hope of obtaining a government contract
question
Which of the following fields is concerned with understanding the choices people make in using scarce resources?
answer
Economics
question
Entrepreneurs have the most economic freedom in which type of economy?
answer
Capitalism
question
Monopolistic Competition has _______.
answer
Only one seller
question
The sum of all goods and services produced within a nation's boundaries each year is the _______.
answer
Gross Domestic Product (GDP)
question
The part of the federal government responsible for monetary policy is ______.
answer
The federal reserve system
question
A balanced budget occurs when
answer
Taxes, fees, and borrowings are equal to government spending for the year
question
Which government agency establishes standards for small businesses?
answer
Small Business Administration
question
What percent of U.S. companies are considered small businesses?
answer
99.7%
question
If you are considering starting your own business, a key priority for you should be to:
answer
Learn the basics of business
question
Which of the following is the leading cause of today's small business failures?
answer
Management shortcomings
question
Although ______ are the most common type of business ownership, the greatest revenues come from _______.
answer
Sole proprietorship, corporations
question
The board of directors of a corporation is elected by the _______.
answer
Stockholders
question
An acquisition occurs when _______.
answer
One company purchases the property and assumes the obligations of another company
question
An entrepreneur:
answer
Accepts the risk of starting and running a business
question
Entrepreneurs and small-business owners both have all of the following qualities EXCEPT:
answer
Growth of their company
question
Which of the following is a major consideration in selecting a business idea?
answer
Find something you love to do and are good at doing
question
Enrique wants to start a new business, but his bank will not lend him the money he needs. He saw an advertisement sponsored by a business organization that provides financing for promising small companies. The organization sponsoring the advertisement would be considered a(n) _________.
answer
Venture capitalist
question
Kayla is opening a home health care business that she knows will do well in her community based on prior research. Although she must repay borrowed funds, Kayla chooses to maintain complete control over the business without having to answer to investors or partners
answer
Debt financing
question
The primary reasons people become entrepreneurs include all of the following reasons EXCEPT:
answer
To create employment opportunities for other people
question
All of the following are important characteristics of entrepreneurs EXCEPT:
answer
Dependence on others
question
Which of the following statements best describes how entrepreneurs view failure?
answer
The view failure as a learning experience
question
Unlike an entrepreneur who starts a business from scratch, a franchisee is not responsible for:
answer
Establishing a brand
question
Former CEO George Buckley believes that they key to supporting intrapreneurship is the willingness to allocate _______.
answer
Time and Money
question
Which level of management includes job titles such as general manager, division manager, or plant manager?
answer
Middle management
question
Emily is a manager who spends most of her time in day-to-day decisions assigning non-managerial employees to specific jobs. Emily is considered a __________ manager.
answer
Supervisory
question
Management is the process of achieving _______ through people and other resources.
answer
Organizational objectives
question
Conceptual skills are _________.
answer
Skills that allow a person to understand how all of the pieces of an organization fit together to accomplish its objectives
question
Ramon's job is to establish performance standards, monitor actual performance, and compare the actual performance to the standards. Ramon is engaged in the ________ managerial function.
answer
Controlling
question
Which leadership style would allow sales personnel to participate in setting sales quotas?
answer
Democratic
question
Leadership is most often associated with the ability to _________.
answer
Inspire others toward high levels of achievement
question
The best style of leadership is ________.
answer
Dependent on the leader's base of power
question
Employees thrive when they are given
answer
Authority to make decisions
question
______ planning involves implementing activities specified by strategic plans.
answer
Tactical
question
Top management usually spends the majority of time on ________ plans.
answer
Strategic
question
A written explanation of an organization's intentions and aims is called a __________.
answer
Mission statement
question
Organizational structures that are based on the goods and services a company offers are usually departmentalized by _________.
answer
Product
question
Guadalupe's firm is divided into work units representing human resources, marketing, production, and finance. This is known as ______ departmentalization.
answer
Functional
question
American River Furniture Manufacturing's departments include cutting, staining, varnishing, drilling, shaping, and assembling. These departments are based on __________.
answer
Process
