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Mid Term Questions
Terms in this set (106)
the US gov manages the collection and spending of its tax revenues through monetary policy
The pursuit of profits is how a business differs from organizations such as most universities, hospitals, and government agencies
In typical modern oligopolies, the large capital investment necessary to enter the market discourages new competitors
natural monopolies exist partly because duplication of effort and resources would be wasteful in some cases
tax increases and decreases form fiscal policy
what is the point at which the supply curve and the demand curve intersect on a graph?
what is the price at which the quantity demanded exceeds the quantity supplied?
the market (or equilibrium price)
what occurs when the quantity demanded exceeds the quantity supplied?
which of the following exists when an industry or market has only one producer?
which term refers to the pattern of short-term ups and downs in an economy?
what are profits?
difference between revenues and expenses
which economic system emphasizes the private ownership of most factors of production?
In perfect competition, which of the following conditions must prevail?
all firms in a given industry must be small
ethics are belies about what is right and wrong
ethical values do not vary from person to person
an individuals personal code of ethics is shaped by his or her life experiences
a company that does not act responsibility toward its customers may lose their trust and ultimately their business
the Consumer Bill of Rights is backed by numerous federal and state laws
what is likely the single most effective step that a company can take to set ethical standards?
demonstrate ethics from top management
what term refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment?
What is the term given to the groups, individuals, and organizations that are directly affected by the practices of an organization?
which of the following is the best description of organizational stakeholders?
individuals and groups that are directly affected by the practices of a company
what is the term used to describe a situation when increased demand leads to overly steep and often unwarranted price increases?
what is collusion?
When 2 or more employees come together with the intent on circumventing the internal controls.
most businesses in the United States are large businesses with more than 500 employees
all major innovations are most likely to come from large corporations
people who assume the risk of business ownership with a primary goal of growth and expansion are called entrepreneurs
most successful entrepreneurs have a strong desire to be their own bosses
franchises may be obligated to contribute a percentage of sales to parent corporations
the board of directors of a corporation reports to the officers of the corporations
by law, each general partner is liable for all debts incurred in the name of the partnership
what is the name of the document in which an entrepreneur summarizes his or her business strategy for a proposed new venture?
which if the following types of businesses is most common in the United States?
who are the owners of a corporation?
what are shares in a business that the business sells called?
the U.S. Department of Commerce considers a business "small" if it has fewer than how many employees?
which of the following industry groups is the fastest growing segment of small business enterprises in the United Staes?
what are specific locations of Ramada, McDonald/s and Subway examples of?
According to SBA estimates, what percent of all new businesses can expect to survive for at least four years?
what is a major drawback of sole proprietorships?
the WTO was created to encourage international trade
NAFTA regulates trade between the US, EU, and Japan.
the primmer purpose of the WTO is to impose tariffs on imported products
a Chinese steel company cannot charge less for its product in the US than the cost of production
the US has large trade deficits with Japan, China, and Mexico; this means that the US has imported more than them than what they have purchased from us
what are the products that are created abroad and then transported and sold domestically?
which organization most likely has the greatest impact on Asian countries?
which of the following refers to the situation when a country's imports exceed its exports?
Which of the following organizations is a firm that makes products in one country and then distributes and sells them in others?
which of the following denotes a government order forbidding exportation and/or importation of a particular country?
which of the following is a government payment to help a domestic business compete with foreign firms?
which of the following refers to associations of producers that control supply and prices?
under which of the following treaties are Canada, the US, and Mexico gradually eliminating tariffs and all other trade barriers?
The US government forbids the importation of cigars from Cuba. What is this practice called>
which of the following is illegal in the US?
both dumping and cartels
goal setting helps managers assess performance
business strategy focuses on improving the company's competitive position
contingency planning seeks to identify how a company will respond to change
when IBM analyzes its internal strengths and weaknesses, it is conducting an organizational analysis rather than an environmental one
the effectiveness of managers in using time can be undermined by frequent phone calls
many managers spend as much as four hours a day in meetings
which business constituents analyze their competitive environments and plan, organize, direct, and control the operations of their organizations?
which type of manager spends most of their time working with and supervising the employees who report them>
which aspect of the management process involves determining what the organization needs to do and how best to get it done?
what type of skills are needed to understand and work well with people in the workplace?
human relation skills
which of the following refers to a person's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation?
if Kodak sets out to increase its share of the 35-mm film market by 10 percent during the next eight years, what kind of goal is the organization setting?
a long-term goal
when the finance dept aims for a 3 percent increase in ROI in 3 years, what type of goal is the organization setting?
what type of skills requires defining problems and selecting the best course of action to take?
departmentalization refers to the process of grouping jobs into logical units
geographic departmentalization divides firms according to the areas of the country or the world that they serve
in a centralized structure, decision-making authority is always delegated to horizontal levels of management at various points below the top
Acme Oil Company has three divisions: Exploration, Extraction, and Refining. This is an example of process departmentalization.
flat organizational structures are usually associated with vertical centralized decision making
which of the following clarifies strcutre and shows employees where they fit into a firm's operations?
what is the process of desgining specific jobs that need to be done adn identifying the poeple who will perform them called?
what is the main organizational characteristic of decentralized firms?
which feature characterizes the organization of centralized firms?
what is the power to make the decision necessary to complete a task called?
what is authority given to a special group of employees that play central roles in the firm's daily operations called?
committee and team
which type of business constituent has titles such as President and CEO?
determining how people performing certain tasks can best be grouped together is called what?
Which term describes creating and maintaining the innovation and flexibility of a business environment within the confines of a large, bureaucratic structure?
Vlasic has separate departments to transform cucumbers into fresh-packed pickles, pickles cured in brine, and relishes. What is this an example of?
A snack food firm has one division for the United States, one for Europe, and another for Asia. How is this firm departmentalized?
in what type of organization do most lower level decisions need to be approved by upper management before they can be implemented?
Firms that make only tangible products are engaged in goods production
in a low-contact system, the customer must be a part of the system to receive the service
services are more tangible, more customized, and more storable than most products
getting a haircut and having your lawn mowed are both examples of low-contact services
By turning raw materials into finished goods, production creates form utility
Just-in-time (JIT) production systems normally require large amounts of "safety stock" to be maintained in a firm's warehouse
which term refers to all the activities involved in making products-goods and services- for customers?
which of the following is ability of a product to satisfy a human want or need?
Which type of utility is created when a company makes products available where consumers want them?
which of the following is amount of a product that a company can produce under normal working conditions?
which of the following is a scheduling tool that breaks down large projects into steps to be performed and specifies the time required to perform each one?
which term refers to the flow of information, materials, and services from raw-materials suppliers through stages in the operations process until the product reaches the end customer?
When a company turns out costumes in time for Halloween, it creates which type of utility?
which of the following would be considered a low-contact service?
Save-A-Lot grocery stores use which type of strategy for attracting customers?
what is the name for a production system in which all the needed materials and parts arrive at the precise moment they are required for each production stage?
when a company makes products available where they are convenient for consumers, it creates which type of utility?
which of the following would be considered a high-contact system?
Which type of layout is designed to move resources through a smooth, fixed sequence of steps?
which of the following best describes ISO 9000?
Program certifying that a factory, laboratory, or office has met the quality management standards of the International Organization for Standardization.
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