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__________is the money that an organization brings in through the production and sale of its products and services.

Not-for-Profit Organization

An organization that seeks to operate efficiently and effectively to achieve its goals without a profit motive is
a(n) ___________.


The conditions and forces that affect the cost and availability of goods, services and labor,and shape the behavior of buyers and sellers are BEST described as the___________.
A. Market
B. Technological
C. Social
D. Economic
E. Regulatory


All internal and external groups affected by a company's activities are referred to as its___________.


The______________environment would include population and demographic trends that alter the composition of consumer markets and the workforce.


Buildings, equipment and money that a busines needs in order to produce its good and services are called___________.


___________is the study of how a society uses its scarce resources to produce and distribute goods and services to its citizens.


____________is the concept that the supply of the factors of production is limited.

Opportunity Cost

A business owner has to decide whether the company should purchase new manufacturing equipment, open a new retail store in another city, or invest in a major advertising campaign. The value of the most attractive option that the business owner did NOT choose is its_____________.


The economic system that allows individuals the LEAST amount of economic freedom is __________.

The value of a country's exports exceeds the value of its imports

A trade surplus occurs when: _________

Balance of Trade

The total value of a country's exports less the total value of its imports over a specified period of time is referred to as ____________.

Free Trade

The movement of goods and services between countries without political or economic restrictions is _______________.


The United States does not allow the export of super-computers or lasers to be exported to non-ally countries. This is an example of a(n) ____________.


A(n) ____________is a tax or a charge assessed against imports.


Beliefs about what is "right" and "wrong" that guide our behavior are called ____________.

Ethical Dilemma

A situation in which you must chose between two conflicting but arguably valid alternatives would be known as a(n) _______________.

Corporate Social Responsibility (CSR)

The idea that a business has obligations to society beyond the pursuit of profits is ___________.


General Electric invested $1.5 billion into a research project to reduce greenhouse emissions and improve efficiency by 30%. This would be an example of a(n) ________________.

Minimalist, Defensive, Cynical, and Proactive

Approaches to CSR are categorized into four perpectives: ____________


In a sole proprietorship, all profits go to the _____________.

is a legal entity, distinct from any individual persons

A corporation is owned by shareholders and under the law _____________

investors can easily and quickly convert their stock into cash

Liquidity means that: _______________


Periodic distributions of profit that a corporation makes to its shareholders are called ____________.

hostile takeover

One way for a company to prevent a(n) ________is to buy back shares of its own stock from individual investors so that it owns a majority share of the company.

entrepreneurial spirit

The fire that burns "within" that a person has to create a profitable, sustainable business is called ____________.

nature of the business, its goals and its target market

A business plan is a written document that summarizes the ____________.

managerial expertise

Reasons why new business fail could include all of the following EXCEPT:
inadequate financing
managerial expertise
ineffective marketing
lack of strategic planning
lack of relevant experience


A(n) ____________gives the buyer the right to use a specific business name and sell its products or services within a given territory.

organizing, leading, controlling, and planning

The four basic functions that managers perform are:


Managerial roles fall into one of three catergories: interpersonal, informational, and ____________.


Establishing organizational goals and determining the best methods for accomplishing those goals would be part of the _____________ function of management.

SWOT analysis

The identification and analysis of an organization's strengths and weaknesses and environmental threats and opportunities is referred to as a(n) _________.


The _____________function is concerned with influencing the people in the organization to work toward a common goal.


Making managerial decisions without consulting others would be indicative of ____________.

organization chart

The diagram that shows the positions and relationships within an organization is called a(n) __________.

division of labor

Another term for work specialization is __________.

span of control

The number of workers who report directly to a manager is called his or her _____________.


At Meyer Department store, cashiers are allowed to make price adjustments for customers w/o consulting the store manager as long as the amount of adjustment is less than $10. Meyer appears to be ____________ in terms of decision-making.


In the ______________ stage of group development, the group begins to stabilize, and harmony and patterns of work begin to develop.


The interconnected and coordinated set of elements and processes that convert inputs into outputs is called a ______________

value chain

A small candy company buys sugar, cocoa, milk, nuts, and other ingredients. The elements and processes that transform these raw materials into gourmet chocolates to be sold to customers are known as the ______________.


Employee benefit administration and payroll at LaSalle Plating Company in Indianapolis used to be handled in-house, but the company recently decided to have these functions handled by an outside firm in Chicago, a strategy known as __________.

Operations Management

_______________Involves overseeing all activities involved in producing goods and services.


Polar Refrigerator Company reduces its inventory carrying cost by having their vendors deliver materials right before they are needed in the production process. This is an example of _________inventory management.

Theory X

A(n)- ___________-oriented manager believes that most employees dislike work and will avoid it unless they are coerced or threatened.


In Herzberg's motivational model, which of the following would likely be considered a "hygiene" factor?

hygiene and motivators

On what two factors is Herzberg's theory based?

setting goals is an effective way to motivate employees

What does goal-setting motivation theory suggest?

setting goals, planning, implementing, reviewing

What are teh sequential four steps of the MBO cycle?

capacity planning and facility layout

Human resources management (HRM) would be involved in all of the following EXCEPT:
development of alternative work arrangements
capacity planning and facility layout
evaluation of job requirements
forecasting workforce supply and demand
planning for the organization's staffing needs

Supply Chain Management

_______________ is the connected systems that coordinate the flow of goods from suppliers to final customers.


_____________is the transformation of resources into both goods and services.

Lean Systems

Maximizing productivity by reducing waste and delays is a goal of _____________.

Job analysis

_____________is the process of gathering information about the demands, responsibilities and worker requirements of each position in the organization.

Theory Y

A(n) ___________-oriented manager believes that most employees enjoy work and will accept responsibilities and are self-motivated.

Theory Z

Ouchi's ____________proposed another approach to motivation based on his comparative study of Japanese and US management practices. Ouchi based this theory on seven principles.


______________proposed the theory that behavior is determined by a variety of needs. He organized these needs in five categories and then arranged the categories in a hierarchy structure (often displayed in a pyramid).

Job Sharing

___________lets two employees share a single full-time job and split the salary and benefits.


__________is the scheduling system that allows employees to choose their own hours with certain limits.


The United Brotherhood of Carpenters and the Amalgamated Clothing Workers of America would be classified as __________unions.

collective bargaining

In a process known as ______________, union and management negotiators work together to develop mutually acceptable work rules and policies that will apply to all employees in the bargaining unit.


If the union and management cannot reach agreement at the bargaining table, they may choose to use _____, in which an impartial third party would be brought into the negotiations to facilitate communication between the parties and make recommendations for resolution.


The process of creating value for and building relationships with customers in order to capture value back from them is ____________.


______________marketing planning is the process of examining the organization's current overall marketing situation, assessing future opportunities, setting objectives and then developing a plan to achieve those objectives.


Marketers know that Saturday mornings are prime time for children to watch cartoons, so most commercials advertise toys. This is an example of targeting a market on the basis of ___________.


Decisions on where to have your product available for purchase by the customer would fall under the marketing mix element known as ____________.


Consumer products such as milk, bread and candy bars would be classified as _____________.


A _______________ product has unique characteristics that a buyer especially wants and will seek out regardless of the location or price of the product.


For a business market, coal, lumber and iron ore would be examples of _____________.

product life cycle

The stages in sales and profits of a product are collectively called the ____________.

Wagner Act

The National Labor Relations Act is also known as the ______________.


The Service Employees International Union would be classified as ______________unions.


The ______________ market is made up of individuals and families who buy for personal or household use.

Introduction, Growth, Maturity and Decline

The four stages of the Product Life Cycle are:


Most tangible products needs some form of _________ to protect them from damage or tampering during the distribution process.

break-even analysis

The ____________ determines the number of units a firm must sell at a given price to recoup both fixed and variable costs.


If the union and management cannot reach agreement at the beginning table, they may choose to use ____________, in which an impartial referee listens to both sides and then makes a judgment by accepting one side's view.

Product, Price, Place & Promotion

The Marketing Mix consists of four section - often know as the "4 Ps". They are:


The __________market is composed of both companies and a variety of noncommercial institutions.

Trade Surplus

When the value of a country's exports exceeds the value of its imports it is referred to as a ____________.

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