BUS 6600 Final Study

The service industry represents about ________ of the value of the U.S. economy.
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The service industry represents about ________ of the value of the U.S. economy.
80%
Brendan and Sean combined their love of baseball with a business venture. They purchased a small cart and began selling memorabilia outside of their hometown stadium. Their first year went well, but the past two years have been quite a struggle. Due to poor economic conditions and the team's horrible record, ticket sales at the stadium are down, which has significantly hurt their sales as well. As a recent business graduate, you explain to Brendan and Sean that
environmental circumstances are dynamic and tough to control.
According to the box, "Services Expand the Circular Economy," technology is helping turn products into services by
offering new ways to access items like movies or music and by adding sensors to allow companies to develop new business models.
The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:
stakeholders
________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.
Quality of life
Which of the following statements describes a recurring theme about today's ecological environment?
There is a strong push by customers for businesses to develop products and services that clearly save energy.
Globalization
has greatly improved living standards around the world.
Which of the statements about demography is most accurate? Demographic studies:
provide businesses and individuals with insights into business and career opportunities for the future.
________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
Risk
The most important difference between for-profit businesses and nonprofit organizations is that:
nonprofit organizations seek to make a profit for their owners and organizers.
Due to population shifts,businesses that cater to older consumers will see slower growth.Which of the following entails the greatest amount of risk?Starting a businessWhen prices are free to adjust over time, in the long run, the market price of a good tends toequal the equilibrium price.________ unemployment refers to loss of jobs due to a recession or a similar downturn in the economy.CyclicalFiscal policy involves increases or decreases ingovernment spending and taxes.Gabby and Gus Malloy recently got preapproved on a loan for their first house purchase. They are speculating on how much they should bid on their number one choice—a small, three-bedroom bungalow near a major college town. Which of the following indicators may be an important factor in whether they are able to successfully put in a low bid?The federal tax rate in that areaFor many years, Senator Juliana Higdon has called for more government regulation of business. "After all," the senator said recently, "businesses are out to make a profit, not to create jobs or serve their customers. The government needs to pass more laws to require businesses to take the interests of consumers and workers into account." From these comments, it is clear that Senator Higdondoes not accept the "invisible hand" idea brought forth by Adam Smith.Senator Shulei Lee is alarmed at the state of the economy. Unemployment is high and GDP is low. Senator Lee has called for Congress to take action to increase government spending and cut taxes in order to stimulate the economy. The actions called for by Senator Lee are examples offiscal policy.Colin lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Colin maintains ownership due tothe right to own private property.A major trend around the world today is thatfree-market economies are moving more toward socialism and socialist economies are moving more toward capitalism.Which of the following would be a topic emphasized in a microeconomics class?How market conditions determine the price of a specific productThe economic and political system in which the government owns almost all the major factors of production is calledcommunismWhen the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies theequilibrium price of the good.A simple supply curve shows a relationship between theprice of a good and the quantity of that good sellers are willing to offer for sale at a specific point in time.In a free-market economic system, ________ is the key determinant used to signal to producers what to produce and how much to produce.price________ are specific, short-term, measurable results an organization wants to achieve in order to fulfill its long-term goals.ObjectivesWhen we think of successful music entertainment groups of the past 60 years, the Beatles almost always appear in the top 5! In the early days, the entertainment group's life cycle could have ended as so many other rock groups do—here today, gone tomorrow. The four musicians were definitely creative and passionate about their craft and genre of music. As the informal leader of the group, John Lennon ________ the others to make important compositional contributions. All four members had the opportunity to create musical compositions and receive copyright credit for their contributions.empowered________ are units within an organization that receive services from other units within the organization.Internal customersLeadersembrace changeA basic difference between goals and objectives is that goals areconcerned with broad, long-term accomplishments, while objectives focus on specific short-term details.Managers who listen to their subordinates and allow them to participate in decision making are using the ________ style of leadership.participativeAlthough top managers most often possess these skills, they usually make less use of ________ skills than supervisory managers.technicalA(n) ________ leader would set objectives and give employees a great deal of freedom to decide for themselves how to accomplish those objectives.free-reinIn order for standards to be useful in the controlling process, they must have certain characteristics. One of these characteristics is that they must beattainable.________ is the management function that involves setting goals, strategies, and tactics for achieving the organization's goals and objectives.planningThe revolution in management that is currently under way suggests that the most effective managers of the future willemphasize teamwork.Which of the following would be a concern addressed in a strategic plan?Should the firm make a long-term commitment to expand into new markets?Elsa's manager is relieved when he sees her coming through the front door each morning. He knows that the day's tasks will not need to be adjusted. Elsa's work productivity and performance on the job are very good. Recently, however, her ability to get to work on time has affected her job performance. He has documented a number of unrelated health issues that have prevented Elsa from being at work on time. Which of the following views would Maslow likely share with Elsa's supervisor?Lower-order needs such as physiological needs must be met before higher-order needs.At Upper Limits International, management's expectation for employee creativity is high and employees tend to work with little direct supervision since employees are considered trustworthy and committed. The management at Upper Limits reflects ________ attitudes about employees.theory YThe characteristic of work that is concerned with the amount of direct and clear information employees receive about performance is calledfeedbackSmartTech's CEO, Gary, often honors employees who have demonstrated the company's core values. SmartTech holds a conference each year, where one employee is honored in several values categories that include (1) challenge; (2) move fast; (3) be open and straightforward; (4) teamwork for results; and (5) take responsibility. Rather than posting core values someplace everyone passes by each day, Gary finds that providing ________ rewards once each year provides the message to all employees that these are important values.extrinsicIn order to understand how to motivate the various generations, we need to understand each generation's preferred mode of communication. Look at the following chart and fill in the blank cell Baby BoomersMeetings and teleconferences________ is the characteristic of work concerned with the degree of freedom, independence and discretion an employee has in scheduling work and determining procedures.AutonomyPaul Blocker is the offensive line coach for a university football team. He wants his players to report to fall practice in good shape. Coach has set challenging fitness standards that the linemen should have no problem achieving if they work hard during the summer. He knows his players hate running wind sprints so to encourage them to work out during the summer he announced that any player who passes the fitness test at the beginning of fall practice will be allowed to skip sprints for the first two weeks of practice. Coach Blocker's approach to motivation is consistent withexpectancy theory.One implication of goal-setting theory is that goals should beset through a process that involves all persons responsible for formulating and implementing the goals.________ was the dominant strategy for improving worker productivity during the early 1900s.Scientific managementAlyssa's supervisor was so impressed by her work that he named her the employee of the month. This praise from her supervisor is an example of a(n) ________ reward.extrinsicDouglas McGregor described two very different sets of managerial attitudes about employees, which he calledTheory X and Theory YWhich of the following practices would fail to result in more open communication?provide the opportunity for exit interviews when employees leave or are dischargedMotivational formulas aretailored to the individual.