| A | B |
|---|
| The major advantage of a sole propitorship is | freedom |
| Many professional organizations such as legal and accounting are formed as | partnerships |
| The ceral market which is dominated by 4 producers is a good example of | oligopoly |
| Competition in which there are a handful of very large sellers, market entry is difficult is | oligopoly |
| What do the nations of China, Cuba, N. Korea, and Vietnam have in common? | Communism |
| What do nations of England, Japan, Hungry, and France have in common? | Mixed Economy |
| The problems experienced by AOL, as indicated in the opening viguette of Ch. 1 was caused by | excessive demand |
| Which of the following would fall under the definition of a business | all examples |
| A nations economic system is the way of | allocating resources among it's citizens |
| Labor as defined by the text would include | everyone in the business |
| By definition, capital is needed | to both start up and keep a business operating |
| Which one of the following is a term that the textbook says is often subsituted for the economic term "LABOR"? | Human Resources |
| What do the nations of China, Cuba, N. Korea, and Vietnam have in common? | Communism |
| What do antions of England, Japan, Hungry, and France have in common? | Mixed Economy |
| In socialism, which of the following is most unlikely to be owned by the government? | food |
| The concept that producers will often more or a product for sale as it's price increases and less as it's price decreases is known as | The law of supply |
| The concept that buyers will purchase more of a product as it's price decreases and less as it's price increases is known as | The law of demand |
| The price at which the quanity of a product is willing to be purchased by customers and the quanity of the product willing to be made by the producer are equal is known as | either the market or the equilibrium price |
| Individual firms must be small and the number of such firms must ne large | pure competition |
| Competition like that of Tide and Cheer, and Coke and Pepsi, is a | monopolistic competition |
| Competition in which there are a handful of very large sellers, market entry is difficult, and a company can have a major impact on the product price is known as | oligopoly |
| Cereal Market dominated by four producers is a good example of an | oligopoly |
| The ability to replace highly skilled craftsman with a series of semiskilled workers is known as | specilization of labor |
| Whi is generally considered to have been the founder of the US steel? | Andrew Carnegie |
| Scientific Managment, practices focus on | increasing efficiency |
| Who is most closely associated with the production era? | Henry Ford |
| According to the marketing concept, cusiness starts with the | customer |
| First legal form of business organization | sale proprietorship |
| Major advantage of sole proprietorship | freedom |
| Many professional organizations such as legal and accounting are formed as | partnerships |
| Corporations account for approximatly what % of all sales revenused in the U.S. | 90 % |
| In the double taxation____by some laws, which of the following is the first taxation | tax on corporate profits |
| Due to the low corporate tax, what state is home to more corporations than any other state | Delaware |
| The first step creating a corprations is | seek legal advise |
| Who decides on the members of the board of directors of a company? | common stock holders |
| The way that most investors vote at annual meeting is | by proxy |
| The process of assigning your stock voting rights to someone who will be attanding the corporations annual meeting is known as | by proxy |
| Directors that are typical, accountants, university officials and executives from other firms are known as | outside directors |
| Directors who are also top managers of the corportation are ____ directors | inside |
| A merger between the two daily newspapers of a large city would be a | horizontal merger |
| The world economy is fast becoming a single interdependent system, this processes is | globalization |
| Your TV set, your shoes, and even your morning cup of coffee are likely to be the result of | importing |
| If a product can not be directly exchanged for another product on the international market it is said to be | not tradeable |
| Although the world econom is centered in a few major market places there are still what percentage of the worlds population living in so called developing areas | 77% |
| The single largest market place in the world is the | United States |
| Because of the efficient operations and cheap labor, S. Korea has a __________in electronics management | comparitive adavantage |
| A nations______ is the difference in economic value between it's imports and exports | balence of trade |
| If a country's exports exceed it's imports it has a | positive balence of trade |
| One very large category of U.S. productions that is well recieved internationally is | american pop culture (movies, books, music, etc.) |
| The U.S. prohibits the importing of ivory from any foreign nation. This is an | embargo |
| Which of the following is used to keep some of the profits from doing business with a foreign company in the countryrather than all flowing out to a foreign nation | local content law |
| ....when marketing a new product in a foreign nation Mega computer was surprised to see the very low price on a local competitors model-investigation uncovered that the company recieved money from the government. This is called a | subsidy |
| Practice os protecting the domestic business at the expence ot pre-market competition is called | protectionism |
| Sometimes foreign companies have many problems with applying stringent and often changing regulations and burecratic obsticals. This is called | business practice law |
| Most nations forbid the practice of selling product abroad for less than it cost to produce it | Dumping |
| Association of produces whose purpose is to control supply and price | Cartel |
| A major problem faced by Denny's restaurants was | racial discrimination |
| The beliefs about what is right and wrong is termed | ethics |
| Ethical Behavior conforms to genterally accepted | social norms |
| Most effective way that companies can establish proper ethical behavior is by | top management support |
| Today more than what % of all fortune 500 firms have a code of ethics | 90% |
| Water pollution is caused primarily by | chemical and waste dumping |
| The ingrediant found in many laundry detergents that has been a source of water pollution is | phosphates |
| Which of the following government agencies enforces the guidelines for labeling food products? | FDA |
| The company that behaves unethically and irresponsibily towards consumers is likely to face which of the following? | loss of business revenues |
| Business forms which offer a money back guarentee and provide a direct line for complaints are responding to which are consumer rights? | right to be informed |
| If local doctors and hospitals agree on what to charge for various hospital procedures in the doctor's agreed to perform 25% of their out patient services at the hopitals, we would have a classic example of | collusion |
| The business approach to social responsibility in which the firm goes beyond the bare minimum but only if they are asked is the | social reaction approach |
| McDonald's established the Ronald McDonald House to provide the lodging for families who are hospitalized away from home, this approach is a social responsibility and would be classified as | social responce approach |
| The business approach to social responisbility which argues that business profits should be spent on social prigrams | Social obligation approach |
| Business Firms go out of their way to find opportunities to contribute to social programs | Social response approach |
| If Ben and Jerry's ice cream has a goal of investing 7.5% of their after tax profits in chartable contrabutions that goal | Defines Corprate Culture |
| Rolex sells high quality, high grade, and prided watches through selected jewelry stores | long-term goal |
| long-term goals typically relate to time periods in the reange of | 5 yrs or more |
| Intermediate goals usually cover a time period of | 1-5 yrs |
| short-term goals are usually set for a time periods of is | less than 1 yr |
| If Kodak wants to increase it's share of 35mm film market by 10% during the next 6 yrs it has set a | longterm-goal |
| Plans that are primarily concered with implementing specific aspects of the firms strategic plans are | tactical plans |
| Plans that set targets for daily/weekly/monthly performance are | operational plans |
| When Johnson and Johnson responded effectively to the asoiciated with it;s Tylenol capsules being laced with cyanide, it demonstrated good | crisis managment |
| Determining what a form needs to do and how best to accomplish that is the managment process of | planning |
| Who sets general policies, formulates strategies and approves significant | top managers |
| The manager helps hire and train employees as well as determine compensation | Human Resources |
| Companies like Proctor & Gamble, Coca-cola & Levi Strauss have a stron need for | Marketing Managers |
| Companies like Nation's Bank & Prudential have a strong need for | finance managers |
| Skills needed to perform specialized tasks | Technical |
| Although needed at all levels of management, missle manager have the strongest need for what type of skill | Human Relations |
| ....is anaylzing the jobs to be done in the company. Their specific overall purpose, and how the jobs relate to each other. He is analyzing the companies | organizational structure |
| In the chart that shows hiw a company is structured each box represents | a job |
| Reporting relationships among employees are also called | chain of command |
| Home Depot and other hardware stores are typically departmentalized by | Product |
| Many international companies have organized themselves by N. America, Europe, Asia & S. America divisions. This is what type of departmentalization | Geographic |
| The duty to perform an assignment task is | responsibility |
| The power to make decisions necessary to complete assigned task is | authority |
| This occurs whena manager assigns a task to one of his subordinates, it is | delegation |
| The stucture pioneered by NASA for use in developing specific programs | Matrix |
| An organization where people interact with other emplyees in ways that do not follow the formal organized structure | an informal organization |
| Creating and maintaining the innovation and flexibility of a small business development with in the confins of a long bureaucratic structure | intrapreneuring |
| The largest and fastest growing segment of a small business enterprise is | services |
| The type of small business which sells products manufactured by other firms directly to consumers is | retailing |
| The type of store that is most favored by small retail business is | specialty shop |
| The company dicussed in the text that started as a small coffee be on mail order distributor is | starbucks |
| Of the following small business categories, which is least conducive to small business? | manufacturing (cost of entry) |
| The source that provide the largest amount of funds to start a new business is | personal business |
| Most government lenfing activity to small business flaws through | SBA guarenteed loans |
