| A | B |
|---|
| the company that allows someone to use their company's name its proven method of doing business, to receive training, and to use its advertising materials is called | franchisor |
| Harley-Davidson employs a method of inventory control demanding that suppliers deliver parts and raw materials to Harley's production facility just as they are needed. This type of inventory control is known as | just-in-time inventory control |
| the person who uses another company's business name | franchisee |
| ______________ means tailoring products to meet the needs of a large number of individual customers | Mass customization |
| type of utility on which production and operations management focuses | form |
| the two types of costs associated with inventory | Stock-out costs and holding costs |
| unfavorable balance of trade occurs when the value of | imports exceed the value of exports |
| When demand exceeds capacity, all of the following are reasonable options for the firm except | turning away some long-time customers |
| U.S. firms choose to hire skilled and unskilled workers in other countries to produce goods and services, rather than producing them in the United States this is called | offshore outsourcing |
| an importing restriction that limits the amount of a product that is allowed to be imported in a given year | import quota |
| every country has __________ advantage in some product | comparative |
| a contractual agreement where one firm gives another permission to produce and market its product and brand name in exchange for a fee | licensing |
| 3 countries partici[ating in NAFTA | Canada, Mexio, United States |
| Purchasing products or materials in other nations and bringing them into one's own country is | importing |
| The __________________ is a firm that has made sizeable investments and has a physical presence in several foreign countries as a manufacturer and marketer of products and services | multinational corporation |
| electronic storage of large amounts of data by a business | data warehousing |
| production of large items, such as airplanes or ships, will most likely be produced in this type of facility layout | fixed-position |
| uses computers to control the entire production process | computer-integrated manufacturing |
| collection of facts that managers analyze to make decisions about an organization | data |
| _________ is the use of computer systems or workstations to aid in the creation, modification, analysis, or optimization of a design | computer-aided design |
| an advantage of franchising to the FRANCHISOR | cash flow for operations |
| an advantage of franchising to the FRANCHISEE | brand recognition |
| form of business ownership often costs anywhere from $20,000 to over $1 million in fees to start | franchise |
| a disadvantage of franchising to the franchisor | lack of control |
| economic system in which individuals own and operate the majority of businesses that provide goods and services | capitalism |
| price at which the quantity demanded is exactly equal to the quantity supplied | market price |
| two consecutive three-month periods of decline in a country’s gross domestic product | recession |
| resources that contribute to the creation of wealth | factors of production |
| total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period | gross domestic product (GDP) |
| In most large cities there are a large number of bakeries. These bakeries produce similar, but not identical, products. Some bakeries claim to have the best cheesecakes in town, while others brag about their cookies or specialty breads. The bakery market in a large city is an example of | monopolistic competition |
| government agency responsible for encouraging the development of small business | small businesss administration |
| requires the CEO and CFO of corporations to certify the accuracy of financial reports | important provision of the Sarbanes-Oxley Act |
| the differences among people in the workforce | cultural diversity |
| economic fluctuations which include the recurrence of periods of growth and recession in the economy | the business cycle |
| view of social responsibility holds that business should emphasize not only profits but also the impact of its decisions on society | socioeconomic model of social responsibility |
| guide to acceptable and ethical behavior as defined by the organization | code of ethics |
| Congress created the ____________________, which has the power to investigate complaints of employment discrimination and the power to sue firms that practice it | Equal Employment Opportunity Commission (EEOC) |
| all activities undertaken to protect the rights of consumers | consumerism |
| Latin phrase caveat emptor means | let the buyer beware |
| type of business that is not dominant in its field | small business |
| the business owner is personally responsible for all the debts of the business | unlimited liability |
| top governing body of a corporation | board of directors |
| merger between two firms that make and sell similar products in similar markets | horizontal merger |
| ___________ invests money in a business but has no management responsibility or liability for losses beyond the amount he or she invested in the partnership | limited partner |
| stock of this type corporation is not sold to the general public | closed corporation |
| when a company divides divides their organization into marketing, human resources, accounting, and production departments this is an example of departmentalization by function | function |
| simplest and oldest form of organizational structure in which the chain of command goes directly from person to person throughout the organization | line structure |
| market segment toward which a company directs its marketing effort | target market |
| An incorporated business is called a domestic corporation in the state in which it is incorporated. In all other states where it does business, it is called | foregin coporation |
| elements of the marketing mix | product, place, price, promotion |
| stages of product life cycle IN ORDER | 1. introduction 2.growth 3.maturity 4. decline |
| ALL products that a company sells | product mix |
| a brand that is owned and produced by a store | private or store brand |
| Bread chewing gum, and candy are examples of this type of product | convenience |
| strategy of charging the highest possible price for a product during the introduction stage of its life cycle | price skimming |
| a retail marketing intermediary that is a large self-service store that sells primarily food and household products | supermarket |
| sequence of marketing organizations that directs a product from the producer to the ultimate user | distribution channel |
| process of shipping flowers from California to Indiana gives _______ utility to flowers | place |
| number of units that must be sold for the total revenue (from all units sold) to equal the total cost (of all units sold) | breakeven quantity |
| financial ratio measures a firm’s ability to pay its debts | current ratio |
| reports the profit or loss for the firm over a specified time period | income statement |
| Costs that depend on the number of units produced | variable costs |
| occurs when a corporation sells common stock to the general public for the first time | IPO initial public offering |
| assets- liabilites = | owners' equity |
| example of long-term debt financing for a corporation | corporate bonds |
| Manufacturers and wholesalers often provide financial aid to retailers by allowing them 30 to 60 days (or more) in which to pay for merchandise. This delayed payment is known as | trade credit |
| A budgeting approach in which every expense in every budget must be justified | zero-based budgeting |
| Borrowed money that will be used for more than one year | long-term financing |
| how quickly an asset can be converted into cash | liquidity |
| government agency with the power to investigate complaints of discrimination and to sue firms practicing employment discrimination | Equal Employment Opportunity Commission |
| any recruiting done OUTSIDE of the company and its current employees | external recruiting |
| program to introduce new employees to the organization | orientation |
| allowing workers to choose their work hours within certain time constraints | flextime |
| a document that lists duties of the job and working conditions | job description |
| if an employee makes a set amount every week , the business is using this type of pay system | salary pay system |
| prohibits discrimination based on race, religion, sex, creed, or national origin in matters such as hiring, firing, training, and compensation | Title VII of the Civil Rights Act |
| an example of a benefit that an employer is required by law to provide | unemployment insurance |
| the process of establishing and maintaining contacts with key managers in one's own organization and in other organizations, and using those contacts to establish strong relationships that serve as informal development systems | networking |
| when presenting information to a client you should avoid | Filling the presentation slides up with trade lingo and jargon |
| when starting out at a company it should be an employees goal to | take on new positions with increasing responsibility |
| when attending a job fairone should always dress | professionally and never in jeans or casual wear |
| in the global market place one must always consider | other countries business practices, languages, and culture |
| Planning, organizing, leading/motivating, and controlling | 4 fucntions of management |
| also known as a "plan b" for a business in case of changes in external cirumstances such as weather, competitor moves, or economic conditions | contingency planning |
| a manager who has the ability to see the big picture of an organization and to understand how the various parts of the organization can fit together has __________ skills | conceptual |
| giving employees the authority and responsibility to respond quickly to customer requests | empowerment |
| a narrow span of management implies that the height of the organization will be __________; a wide span of management implies that the height of the organization will be __________. | tall: flat |
| leadership style advocating that a leader makes all decisions and tells subordinates what to do and how to do | authoritarian |
| Writing skills are more important today than ever because | online media requires more writing, not less |
| The line of authority that moves from the top of a hierarchy to the lowest level | chain of command |
| in to improve intercultural written communication, one should try to | Avoid ambiguous expressions |
| The idea that satisfaction and dissatisfaction are distinct dimensions | Theory X and Theory Y |
| hierarchy of human needs was developed by | Maslow |
| Due to more emphasis on empowerment and more talented and better-educated lower level management | has increased |
| movement of money into and out of an organization | cash flow |
| represents the most basic form of corporate company ownership and includes voting rights and dividends, if and when the firm elects to pay dividends | common stock |
| The results of a grocery store survey are an example of ___________ collection | data |
| a proven product, business model, and brand to the franchisee | factors that a franchise provides |
| if a franchisee doe sa poor job of operating an individual franchise location that would be a disadvantage for | THE FRANCHISOR |
| best to only include keywords on each slide | when using presentation software (such as google slides or PPT) |
| A private network that is contained within the organization | an intranet |
