BUS122 Midterm

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BUS122 Midterm
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Business intro 122 midterm study guide
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  1. The political-legal environment reflects the relationship between the business and the ____________.
    • A) government
    • B) labor unions
    • C) industry
    • D) foreign trade
  2. A(n) ____________ is a nation's basis for allocating its resources among its citizens.
    • A) economic system
    • B) capital structure
    • C) ownership system
    • D) distribution network
  3. A(n) ___________ is an individual who accepts the risks and opportunities entailed by creating and operating a new business.
    • A) partner
    • B) entrepreneur
    • C) officer
    • D) proprietor
  4. A _________ economy has characteristics of both planned and market economies.
    • A) capitalist
    • B) mixed market
    • C) privatized
    • D) hybrid
  5. A ___________ shows how many of a given product will be bought at different prices.
    A) price list B) supply curve C) price control D) demand curve
  6. The point at which the supply curve and the demand curve intersect on a graph is referred to as the _________.
    • A) equilibrium price B) perfect price
    • C) surplus price D) decision point
  7. A(n) ________ occurs when the quantity supplied exceeds the quantity demanded.
    A) overage B) surplus C) shortage D) demand deficit
  8. When the quantity demanded exceeds the quantity supplied, a(n) _______ will result.
    • A) shortage B) demand deficit
    • C) equilibrium point D) surplus
  9. Which of the following exists when an industry or market has only one producer?
    • A) monopoly B) perfect competition
    • C) oligopoly D) communism
  10. The __________ is the pattern of short-term ups and downs in an economy.
    • A) standard of living B) balance of payments
    • C) aggregate output D) business cycle
  11. The ___________ is the growth rate of the GDP adjusted for inflation and changes in the value of the country's currency.
    • A) GDP per capita B) real growth rate
    • C) real GDP D) adjusted growth rate
  12. The principle of _____ states that exchange rates are set so that the prices of similar products in different countries are about the same.
    • A) nominal GDP B) gross national product
    • C) consumer price index D) purchasing power parity
  13. The _______ is a measure of the prices of typical products purchased by consumers living in urban areas.
    • A) national debt B) consumer price index
    • C) gross national product D) gross domestic product
  14. What are profits?
    • A) difference between revenues and expenses B) increases in a corporation's stock price
    • C) increases in income from year to year
    • D) total money taken in by a corporation
  15. __________ are beliefs about what is right and wrong or good and bad.
  16. A) Cultures B) Mores C) Ethics D) Motivators
  17. _________ refers to ethical or unethical behaviors by employees in the context of their jobs.
    • A) Social ethics B) Social responsibility
    • C) Collusion D) Business ethics
  18. In setting ethical standards, perhaps the most effective step that a company can take is to __________.
    • A) engage employees in ethics training
    • B) demonstrate top management support of ethical standards
    • C) take an accommodative stance
    • D) adopt a code of ethics
  19. ___________ are groups, individuals, and organizations that are directly affected by the practices of an organization.
    A) Organizational stakeholders B) Social audits C) Whistle-blowers D) Directors
  20. An employee who discoversa and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them is called ____________.
    • A) a whistle-blower B) an outside contractor
    • C) top management D) an investor
  21. The ethical norm of __________ consider if the decision is fair.
    A) utility B) rights C) caring D) justice
  22. When tow or more firms agree to collaborate on wrongful acts, it is referred to as __________.
    A) collusion B) consumerism C) monopolizing D) brokering
  23. A ____________ is a document in which an entrepreneur summarizes his or her business strategy for a proposed new venture and how that strategy will be implemented.
    • A) business plan B) financial blueprint
    • C) success chart D) director's guideline
  24. In a franchise agreement, the franchisee is ________.
    A) the supplier B) any of a number of customers C) the local owner D) the parent company
  25. In a franchise agreement, the franchiser is ________.
    A) the parent company B) any of a number of customers C) the supplier D) the local owner
  26. Which of the following represents the most businesses in the United States?
    • A) partnerships B) sole proprietorships
    • C) cooperatives D) corporations
  27. Which form of business ownership generates the most sales in the United States?
    • A) cooperative B) corporation
    • C) partnership D) sole proprietorship
  28. The owners of a corporation are the ________.
    • A) officers B) board of directors
    • C) top managers D) stockholders
  29. Which of the following industry groups is the fastest growing segment of small business
    enterprise?
    A) retailing B) wholesaling C) manufacturing D) services
  30. ________ is the process of seeking business opportunities under conditions of risk.
    • A) Goal setting B) Entrepreneurship
    • C) Wholesaling D) Leverage
  31. Which of the following factors contribute to small business failure?
    • A) managerial incompetence or inexperience
    • B) weak control systems
    • C) neglect
    • D) any of the above
  32. Which of the following legal forms of business is owned and usually operated by one person who is responsible for its debts?
    • A) corporation B) general partnership
    • C) cartel D) sole proprietorship
  33. A major drawback of sole proprietorships is ________.
    • A) unlimited liability B) limited liability
    • C) low startup costs D) flexibility
  34. The biggest advantage of regular corporations is ________.
    • A) private ownership B) limited liability
    • C) lack of continuity D) ease of limiting ownership
  35. The person responsible for the firm's overall performance is the ________.
    • A) CEO B) stockholder
    • C) agent D) board of directors
  36. Products created abroad and then transported and sold domestically are called ________.
    A) subsidies B) imports C) exports D) buy backs
  37. Products created domestically and transported for sale abroad are called ________.
    A) returns B) exports C) quotas D) imports
  38. All of the following are benefits to globalization EXCEPT:
    A) obtaining cheaper resources B) decreased competition C) potential for higher standards of living D) improved business profitability
  39. When a country's imports exceed its exports, the nation has a ________.
    • A) trade deficit B) trade surplus
    • C) competitive advantage D) balance of payments
  40. When a country's exports exceed its imports, the nation has a ________.
    • A) trade surplus B) trade deficit
    • C) negative balance of trade D) A and C
  41. The ________ is the rate at which the currency of one nation can be exchanged for that of another.
    • A) trade surplus B) exchange rate
    • C) floating interest rate D) balance of payments
  42. Which of the following international organization strategies consists of firms giving individuals or companies in a foreign country exclusive rights to manufacture or market their products in that market?
    A) strategic alliances B) licensing arrangements C) branch offices D) independent agents
  43. The ABC Paint Company in the United States has joined forces with the 1-2-3 Plastics Company in Italy to create a non-pealing, plastics-based paint. Both companies intend to share the research
    costs and any profits. This is an example of ________.
    • A) a licensing arrangement B) viral marketing
    • C) foreign direct investment D) a strategic alliance
  44. Ford purchased Volvo. What does this illustrate?
    • A) social responsibility B) strategic alliance
    • C) licensing arrangement D) foreign direct investment
  45. Which of the following restricts the number of products of a certain type that can be imported into a country?
    • A) quota B) local governments
    • C) subsidy D) tariff
  46. A government order forbidding exportation and/or importation of a particular product from a particular country is called a(n) ________.
  47. A) local content law B) quota
    C) tariff D) embargo
  48. Which of the following is a tax on imported goods or products?
    • A) tariff B) local government action
    • C) subsidy D) quota
  49. Which of the following is a government payment to help a domestic business compete with foreign firms?
    • A) subsidy B) protectionist tariff
    • C) embargo D) revenue tariff
  50. Protecting domestic business at the expense of free market competition is ________.
    • A) local content laws B) adding tariffs
    • C) imposing quotas D) protectionism
  51. Associations of producers that control supply and prices are called ________.
    • A) business offices B) dumpers
    • C) independent agents D) cartels
  52. Selling a product abroad for less than the cost of production is called ________.
    • A) dumping B) setting up a business office
    • C) direct foreign investment D) imposing tariffs
  53. The world's largest national marketplace is ________.
    • A) Germany B) the United States
    • C) India D) China
  54. Under ________, Canada, the United States, and Mexico will gradually eliminate tariffs and all other trade barriers.
    • A) CMA B) the EURO Agreement
    • C) NAFTA D) the Pan-American Agreement
  55. The ________ is an organization that encourages its 149 member nations to negotiate trade agreements and resolve disputes about trade policies and practices.
    A) World Trade Organization B) League of Nations C) Import-Export Bank D) United Nations
  56. Which of the following best describes a positive trade balance?
    • A) the economic condition where economic resources are in abundance
    • B) the economic condition where a country's exports exceed its imports
    • C) the economic condition where a country's imports exceed its exports
    • D) none of the above
  57. The ________ is the common currency for much of the European Union.
    A) yen B) franc C) pound D) euro
  58. A country has a(n) ________ in goods it can produce more efficiently than other goods.
    • A) national competitive advantage B) monopolistic advantage
    • C) absolute advantage D) comparative advantage
  59. Which of the following types of firms design, produce, and manufacture products in many nations?
    • A) multinational firms B) exporting firms
    • C) domestic firms D) importing firms
  60. ________ analyze their competitive environments and plan, organize, direct, and control the operations of their organizations.
    A) Directors B) Managers C) Agents D) Stockholders
  61. The manager uses which of the following management processes to guide and motivate employees to meet the firm's objectives?
    A) controlling B) leading C) producing D) planning
  62. Which of the following managers are responsible for implementing the strategies, policies, and decisions made by top managers?
    • A) supervisory managers B) office managers
    • C) first-line managers D) middle managers
  63. Which of the following levels of management spend most of their time working with and
    supervising the employees who report to them?
    • A) top managers B) chief executive officers
    • C) first-line managers D) middle managers
  64. Skills in understanding and getting along with other people are called ________.
    • A) human relations skills B) conceptual skills
    • C) technical skills D) motor skills
  65. Statements of how organizations will achieve their purposes in the environments in which they conduct their business are called ________.
    • A) mission statements B) short-term goals
    • C) intermediate goals D) long-term goals
  66. ________ strategy, which takes place at the level of the business unit or product line, focuses on a firm's competitive position.
    A) Functional B) Corporate C) Fundamental D) Business
  67. Long-term goals derived directly from a firm's mission statement are called ________.
    • A) strategic plans B) organizational goals
    • C) environmental goals D) strategic goals
  68. The shared experiences, stories, beliefs, and norms that characterize an organization are called ________.
    • A) its product philosophy B) human resource management
    • C) its mission D) its corporate culture
  69. The process of monitoring a firm's performance to make sure that it is meeting its goals is referred to as ________.
    A) organizing B) planning C) controlling D) leading
  70. The specification of the jobs to be done within an organization and the ways in which those jobs relate to one another is called ________.
    A) scientific management B) job specialization C) organizational structure D) a mission statement
  71. Which of the following clarify structure and show employees where they fit into a firm's
    operations?
    • A) departmentalization B) delegation
    • C) mission statement D) organization charts
  72. The process of identifying the specific jobs that need to be done and designing the people who will perform them leads to ________.
    • A) segmentation B) group tasks
    • C) departmentalization D) job specialization
  73. When each department targets a specific customer category, departmentalization occurs along
    ________.
    • A) customer lines B) functional lines
    • C) product lines D) process lines
  74. In a ________ organization, most decision-making authority is held by upper-level managers.
    A) free-reign B) democratic C) decentralized D) centralized
  75. Decentralized firms tend to be ________.
    • A) tall B) flat
    • C) multi-layered D) none of the above
  76. The number of people managed by one supervisor is called the manager's ________.
    A) span of control B) line authority C) responsibility D) authority
  77. In a ________ structure, two separate organizational structures are combined.
    A) functional B) regional C) matrix D) departmental
  78. Firms having production, marketing, human resource, and finance departments are
    departmentalized according to ________.
    A) geography B) customer C) process D) function
  79. The term ________ refers to all the activities involved in making products, goods and services, for customers.
    A) planning B) operations C) processes D) scheduling
  80. In a ________ system, the customer is part of the system during service delivery.
    A) high-contact B) customer C) low-contact D) quality
  81. The amount of a product that a company can produce under normal working conditions is its ________.
    A) capacity B) efficiency C) burden D) output
  82. ________ systems are designed for smooth production flow that avoid inefficiencies, eliminate unnecessary inventories, and continuously improve production processes.
    A) Managed B) Lean C) Flexible D) Production
  83. Which of the following is a major objective of JIT production?
    • A) reduction of goods in process
    • B) unnecessary inventory levels
    • C) elimination of disruptions by continuous improvement
    • D) all of the above
  84. TQM stands for:
    • A) Total quality management
    • B) Tone quality manager
    • C) Total quarterly management
    • D) None of the above
  85. The ________ is the flow of information, materials, and services from raw-materials suppliers through stages in the operations process until the product reaches the end customer.
    • A) distribution channel
    • B) distribution chain
    • C) service channel
    • D) supply chain
  86. ________ is the strategy of paying suppliers and distributors to perform certain business processes or to provide needed materials or services.
    • A) Scheduling
    • B) Reengineering
    • C) Controlling
    • D) Outsourcing
  87. In a ________ production system, all the needed materials and parts arrive at the precise moment they are required for each production stage.
    • A) just-in-time
    • B) standardized
    • C) quality control
    • D) process control

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