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Busi Test 1

The Corporate Cultural Environment
which environment is NOT an important dimension of a business organizations external environment?
Economic System
what term denotes a nations basis for allocating its resources among its citizens?
Privatization
what is the process for converting government enterprises into individually owned firms known as?
Equilibrium Price
what is the point at which the supply curve and the demand curve intersect on the graph?
The Market Price
what is the price at the quantity of goods demanded and the quantity of goods supplied are equal?
Shortage
what occurs when the quantity demanded exceeds the quantity supplied?
Socialism
which of the following does NOT represent a degree of competition in a private enterprise system?
Monopoly
which of the following exists when an industry or market has only one producer?
Business Cycle
which term refers to the pattern of short-term ups and downs in an economy?
Standard of Living
which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?
Gross Domestic Product
which term refers to the total value of all goods and services produced within a given period by a national economy?
Consumer Price Index
which of the following measures indicates the prices of typical products purchased by American consumers living in urban areas?
How much a system produces with the needed to produce it
what does productivity measure?
Inflation
what is the economic condition characterized by widespread increased prices without increased purchasing power?
Stability
what is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?
Difference between revenues and expenses
what are profits?
FALSE
a whistle-blower is an outsider who reports publicly on the wrongdoings of companies.
TRUE
the consumer bill of rights is backed by numerous federal and state laws.
Ethics
what are beliefs about what is right and wrong or good and bad called?
Collect facts related to the situation
which of the following should be the first step in assessing ethical behavior in a certain situation?
Demonstrate support from top Management
what is likely the single most effective step that a company can take to set ethical standards?
By adopting a written codes of ethics
how do top managers best demonstrate a commitment to ethical business practices?
Fewer and fewer companies are adopting codes of ethics
which statement about codes of ethics is FALSE?
We reward all valuable contributions
which of the following statements is most likely to be included in a company’s code of ethics?
Social Responsibility
what term refers to the way in which a business tries to balance its commitments to groups and individuals in its social environment?
Infrequently
how often should an organization change its objectives?
Organizational Stakeholders
what is the term given to the groups, individual, and organizations that are directly affected by the practices of an organization?
Alcohol
advertising for which of the following products is most likely to have ethical ramifications?
Conform to generally accepted accounting principles
what must every corporation do in maintaining and reporting its financial status?
Insider Trading
which of the following occurs when someone uses confidential information to gain from the purchase or sale of stock?
Guarantee the Accuracy of financial reporting
what does the Sarbanes-Oxley Act of 2002 require a chief financial officer to do?
Obstructionist
if a firm hides responsibility for wrongdoing, what types of stance are they taking toward social responsibility?
Small Business
which entity is defined as independent and has little influence on its market?
To meet community or social obligations
which of the following is the LEAST common goal of entrepreneurs?
Business Plan
what is the name of the document in which an entrepreneur summarizes his or her business strategy for a proposed new venture?
Start-Up Costs
what is the most significant disadvantage of owning a franchise?
The Risk of Failure
which of the following is the most significant disadvantage of starting a business from scratch?
Personal Resources
what is the most important source of money for new business start ups?
Retired Executives
who constitutes the membership of SCORE?
African Americans
which of the following represents the fastest-growing segment of minority business ownership?
Sole Proprietorships
which of the following types of businesses is most common in the united states?
50 Percent
what percent of a business is the least amount that a master partner will retain?
Agriculture
in which business sector are cooperative still important?
Corporation
which form of business ownership generates the most sales in the United States?
Corporation
which type of business is legally considered a separate entity from its owners and is liable for its own debts?
Stockholders
who are the owners of a corporation?
Stocks
what are shares in a business that the business sells called?
Acquisition
suppose BrightLightsOnline Video purchases another company, QuikFlix. what is this an example of?
Imports
what are the products that are created abroad and then transported and sold domestically?
Exports
what are the products that are created domestically and transported for sale abroad?
The United States
which country is the worlds largest makertplace and most stable economy?
Japan
which country dominates the Pacific Asia region economically?
ASEAN
which organization most likely has the greatest impact on Asian countries?
Balance of Trade
which of the following is the name for the economic value of all of the products that a country exports minus the economic value of its imports?
Trade Deficit
which of the following refers to the situation when a country’s imports exceed its exports?
Balance of Payments
which of the following is the name for the overall flow of money into or out of a country?
Fixed
with what type of exchange rate does the value of a country’s currency remain constant relative to that of another country?
Floating Exchange Rate
when the value of one country’s currency relative to that of another varies with market condition, which of the following exists?
Exporter
which of the following organizations is a firm that makes products in one country and then distributes and sells them in others?
Importer
which of the following buys products in foreign markets and then sells them for resale in its home country?
A Licensing Arrangement
ABC Company in the United States has given exclusive rights to XYZ Company in Switzerland?
Strategic Alliance
The ABC Paint Company in the United States has joined forces with the forces with the 1-2-3 Plastics Company in Italy?
Opening a Branch Office
what is it called when a company sends some of its own managers overseas to conduct business in a local office?
Developing a Strategic Alliance
which of the following denotes the international organization strategy of finding a partner in the country in which a company would like to conduct business?
Managers
which business constitutes analyze their competitve environment and plan, organize, direct, and control the operations of their organizations?
Planning
which aspect of the management process involves determining what the organization needs to do and how best to get it done?
Middle Manager
which type of manager is responsible for implementing the strategies, policies, and decisions made by top managers?
First-Line Managers
which type of manager spends the most of their time working with and supervising the employees who report to them?
Human Relations Skills
what type of skills are needed to understand and work well with people in their workplace?
Conceptual Skills
which of the following refers to a persons ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation?
Decision-Making Skills
what type of skills requires defining problems and selecting the best course of action to take?
Goals
what identifies performance targets used by organizations and their managers to measure success or failure at every level?
A Long-Term Goal
if Kodak sets out to increase its share of the 35-mm film market by 10% during the next 8 years, what kind of goal is the organization setting?
An Intermediate Goal
when the finance department aims for a 3% increase in return on investment in 3 years, what type of goal is the organization setting?
Buying shares of small companies that provide technology unavailable to the “purchasing” company
what does e-partnering involve?

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