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Wiley – Essentials of Contemporary Business Questions

_____ is essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services
Profit
A company that values employees as sources of ideas and innovation is utilizing its
Human resources
Technology, tools, information, and physical facilities for the operation of a business are examples of _________.
Capital
All of the following are basic rights within a private enterprise system EXCEPT _________.
Guaranteed Profits
Social Responsibility would include all of the following EXCEPT _________.
Making campaign contributions to politicians in the hope of obtaining a government contract
Which of the following fields is concerned with understanding the choices people make in using scarce resources?
Economics
Entrepreneurs have the most economic freedom in which type of economy?
Capitalism
Monopolistic Competition has _______.
Only one seller
The sum of all goods and services produced within a nation’s boundaries each year is the _______.
Gross Domestic Product (GDP)
The part of the federal government responsible for monetary policy is ______.
The federal reserve system
A balanced budget occurs when
Taxes, fees, and borrowings are equal to government spending for the year
Which government agency establishes standards for small businesses?
Small Business Administration
What percent of U.S. companies are considered small businesses?
99.7%
If you are considering starting your own business, a key priority for you should be to:
Learn the basics of business
Which of the following is the leading cause of today’s small business failures?
Management shortcomings
Although ______ are the most common type of business ownership, the greatest revenues come from _______.
Sole proprietorship, corporations
The board of directors of a corporation is elected by the _______.
Stockholders
An acquisition occurs when _______.
One company purchases the property and assumes the obligations of another company
An entrepreneur:
Accepts the risk of starting and running a business
Entrepreneurs and small-business owners both have all of the following qualities EXCEPT:
Growth of their company
Which of the following is a major consideration in selecting a business idea?
Find something you love to do and are good at doing
Enrique wants to start a new business, but his bank will not lend him the money he needs. He saw an advertisement sponsored by a business organization that provides financing for promising small companies. The organization sponsoring the advertisement would be considered a(n) _________.
Venture capitalist
Kayla is opening a home health care business that she knows will do well in her community based on prior research. Although she must repay borrowed funds, Kayla chooses to maintain complete control over the business without having to answer to investors or partners
Debt financing
The primary reasons people become entrepreneurs include all of the following reasons EXCEPT:
To create employment opportunities for other people
All of the following are important characteristics of entrepreneurs EXCEPT:
Dependence on others
Which of the following statements best describes how entrepreneurs view failure?
The view failure as a learning experience
Unlike an entrepreneur who starts a business from scratch, a franchisee is not responsible for:
Establishing a brand
Former CEO George Buckley believes that they key to supporting intrapreneurship is the willingness to allocate _______.
Time and Money
Which level of management includes job titles such as general manager, division manager, or plant manager?
Middle management
Emily is a manager who spends most of her time in day-to-day decisions assigning non-managerial employees to specific jobs. Emily is considered a __________ manager.
Supervisory
Management is the process of achieving _______ through people and other resources.
Organizational objectives
Conceptual skills are _________.
Skills that allow a person to understand how all of the pieces of an organization fit together to accomplish its objectives
Ramon’s job is to establish performance standards, monitor actual performance, and compare the actual performance to the standards. Ramon is engaged in the ________ managerial function.
Controlling
Which leadership style would allow sales personnel to participate in setting sales quotas?
Democratic
Leadership is most often associated with the ability to _________.
Inspire others toward high levels of achievement
The best style of leadership is ________.
Dependent on the leader’s base of power
Employees thrive when they are given
Authority to make decisions
______ planning involves implementing activities specified by strategic plans.
Tactical
Top management usually spends the majority of time on ________ plans.
Strategic
A written explanation of an organization’s intentions and aims is called a __________.
Mission statement
Organizational structures that are based on the goods and services a company offers are usually departmentalized by _________.
Product
Guadalupe’s firm is divided into work units representing human resources, marketing, production, and finance. This is known as ______ departmentalization.
Functional
American River Furniture Manufacturing’s departments include cutting, staining, varnishing, drilling, shaping, and assembling. These departments are based on __________.
Process

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