BUS 101 Chapter 1-5 McGraw Hill Connect Recharge

Which of the following are the firm's primary stakeholders?

owners, employees, customers

Which of the following is an example of when a firm earns a profit?

When revenues are greater than expenses.

What is ONE of the most important aspects of creating and sustaining a business?

Scanning the environment for opportunities and needs.

What does the acronym SWOT stand for?

strengths, weaknesses, opportunities, threats

Which of the following statements is TRUE?

A mission statement should be broadly focused, yet adaptable.

True or false: Both for-profit and nonprofit businesses have the same goal of earning a profit

True

When compared with negative incentives, positive incentives are ______.

more likely to motivate changes

Which of the following statements is most likely to be TRUE?

When the costs of making a choice outweigh the benefits, the choice is unlikely to be made

Which of the following are factors of production?

Entrepreneurial ability

Labor

Land

Capital

Positive-sum outcomes are preferable to zero-sum outcomes because _____.

they create wealth

Libby is running a charitable organization and needs to convince people to volunteer their time to help others. She sends them an email, offering the "opportunity" to make a difference in the lives of the needy. She is using an effective _____ approach.

framing

Which of the following best describes the characteristics of a good mission statement? A mission statement should be _______.

adaptable

Which of the following statements about businesses is TRUE?

For-profit businesses and non-profit businesses both need to generate profits to sustain themselves

________ involves building analysis models and simulations to create scenarios, understand realities, and predict future states.

Business analytics

Which of the following is not an example of a data breach?

A coworker who is authorized to access information about customers sees customer records on your computer.

An observation of something that occurred at a point of time is

data

Which of the following statements best explains the difference between data and information?

Companies collect data about customers, and information is data that has been analyzed and formatted for use by decision makers.

Which of the following statements about information technology is not true?

Information technology is useful for collecting data, but other tools must be used to analyze the data.

Which of the following are potential negative impacts of offshoring?

Some employees in the home country might lose their jobs.

Customers might be negatively impacted.

Working from home by accessing the Internet is known as:

telecommuting

Connecting household devices like electronics, appliances, and cameras to the Internet is referred to as the:

Internet of things

Which of the following statements about business analytics is not true?

It requires a company to collect data before deciding how to use it.

Which of the following is not an example of information that a company might use to make a decision about how to motivate a customer to make more purchases with them?

The amount of money that the customer spent during a single purchase.

________ is defined as the systems, processes, and tools that enable organizations to collect data and obtain information from it.

Information technology

Which of the following is not one of the advantages of offshoring?

Offshoring creates more jobs in a company's home country.

It has been predicted that the number of interconnected devices in the world will exceed ________ by the year 2020.

20 billion

A firm's core competency can be defined as ______.

a source of a firm's competitive advantage

Coach handbags sells its high-end purses at premium prices. Coach is engaging in this type of business strategy:

Differentiation

When Apple opens retail locations to sell its iPhones, Apple is using the following type of corporate strategy:

forward vertical integration

According Kotter's Change Management Principles, leaders need buy-in from at least ______ percent of their managers.

75

An organization with bureaucratic and formalized structures is considered the following:

Mechanistic

In societies such as Japan, fewer women hold few managerial positions and a large wage gap between men and women exists. Such societies are characterized by this Hofstede dimension:

masculinity

True or false: Since Hofstede's original dataset is over forty years old, his findings have no relevance today.

False

When a firm sells premium goods at premium prices, the firm is engaging in which business strategy?

Differentiation

When Starbucks purchases its land in South America to grow its coffee beans, Starbucks is using the following corporate strategy:

backward vertical integration

If organizational leaders want the structure of their organization to be less rigid, less hierarchical, and more flexible, they should choose this type of organization.

Organic

In highly ______ societies, more women are in management and a relatively small wage gap exists.

feminine

Hundreds of recent studies have indicated that Hofstede's cross-cultural values dataset ______.

is still valid

According to the law of demand, if we assume all other factors are unchanged:

An increase in the price of a good will result in a decrease in the quantity demanded of that good.

According to the Law of Supply, if we impose the ceteris paribus assumption, a(n) ______ in the market price for airline tickets, will lead to a(n) ______ in the quantity of flights supplied by airlines.

increase; increase

decrease; decrease

Consider the market for gasoline in Tampa, Florida. Suppose there is an expectation of a shortage of gasoline because of the imminent damage from an approaching hurricane. Holding all else constant, what effect does this have on the market for gasoline in Tampa, Florida?

Equilibrium price increases and equilibrium quantity increases.

Which of the following statements are appropriate for competitive market economies?

Businesses allowed to fail if they do not earn a positive profit

For-profit businesses with very limited governmental regulation

The overall population in the small island nation of Sparta is 35,000. There are 20,000 individuals that are currently employed, while another 5,000 are actively seeking work but are unable to find a job they would take. Use the formula in the textbook to calculate the unemployment rate in Sparta.

20 percent

Which of the following best describes the law of demand?

There is a negative relationship between the quantity of a good demanded and the good's price, holding all other factors constant.

According to the Law of Supply, if we impose the ceteris paribus assumption:

An increase in the market price of pickles will result in an increase in the quantity of pickles supplied

Due to improved manufacturing techniques, televisions are less expensive to manufacture. Holding all else constant, what effect does this have on the market for televisions?

Equilibrium price decreases, and equilibrium quantity sold increases.

The labor force is defined as:

Those who are employed plus those who are looking for work

When faced with an ethical challenge, a person in an organization must respond to the challenge in a way that is consistent with all of the following, EXCEPT:

What the competition is doing

Which of the following statements about establishing an ethical reputation in business are TRUE?

Customers want to purchase from ethical businesses

Companies are more likely to do business with an ethical firm

According to the text, which of the following are stakeholders of an organization?

government

employees

community

customers

Corporate social responsibility refers to _______.

how a company makes its profits and what its does with those profits

When addressing whether or not a certain action is ethical, which of the following is not a question people should ask themselves?

Has anyone done this before?

Which of the following statements about a company's code of ethics is not TRUE?

A well-written code of ethics will assure that a high standard of ethics will be maintained in the organization

Which of the following situations is an example of a company facing an ethical dilemma?

The company is selling a product that is profitable, but it knows that it could cause problems for customers who purchase it.

someone who can be harmed by the negative actions taken by a firm.

stakeholder

According to the text, corporate social responsibility is used interchangeably with all of the following terms except:

Entrepreneurship

When faced with an ethical dilemma, people should consider:

If the action is legal

Which of the following are reasons why companies develop codes of ethics?

Codes of ethics are an important means of communicating what is acceptable--and what is not acceptable--in an organization

Firms recognize that unethical behavior by their employees will have negative impacts on the organization

Which of the following statements about ethical dilemmas is TRUE?

People face ethical dilemmas, because the proper course of action is not always clearly defined.