KSB 100: Exam 1

When people have more discretionary money to eat out at restaurants and cafeterias, it's a sign that the _____ is strong.

economy

Businesses benefit from _____ when they foster effective communication among employees.

a. stronger business relationships

b. more effective marketing messages

c. a lower turnover rate

d all of the above

d. all of the above

The major problem with general partnerships is:

unlimited liability

Your supervisor has asked you to complete the sales report. This is an instance of _____. When you've finished and submitted it, you will have completed a task of _____.

downward communication / upward communication

The unemployment rate measures the number of unemployed people who _____ seeking work.

are actively

This type of team consists of geographically dispersed workers who interact electronically for the purpose of achieving a common goal.

virtual team

Swarez Construction Corp. is a nationwide builder of small business buildings. To understand the nature of supply and demand for its products, management would conduct a _____ study.

microeconomic

As a limited liability company (LLC), Miller Shipping would closely

resemble a(n) _____.

S-corporation

Leading economic indicators predict the status of the economy over the course of _____.

3 to 12 months

A _____ is an agreement between two companies (or a company and a nation) to pool resources to achieve goals that benefit both partners.

strategic alliance

When communicating with other countries, you should regard cultural _____ as inappropriate and treat businesspeople as _____.

stereotypes / individuals

Assessing a company's strengths, weaknesses, opportunities, and threats usually takes place during the process of _____ planning.

strategic

Policies that restrict free trade among nations are called _____.

trade controls

Which of the following is not an incentive program based on performance?

a. Bonus plan

b. Salary

c. Profit-sharing plan

d. Stock option plan

a. Salary

This week, Billy Bob's Barbeque had sales of $4,000. Employees were paid $1,000; food costs were $1,500; and rent was $500. Profit for the week was (select one)

a. $4,000

b. $3,000

c. $2,000

d. $1,000

d. $1,000

Entrepreneurs usually start _____, beginning with _____ resources.

small / limited

The past two decades have seen a _____ in the number of businesses owned by women and minorities.

substantial increase

About 80 percent of small businesses in the U.S. are concentrated in the _____ sector.

service-producing

Which of the following is not among possible advantages of membership in the European Union (EU)?

The EU guarantees starting salaries for government workers in any EU nation.

The monthly fee that a franchisee must pay to keep the company's trade name is called a(n) _____.

royalty fee

_____ refers to the concentration of decision making at the level of top management.

Centralization

When each team member is encouraged by other team members to do his or her best, then:

collective results improve.

Which of the following is not true for a sole proprietor?

you have limited liability

_____ is the study of the production, distribution and consumption of goods and services.

Economics

What step in the strategic planning process is a manager engaged in when he or she asks this question: "What values will define it?"

Identifying core values

One way of dealing with local laws and regulations in foreign countries is to hire local _____ to provide advice.

attorneys

The term laissez-faire means that:

the government should leave business activities to function according to the laws of economics.

_____ oversee the activities of first-line managers.

Middle managers

After you have clarified a problem, your next step is to:

generate possible solutions.

Hiring _____ is not only a strong motivation tool but an inexpensive way to recruit employees.

internally

If a foreign currency _____ relative to the U.S. dollar, Americans must pay more for goods and services bought from sellers in the country that issues the currency.

goes up

_____ is the process of settling differences and establishing mutually agreeable conditions under which employees will work.

Collective bargaining

_____ starts when each side states its position and presents its demands.

Negotiation

Team leaders are more effective when they can _____.

a. influence team members

b. always get team members to follow their suggestions

c. gain their trust

d. both a and c

d. both a and c

The difference between a country's total outflows and inflows of money over a period of time is its _____.

balance of payments

Which of the following is an important principle in the expectancy theory of motivation?

The employee must value a reward enough to perform the work required to get it.

Under a policy of _____, the job of sales clerk might be expanded to include gift-wrapping and packaging items for shipment.

job enlargement

Which of these is not a good tip for writing emails?

a. Write a meaningful subject line and avoid attachments.

b. Keep the message focused and readable and be kind—don't flame.

c. Identify yourself clearly in the first few lines and proofread.

d. Assume privacy but be careful in addressing your email so it reaches the right person.

Assume privacy but be careful in addressing your email so it reaches the right person.

in a __ economy, the government controls selected major industries, such as transportation and health care, while allowing individual ownership of other industries

mixed market

every business must have one ___ whose primary role is to infuse money into the business

owner

to channel info to multiple user, many large and midsized companies rely on high integrated ___ system

enterprise resource planning

other peoples system of shared beliefs, values, and customs

culture

what step in the strategic planning process is a manager engaged when asking "what values will define it"

identifying core values

"to preserve and improve human life" best illustrates a

mission statement

information managers perform all of the following tasks except

a. determining the info needs of organizational members

b. determining the salaries of data team members

c. applying technology to convert data

d. directing the flow of information to the right people

b. determining the salaries of data team members

the purchase of one company by another with no new company being formed is called a(n)

acquisition

___ skills are crucial to ab ability to think outside the box to arrive at creative skills to complex problems

Conceptual

small firms provide ___ services to large firms- they hire themselves to help with special projects or to handle certain business functions

outsourcing

managers who tend to make decisions with soliciting input from subordinates are using the following leadership style

autocratic

the concentration of decision making at the level of top management

centralization

sometimes the only section of a business plan that readers will consider is the

executive summary

a small business that- buys good from other firms and sells them to consumers is known as a

retailer