business foundations 2017

profits

In the U.S. economy, _____ are considered the reward for the risk of entering a business.

natural resources, human resources, capital, and entrepreneurship

The factors of production in an economic system are _____.

the private enterprise system

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under _____.

true

The private enterprise system is also referred to as capitalism.

social responsibility

When management considers social and environmental issues in decision making, the company is practicing _____.

investors, employees, customer, and society

Businesses have responsibilities to _____.

stakeholders

The _____ of a company include its employees, customers, suppliers, and the community members where the company is located.

False

On

False

The primary social responsibility of a company is to its customers.

imports and exports

A trade deficit occurs when _____.

currency shifts

In global business, all of the following are social and cultural barriers EXCEPT _____.

tariffs

The purpose of ______is to make imports more expensive for domestic buyers.

True

Due to its highly educated workforce and low labor costs, India has a comparative advantage in software development.

True

A nation's exchange rate is the rate at which a nation's currency can be exchanged for the currencies of other nations.

Demand

Which of the following refers to the willingness and ability of buyers to purchase goods and services at different prices?

capitalism, planned economics, mixed economics

The three major types of economic systems are _____.

Capitalism

In which of the following types of economic systems do entrepreneurs and investors have the most amount of freedom with regard to controlling business ownership, profits, and resource allocations?

per

capita output

Gross domestic product

_____ is a commonly used measure of nation's total productivity.

government agencies offer benefits designed to help small businesses compete with larger firms.

Small

inadequate financing

Many businesses fail during the early years because of _____.

True

Sole proprietorship is the most common form of business ownership.

launching and running a business, and then starting and running additional businesses in succession.

sole entrepreneurship involves

social entrepreneurs

_____ focus on solving society's challenges through their businesses.

to avoid taking risks

The primary reasons people become entrepreneurs include all of the following reasons EXCEPT:

False

Owning a business, by definition, means that you are an entrepreneur.

False

A lifestyle entrepreneur is a person who starts a business to work fewer hours than they would if employed by someone else.

always wrong because it is theft and fraud

What best describes the rightness or wrongness of plagiarism

providing a full source for a quotation

Which of the following is NOT an example of plagiarism?

False

It is acceptable to copy

True

If you forget to cite a source in your paper, that is still plagiarism.

An individual team member's grade on a term project deliverable will not be released unless the student submits a completed peer evaluation by the deadline.

Which of the following statements is NOT true regarding the peer evaluations in our class?

True

attendance is ungraded in this class

the professor will excuse if there was a good reason for your lack of academic integrity

Which of the following is NOT going to happen If you submit work that was prepared by another person (even if only in part) as your own, or if you solicit or lift information from another student on an assignment, or if you plagiarize.

True

The final exam in this class is comprehensive and will include all material covered since the beginning of the term.

Talking points

Which of the following deliverables is NOT one of the four components of the term project?

False

In the private enterprise system, government has no role to play in ensuring fair competition.

True

The vast mjority of firms have fewer than 500 employees.

False

Plagiarism is a major concern only in education, it is not a concern in other parts of society, such as business.

using computer

based technology to evaluate information in a database to identify useful trends.

Proximity of market

Tamara is the owner of Baker's Dozen, a bakery with all perishable products. What will be her primary consideration regarding location?

unlike a mission statement an objective is concrete

How is a company's objective different from its mission statement?

job rotation, 360 degree interviews, bureaucracy busters

In the video about human resources at Google that we reviewed and discussed in class, Liane Hornsey mentioned several practices related to employee management at Google that were unique. List three (3) of these unique practices (enter one unique practice in each of the three blanks below) (Each unique practice is worth 4 points).

conceptual

Fiona, president of Technicolor Graphics, is highly respected for her ability to analyze and interpret the trends in the rapidly changing graphics industry. Fiona has effective _____ skills.

cloud computing

Beverly works as a software engineer at Teloxel Ltd., a medium

empowering

Brian, a senior manager at Transance Inc., ensures that every member of his team is involved in decision making for all projects. He conducts regular brainstorming sessions to discuss ongoing issues and encourages his team to suggest solutions as well as make decisions. In this case, Brian demonstrates effective management by _____ his subordinates.

cash

All of the following are types of securities EXCEPT ______.

indirect transfer

The Irving Bank of Commerce pools customer deposits and uses the funds to make loans to businesses and households. These businesses and households, now known as the borrowers, pay the bank interest, and the bank, in turn, pays depositors interest for the use of their money. Which of the following would best describe the process used by the bank?

primary

When a company needs capital to purchase inventory, expand a plant, make major investments, acquire another firm, or pursue other business goals, it may sell a bond or stock issue to the investing public. This is done in the ______ market.

marketing

activity, set of institutions, and processes for creating, and communicating, delivering, and exchanging, offerings that have value for customers, clients, partners, and society at large

In addition to physical stores, a fashion brand launches a virtual store and a mobile application to make online shopping more convenient for its consumers.

Which of the following scenarios exemplifies the concept of an omni

forensic accounting

The rapidly growing field of _____ involves investigating white

controlling

Joshua's job is to assess the success of the planning function and provide feedback for future rounds of planning. Joshua is engaged in the ______ managerial function.

cognitive conflict

Emily and Rudo are members of the development team at PromoCaptions, an advertising company. They discuss the mode of advertising for a new product. Emily supports online advertising. However, Rudo argues that television advertisement has a farther reach than online advertising. In this case, Emily and Rudo are involved in a(n) _____.

a company's ability to invest in and keep pace with constant changes in the age of technology.





a wireless network that connects various devices and allows them to communicate with one another through radio waves.





a computer network that connects machines within a limited area





a discipline that promotes an integrated approach to identifying, capturing, evaluating, retrieving, and sharing all of an enterprise's information assets.



Correct Response

None of the above

Cloud Computing is _____.

place marketing

attempt to attract people to a particular area such as a city, state, or nation

cause marketing

marketing that promotes a cause or social issue, such as preventing chile abuse, anti

disruptive innovation

Less expensive and simpler versions of existing products and services that target entirely new customers, many times replacing industry leaders, are known as _____.

in search of low wages

What is the main reason why companies set up offshore assembly plants?

Accountant

Mitchell works for a travel agency. Her job involves preparing financial reports and interpreting those reports to provide information for decision making. Which title is appropriate for Mitchell's job?

New York Stock exchange; NASDAQ stock exchange

The two largest stock markets in the world are the _____ and the _____.

marketing mix

blending the four elements of marketing strategy

Financing

The natural progression of a business begins with _____.

it targets an entirely new customer base

Why is Netflix considered a disruptive innovation?

complementary and all team members

A team consists of a group of people with _____ skills and _____ are responsible and accountable for accomplishing team objectives.

the use of robots is only beneficial in manufacturing settings

Which of the following statements is FALSE about robots in contemporary business?

internet of things

The _____ is a web

disruptive innovation

Online retail stores such as Amazon and Blue Nile are slowly replacing brick

Operational

Derek, a manager at a home appliances store, plans schedules and sets targets for his subordinates to ensure that they effectively achieve all the organizational goals. He also plans the recruitment of additional staff for delivery and customer service to improve the overall shopping experience. Derek is involved in _____ planning.

public accounting

Maxwell is not an employee of Southwest Airlines, but he was hired as a management consultant to provide unbiased advice about Southwest Airline's financial condition. Maxwell is a(n) _____.

Affective

Mihaly and Aneska are city council members who vehemently disagree over a new zoning ordinance. Their arguments have become personal, and other council members are irritated and avoiding meetings. Mihaly and Aneska need to resolve their _____ conflict.

norming

Akito's team has reached agreement about the role each member is expected to play. Akito's team has most likely reached the _____ stage.

democratic

Sarah believes in empowering the employees in her department. Sarah is most likely to be a(n) _____ leader.

Assets + Liabilities = Owners' Equity





Assets = Liabilities

Owners' Equity



Incorrect Response

Liabilities = Assets + Owners' Equity





Owners' Equity

Big data

_____ refers to large or complex structured or unstructured sets of information that traditional processing applications are unable to analyze.

Digital cameras

Which of the following is an example of disruptive innovation?

check clearing

Which of the following is not one of the four major policy tools the Fed has for controlling the growth in the supply of money and credit?

computer

aided manufacturing

strength

Angelo is part of a strategic planning team. He has identified that his company is a low

the accounting cycle

The procedure used by accountants to convert data about individual transactions to financial statements is called _____.

computer

aided design

its constantly changing

Which of the following is true of big data?

e

commerce

management accounting

Reese works as a tax accountant at a mid

market segmentation and various forms

process of dividing a total marketing several relatively homogenous groups:geographical, demographic, psychographic, product

consumer behavior

actions of ultimate consumers directly

Performing

Members of the production team in a company have accepted each other and have understood one another's roles in the team. The team leader has handled conflicts and managed to establish unity in the team. In the context of the five stages of team development, which of the following is most likely to be the next immediate step?

The FDIC

Which of the following agencies regulates both state and federally chartered commercial banks?

It is inefficient for producing small batches of different items.

Which of the following is a disadvantage of mass production?

exchange process

activity in which two or more parties give something of value to each other to satisfy perceived needs

utility

power of a good or service to satisfy a want or a need

marketing concept

company consumer orientation to promote long

environmental scanning

analysis of external environmental factors by marketers to understand how they impact business and marketing decisions.

consumer (B2C) product

good or service that is purchased by end users.

business (B2B) product

electronic business transactions between business organizations using the internet.

target market

group of people towards whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.

marketing research

collecting and information to support marketing decision making

business intelligence

activities and technologies for gathering, storing, and analyzing data to make better competitive decisions

relationship marketing

developing and maintaining

lifetime value of a customer

revenues and intangible benefits (referrals and customer feedback) from a customer over the life of the relationship, minus the amount the company must spend to acquire and serve that customer