business

False

Baby boomers will begin retiring in the 2030s

True

Intermediaries are businesses involved in selling the goods and services of producers to consumers and other businesses

False

Corporations are owned by at least two shareholders

True

Span of control is the number of employees who are assigned to a particular work task and manager

True

Good entrepreneurs are able to learn from their failures

False

Most of the money needed to start a new business comes from venture capitalists

False

Small businesses create only a tiny fraction of new jobs in the U.S, economy

True

A business plan is a written description of the business idea and how it will be carried out

True

Leadership is the ability to motivate individuals and groups to accomplish goals

False

Good leaders know that it is important to treat all employees the same

False

Informal influence is part of an organization's structure

True

A mission statement describes the reason a business exists and what it wants to accomplish

False

The U.S. workforce consists of all the people age 18 and older who are employed or looking for a job

True

Outsourcing removes work from one company and sends it to another company that can complete it at a lower cost

True

Employee orientation should be the final step in the hiring process

False

Terminations are always the result of inappropriate work behavior

True

A career is a goal for work that is fulfilled through an occupation or series of occupations

False

Your interests should rarely be the basis for your employment goals and career paths

True

Career fairs allow job seekers to contact several prospective employers in a short time

True

a career portfolioprovidess tangibleevidencee of your ability and skills; it typically includes your resume as well as examples of work you have done in the past

cc. contingent worker

A worker who has no explicit or implicit contract for long-term employment is a

a. produce goods

all businesses perform each of the following activities except

b. proprietorships

most businesses in the United States are

d. authority

The right to make decisions about how specific work should be completed is called

d. 70

Proprietorships account for about \____________ percent of all U.S. businesses

a. improvement

a designed change that increases the usefulness of a product is a

c. have an advantage when customers have unique needs

small businesses

b. start-up financing

This type of financing is the amount of money needed to open the business

a. organizing

this management function involves identifying and arranging the work and resources needed to achieve goals

d. planning and controlling

executives are mainly concerned with which management functions?

c. expert influence

this type of influence arises when employees recognize that the leader has special knowledge or ability in the area

d. outline the important principles that guide company decisions

core values\_______________

a. white-collar worker

if your job is more mental than physical and involves the handling and processing of information, you are

b. health and safety planning

The human resources activity of employee relations involves

a. piece rate

A compensation plan in which an employee relations involves

c. transfer

The assignment of an employee to another job in the company with a similar level of responsibility is called a

c. personal assessment

You would identify your talents and abilities in this part of the career planning process

d. talent

A natural, inborn aptitude to do certain things is called a

a. references

Which of the following is usually not included on a resume?

c. take several friends for moral support

Which of the following is not good advice for someone preparing for a job interview?

procedures

descriptions of the way work is to be done

business plan

a written description of the business idea and how it will be carried out including all business activities

Small Business Administration

a government agency that helps entrepreneurs develop business plans and obtain financing

corporate bylaws

the operating procedures for a corporation

informal influence

influence that is not part of an organization's formal structure

service businesses

examples include travel agents, chiropractors, and web-design firms

policies

guidelines used in making consistent decisions

permanent employee

an employee to whom a company has made a long term commitment

tactical management

A management style best to use when working under tight time pressures

mobility

the willingness and ability of a person to move where jobs are located

articles of incorporation

a written legal document that defines ownership and operating procedures and conditions for the business

networking

talking to other people about their jobs

identity influence

influence that stems from the personal trust and respect members have for the leader.

internship

involves work experience in an organization while learning about a career field

board of directors

the people who make the major policy and financial decisions for a corporation

job shadowing

Spending time with a worker for a day or week to learn about a certain occupation

strategic management

management style that is effective when a group of employees is experienced and works well together

temporary employee

An employee hired for a specific time or to complete a specific assignment.

goods-producing businesses

Examples are shipbuilders auto manufacturers and farms

Service Corps of Retired Executives

a group of retired local businesspeople who volunteer their services to counsel and mentor new business owners

partnership

A\________________ is a business owned and controlled by at least two people who have entered into a written agreement

organization chart

An\_______________ is a diagram that shows the structure of a business, classifications of work and jobs, and the relationships among those classifications

starting, organizing, managing, and assuming the responsibility for a business.

Entrepreneurship is the process of \____________________________________________________________________________________________

Venture capital

\______________________________________ is money provided by large investors to finance new products and new businesses

leadership

the ability to motivate individuals and groups to accomplish important goals

core values

are the important principles that will guide decisions and actions in the company

Compensation; benefits

\___________________________ is the amount of money paid to an employee for work performed. It consists of two parts: (1) salary and wages and (2) \_________________________.

organizational culture

is the environment in which people work; it is made up of the atmosphere, behaviors, beliefs, and relationships

qualifications

An\________________________ -based resume highlights abilities and experiences related to the job for which you are applying

mentor

an experienced employee who serves as counselor to a person with less experience

True

Some businesses market their products and services to other businesses

False

The most common type of marketing research study involves experiments

True

Profit + operating expenses + product costs \= selling price

False

Mass promotion is the most effective form of marketing communication

False

All computer systems have two basic components: an input device and an output device

True

The first step in the operation of an MIS is to identify the information needs of the organization

True

Videoconferencing allows people in different geographic locations to meet "face to face" by satellite

True

Piracy is the illegal copying of software packages of information

False

Budgeting is much more difficult for an established business than it is for a new business

False

Cash records identify all purchases and sales a business makes

True

Most employees in most businesses receive an hourly wage rather than a salary

False

Differences between actual and budgeted financial performance are called anomalies

False

Natural resources are products that have been changes in form to increase their value and usefulness

True

Intermittent processing uses short production runs to produce a precise amount of a variation of a product

False

The best practices among all competitors are called standards

True

A supply chain is all of the businesses involved from the time raw materials are obtained until finished products are sold

True

It is impossible for a business to avoid all risk

False

If you choose not to complete a risky activity, you are said to be assuming the risk

True

Some risks are simply too expensive for a business to insure

False

A company can reduce international business risk by operating in just a few countries

a. product and service management

This marketing function involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

c. observation

Marketing research that involves collecting information by recording the actions of consumers is called an

c. gross margin

The difference between the selling price and the product cost is the

a. advertising

Which of the following is an example of mass promotion

d. software

The instructions that run a computer system are referred to as

b. word processing software

This type of software is typically used to create reports and letters

c. marketing and sales information

Information about a company's customers and competitors would most likely be included in which category of an MIS?

d. displaced workers

Workers who are unemployed because of changing job conditions are called

d. anticipate sources of income, anticipate amounts of income, predict the types and amounts of expenses for a specific business activity or the entire business

The purpose of a business budget is to

a. inventory records

identifies the type and number of products on hand for sale