Untitled Flashcards Set

1. Improving your communication skills may be one of the most important steps you can take to ________.

establish yourself as a professional

2. A company has a competitive advantage when its products are more appealing to its chosen customers.

True

3. _______ is the term used to describe the difference between revenue and expenses.

Profit

4. Which of the following verify the efforts of an organization's accounting department and look for ways to improve efficiency and cost-effectiveness?

 Internal auditors

5. Research and development fuels new ideas and designs for the company's products and services that allow it to meet customer needs in competitive markets.

True

6. _______ refers to a view of business that considers the many decisions that must be made and the potential problems that must be overcome before the organization can deliver its products or services.

Business mindset

7. Because of the increasing importance of the field, most companies now employ ________ to oversee the development of IT strategies for the organization.

chief information officers

8. One of the ________ functions of a business involves working with R&D to develop products to address opportunities in the marketplace and create branding and advertising strategies to communicate with potential customers.

marketing

9. What key aspect of running a business includes the ability to offer valuable goods and services while contributing to society?

Corporate social responsibility

10. Who are those responsible for investigating financial crimes?

Forensic accountants

11. When faced with an ethical dilemma, ________.

consider the rights of all parties who might be affected by your decision

12. Which of the following federal legislations limits a credit card holder's liability for unauthorized use?

Truth in Lending Act (Consumer Protection Credit Act) (1968)

13. Which of the following should be included in a code of ethics?

Advice for handling specific situations

14. All businesses have the capacity to cause harm to employees, customers, other companies, their communities, and investors.

True

15. In ________ CSR, company leaders believe they have responsibilities beyond making a profit, and they back up their beliefs with actions taken on their own initiative.

proactive

16. When an organization makes a commitment to creating an equitable workplace, where should they start the process of ensuring equal opportunities for all employees?

By reevaluating the hiring process

17. ________ is/are where criminals steal personal information and use it to commit other types of fraud.

Identity theft

18. Which of the following has helped buyers educate each other, shifting power from sellers to buyers?

Social media

19. Conflicts of interest involve business decisions that might be influenced by the potential for personal gain or personal loyalties. 

True

20. Which of the following is an example of whistle-blowing?

An employee informs the manager that some team members are misusing confidential customer details from the company database.

21. What is the broad effort to minimize resource depletion and reduce pollution?

Sustainable ethics

22. Which of the following is an indication of the lack of transparency in AI?

Humans inability to understand why the systems make some of the decisions

23. A company that take positive steps to address a particular issue, but only because it has been embarrassed into action by negative publicity is practicing _____ CSR.

Defensive

24. What should be included in a code of ethics?

Written statement that sets forth the principles that guide an organizations decisions

25. Corporate officers are the ________.

top executives who run a corporation

26. What is the level of authority and liability in a general partnership?

Joint authority and unlimited liability

27. Which of the following is a key disadvantage of mergers and acquisitions?

They likely will not have a shared culture.

28. Why is starting a business as a sole proprietorship easier than starting as a corporation?

There are very few legal requirements as a sole proprietorship.

29. In a(n) ________, two companies create a new, third entity that then purchases the two original companies

statutory consolidation

30. A joint venture does not result in a separate legal entity.

False

31. Establishing a corporation is more complicated and expensive compared to establishing a sole proprietorship.

True

32. Corporate officers of an organization are selected directly by the shareholders of a corporation.

False

33. Liquidity is a measure of how easily and quickly an asset can be converted into cash

True

34. The stock of a private corporation is available to the public, if they have the means to purchase it.

False

35. List the major advantage of a partnership

Single layer of taxation

36. What are some advantages of forming strategic alliances instead of a merger or acquisition?

Less risk

37. What is the level of authority and liability in a general partnership?

Partners share authority and joint liability for the firms financial obligations

38. List the major disadvantage of a sole proprietorship 

The owner is personally responsible for all the business debts & legal issues

39. The one-time payment a franchisee gives to the franchisor for access to systems, site-location studies, market research and other aspects of opening a franchise is called ________.

the franchise fee

40. What is one major advantage of a small firm over a large firm?

Freedom to innovate and move quickly

41. A corporation's first sale of shares of stock to the public is called ________.

an initial public offering (IPO)

42. How can a large firm foster an entrepreneurial spirit within the organization?

Reward those who take risks that might lead to innovation.

43. A business plan indicates that investors will be able to sell their investment through a public stock offering, or participate in a buyback of the investors' interest. This is an example of which of the following elements of a business plan?

Exit strategy

44. Which of the following is a quality that a successful entrepreneur is most likely to have?

Passion for a new product or idea

45. Which of the following gives an independent business owner the right to sell products as part of a franchisor's distribution system?

Product-distribution franchise

46. Which of the following is an example of a lifestyle business?

A self-employed landscape designer

47. Which of the following is an advantage to opening a franchise instead of starting a business from the ground up?

You can work for yourself and have the advantages of being a part of an established organization.

48. Which of the following should summarize the business concept for a new company and be compelling enough to entice an investor into reading more?

Summary

49. A mission statement is a statement of the operational goals of the organization.

False

50. SCORE is a government organization designed to offer advice to entrepreneurs for a low fee.

False

51. In which section of the business plan do you explain the purpose of your business and what you wish to accomplish?

Mission and objectives 

52. The main advantage of a small firm  over a large firm is-

More freedom to innovate and move quickly

53. An advisory board differs from a corporate board of directors because ________?

An advisory board has no legal responsibilities 

54. How do the roles of top managers differ from lower management tiers?

The magnitude of the decisions being made

55. Predicting when events will occur and their impact on the organization should be done through ________.

forecasting

56. During the planning process, what should always be the foundation of your competitive analysis?

The customer's perspective

57. Which of the following gives employees the authority to make decisions that apply to their specific areas of work?

Employee empowerment

58. Identifying and developing options to resolve a problem is a(n) ________ skill.

decision-making

59. Which of the following forecasting techniques are based on intuitive judgments?

Qualitative forecasts

60. Providing leadership and building relationships is part of the ________ role of management.

interpersonal

61. What is one of the most essential roles of middle managers?

Translating strategic goals into action

62. Which of the following is a typical role of middle managers in an organization?

Translating strategic goals and objective into actions

63. Conceptual skills refer to the ability and knowledge to perform the mechanics of a particular job.

False

64. A mission statement is a statement of the operation goals

False

65. At which point in the strategic planning process should a firm consider how to allocate resources in order to achieve goals and objectives?

When developing action plan strengths and weaknesses

66. In addition to interpersonal and decisional roles which type of role do managers engage in to plan, organize, lead, and control the organizations?

Informational roles

67. Supervisors often act as coaches and mentors for first line managers who are 

False

68. Unlike conventional organizations, unstructured organizations tend to ________.

have less control over independent contractors than they do permanent employees

69. A matrix organization uses functional and divisional patterns simultaneously.

True

70. A centralized organization concentrates decision-making authority at the upper levels of the organization.

True

71. How can companies use social networking technologies to link employees with similar professional interests for improved collaboration opportunities?

By establishing communities of practice and virtual communities

72. Which of the following is a defining characteristic of a cross-functional team?

It includes several departments with different areas of expertise and responsibility.

73. Work specialization can improve organizational efficiency by enabling workers to perform well-defined tasks that require specific skills.

True

74. What do organizations use to show how employees and tasks are grouped, and where the lines of communication and authority flow?

Organization chart

75. Which type of organization has structures, policies, and capabilities that allow employees to respond quickly to customer needs and changes in the business environment?

Agile

76. When an organization groups employees based on their skills, resources use, and job requirements, which type of advantage might they achieve?

 Economies of scale

77. Organization structure is a framework that enables managers to divide responsibilities, ensure employee accountability, and distribute decision-making authority.

True

78. How should an organization be structured if the organization wants to create teams that can combine specialized skills while sharing resources across functional groups?

Matrix structure

79. Where does situational conflict stem from?

Temporary forces in an organization

80. List the advantages of working in a team

Teams improve flexibility and responsiveness

81. Unlike conventional organizations, unstructured organizations tend to ______

Have less control over independent contractors

82. Which of the following is a key difference between quality control and quality assurance?

Quality assurance is more strategic than quality control.

83. With a service, quality sometimes cannot be judged until after the service has been performed, creating a variable in ________.

quality of performance

84. Moving production facilities from distant locations to locations closer to home incorporates what type of strategy?

Nearshoring

85. What are estimates of future demand for a company's products that managers prepare based on customer feedback, sales orders, and educated guesses?

Production forecasts

86. When a business is built around the reputation of a single person, the business has limited ________. 

scalability

87. When a manager needs to fix a system issue, what is one of the first things they should do?

Understand its impact on other systems

88. A supply chain ________.

 coordinates the flow of goods and materials

89. Which of the following include all the elements and processes that provide benefit as inputs are to final products?

Value chains

90. The period of time between placing an order for supplies and receiving the material is called ________.

lead time

91. In the systems view of business, a system is an interconnected set of elements that ________.

converts inputs into desired outputs

92. One tool in utilizing statistical process control is _______ which shows how many samples are outside specific quality levels.

The control chart

93. List the disadvantages of offshoring

Loss on control

94. What is created when a firm has a thriving ecosystem of industries that support it?

Barriers to entry