BUSN 101 Final

In order to create more wealth and provide better services, some nations recognize that _______________.
a good strategy is to minimize interference with the free exchange of goods and services
Companies that outsource research and development and design jobs:
run the risk of overseas companies using the information to produce competitive products.
The threat of terrorism,
is costly to most firms because it is costly to governments who increase taxes to pay for
added protection.
Which of the following is a factor of production?
knowledge
Taxes and government regulations are part of the ________________ environment of business.
economic and legal
___________ refers to the amount of output generated with a given amount of input, e.g., the number of
pizzas produced per worker per hour.
Productivity
Successful businesses are keenly focused on their:
customers.
The total amount of money that businesses take in by selling goods and services is called ________.
revenue
An activity which seeks to earn a profit by providing a good or service is known as a(n):
business.
Retired people will be draining the U.S. economy of wealth. This is due to:
The fact there are not enough workers in subsequent generations to support the ongoing drain
of older persons into the social security system.
Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are
part of the:
service sector.
Employers provide tools and technology for their employees in order to:
improve their efficiency and productivity.
Since the beginning of the 1900s, the agricultural sector of the United States has:
Experienced a significant drop in employment, mainly because of tremendous improvements
in efficiency.
The global environment,
is far reaching and affects all the other business environments.
Two factors of production that seem to contribute the most to a nation’s ability to create wealth are:
entrepreneurship and knowledge.
___________ is a measure of the general well-being and satisfaction derived from a variety of factors
including political freedom, safety, education, and a clean environment.
Quality of life
How is the profile of business owners changing?
Businesses owned by minority women are growing at a faster rate than businesses owned by
men or nonminority women.
As a factor of production, the term capital includes:
tools, machinery, and buildings.
In today’s competitive environment, good value means:
providing quality products and services at competitive prices.
Empowerment means:
giving employees the authority to make decisions.
The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the
policies and activities of a business represent the firm’s:
stakeholders.
Which of the following business policies would most likely help a single-parent family?
Allowing family leave and flextime
In order to compete well and gain market share, contemporary businesses are changing to be more
customer-driven
The immigrant population (both legal and illegal) is having a dramatic effect on
schools, hospitals and other services type industries
In countries where businesses are government owned:
there is less incentive to work hard.
Technology affects people in:
all industries.
The green movement is:
concerned with depletion of natural resources and leaving a large carbon footprint
A(n) ____________ is a person who assumes the risk of starting a business.
entrepreneur
When corruption is present in the business environment:
company leaders can threaten competitors and minimize competition.
The new era of business is likely to be dominated by the:
information-based sector.
If a shortage exists for a good in a free-market economy, the:
Price of the good will rise.
The four basic types of unemployment are frictional, structural, seasonal, and:
cyclical.
There are some restrictions on freedom of assembly and freedom of speech under a ____________ system.
mixed economy
A major premise of a socialist system is:
to reduce the inequality in the distribution of wealth.
__________ unemployment refers to persons who purposefully quit their jobs and have not yet found a new
job.
Frictional
__________ unemployment refers to loss of jobs due to a recession or a similar downturn in the economy.
Cyclical
The freedom of people to buy, sell, and use land, buildings, machinery, and inventions are basic capitalist
rights under:
The right to own private property.
One of the benefits of a free market is that:
Businesses provide customers with quality products at fair prices.
___________ studies the operation of a nation’s economy as a whole.
Macroeconomics
Which of the following would be a topic emphasized in a macroeconomics course?
Factors that determine how fast a nation’s economy is growing.
Thomas Malthus was pessimistic about the ability of a society to achieve high standards of living for most of its
citizens because he believed that:
Significant population growth would result in shortages of food and resources.
One of the most significant problems faced by communist nations is:
Persistent shortages of basic goods such as food and clothing.
A simple supply curve shows a relationship between the:
Price of a good and the quantity of that good sellers are willing to offer for sale at a specific
point in time.
The market price of apples is currently rising. In a free-market economy, the most likely explanation of this
price change is that:
There is a shortage in the market for apples.
Economics is the study of how a society _________________.
employs resources to produce goods and services and distribute them among competing
groups and individuals
When the market price of a good is above its equilibrium value, and all other determinants are unchanged:
A surplus will exist in the market.
Which of the following is a basic right under capitalism?
The right to compete.
__________ is a condition in which the price increases are slowing.
Disinflation
An oligopoly is a market that is characterized by:
A few large sellers who dominate the market.
The main goal of resource development is to find ways to:
Increase the amount of resources and create conditions that will make better use of those
resources.
A(n) _____________ curve shows the relationship between the price of a good and the quantity of that good
people are willing and able to buy in a given time period.
demand
As the term “global” become “local”, and as we see more opportunities to compete in the global market,
the long-term trend is for most nations to operate as mixed economies.
A command economic system is characterized by:
Reliance on the government to determine what is produced and who gets the output.
The freedom of people to decide where they want to work and live, and what they want to buy or sell are
basic capitalist rights under:
Freedom of choice.
Which of the following statements most accurately identifies a limitation of the free-market economic system?
Free-market economies tend to result in unequal distribution of wealth.
If businesses are producing at capacity, and the nation is experiencing almost full employment (a very low rate
of unemployment – less than 2%), the Fed may decide to:
Increase interest rates.
Both socialism and communism are variations of:
Command economies
On its website, Papa John’s Pizza compares itself to the competition with the following message: “better
ingredients, better pizza”. The company wants to achieve:
Product differentiation
The U.S. economic system relies on
Key economic indicators such as GDP, to measure economic progress.
Under capitalism:
Most of the means of production and distribution are privately owned and operated for
profit.
In volume of exports, the three leading nations are:
U.S., Germany, and China.
A favorable balance of trade occurs when the value of:
the value of imports is less than the value of exports.
Trade experts’ concerns about trading with China include:
its political system, counterfeiting activities, and human rights abuses.
Which of the following is considered when calculating a country’s balance of payments?
military expenditures
A __________ represents a long-term partnership between two or more companies established to help each
firm build competitive market advantages, without sharing the cost of risk.
strategic alliance
Companies may have several reasons for creating joint ventures. Which of the following statements is one
reason why firms may decide to form a joint venture?
They will save time to market if they pool their technological know-how.
CAFTA consists of:
free trade agreement with Costa Rica, the Dominican Republic, El Salvador, Guatemala,
Honduras, Nicaragua., and the U.S.
______________ was an 18th century belief that a nation should try to sell more goods to other nations than it
buys from them.
Mercantilism
An unfavorable balance of trade occurs when the value of:
Imports exceed the value of exports
The outlook for growth in global trade appears to be:
more interesting yet more challenging every day.
The largest importer in the global market today is:
The United States
________ tariffs are designed to raise money for the government.
Revenue
The federal government created ___________ to help small and medium sized businesses get involved in
exporting.
Export Assistance Centers
With GDP totaling more than $570 billion, the common market known as COMESCA is:
composed of Southern African and Eastern African nations.
One advantage of free trade is:
innovation for new products occurs which keeps firms competitively challenged.
The __________ represents the first attempt to establish a truly global mediation center to resolve
international trade disputes.
World Trade Organization
A risk unique to firms with direct investment in a foreign county is the potential takeover of the firm’s assets by
the government of that country. This takeover is called a(n):
expropriation.
The concept of free trade means:
goods and services can be traded freely across borders without political and/or economic
barriers.
The value of goods imported into France exceeds the value of French exports. This indicates that France:
Has a trade deficit.
A sociological challenge that must be overcome in order to be successful in the global market is:
A lack of cultural understanding.
One objective of NAFTA is:
promote conditions of fair competition for the three trading partners
Ethnocentricity means:
You believe your culture is superior to others.
As a business strategy, the strategy behind “dumping” is to ___________.
gain a foothold in a new market
Another name for a common market is:
Trading bloc.
__________ is lowering the value of a nation’s currency relative to other currencies.
Devaluation
If global trade experts predict that the value of the dollar will soon fall, it will result in:
Prices of imported goods rising, but prices of U.S. goods sold overseas falling
The purpose of the General Agreement on Tariffs and Trade (GATT) is to:
facilitate global trade
A disadvantage of licensing is:
the licensee may decide to use the expertise you have developed, break the agreement, and
begin producing the product on his/her own.
The two basic types of tariffs are:
revenue and protective
Which of the following sociocultural forces can have a significant impact on global business operations?
Religion
Although college graduates would prefer to work for socially responsible companies,
they are not in agreement with what it means to be socially responsible.
Considering the potential impact on others prior to making a decision is consistent with ________ behavior.
ethical
Which of the following is a reason why a business should be managed ethically?
It is the right thing to do.
One problem with conducting a social audit is:
how to determine what should be measured and how to calculate the effect on society.
Going green means:
increasing one’s initiatives toward a concern for the environment.
Which of the following statements describes ethical behavior in the U.S.?
We can find common moral values that many Americans uphold, including respect for human life, self-control, honesty, integrity, and courage.
Following an ethics-based approach to decision making will normally lead to higher:
trust and cooperation.
The first step when facing an ethical dilemma is to ask:
“Is it legal?”
Ethical dilemmas in business:
often force us to choose between equally unsatisfactory alternatives.
When Bagel Works employs in-store recycling, composting, and uses nontoxic cleaners, Bagel Works is participating in:
corporate responsibility.
We describe charitable donations by corporations to nonprofit organizations as _________.
corporate philanthropy
To improve America’s business ethics:
company leaders should adopt and support a corporate code of ethics.
Relationships between businesses and among nations,
should be based on fairness, honesty, openness, and moral integrity.
Following an ethics-based approach to decision making will normally lead to:
lower employee turnover.
Which of the following is a characteristic of an effective ethics officer?
(S)he has a capacity to serve as a counselor and an investigator.
Compliance-based ethics codes:
conform to laws and regulations.
Many Americans define ethical behavior according to the situation in which they find themselves. This suggests that there may be situations where ________ to cheat, steal, or lie.
it might be OK
When working with international firms, U.S. businesses:
expect socially responsible behavior from their business partners.
A recent study revealed that most Americans have:
few moral absolutes.
A phone call to a government official by an employee of the Enron Corporation disclosed the deception and dishonesty of the firm’s accounting records. This employee played the role of a:
whistleblower.
An ethical dilemma refers to a situation where you must:
choose between equally unsatisfactory alternatives.
Purposefully understating your firm’s income to avoid paying higher taxes is an example of:
Illegal behavior.
When discussing moral and ethical issues, it is helpful to remember that ethical behavior begins with __________________.
each of us
________ refers to standards of moral behavior.
Ethics
Corporate values are:
learned by observing the actions of others in the organization.
After developing a code of ethics, it should be communicated to:
everyone with whom the business has dealings.
Insider trading involves:
investors using private company information to further their own fortunes.
Compliance based ethics codes typically:
rely on laws and regulations outside the firm for guidance.
Many individuals today believe that ethical behavior is determined by what is best for them at the time. This is an example of:
Situational ethics.
In recent years, progressive firms have embarked upon ___________, where they will commit company resources and expertise toward helping-out in emergency type situations.
corporate social initiatives
____________ comprise about 20% of all businesses but account for about 81% of U.S. business receipts.
Corporations
The most popular type of business for franchising is:
Restaurants
“Double taxation” means:
Corporations pay taxes on their profits. If they distribute after-tax profits to the stockholders, the stockholders also pay taxes on the distribution.
A merger involving a software producer and a clothing manufacturer is an example of a:
Conglomerate merger.
An evaluation of franchising would conclude that this type of arrangement:
Appeals to people who want to own a business, but are not comfortable starting a company from scratch.
When a sole proprietor dies:
The sole proprietor’s heirs have the option of taking over the business.
The form of business ownership best suited to raising large amounts of money for expansion is the:
Corporation
One important consideration when prospecting for a good franchise business is:
The market potential for the product or service, at the prices you need to charge.
The __________ is the most common form of business ownership.
sole proprietorship
Which of the following is not a disclosure that should be part of a partnership agreement?
The list of personal assets of each partner.
The organizational structure of a corporation permits:
Stockholders to elect the Board of Directors.
Nick wants to start his own business. Nick should consider a sole proprietorship if he:
Wants to be his own boss and can accept unlimited liability.
The reason a professional such as a lawyer or doctor would incorporate his/her business is
to protect his/her other assets with limited liability.
_____________ is by far the most popular target for American franchisors seeking to establish franchises in other countries.
Canada
A separation between ownership and management is most likely to occur in a:
Corporation
The __________ is usually the easiest form of business to start and end.
sole proprietorship
Which of the following statements about the operation of a corporation is correct?
A corporation receives its charter from a state government.
The S corporation is likely to be less popular in the future because:
Limited liability companies, which do not have the restrictive eligibility requirements of S corporations and offer greater flexibility in the choice of tax treatment, are now legal in all 50 states.
Earnings of C (conventional) corporations can be:
Taxed twice if they are distributed as dividends to stockholders.
Global franchising offers:
Opportunities for both large and small franchises.
A significant disadvantage of owning a sole proprietorship is the:
Overwhelming time commitment often required of the owner.
To many businesspeople, one of the major attractions of a sole proprietorship is:
The chance to be their own boss.
Which of the following statements is the most accurate? Sole proprietorships:
Are taxed at the owner’s personal tax rate.
An entrepreneur who wishes to start a business with little delay or hassle, and who wants to be his or her own boss, should organize the business as a:
Sole proprietorship.
The board of directors for a corporation is elected by its:
Stockholders
Three types of corporate mergers are:
Vertical, horizontal, and conglomerate.
A partner (owner) who invests money in a business, does not take an active role in managing the operation, and is only subject to losing the funds he/she invested.
Limited partner.
One reason limited liability companies have become so popular is that they:
Can be taxed either as a corporation or as a partnership, so owners can choose the tax treatment that is most advantageous for their situation.
A conglomerate merger will:
Diversify business operations and investments.
Compared to the C-corporation, the limited liability company is an attractive form of business ownership because:
Once formed, the limited liability company does not require the firm to hold annual meetings, and has the option to avoid double taxation.
One reason we have seen continued growth in home-based businesses is:
affordable computer and information technology makes it easier to compete.
Similar to how large businesses proceed, small businesses make marketing decisions _____________.
before a product is developed or store is opened
A good business plan will:
describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner’s qualifications.
A creative person working within a corporation to launch new products and generate new profits is known as a(n):
intrapreneur
A business’s size is measured:
in relation to other firms in its industry.
Bankers and potential investors are likely to read ___________ first.
the executive summary
Entrepreneurs seeking financial support from bankers and potential investors should:
create a detailed business plan to help the bankers and investors understand why this business will succeed.
Business incubators are usually government-funded facilities intended to:
offer startup firms low-cost office space and basic business services.
Affiliate marketing is a web-based business strategy that:
Rewards individuals who are willing to link a company’s website to their blog or social network page.
A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.
market
When starting a small business, it’s important to remember:
learning from others and gaining relevant business experience improves the odds for success.
One of the best places for young entrepreneurs to start shopping for a SBA loan is a:
Small Business Development Center.
Business owners who prefer to maintain their businesses at a manageable size are called:
micropreneurs
Successful entrepreneurs are self-nurturing. This means they:
believe in themselves and their ideas.
Increased participation in small business exporting owes credit to ________.
technological advances such as the Internet and PayPal for safely fulfilling orders
A firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company is called a:
venture capitalist.
The Small Business Administration’s microloan program awards loans to entrepreneurs based primarily on their:
integrity and sound business idea.
Using the analogy of boulders vs. sand for filling a hole, the textbook points out that:
small businesses can serve niche markets that larger firms do not serve well.
often find more job satisfaction than their counterparts in big business.
Small business employees:
often find more job satisfaction than their counterparts in big business.
Successful entrepreneurial teams:
bring a variety of talent to the business venture.
Enterprise zones are specific geographic areas that:
attract business investment by offering lower taxes and government support for development.
To be considered part of a market, an individual must:
have both a willingness to buy and the financial resources needed to buy.
Successful small business owners are:
valuable sources for information since you can learn from their experiences.
Enterprise zones are:
specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas
A detailed written statement that describes the nature of the business, the target market, the firm’s competitive advantages, as well as the owner’s resources and qualifications is a:
business plan.
The Small Business Administration defines a small business as a firm that:
is independently owned but not dominant in its industry.
One reason why many U.S. small businesses are not involved in exporting is:
many of these firms do not know how to get started.
The size of the world market is:
6.9 billion
Which of the following is a characteristic of successful entrepreneurs?
Action-oriented
Which of the following best describes the outlook for small businesses in international markets?
the world is a larger, and potentially a more lucrative market than the U.S. domestic market
__________ involves setting the organization’s vision, goals, and objectives.
Planning
Autocratic leadership is likely to be effective when:
the organization faces an emergency situation.
One of the four primary functions of management is:
controlling
The first step in the rational decision-making model is to:
define the situation.
__________ is the management function that involves determining whether an organization is progressing toward its goals, rewarding employees for doing a good job, and taking corrective action when they are not.
Controlling
The revolution in management that is currently underway suggests that the most effective managers of the future will:
emphasize team work.
Which of the following activities would be a part of the leading function of management?
Training and coaching workers to help them understand their job and perform it effectively
__________ include dealers, who buy products to sell to others, and ultimate customers who buy products for their own personal use.
External customers
____________ is concerned with finding the right information and making that information accessible and understood by everyone in an organization.
Knowledge management
Leadership, coaching, and morale building are all part of a manager’s _________ skills.
human relations
__________ are specific, short-term, measurable results an organization wants to achieve in order to fulfill its long term goals.
Objectives
In comparing the types of skills used by managers at different levels within an organization, which of the following is true?
First-line managers use mainly technical and human relations skills, while top managers devote most of their time to activities involving human relations and conceptual skills
__________ is the management function that involves allocating resources, assigning tasks, and establishing procedures for accomplishing the organizational objectives.
Organizing
____________ skills include the ability to perform tasks of a specific department or job, such as selling (marketing) or bookkeeping (accounting).
Technical
The downsizing that has occurred in recent years has __________ middle managers in many organizations.
eliminated the jobs of some
___________ involves recruiting, hiring, motivating, and retaining the best people available to accomplish the company’s objectives.
Staffing
A(n) __________ is used by an organization to show who is accountable for the completion of specific work and who reports to whom.
organization chart
__________ are units within an organization that receive services from other units within the organization.
Internal customers
How are managers today different from managers in the past?
Managers today emphasize teamwork
One difference between managers and leaders is that:
mangers work to achieve stability while leaders embrace change.
The level of management that is directly responsible for assigning specific jobs to workers and evaluating their daily performance is called:
supervisory management.
__________ is choosing among two or more alternatives.
Decision-making
Which of the following should form the foundation of a firm’s control system?
Accounting and finance
Strategic planning looks at the organization as a whole, while ________ planning focuses on daily tasks and decisions.
operational
When a firm makes use of the SWOT analysis, one of its objectives is to:
identify the things it does well as an organization and the things it needs to improve.
Which of the following activities is part of the planning function of management?
Looking at market forecasts to identify future business opportunities and challenges
Managers who listen to their subordinates and allow them to participate in decision-making are using the ____________ style of leadership.
participative
__________ planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals.
Strategic
A __________ analysis is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunities.
SWOT
Leaders
embrace change.
The line of authority that moves from the top of a hierarchy to the lowest level is called the:
chain of command.
________ refers to the process of dividing organizational functions (sales, production, accounting/bookkeeping) into separate units.
Departmentalization
One advantage of a bureaucratic organization is that:
employees know they are expected to follow the rules and regulations.
Which of the following are common responses of employees when faced with change?
“That’s the way we’ve always done things”
Fayol’s _____________ principle states that each worker should report to one, and only one, boss.
unity of command
All organizations have two organizational systems:
the formal organization and the informal organization.
Matrix organizational structures were first developed in:
the aerospace industry.
Which of the following is true of cross-functional teams?
Cross-functional teams work best when the voice of the customer is brought into the organization
The concept of ____________ suggests that as a firm produces more, the average cost of goods produced goes down.
economies of scale
Which of the following is considered to be a disadvantage of functional departmentalization?
There may be a lack of communication among the different departments
Due to more emphasis on empowerment and more talented and better-educated lower level management, span of control in organizations has __________.
increased
Staff positions in an organization:
support and assist the line positions.
In recent years, large organizations have tried to improve their efficiency in communication and decision making by:
eliminating several layers of management.
__________ are responsible for directly achieving organizational goals.
Line personnel
Which of the following is an example of a move to reorganize?
Reducing the labor force within your business
The optimum number of subordinates a manager can supervise is referred to as the:
span of control.
______________ organizations are characteristic of many layers of management and function with well-defined rules and procedures.
Bureaucratic
The process of setting up individual functional units of the business to do specialized tasks is called:
Departmentalization.
A ____________ organization is characterized by direct two-way lines of responsibility, authority, and communication running from the top to the bottom of the organization, with all people reporting to only one supervisor.
line
In Weber’s view of a bureaucratic organization, the organization demanded:
clearly established rules and guidelines that were to be precisely followed.
Organizing a business begins with:
determining the work to be done.
Which of the following factors help determine a manager’s span of control?
The level of standardization of the work to be done
__________ refer to those functions that an organization does as well as, or better than, any other organization in the world.
Core competencies
The ___________ is the nerve center of the informal organization.
Which of the following determines the degree of decentralization a firm might use?
Which of the following determines the degree of decentralization a firm might use?
The degree to which lower level management is empowered to make decisions.
The widely shared values within an organization that provide unity and cooperation to achieve common goals is together known as the:
organizational culture.
In open organizations the informal organization can be:
an asset that promotes harmony among workers.
Which of the organization models follows all of Fayol’s traditional management rules?
Line organizations
Which of the following is an advantage of a matrix organization structure?
It provides for efficient use of organizational resources
Fayol’s ____________ principle says that workers’ attitudes would create an environment of pride and loyalty within an organization.
esprit de corps
The ___________ National Quality Award is given to firms that achieve an outstanding level of overall quality based on performance in seven key areas.
Malcolm Baldrige
An example of a __________ is building a new home on a lot.
fixed-position layout
Enterprise resource planning (ERP) goes beyond the capabilities of MRP because it:
monitors the computerized functions of all the divisions and subsidiaries of the firm in a single software program.
Contemporary producers and their suppliers,
locate close together to decrease the cost of distribution.
In recent years, the service sector of the U.S. economy has:
grown much more rapidly than the manufacturing sector.
The goal of lean manufacturing is to:
produce goods and services with less of everything that goes into the process.
__________ is the process of selecting a geographic location for a company’s operations.
Facility location
In manufacturing, a __________ is used to produce large quantities of a few types of products.
assembly-line layout
Operations management becomes a(n) ____________ when companies outsource several processes and create a network of firms that cooperatively produce products and services.
interfirm process
In manufacturing, one way to compete with cheap labor is to:
use robots.
____________ standards are concerned with the best practices for managing an organization’s environmental impacts.
ISO 14000
In ___________, materials are physically or chemically changed to produce a product.
process manufacturing
______________ means tailoring products to meet the needs of a large number of individual customers.
Mass customization
A basic characteristic of flexible manufacturing is that it:
uses machines designed to perform multiple tasks so they can be used to produce a variety of products.
A bar graph that shows what projects or tasks are in process and how much of each is completed is called a(n):
Gantt chart.
Firms often use a(n) _____________ when working on a major project involving the production of a large item such as an airplane, ship, or bridge.
fixed-position layout
Today manufacturers are relying more heavily on:
one or two suppliers because firms share so much information.
__________ is the physical arrangement of resources in the production process.
Facility layout
The U.S. economy is now dominated by the _________ sector.
service
A firm would be most likely to employ statistical process control (SPC) if it wanted to:
make sure products meet quality standards all along the production process.
A benefit of CAD (Computer Aided Design) and CAM (Computer Assisted Manufacturing) is:
it permits customization without a significant increase in price.
The first step in the development of a PERT chart is:
analyzing the tasks and determining the sequence in which they must be performed.
___________ is a computer application that enables a firm to combine computerized functions of all divisions and subsidiaries of the firm into a single, integrated software program that uses a single database.
Enterprise resource planning (ERP)
Lean manufacturing ___________ productivity.
increases
A(n) __________ puts together components to make a product.
assembly process
__________ is the creation of goods and services using land, labor, capital, entrepreneurship, and knowledge.
Production
___________ is a technique to analyze and sequence tasks involved in completing a project, to estimate the time needed to complete each task, and to determine the minimum amount of time needed to complete each project.
PERT
In a PERT network, the sequence of tasks that takes the longest to complete is called the:
critical path.
ERP is the acronym for:
Enterprise Resource Planning.
Operations management is a specialized area in management that converts resources into:
both goods and services.
When it comes to motivating Millennials and Gen Xers, it is important for managers to know that they have a few things in common. One important likeness is:
They expect change
_________ blends Japanese and American management practices into a hybrid approach which calls for long-term employment, collective decision making, and individual responsibility for the outcome of decisions.
Theory Z
_________________ was the father of scientific management.
Frederick Taylor
Abraham Maslow thought that once needs at one level of his hierarchy were met:
another, higher order need would emerge to motivate that person.
Theory X managers are likely to believe that:
the average person dislikes work and will seek to avoid it when possible.
The concept that a hierarchy of human needs could be used to explain motivation was developed by:
Abraham Maslow.
______________ was the dominant strategy for improving worker productivity during the early 1900s.
Scientific management
Researchers David Nadler and Edward Lawler suggest that in order to use expectancy theory to improve worker motivation, the first thing managers should do is:
determine what rewards are valued by employees.
Herzberg’s research found that the factor that ranked highest as a motivator was:
a sense of achievement.
Expectancy theory suggests that managers attempting to improve employee performance would be well advised to:
set attainable performance goals.
Reflecting upon the differences in Type J and Type A work environments, which of the following statements is fundamental to Type J:
Type J, unlike Type A environments embrace consensual decision-making and have a concern for the employee’s life at work and outside of work.
As a contemporary manager, your employees will perceive that their opinions are more valued if:
you provide settings where employees have the opportunity to converse with all levels of management.
The Hawthorne studies were conducted by ____________ and his colleagues from Harvard University.
Elton Mayo
A key idea in reinforcement theory is that:
managers can use both rewards and punishment to influence employee behavior.
Equity theory states that employees will perform well if they:
believe the reward they receive fairly compensates them for their efforts when compared to others in similar positions.
According to Herzberg, the difference between motivators and hygiene factors is:
overall, motivators related to greater job satisfaction, while hygiene factors made the work place a satisfying place to thrive.
The characteristic of work that is concerned with the amount of direct and clear information employees receive about performance is called:
feedback.
In Maslow’s hierarchy, __________ needs refer to the desire to reach one’s fullest potential.
self-actualization
________ is a system of goal setting and implementation that involves a cycle of discussion, review, and evaluation of objectives among top and middle managers, supervisors, and employees.
Management by objectives
Equity judgments are based on:
people’s perceptions.
Which of the following statements about cultural differences in the workplace is most accurate?
Managers must be very aware of cultural differences and recognize that different employees may respond best to different management and motivational styles.
As a contemporary manager, your employees will be motivated to provide you with important feedback if:
you solicit open-ended responses from your employees.
According to goal-setting theory, in order for goals to enhance motivation and performance they must be:
accompanied by feedback.
Which of the following statements about high-context cultures reflects how managers in this type of culture might operate?
as a sales professional trying to sell your product to a business that operates with a high context culture, you may have to visit the decision makers several times and get to know them on a personal level
The findings of the Hawthorne studies led researchers to look more closely at how ____________ could lead to better productivity.
the human side of motivation
A problem with equity judgments is that employees often ________ their own contributions to the success of a business.
overestimate
__________ is the degree to which a job requires doing a task with a visible outcome from beginning to end.
Task identity
Herzberg’s research indicated that employees are motivated by job content. Contemporary managers focus on _____________ by increasing the significance of the job, and even providing the employee with important feedback.
enriching the job
Herzberg found that factors that provided the highest level of motivation were mostly associated with:
job content.
According to Herzberg’s views, which of the following strategies would be most likely to result in a higher level of worker motivation?
Making the work itself more interesting and challenging
Which of the following workers would be the best example of a contingent worker?
an accountant hired to help during the busy tax season
If a firm wants to know why valuable employees are leaving the company, it will conduct ___________.
exit interviews
Which of the following statements about performance appraisals is the most accurate?
The discussion of the results of a performance evaluation with an employee should allow the employee an opportunity to make suggestions about how to improve on current procedures.
Which of the following strategies is used by a human resource manager whose goal is to fill an open position from within the company?
advertise the opportunity for a promotion to current employees
The purpose of a performance appraisal is to:
improve employee performance.
A ____________ is a statement that identifies the minimum qualifications required of a worker in order to perform a specific job.
job specification
Which of the following statements identifies a key difference between a job description and a job specification?
A job description is a statement about the job, while a job specification is a statement about the person who does the job.
In a _____________ arrangement two part-time employees fill one full-time job.
job sharing
The purpose of ____________ is to increase an employee’s ability to perform productively.
training and development
The _______________ doctrine states that employers have as much right to fire workers as the workers have to leave the company voluntarily.
employment at will
Shadowing is another term used to refer to _____________.
on-the-job training
As companies continue to develop women and minorities for management positions, they:
increase the available talent pool of skilled employees.
Employment testing:
should be directly related to the job.
Which of the following statements is the most accurate description of the impact the Americans with Disabilities Act of 1990 (ADA) has had on businesses?
Most firms are finding that the cultural changes required by ADA are more difficult to implement than the structural changes.
Which of the following statements about recruiting is most accurate?
It is important for a firm to recruit and hire people who are not only skilled but also fit in with the firm’s culture and leadership style.
Computer and robotics training is sometimes performed in a nearby classroom type setting. We refer to near-the-job-training as _____________.
vestibule training
Humphrey Communications uses a flextime plan, however, all employees must be on the job from 10:00 a.m. until 2:00 p.m. These hours are referred to as the:
core time.
A reason workers tend to receive fewer promotions than in the past is that:
the movement toward flatter organizational structures, provide fewer opportunities to move upward.
Internet-based training courses are sometimes also called:
distance learning.
__________ is a type of training that duplicates the exact combination of conditions that occur on the job.
Job simulation
With the advent of more sophisticated technology, employers who operate locally and globally and want all employees to receive the same training may opt for _____.
online training programs
Which of the following is a valid statement about contingent workers?
An increasing number of companies are hiring skilled professionals such as accountants as part of their contingent workforce.
___________ is the process of training and educating employees to become good managers and then developing their managerial skills over time.
Management development
CareerBuilder and the Monster are examples of:
Internet services firms can use to recruit employees.
Which of the following statements describes the relationship between employee training and employee development?
Training is short-term skills oriented while development is long-term career oriented.
Which of the following statements best describes the current view of the role of human resource management within a firm?
human resource management functions have become so important that in many firms all managers now perform them
In a(n) ______________ an inexperienced worker learns by working alongside an experienced employee to master the skills and procedures of a craft.
apprenticeship program
Corporate managers who supervise, coach, and guide lower-level employees and serve as their organizational sponsors are called:
mentors.
Which of the following statements about networking is the most accurate?
Students can begin building network connections in college, even before they take on a full time job.
Employers must verify that employment candidates are eligible to work in the U.S. as mandated by:
Immigration Reform and Control Act
Which of the following statements about the distinction between consumer goods and B2B goods is the most accurate?
The same product can be classified as either a consumer good or an industrial good, depending upon its end use.
The most important technological change likely to affect the marketing success of many firms is the:
growth of consumer databases, blogs, and social networking.
Which of the following represents an example of demographic segmentation?
An automobile manufacturer offers different types of cars designed to appeal to different age groups and income levels.
Which of the following is consistent with relationship marketing?
working with buyers to determine their individual needs
Which of the following is a part of the marketing concept?
a consumer orientation
A firm’s marketing mix consists of 4 major components, which are generally referred to as the four:
Ps
The two major types of markets are the:
consumer market and the business-to-business market.
“Selling to everybody and listening to nobody” might be the result of a firm that uses a ________ marketing strategy.
mass
Comparing the business practices of the 1950s to those of today indicate that today’s marketing managers:
have a more ambitious goal of not just satisfying customers, but of exceeding their expectations.
Contacting customers after a sale to reassure them that they made the right decision is intended to offset:
cognitive dissonance.
Which of the following is part of the marketing process?
determining an appropriate brand name for a new product
__________ marketing involves developing a unique mix of goods and services for each individual customer.
One-to-one
____________ is the process of identifying factors that can affect marketing success.
Environmental scanning
During the ________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling.
selling
The significant increase in consumer demand following World War II marked the beginning of the:
marketing concept era.
The business philosophy of “produce as much as you can because there is a limitless market” is consistent with which of the following marketing eras?
production era
Exploring _________ data first helps marketers minimize marketing research costs.
secondary
According to the _________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit.
marketing
Which of the following describes the marketing era immediately after the development of mass production assembly lines?
selling era
The first step in the marketing research process is to:
define the problem and determine the present situation.
__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.
Target
The factor that determines whether a product is classified as a consumer product or an industrial product is:
the end use of the product.
A ________ marketing strategy develops products and promotions designed to please large groups of people.
mass
A firm gathers ___________ data by conducting surveys, interviewing customers, or mailing out questionnaires.
primary
The __________ is based on three elements: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation.
marketing concept
Which of the following describes a process in which marketers present an accurate description of a new product to potential customers and ask if they find the idea appealing?
concept testing
Which of the following is most consistent with a relationship marketing strategy?
the development of a Web site that seeks customer feedback and allows customers to communicate with each other
A consumer’s decision-making process is influenced by his/her _________, consisting of those people who help shape the consumer’s beliefs, attitudes, values or behavior.
reference group
The __________ market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.
B2B
A ___________ orientation refers to the process of determining the wants and needs of buyers and then providing goods and services to meet or exceed their expectations.
customer
Samuel Gompers believed that ___________ was the key to attaining a fairer share of the economic pie for American workers.
collective bargaining
Under _______, workers are not required to join the union, but those who do not join are still required to pay a union fee or regular dues to the union.
agency shop agreements
In the late 1930s management at Bodenger Industries agreed to hire only those workers who were already members of the Steelworkers Union. Bodenger had agreed to a type of arrangement known as a(n):
closed shop.
In recent years some unions have granted concessions and given up benefits secured in earlier contract negotiations in an attempt to save jobs. These concessions are called:
givebacks
The _____________ outlawed the use of yellow-dog contracts and prohibited courts from issuing injunctions against nonviolent union activities.
Norris-LaGuardia Act
The process of bringing in an impartial third party to render a binding decision in a labor dispute is referred to as:
arbitration.
The primary purpose of collective bargaining is to:
negotiate a labor-management agreement that both the union and management are willing to accept.
The __________ was set up as a federation of many separate craft unions.
American Federation of Labor (AFL)
During the first decade of the 21st century, the AFL-CIO saw its membership significantly decline when ___________________________________.
Seven of its member unions split to form a new union, the CtW [Change to Win].
Bob believes that management is treating him unfairly because of his efforts to organize a vote for union representation. Which organization should Bob contact to report his concerns?
National Labor Relations Board
Which of the following statements about sexual harassment is most accurate?
In evaluating charges of sexual harassment, the courts place a great deal of emphasis on whether the behavior was unwelcomed.
Which of the following statements about collective bargaining is most consistent with the views of Samuel Gompers?
Collective bargaining is the best way for workers to attain a fairer share of the economic pie.
Unions were originally formed _________________.
to seek protection against unfair treatment
One strategy unions must adapt in order to grow in the future is to:
find ways to appeal to white-collar, female, and foreign-born workers.
____________ is the process by which a group of workers legally take away a union’s right to represent them.
Decertification
Union shops are illegal in the state of North Carolina. This means that North Carolina:
has passed a right-to-work law.
The key difference between an agency shop agreement and an open shop agreement is that in an agency shop:
workers who do not join the union must pay a fee or regular dues, while in an open shop workers who choose not to join the union do not have to pay any union fees or dues.
Which of the following statements about the costs of elder care is most accurate?
The costs of elder care are likely to rise very rapidly in coming years as an increasing number of older and more experienced employees face the need to care for aging parents and other relatives.
A(n) ___________ is a court order directing someone to do something or to refrain from doing something.
injunction
A comparison of compensation of CEOs in the U.S. with compensation of top executives in Canada and Europe indicates that:
executives in the U.S. are compensated at a much higher rate.
The ___________ guaranteed union members the right to nominate candidates for union office and participate in union meetings.
Landrum-Griffin Act
The __________ guaranteed the rights of individual union members when dealing with their union.
Landrum-Griffin Act
A(n) __________ occurs when a union encourages its members and the general public not to buy the products of a firm involved in a labor dispute.
primary boycott
Despite a 1938 Supreme Court ruling allowing their use, ___________ were seldom used by management during labor-management disputes until the 1980s.
strikebreakers
Historically, the most potent union tactic when collective bargaining efforts break down has been the:
strike
In a(n) __________ shop, workers do not have to belong to a union before they are hired, but they must join a union within a specified period (usually 30, 60, or 90 days) in order to keep their job.
union
__________ is the process by which a union becomes recognized by the National Labor Relations Board as the bargaining agent for a group of employees.
Certification
Today, women earn approximately ________ of what men earn, though the disparity varies considerably by profession and the level of education.
80%
Which of the following acts gave more power to management in its relations with organized labor?
Taft-Hartley Act
The AFL was concerned primarily with:
fundamental labor issues.
x

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