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Homework answers / question archive / Ivy Tech Community College of Indiana BUSN 101 Final Question1)Often in business the greater the risk, the                   Question 2         During 2025, Just-The-One Jewelry had sales revenues of $1,500,000

Ivy Tech Community College of Indiana BUSN 101 Final Question1)Often in business the greater the risk, the                   Question 2         During 2025, Just-The-One Jewelry had sales revenues of $1,500,000


Ivy Tech Community College of Indiana

BUSN 101 Final

Question1)Often in business the greater the risk, the



  • Question 2



During 2025, Just-The-One Jewelry had sales revenues of $1,500,000. This retailer also had expenses that totaled $800,000. What is the firm's profit or loss amount?

  • Question 3



An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called a _________ economy.

  • Question 4



__________ refers to the strategy of using borrowed funds to increase the rate of return for stockholders.

  • Question 5



Economists define a _________ as two consecutive three-month periods of decline in a country's gross domestic product.

  • Question 6



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:

  • Question 7



If the demand for a product declines, what happens to the price of the product?

  • Question 8



The resources that contribute to the creation of wealth are known as

  • Question 9



Zorn Enterprises, a successful property management firm in Pennsylvania donates all reusable and recyclable goods left by past tenants. Besides these contributions, each year, Zorn sponsors a neighborhood clean-up day in the areas where it owns properties, complete with gardening tools that become prizes and a volunteer picnic. Zorn Enterprises is an example of how a small firm can demonstrate


  • Question 10



Tom stormed into the office, exclaiming, "That's the last straw! I've experienced unethical behavior at this company one time too many. I'll be calling the press immediately." It appears that Tom is about to engage in

  • Question 11



Ethical behavior covers a ________ range of conduct than legal behavior.

  • Question 12



A government agency with the power to investigate complaints of discrimination and to sue firms practicing employment discrimination is known as the

  • Question 13



In most large cities there are a large number of bakeries. These bakeries produce similar, but not identical, products. Some bakeries claim to have the best cheesecakes in town, while others brag about their cookies or specialty breads. The bakery market in a large city is an example of

  • Question 14



By definition, every country has a(n) __________ advantage in some product.

  • Question 15



Purchasing products or materials in other nations and bringing them into one's own country is

  • Question 16



The _________ is a statistic used to compute the pace of inflation or deflation.


  • Question 17



The United States wishes to import no more than 100 million tons of sugar from India in any given year. The type of import restriction it should impose is a(n)


  • Question 18



__________ is a contractual agreement where one firm gives another permission to produce and market its product and brand name in exchange for a fee.

  • Question 19



Cultural diversity represents

  • Question 20



Which of the following statements about the Federal Reserve Bank (the Fed) is most accurate?


  • Question 21



The __________________ is a firm that has made sizeable investments and has a physical presence in several foreign countries as a manufacturer and marketer of products and services.

  • Question 22



The three countries participating in NAFTA are:

  • Question 23



The simplest form of business owned and operated by one person is called a(n)

  • Question 24



Which of the following is not a disadvantage of sole proprietorships?


  • Question 25



Unlimited liability means


  • Question 26



A detailed written document 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:


  • Question 27



Legally, a partnership must


  • Question 28



__________ 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.


  • Question 29



What is the primary disadvantage of both a sole proprietorship and a partnership that a corporation overcomes?

  • Question 30



Customers who visit any Good As New Appliance Repair Center see a framed statement prominently displayed near the front door. The plaque describes the company's fundamental purposes. In part, it states that "All Good As New Centers operate under the belief that every customer deserves good quality parts, fast and dependable service, and a fair price." The words on this plaque reflect the ____________ of Good As New.

  • Question 31



Which of the following factors MOST contributes to small business failure?


  • Question 32



The first sale of a company’s stock to the general public is a/an __________ .

  • Question 33



The top governing body of a corporation is known as the


  • Question 34



What does double taxation mean?

  • Question 35



What type of ownership is created when a firm buys another outright?

  • Question 36



Flavio, CEO of Fabulous Frozen Custard believes that alternate plans are almost as important as the primary operational plans because external circumstances such as the weather, competitor moves, and even economic conditions make it important to have a Plan B. Flavio endorses

  • Question 37



_____________ means giving employees the authority and responsibility to respond quickly to customer requests.


  • Question 38



Volunteers for SCORE are

  • Question 39



Greenwave Garden Centers is a national chain of discount gardening stores. The top management at Greenwave realizes that different regions of the United States have very different climates and soil conditions, so they give regional managers a great deal of freedom to decide exactly what types of plants, fertilizers, and other items to stock and how to best market these products. Greenwave is an example of a _______________ organization.

  • Question 40



You have decided to open a pet store and have engaged in a contract with Dog N' Cat Centers, Inc. You and the company have drawn up an agreement that allows you to use the company's name and its proven method of doing business, to receive training, and to use its advertising materials. In this agreement, Dog N' Cat is the __________ and you are the __________.

  • Question 41



Which factor plays a key role in determining an organization's structure?

  • Question 42



Planning, organizing, leading/motivating, and controlling make up the




The most important impact of the Hawthorne studies was that it



  • Question 44



Which of the following statements is the best description of how scientific management viewed employees?

  • Question 45



A manager who has the ability to see the big picture of an organization and to understand how the various parts of the organization can fit together has __________ skills.


  • Question 46



The leadership style advocating that a leader makes all decisions and tells subordinates what to do and how to do it is called

  • Question 47



The Morgan Company, a small furniture manufacturer, divides its organization into marketing, human resources, accounting, and production departments. This is an example of departmentalization by

  • Question 48



The assignment of part of a manager's work and authority to a worker is called

  • Question 49



The head of the marketing department at CBS Environmental, Inc. supervises twelve people in her department. This represents her

  • Question 50



Dana is a supervisor at a small manufacturing plant. Her pay starts at $635 per week. Dana is paid on a(n)

  • Question 51



Generally speaking, a narrow span of management implies that the height of the organization will be __________; a wide span of management implies that the height of the organization will be __________.

  • Question 52



The executive summary section of the business plan contains: 

  • Question 53



The type of utility on which production and operations management focuses is __________ utility.


  • Question 54



The U.S. is reflective of what type of economy?

  • Question 55



The board of governors of the Federal Reserve System determines

  • Question 56



When demand exceeds capacity, all of the following are reasonable options for the firm except

  • Question 57



Which of the following government agencies is responsible for encouraging the development of small business? 

  • Question 58



__________ represents the most basic form of company ownership and includes voting rights and dividends, if and when the firm elects to pay dividends.

  • Question 59



What are the two types of costs associated with inventory?


  • Question 60



Harley-Davidson employs a method of inventory control demanding that suppliers deliver parts and raw materials to Harley's production facility just as they are needed. This type of inventory control is known as

  • Question 61



Which of the following represents the largest floor-based stock exchange in the world?

  • Question 62



___________ are the firm's after tax profits that are distributed to stockholders.

  • Question 63



Acquiring funds through borrowing represents:

  • Question 64





Lois walked into ABC Company to pick up an application for a secretarial job. When she asked about the duties and working conditions, the busy receptionist handed her a document that gave her a clear picture of the position. The receptionist gave Lois a job

  • Question 65



All of the following are sources of external recruiting except

  • Question 66



Usually, the human resources department administers a(n) __________ program to introduce new employees to the organization.


  • Question 67



Everyday social interactions among employees that transcend formal jobs and job interrelationships are called ___________.

  • Question 68



Who is defined as an older worker under the Age Discrimination of Employment Act?



  • Question 69



 ______________ means tailoring products to meet the needs of a large number of individual customers. 

  • Question 70



The hierarchy of human needs was developed by

  • Question 71



The idea that satisfaction and dissatisfaction are distinct dimensions is referred to as

  • Question 72



At an architectural firm, all employees except administrative staff are allowed to work whatever hours they choose from Monday through Saturday between 7 a.m. and 10 p.m., as long as they put in forty hours per week. This plan is called


  • Question 73



A market segment toward which a company directs its marketing effort is called a

  • Question 74



Delaware Aluminum uses its stock of unsold aluminum products as collateral for a short term loan. This arrangement represents

  • Question 75



The elements of the marketing mix are

  • Question 76



Fern Motors is offering a rebate on cars purchased this month. This activity involves the __________ ingredient of the marketing mix.

  • Question 77



Due to a recession in the United States and abroad, ski resorts have suffered from a lack of guests during the peak season. These ski resorts have felt a direct impact from __________ forces.

  • Question 78



The process of systematically gathering, recording, and analyzing data concerning a particular marketing problem is called

  • Question 79



Important provisions of the Sarbanes-Oxley Act

  • Question 80



In which order do the stages of the product life cycle occur?

  • Question 81



Borden, Inc., offers pasta, snacks, grocery, and dairy items as well as films, adhesives, and other nonfood products. These products are referred to as Borden's

  • Question 82



The stage in the evolution of new products in which the product is introduced in a limited way to determine buyers' reactions is called


  • Question 83



Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort.

  • Question 84



_____________ involves creating a vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business so that it is more effective and efficient.


  • Question 85



The Arizona Jean Co. brand of jeans, owned by JC Penney, is a(n) __________ brand.

  • Question 86



In the control process the first step is to:


  • Question 87



The number of units that must be sold for the total revenue to equal the total cost is called the __________ quantity.

  • Question 88



The strategy of charging the highest possible price for a product during the introduction stage of its life cycle is known as

  • Question 89



The line of authority that moves from the top of a hierarchy to the lowest level is called the

  • Question 90



Due to more emphasis on empowerment and more talented and better-educated lower level management, span of control in organizations has

  • Question 91



The fundamental accounting equation states: Assets = __________.

  • Question 92



An unfavorable balance of trade occurs when the value of

  • Question 93



The balance sheet is composed of the following types of accounts:

  • Question 94



When U.S. firms choose to hire skilled and unskilled workers in other countries to produce goods and services, rather than producing them in the United States, we refer to this as

  • Question 95



Trevor and Tyler own all the stock in the Double T Corporation. The stock of this corporation is not sold to the general public. Trevor and Tyler own a

  • Question 96



According to the accountant for Michael's Floral Supply, the firm's assets are $124,000 and its liabilities are $31,000. Which of the following statements is correct?

  • Question 97



_________ refers to how quickly an asset can be converted into cash.

  • Question 98



A firm's ________ reports the profit or loss for the firm over a specified time period.

  • Question 99



Title VII of the Civil Rights Act of 1964

  • Question 100



Borrowed money that will be used for more than one year is called




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