Review Test Submission: Module 1 Exam Miami Dade College (Miami Dade College, Miami, MDC) Course GEB1011-2187-10427 Test Module 1 Exam Started 11/14/18 10:12 PM Submitted 11/14/18 11:52 PM Due Date 11/14/18 11:59 PM Question1)A business provides goods and services in exchange for sales revenues

Course

GEB1011-2187-10427

Test

Module 1 Exam

Started

11/14/18 10:12 PM

Submitted

11/14/18 11:52 PM

Due Date

11/14/18 11:59 PM

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

Sony is most correctly classified as a marketing intermediary type of business.

In a limited partnership, a limited partner's name must be included in the partnership's name.

The corporation, partnership, and sole proprietorship are the three most common forms of business ownership in the United States.

Surplus funds of a not-for-profit organization are distributed to members of the board of directors.

In a franchise, the franchisee gets the opportunity to start a business with limited capital and to make use of the business experience of others.

SCORE is a group of retired businesspeople who volunteer their services to small businesses through the SBA.

A new business is built around the entrepreneur.

Before Troy can incorporate his advertising business in Champaign, Illinois, he must have a(n) ____ approved by the ____.

Quarrels among business associates have become common. The associates quarrel over what products the firm should sell, division of authority, selection of personnel, whether to bring family members into the business, whether to expand, and who is contributing most to the firm's success. Such feuding, which damages business relationships, occurs most frequently in what form of business?

A partnership formed to operate for a specific time period or to accomplish a specific purpose is known as a

A ____ is a form that enables stockholders to allow someone else to vote for them.

Lisa and John own a partnership that provides rental equipment for parties and special occasions. Which of the following is true about the way Lisa and John would handle company profits?

Prudential and several other large insurance companies have joined together to underwrite an extremely large insurance policy. This sort of association is referred to as a(n)

Brian wants to start a business that provides canoe and kayak trips. He decides that it would be better to ask his brother Brad to become his partner because

____ is an internationally supported bank that provides loans to developing countries to help them grow.

The payments portion of the balance of payments--that is, payments made by the United States--does not include

A medium-sized hardware manufacturer wants to become deeply involved in exporting, but it does not yet wish to actually manufacture any of its products overseas. The company wants to maintain control over its sales while gaining experience in foreign markets. Which option would be best for this company?

XYZ Company wants to explore commercial opportunities in India and needs to consult with a country expert. XYZ Company should consider seeking assistance from the

When a coffee chain in Portland, Oregon purchases coffee from Colombia, South America, it

When was GATT first established?

All of the following are reasons against having trade restrictions except

Steven Jobs and David Wozniak, the founders of Apple Computer, Inc., are creative, free-spirited individuals who decided that being corporate underlings was not what they wanted from a career. They had an innovative idea for a product and desired to create their own business based on this idea. All of the following are factors that could have led them to go into business except

What is a common mistake that small-business owners make when their businesses begin growing?

Which of the following organizations aids small businesses with selling overseas?

Which form of franchising is the most common today?

All of the following are advantages that small businesses have except

Ronald is the director of a university-based group that provides individual counseling, specialized training, and research data to owners of small businesses. Ronald's group is called a

Personal Wellness

Angela has been working for a local small business called Personal Wellness for the last three years. It is a retail business that sells sporting goods equipment. When she started to work there, she noticed several things that were possibly the cause of the business not doing as well as it hoped. Angela has been thinking of starting her own small business because she feels she has learned much through working for Personal Wellness.

Angela's manager asked her to create a business plan for Personal Wellness. The manager hoped that this plan would put things into perspective to help the company do better. After creating the plan, Angela suggested that Personal Wellness contact a group of senior and graduate students to provide management counseling for the company. Angela wants to make sure that her leaving does not become the cause of the company going under.

Those who "blow whistles" sometimes lose their jobs.

A firm's social responsibility program will be ineffective if it has less than the total commitment of the company's top business officials.

Improved water quality is not only necessary, it is attainable at no cost.

According to economists, natural resources, labor, capital, and entrepreneurship are called

Home Inspirations

Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s. When her father retires, Hailey plans on taking over the business. Hailey is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good.

Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task. She believes that if production would increase, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the Internet. Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company.

Which of the following is not one of the four states included in a typical business cycle?

If all leading corporations in the soft-drink industry merged, this would

____ is a necessary and extremely important by-product of capitalism.

When Toyota experienced declining sales as a result of quality and safety issues, it began offering buyer incentives to new-car buyers. Nearly immediately, Ford and General Motors began similar promotions. These businesses

For the U.S. government to provide services, it collects revenue from

Purchasing raw materials or products in other nations and bringing them into one's own country is known as importing.

Trading companies do not take title to products.

The total flow of money into a country minus the total flow of money out of the country over some period of time is called the nation's balance of trade.

Brant promised to repair Carolyn's car on Thursday. After picking up the necessary part at a junkyard, he discovered he could not do the job after all and that the junkyard would not buy back the part. Carolyn does not know about these developments. However, she thinks Brant will be finished with her car sometime today. What should Brant do?

When DVD players were first introduced, the price was very high, thereby preventing the average consumer from purchasing one. Today, however, as a result of increased competition in the market, most consumers can afford one because they are significantly cheaper. By reducing the price of these products and ensuring a large number of product offerings, competition has promoted consumers' right to

You have been asked to complete this year's social responsibility report for the insurance industry. Which of the following statements would you include as a valid indication of socially responsible activities in this industry?

Elizabeth believes her company has discriminated against her because her minority coworkers, who are less qualified, have been promoted ahead of her. Which agency should Elizabeth contact?

? Harold, president of a national stationery store, believes that the business has a responsibility not only to stockholders but also to customers, employees, suppliers, and the general public. Harold subscribes to the ____________ of social responsibility.

Bill Phillips dropped out of high school the day he turned sixteen. Over the next seven years he had brief employment at McDonald's and a lawn mowing business. Bill could be classified as

Over the past several decades, concern for the environment has