Homework answers / question archive / BUS101_Midterm_S1/20  Question 1 Tries remaining: 1 Points out of 2 Flag question Question text A firm's _____ resources are also known as labor

BUS101_Midterm_S1/20  Question 1 Tries remaining: 1 Points out of 2 Flag question Question text A firm's _____ resources are also known as labor

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BUS101_Midterm_S1/20 

Question 1

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A firm's _____ resources are also known as labor. 

Select one:

a. economic

b. human

c. intangible

d. financial

e. tangible

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Question 2

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In which of the following market structures do individual businesses have control over their products' price because each business supplies a large portion of the products sold in the marketplace? 

Select one:

a. Monopsony

b. Monopoly

c. Oligopoly

d. Government-granted monopoly

e. Coercive gambling

 

AACSB: Analytical Thinking

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Question 3

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An entrepreneur has been primarily associated with the willingness to: 

Select one:

a. change employers frequently.

b. work under authority.

c. be conservative.

d. possess a government job.

e. take risks

 

AACSB: Technology

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Question 4

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Which of the following is a natural resource? 

Select one:

a. Minerals

b. People

c. Capital

d. Money

e. Labor
.
 

AACSB: Analytical Thinking

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Question 5

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The American economic system is best described as _____ because the government regulates business to preserve competition and protect consumers and employees. 

Select one:

a. socialism

b. laissez-faire capitalism

c. modified capitalism

d. communism

e. Marxism

 

AACSB: Analytical Thinking

Question 6

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The principles and standards that determine acceptable conduct in business organizations are referred to as: 

Select one:

a. social responsibility.

b. business strategies.

c. business ethics.

d. business stances.

e. corporate citizenship.

 

AACSB: Ethics

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The correct answer is: business ethics.

Question 7

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Which of the following behavior is an example of ethical consideration within the purview of business relationships? 

Select one:

a. Keeping company secrets

b. Communicating with customers

c. Whistleblowing

d. Obeying environmental laws

e. Donating to local charities
Ethical behavior within a business involves keeping company secrets, meeting obligations and responsibilities, and avoiding undue pressure that may force others to act unethically.
 

AACSB: Ethics

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Question 8

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Ethical decisions in an organization are influenced by individual moral standards, the influence of managers and coworkers, and _____.
 

Select one:

a. individual religious values

b. informal ethical policies or rules

c. the opportunity to engage in misconduct

d. family influence

e. ethical values of clients
 

AACSB: Ethics

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Question 9

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Being profitable relates to the _____ dimension of social responsibility. 

Select one:

a. corporate citizenship

b. voluntary

c. ethical

d. legal

e. economic

 

AACSB: Ethics</spa

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Question 10

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Businesses must first be responsible to their_____, who are primarily concerned with earning a profit. 

Select one:

a. clients

b. vendors

c. top managers

d. owners

e. employees

 

AACSB: Ethics

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Question 11

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A _____ exists when a country is the most efficient producer of an item. 

Select one:

a. comparative advantage

b. comparative disadvantage

c. absolute advantage

d. absolute disadvantage

e. domestic advantage

 

AACSB: Analytical Thinking

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Question 12

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A negative balance of trade exists when a country: 

Select one:

a. imports more than it exports.

b. exports more than it imports.

c. has more assets than debt liabilities.

d. spends more than it saves.

e. saves more than it spends..

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Question 13

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_____ can be best defined as the act of a country or business selling products at less than what it costs to produce them. 

Select one:

a. Franchising

b. Monopolizing

c. Outsourcing

d. Offshoring

e. Dumping

 

AACSB: Analytical Thinking<i

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Question 14

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A _____ can be best defined as a group of nations or companies that agrees to act together as a monopoly and not compete with each other in order to generate a competitive advantage in world market . 

Select one:

a. conglomerate

b. licensor

c. cartel

d. embargo

e. licensee

 

AACSB: Analytical Thinking

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Question 15

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Many countries do not permit foreign companies to purchase and operate facilities in their country. A company that wants to do business in such a country may share the business costs with a firm from the host country by forming a: 

Select one:

a. direct investment.

b. greenfield venture.

c. corporation.

d. joint venture.

e. sole proprietorship



AACSB: Analytical Thinking

 

Which is the true statement about managing the challenges of global business? 

Select one:

a. The network of CIBERs consist of a wide variety of US firms, especially for small and medium-sized firms.

b. The network of CIBERs can provide small-sized firms knowledge of the internationalization process.

c. The Commercial Service conducts its work through leading business schools in the United States.

d. More and more companies are moving from this global strategy to a multinational strategy.

e. Companies doing business internationally have traditionally used a standardized strategy

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The correct answer is: The network of CIBERs can provide small-sized firms knowledge of the internationalization process.

Question 17

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The income earned in sole proprietorships is: 

Select one:

a. taxed twice.

b. exempted from tax.

c. taxed as personal income.

d. quasi-taxable.

e. taxed as business income.
 

AACSB: Analytical Thinking

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The correct answer is: taxed as personal income.

Question 18

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A _____ has been defined as "an association of two or more persons who carry on as co-owners of a business for profit."
 

Select one:

a. partnership

b. sole proprietorship

c. C corporation

d. cooperative

e. quasi-public corporation
 

AACSB: Analytical Thinking
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Question 19

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Maria wants to start a new business in collaboration with her husband and brother-in-law. The features she is looking for in the business are as follows: least possible regulatory controls, faster decision making, and ease of organization. She also wants a business in which she will not be forced to pay off any business debts from her personal assets. Which type of business ownership will be best suited to her needs? 

Select one:

a. General partnership

b. S corporation

c. Sole proprietorship

d. Limited partnership

e. C corporation

 

AACSB: Reflective Thinking

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Question 20

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A _____ is elected by the stockholders of a corporation to oversee its general operation. 

Select one:

a. board of stockholders

b. preferred stockholder

c. board of directors

d. chief executive

e. silent partner
responsibility to ensure that the objectives are achieved on schedule.
 

AACSB: Analytical Thinking

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Question 21

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Which of the following organizational forms is the most expensive to set up? 

Select one:

a. A sole proprietorship

b. A general partnership

c. A limited liability company

d. A limited partnership

e. A corporation

 

AACSB: Analytical Thinking

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Question 22

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Catalina opens a fashion boutique with the money she inherited from her parents. She is successful in creating a strong brand image and a loyal customer base. In order to meet the increasing demands of her business, she hires a store manager. However, she finds it hard to let the manager take important decisions about the store. She often finds herself disagreeing with the manager's decisions and in the process loses a lot of existing customers. Which of the following causes of small-business failure does this scenario best illustrate? 

Select one:

a. Undercapitalization

b. Inability to cope with growth

c. Diseconomies of scale

d. Debt financing

e. Debt factoring

 

AACSB: Reflective Thinking

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Question 23

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In the process of starting a business, the step that immediately succeeds the development of a business plan involves: 

Select one:

a. organizing resources like labor and supplies.

b. developing some general business ideas.

c. deciding an appropriate legal form of business ownership.

d. promoting the business to the customers.

e. filing for tax returns for the business with the Internal Revenue Service.



AACSB: Analytical Thinking

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Question 24

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When an entrepreneur takes out a loan from a bank, the bank will require him or her to put up _____, a financial interest in the property or fixtures of the business, to guarantee payment of the loan. 

Select one:

a. collateral

b. venture capital

c. trade credit

d. business plan

e. cash flow statement


AACSB: Analytical Thinking

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Question 25

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Which of the following statements is true of franchisees? 

Select one:

a. They do not face any restrictions on purchasing.

b. They receive a monthly or annual fee from the franchisers.

c. They have unrestricted freedom in business decision.

d. They have to establish their own brand-name appeal from scratch.

e. They have access to standardized quality of goods and services.

 

AACSB: Analytical Thinking

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Question 26

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Which of the following demographic segments should both small retailers and small-service providers specializing in ethnic products target?
 

Select one:

a. Immigrants

b. Echo boomers

c. Baby boomers

d. Generation X

e. Drivers
 

AACSB: Analytical Thinking

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Question 27

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Norton is a human resource manager at a large multinational company. After a drastic drop in revenue, his company thinks of ways to correct the situation. At a meeting with the top management, the CEO suggested that the company should reduce its workforce by 20 percent. This move would help the company cut costs and continue functioning on the current projects. In this scenario, which of the following strategies is Norton's company planning to use? 

Select one:

a. Off shoring

b. Outsourcing

c. Crowd sourcing

d. Franchising

e. Downsizing
.
 

AACSB: Reflective Thinking

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Question 28

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Melanie is one of the senior managers in the consumer electronics department of a large company. She is part of a team that determines the objectives of the department based on future trends in the industry and decides how to accomplish them. Melanie is involved in the management function of: 

Select one:

a. staffing.

b. recruiting.

c. planning.

d. crowdsourcing.

e. factoring.

 

AACSB: Reflective Thinking

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Question 29

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Which of the following is the first function of management? 

Select one:

a. Planning

b. Crowdsourcing

c. Staffing

d. Factoring

e. Directing
 

AACSB: Analytical Thinking

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Question 30

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_____ are the ends or results desired by an organization that are derived from the organization's mission. 

Select one:

a. Protocols

b. Statutes

c. Objectives

d. Agendas

e. Referendums


 

AACSB: Analytical Thinking

Question 31

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Dividing work into small units and assigning it to specific individuals is a task related to the management function of _____. 

Select one:

a. evaluating

b. organizing

c. staffing

d. controlling

e. recruiting

SB: Analytical Thinking

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The correct answer is: organizing

Question 32

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_____ are responsible for tactical planning that will implement the general guidelines established by top management. 

Select one:

a. Chief executive officers

b. Middle managers

c. Top-level managers

d. Trade creditors

e. External auditors


AACSB: Analytical Thinking

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Question 33

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When analyzing options in the decision-making process, managers must consider the appropriateness and _____ of each option. 

Select one:

a. novelty

b. practicality

c. creativity

d. universality

e. reversibility

 

AACSB: Analytical Thinking

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Question 34

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_____ is the division of labor into small, specific tasks and the assignment of employees to do a single task. 

Select one:

a. Specialization

b. Job rotation

c. Crowdsourcing

d. Outsourcing

e. Centralization


 

AACSB: Analytical Thinking

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Question 35

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Red Finch Products Inc. groups employees based on whether they are going to handle the sales account of a wholesale customer, regular consumer, first-time buyer, or a one-time buyer. Which of the following methods of departmentalization is the company using? 

Select one:

a. Product departmentalization

b. Geographical departmentalization

c. Functional departmentalization

d. Customer departmentalization

e. Process departmentalization
.
 

AACSB: Reflective Thinking

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Question 36

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_____ is the obligation placed on employees through delegation to perform assigned tasks satisfactorily. 

Select one:

a. Hierarchy

b. Specialization

c. Transparency

d. Responsibility

e. Bureaucracy




 

AACSB: Analytical Thinking<

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Question 37

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A narrow span of management is appropriate when: 

Select one:

a. superiors and subordinates are not in close proximity.

b. managers have few responsibilities other than supervision.

c. interactions between superiors and subordinates are not frequent.

d. subordinates are highly competent.

e. managers face few problems.

.
 

AACSB: Analytical Thinking</sp

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Question 38

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Which of the following statements accurately describes the difference between tall and flat organizations? 

Select one:

a. Tall organizations have lower administrative costs when compared to flat organizations.

b. Tall organizations have a narrow span of management, whereas in flat organizations the span of management is wide.

c. Communication is faster in tall organizations when compared to flat organizations.

d. Flat organizations employ more number of managers compared to tall organizations.

e. Managers in tall organizations spend more time supervising and working with subordinates when compared to managers in flat organizations.


 

AACSB: Analytical Thinking

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Question 39

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Multidivisional structures: 

Select one:

a. are less likely to provide products that meet the needs of customers.

b. organize departments into larger groups called divisions.

c. bring together specialists from various divisions to work on a single project.

d. make decision making slower.

e. are traditional and less innovative.

 

AACSB: Analytical Thinking

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Question 40

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Which of the following is an example of downward communication? 

Select one:

a. Progress reports

b. Information exchange between team members

c. Grievances

d. Employee suggestions to top management

e. Directions


 

AACSB: Communication

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Question 41

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Which of the following is true of the transformation process in operations management? 

Select one:

a. It is a process of replacing quality with productivity when manufacturing products.

b. It is the conversion of resources such as labor, money, materials, and energy into goods, services, and ideas.

c. It is efficient only when inputs are used in large quantities to produce small quantities of output.

d. It is associated with the marketing and selling of both inputs and outputs to customers.

e. It is a process of initiating corrective action when the actual output is more than the desired output.


 

AACSB: Analytical Thinking

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Question 42

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Which of the following is a characteristic feature of service businesses? 

Select one:

a. They are not labor-intensive.

b. The service experience remains constant each time.

c. They cannot incorporate quality standards.

d. The resultant output is mostly tangible.

e. The degree of variation of inputs and outputs is high.

 

AACSB: Analytical Thinking

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Question 43

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A hospital can effectively handle a maximum number of 300 patients at any one particular time. This is referred to as its _____. 

Select one:

a. agility

b. variability

c. capacity

d. perishability

e. utili.


AACSB: Reflective Thinking

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Question 44

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NF Goods Inc. is a contract manufacturer of laptops for a reputed consumer electronics company. It uses a facility layout in which the workers remain in one location, and the laptops move from one worker to another. Each person in turn performs his or her required tasks. Thus, NF Goods Inc. is using a _____. 

Select one:

a. product layout

b. process layout

c. project layout

d. web layout

e. fixed-position layout


AACSB: Reflective Thinking

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Question 45

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The buying of all materials needed by an organization is called: 

Select one:

a. benchmarking.

b. capital expenditure.

c. purchasing.

d. a leveraged buyout.

e. a hostile takeover.

 

AACSB: Analytical Thinking

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Question 46

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Zoro Inc., a consumer electronics company, does not store any of its materials in the warehouse. Instead, the company's procurement department orders small quantities of materials as and when they are required. The vendors supply the ordered material directly to the company's manufacturing unit a day or two before the production starts. This arrangement helps Zoro Inc. to reduce costs and boost efficiency. This scenario best illustrates _____. 

Select one:

a. continuous manufacturing systems

b. contract manufacturing

c. just-in-time inventory management

d. crowdsourcing

e. mass customization

 

AACSB: Reflective Thinking

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Question 47

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Continuous improvement of an organization's goods and services is built around the notion that: 

Select one:

a. quality is simply a function of the operations process.

b. quality is free.

c. quality is extremely easy to determine.

d. quality is a concern of the production department only.

e. quality is expensive.

 

AACSB: Analytical Thinking

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Question 48

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Businesses have the right to keep and use their profits as they choose, without limitations

Select one:

True

False

Question 49

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A major social responsibility for business is providing equal opportunities for all employees

Select one:

True

False

Question 50

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An acquisition occurs when one company purchases another company by buying most of its stock.

Select one:

True

False