OLS 274 Final Exam

In the U.S. economy, ________ are considered the reward for the risk of entering business. Profits
The factors of production in an economic system are ________. Natural resources, human resources, capital, and entrepreneurship
Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the ________. Production era
When Google opened offices in Tokyo, London, and Sydney, they were utilizing ________ by relocating business activities to lower-cost locations overseas. Offshoring
________ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs. Vision
“Newman’s Own” is a food product line that gives 100% of its after-tax profits to charity. This company is practicing ________. social responsibility
Why should a company act in an ethical manner? Acting ethically will help a company to prosper in the long run.
Individuals who focus only on their own interests when making decisions are at the ________ stage of ethical development. preconventional – similar question .. has to do with cheating on a test
Jack Welch, former CEO of General Electric, is respected in business circles for focusing his company on the welfare of its customers and investors, and for ensuring GE would thrive in the long run. This type of environment is an example of ethical ________. Leadership
When Target stores donate 5 percent of its federally taxable income to nonprofit groups, the company is highlighting its ________. social responsibility
right to fair accounting something about telling the public first
Question on sexual harassment (it’s the answer)
Hailey’s research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences. Hailey’s analysis involves the study of ________. Microeconomics
The equilibrium price is established when the quantity ________. purchased is equal to the quantity offered
The four different types of market structure in a private enterprise system are ________. pure competition, monopolistic competition, oligopoly, and monopoly
In a ________ system, the government owns all of the nation’s major industries, but still allows private ownership in less crucial areas. Socialism
Kim graduated from college in May and is looking for a job. She is ________ unemployed. Frictionally
The Federal Reserve increases the amount of money banks can lend. As a result, interest rates will ________ and economic growth will ________. fall; increase — know if the fed DECREASES as well (rise, decrease)
A balanced budget will occur when ________. taxes, fees, and borrowings are equal to government spending for the year
Over the past decade, which of the following countries had the highest annual rate of GDP growth? China — know that US has the highest NOW
A trade deficit occurs when ________. Imports exceed exports
Which of the following would result from devaluation of the U.S. dollar? U.S. goods would sell for less abroad.
A less-developed nation is facing a financial crisis due to the rapid devaluation of its currency. Which of the following might aid this country? International Monetary Fund
BMW and Toyota set up a factory in Brazil to produce minivans. Slightly different minivan versions are sold in Brazil — one as a Toyota and one as a BMW. This is an example of ________. joint venture
All of the following are contributions of small businesses EXCEPT: They provide more job security than large corporations.
Know the foreign corruption act – question has to do with bribing Know the foreign corruption act – question has to do with bribing
The Small Business Administration (SBA) provides all of the following EXCEPT ________. Business incubators
The ________ industry represents the greatest percentage of minority-owned businesses. services
Sole proprietorships have all of the following advantages EXCEPT unlimited life
An acquisition occurs when ________. one company purchases the property and assumes the obligations of another company
A ________ would most likely be publicly owned. city sewer system
Information technology can help entrepreneurs in all of the following ways EXCEPT by ________. providing strategic alliances – answer is different on exam -something about financial success
An overall idea for how to convert a business idea into a success is called vision
________ are business organizations or groups of private individuals who invest in new or growing firms. Venture capitalists
Lisa is trying to start a new business. A women’s business network puts her in touch with an investor who is willing to invest in her company in exchange for an equity stake. This investor is a(n) ________. angel investor
Question about finding business idea – answer: find something you like doing and do it Question about finding business idea – answer: find something you like doing and do it
Question about serial entrepreneurs – Question about serial entrepreneurs –
Intra-preneurship – what are two things CEOs need to promote intra-preneurship in their company? Intra-preneurship – what are two things CEOs need to promote intra-preneurship in their company?
Senior management usually spends the majority of their time on ________ plans. Strategic
Julian owns a bread company and is creating a SWOT analysis to see where he can make improvements and increase sales. All of the following are threats to the success of his company EXCEPT ________. economies of scale
Leaders establish power from all of the following sources EXCEPT their ________. work ethic
Question about corporate culture (easy) Question about corporate culture (easy)
Q: Joann likes to make decisions at top level = centralization (answer)
Departmentalization involves dividing an organization into different departments, which perform tasks according to the departments’ specializations in the organization.
All of the following are core responsibilities of human resource managers EXCEPT ________. company budget forecasts
Pham is employed as a human resource manager. His responsibilities might include all of the following activities EXCEPT ________. projecting sales for the coming six-month period
Question about EEOC – discrimination Question about EEOC – discrimination
Antonio is paid $55,000 per year as a research analyst. This type of compensation is called a(n) ________. salary
Robert’s company contracted with another business to provide technical and computer support. This is an example of ________. outsourcing
According to Maslow, an individual’s first priority is given to which level of need? Physiological
The Fair Labor Standards Act ________. established the federal minimum wage
Rajendra’s company posts financial results on the company intranet. This sharing of information will ________ in employee empowerment and will have ________ on product quality. result; a positive impact
Faith works in the bakery at Whole Foods Market. As part of a ________ team, she shares in the responsibility of managing her department’s work schedule and ordering baking supplies. self managed
Which stage of team development is marked by conflicts over the team’s mission and the roles of team members? Storming stage
Samuel’s company has an unwritten rule which implies that all managers must attend team meetings, no matter what projects they’re working on. This informal standard of conduct constitutes which type of team? Team norm
The communication carrier is the ________. channel – similar – has to do with Communication Process (sender)
________ listening is the basis for effective communication. Active
Question about selection of suppliers: warranty, checking out other services, speed of delivery Question about selection of suppliers: warranty, checking out other services, speed of delivery
Questions on Utility: pointed out place & form specifically; questioned about something to do with converting raw materials Questions on Utility: pointed out place & form specifically; questioned about something to do with converting raw materials
________ is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing
Place utility is created ________. by having the good or service available at a convenient location when the consumer wants to buy it
The current marketing period is referred to as the ________ era. relationship
Companies use ________ to focus on a specific consumer market by combining product, distribution, promotion, and pricing strategies marketing mix
Wal-Mart uses data ________ to assess local preferences for merchandise so that the company can tailor the inventory of each store accordingly. mining
Developing and maintaining long-term, cost-effective exchange relationships with individual customers, suppliers, employees, and other partners for mutual benefit characterizes ________. relationship marketing -similar- dealing w. Relationship under Eras of Marketing
Question over Relationship Marketing Question over Relationship Marketing
Goods and services are classified as either consumer or business, depending on the ________. purchasers of the particular item
In a process called ________, products pass through a series of stages from their initial appearance to their decline. product life cycle
The Pampered Chef sells gourmet cooking supplies to consumers through the use of cooking parties at the homes of its salespeople. The Pampered Chef is a ________ retailer and uses ________. non-store; direct selling
What method of transportation accounts for the majority of finished goods finding their way to consumers? trucks
Question over Brand Preference Question over Brand Preference
Question over Guerilla Marketing Question over Guerilla Marketing
Question asking last step of the Sales Process = Closing Question asking last step of the Sales Process = Closing
Question over Point of Purchases (POP) Advertising (something about a grocery store) Question over Point of Purchases (POP) Advertising (something about a grocery store)
Question over Publicity that includes “unpaid placement” in the question Question over Publicity that includes “unpaid placement” in the question
Question over Break-Even; answer is “break-even analysis” Question over Break-Even; answer is “break-even analysis”
Raw facts and figures are ________. data
Which of the following is an application program? Microsoft Excel
A program that attaches itself to other programs and changes programs or destroys data is a(n) ________. computer virus
Deciding how to prevent system failures along with the ability to continue operating if computer systems fail is called ________. disaster recovery planning
Question over Malware: malicious program meant to infect computer systems Question over Malware: malicious program meant to infect computer systems
Question over Disaster Recovery Plan Question over Disaster Recovery Plan
The rules followed by accountants when preparing financial statements are referred to as ________. Generally Accepted Accounting Practices (GAAP)
Milwaukee Fabrication has $50 million in assets and $30 million in owners’ equity. How much does the firm have in liabilities? $20 million – similar –
Camden Products buys a $500,000 machine by taking out a bank loan. The company’s assets will ________ by $500,000 while its liabilities will ________ by $500,000. rise; rise
Kwane wants to assess his firm’s ability to meet its short-term obligations. Which of the following ratios are the most relevant? Liquidity ratios
If Topeka Enterprises has a leverage ratio of 40 percent, it means that for every $1 in ________, the firm has 40 cents in ________. assets; liabilities
Question over Foreign Corrupt Practices Act Question over Foreign Corrupt Practices Act
Question of accounting equation: Assets = Liabilities + Owners’ Equity Question of accounting equation: Assets = Liabilities + Owners’ Equity
The basic form of corporate ownership is ____. Common stock
The two largest stock markets in the world are the ____ and the ____. New York Stock Exchange; Nasdaq stock market
Which of the following is a nondepository financial institution? Life insurance company – similar –
All of the following statements concerning the Fed are correct EXCEPT credit unions and savings banks must belong to the Fed
Which of the following interest rates does the Federal Reserve actually set? Discount rate
When the Fed sells government securities, banks have ________ money to lend and economic growth ________. less; will slow – maybe a question over this; wasn’t positive
Question over what affects price of bonds: risk and interest rate Question over what affects price of bonds: risk and interest rate
More than 1 question over the Federal Reserve System More than 1 question over the Federal Reserve System
Question over Insider Trading Question over Insider Trading
Which of the following is the best definition of financial risk? Risk is the uncertainty regarding the gain or loss from an investment.
All of the following are sources of short-term funds EXCEPT ________. privately placed bonds – possibly a question like this
Which of the following assets would a firm most likely finance using long-term sources? Another company
Short-term assets are expected to be converted into cash within _____. a year
The term used to describe the benefits produced by a merger or acquisition is _____. synergy
Question over Financing: providing funds Question over Financing: providing funds
Question over Financial Planning: inflows and outflows Question over Financial Planning: inflows and outflows
Question about Marketable Securities, Accounts Receivable, and Inventory Question about Marketable Securities, Accounts Receivable, and Inventory
Know difference between Debt and Equity Capital Know difference between Debt and Equity Capital
Question on Private Placement: sources of long-term financing Question on Private Placement: sources of long-term financing

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