Final Exam First Semester

Front 1

What is Domestic Business?

Back 1

Making, Buying, Selling Goods and Services within One Country

Front 2

What is a Tariff?

Back 2

a tax placed on imported products to make them more expensive than domestic products

Front 3

1. All business activities needed to: Create, Ship, Sell

Back 3

True

Front 4

2. Importing is bringing goods into the country, exporting is shipping goods out

Back 4

True

Front 5

Which is not another name for international business?

Back 5

Intercontinental Trade

Front 6

What is Protectionism?

Back 6

limiting trade with other countries to protect business at home

Front 7

What is a Quota?

Back 7

limit placed on the quantities of a product that can be imported

Front 8

3. Exchange rates change daily.

Back 8

True

Front 9

What a country does the best "specialization" depends upon all but which of the following?

Back 9

Business Resources

Front 10

Which of the following is not one of the Three Major Categories of Business?

Back 10

Producers

Front 11

A corporation is a separate legal entity owned by one or more shareholders and managed by a board of directors

Back 11

True

Front 12

Why does the US government want to promote domestic business?

Back 12

To profit off of businesses that pay taxes to federal, state, and local governments

Front 13

__________ ____________-gives authority to a number of different managers to run their own departments

Back 13

Centralized Organization

Front 14

___________ ____________shows how the business is structured and who is in charge of whom

Back 14

Organizational Chart

Front 15

______________ _____________-managers at the top of the organization are in charge of those beneath them

Back 15

Line Authority

Front 16

What are Procedures?

Back 16

descriptions of the way work is to be done

Front 17

What are Policies?

Back 17

guidelines used in making consistent decisions

Front 18

What is a Goal?

Back 18

precise statement of results the business expects to achieve

Front 19

What is a Mission Statement?

Back 19

short specific reason why the business exists and what it wants to achieve

Front 20

What is Responsibility?

Back 20

the obligation to complete specific work

Front 21

What is Authority?

Back 21

right to make decisions about how responsibilities should be accomplished

Front 22

What is Accountability?

Back 22

taking responsibility for the results achieved

Front 23

What is a Unity of Command?

Back 23

clear reporting relationship for all staff of a business

Front 24

What is Diligence?

Back 24

Working hard

Front 25

What is Consequences?

Back 25

Result of your actions

Front 26

What is Punctual?

Back 26

Being on time

Front 27

What is Duty?

Back 27

What someone is supposed to do or not do

Front 28

What is Commitment?

Back 28

A promise to do something

Front 29

What is Reliability?

Back 29

Something we show when people know they can trust us to follow through

Front 30

Top Level Managers

Back 30

–Set goals –Plan for the future

Front 31

Middle Managers

Back 31

-Carry out the decisions of top management –Plan and control operations

Front 32

Operational Managers

Back 32

–Oversee daily operations –Supervise workers to meet deadlines

Front 33

By product

Back 33

By specific item

Front 34

By location

Back 34

By geographic division

Front 35

By function

Back 35

By job description or department

Front 36

A Manager at Walmart is over all the cashiers in the store. What kind of organized management are they?

Back 36

By function

Front 37

Which of the below is not an example of a product name vs. brand name example?

Back 37

Door = Wood

Front 38

When reviewing commercials in class, which of the advertising campaigns was more effective in persuading you to purchase their brand?

Back 38

Food, Doritos

Front 39

Unity of command is a clear reporting relationship for all staff of a business.

Back 39

True

Front 40

Which of the below is an example of a brand name?

Back 40

Scotch Tape

Front 41

What Must Be Done

Back 41

A list of things to do

Front 42

Who Will Do It

Back 42

Who is in charge of completing the task

Front 43

Who Supervises Whom

Back 43

Who is in charge of making sure the person that is supposed to complete the task does

Front 44

Questions of the planning process are applied and answered when leaders meet with the management team

Back 44

True

Front 45

Long-range planning is top-level management deciding how the company should perform

Back 45

True

Front 46

Which of the below is not a Planning Question Prompt we discussed in class?

Back 46

Why it needs to be done?

Front 47

Hire a DJ, order the food, buy decorations - is an example of which of the planning question prompts?

Back 47

What must be done?

Front 48

The importance of leading and setting standards is:

Back 48

so managers know their goals

Front 49

The importance of Managers communicating is:

Back 49

to provide guidance and resolve conflicts

Front 50

Managers encourage employees by doing which of the below?

Back 50

offer incentives such as pay raises and promotions

Front 51

Which of the below is not an example of an incentive a manager could offer an employee

Back 51

increase work hours

Front 52

Most Managers begin their careers as company employees

Back 52

True

Front 53

Most managers are promoted after they have gained experience and have shown leadership qualities

Back 53

True

Front 54

Which of the below is not a Managerial Quality?

Back 54

Ability to gather but not use data

Front 55

Which of the below is not an advantage of being a manager?

Back 55

Less control over personal time

Front 56

An advantage of being a manager is taking the blame when things go wrong

Back 56

False

Front 57

Wrong decisions are costly and can affect numerous employees

Back 57

True

Front 58

What is collaboration?

Back 58

the act of working with another or others on a joint project and combining thoughts

Front 59

Flexibility is best described as?

Back 59

willing of modification or adaptation; adaptable

Front 60

When should the financial questions be considered in business planning?

Back 60

At beginning of planning, first step

Front 61

What is start up costs?

Back 61

The amount of money it will take to get the business going

Front 62

What is an example of overhead costs

Back 62

Rent, Lights, Internet, Product

Front 63

What is start up costs?

Back 63

The amount of money it will take to get the business going

Front 64

Which of the below is not a good example for a start up company?

Back 64

Shoe store

Front 65

Favorable

Back 65

when the value of a country’s currency goes up compared to another country’s currency

Front 66

Unfavorable

Back 66

when the value of a country’s currency goes down compared to another country’s currency

Front 67

Trade Surplus

Back 67

more exports than imports

Front 68

Trade Deficit

Back 68

more imports than exports

Front 69

Informal Structure-

Back 69

used when a business does not need a big marketing or distribution network, does not need a lot of managers

Front 70

Formal Structure-

Back 70

departmentalization divides responsibility among specific units or departments

Front 71

Managerial Structures-

Back 71

used when a business does not need a big marketing or distribution network, does not need a lot of managers