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37 Cards in this Set
- Front
- Back
An organization that seeks to operate efficiently and effectively to achieve its goals without a profit motive is a(n)
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not-for-profit organization
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Matt has a small landscaping business and mows lawns and trims bushes for several families in the neighborhood. Matt has what type of business?
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Service business
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In nearly all U.S. cities, there is only one provider of electric power in a given geographic area. This is an example of what type of competition?
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Monopoly
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Institutional investors would include all of the following EXCEPT
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individuals
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Developing relationships with potential customers, designing promotional strategies, analyzing customer needs and establishing after-purchase support would fall under the _______ function of a business.
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sales and marketing
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All of the following would be traits of professionalism EXCEPT
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ethical lapses
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In 1994, the United States, Canada and Mexico formed a powerful trading bloc known as
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North American Free Trade Agreement (NAFTA)
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General Electric invested $1.5 billion into a research project to reduce greenhouse emissions and improve efficiency by 30%. This would be an example of a(n) ______ approach to CSR .
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proactive
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In 1999, Glaxo Wellcome and Smithkline Beecham joined to form GlaxoSmithKline. This is an example of a(n)
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merger
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Mars, Inc., the maker of M&M's and other candy, is 100% owned by the Mars family. This is an example of a(n)
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private corporation
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Barbara owns a small florist shop that employs a couple of part-time floral designers. She doesn't expect her business to grow much, but it provides her with a comfortable income and she enjoys what she does. Barbara's business would be described as a
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lifestyle business
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At the federal level, small businesses can apply for loans backed by the
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Small Business Administration
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Three ways to go into business for yourself are to start a business from scratch, buy an existing business, and
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purchase a franchise
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All of the following would contribute to employees' resistance to change EXCEPT
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visible support from top managers or other opinion leaders
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In order to be effective, organizational goals and objectives should be specific, _____ attainable, relevant and time-limited .
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measurable
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Which of the following positions would be responsible for establishing the long-term financial goals of the company, investing its funds and raising capital for the business?
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Treasurer
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_________ activities are intended to identify new ideas that have the potential to result in new goods and services.
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Research and development
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A trade surplus occurs when:
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the value of a country's exports exceeds the value of its imports
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Quiznos has sold individual owners the rights to use its business system and open Quiznos restaurants in 21 foreign countries. This is an example of a(n)
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franchise
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A ____ CSR is one in which a company accused of irresponsible behavior promotes itself as being socially responsible without making significant improvements in its business practices
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cynical
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Approaches to CSR are categorized into four perspectives
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minimalist, defensive, cynical and proactive
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Reasons why new businesses fail could include all of the following EXCEPT
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managerial expertise
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An IPO is offered by a
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corporation selling shares of its stock for the first time
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A(n) _______ is a specific, short-range target or aim.
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objective
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The identification and analysis of an organization's strengths and weaknesses and environmental threats and opportunities is referred to as a(n)
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SWOT analysis
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Doing your job to the best of your ability and conducting yourself with purpose and pride is called
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professionalism
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One of the tenets of doing business in a competitive business is, "Without _____ there is no reward."
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risk
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The economic system that allows individuals the LEAST amount of economic freedom is
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communism
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One of the most common mistakes that new business owners make is
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underestimating the initial amount of start-up capital needed
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The control cycle has four basic steps: 1) establishing standards; 2) monitoring performance; 3) comparing performance against standards; and 4)
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taking corrective action, if needed
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Managerial roles fall into one of three categories: interpersonal, informational, and
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decisional
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A written partnership agreement should address all of the following EXCEPT
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classes of stock
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Oprah Winfrey established the Leadership Academy for Girls in South Africa and funds the majority of its work. This would be considered an example of
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philanthropy
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What is the meaning of the term "consumerism"?
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Pressuring businesses to consider consumer needs
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All of the following would be included in the definition of culture EXCEPT a society's
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demographics
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In early 2009, the Irish government announced plans to take over the Anglo Irish Bank. This is an example of
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nationalization
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Owning up to your mistakes, accepting responsibility for your failures, and learning from those mistakes would BEST be described as
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accountability
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