Intro To Business (Midterm)

Front 1

An organization that seeks to operate efficiently and effectively to achieve its goals without a profit motive is a(n)

Back 1

not-for-profit organization

Front 2

Matt has a small landscaping business and mows lawns and trims bushes for several families in the neighborhood. Matt has what type of business?

Back 2

Service business

Front 3

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?

Back 3

Monopoly

Front 4

Institutional investors would include all of the following EXCEPT

Back 4

individuals

Front 5

Developing relationships with potential customers, designing promotional strategies, analyzing customer needs and establishing after-purchase support would fall under the _______ function of a business.

Back 5

sales and marketing

Front 6

All of the following would be traits of professionalism EXCEPT

Back 6

ethical lapses

Front 7

In 1994, the United States, Canada and Mexico formed a powerful trading bloc known as

Back 7

North American Free Trade Agreement (NAFTA)

Front 8

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 .

Back 8

proactive

Front 9

In 1999, Glaxo Wellcome and Smithkline Beecham joined to form GlaxoSmithKline. This is an example of a(n)

Back 9

merger

Front 10

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)

Back 10

private corporation

Front 11

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

Back 11

lifestyle business

Front 12

At the federal level, small businesses can apply for loans backed by the

Back 12

Small Business Administration

Front 13

Three ways to go into business for yourself are to start a business from scratch, buy an existing business, and

Back 13

purchase a franchise

Front 14

All of the following would contribute to employees' resistance to change EXCEPT

Back 14

visible support from top managers or other opinion leaders

Front 15

In order to be effective, organizational goals and objectives should be specific, _____ attainable, relevant and time-limited .

Back 15

measurable

Front 16

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?

Back 16

Treasurer

Front 17

_________ activities are intended to identify new ideas that have the potential to result in new goods and services.

Back 17

Research and development

Front 18

A trade surplus occurs when:

Back 18

the value of a country's exports exceeds the value of its imports

Front 19

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)

Back 19

franchise

Front 20

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

Back 20

cynical

Front 21

Approaches to CSR are categorized into four perspectives

Back 21

minimalist, defensive, cynical and proactive

Front 22

Reasons why new businesses fail could include all of the following EXCEPT

Back 22

managerial expertise

Front 23

An IPO is offered by a

Back 23

corporation selling shares of its stock for the first time

Front 24

A(n) _______ is a specific, short-range target or aim.

Back 24

objective

Front 25

The identification and analysis of an organization's strengths and weaknesses and environmental threats and opportunities is referred to as a(n)

Back 25

SWOT analysis

Front 26

Doing your job to the best of your ability and conducting yourself with purpose and pride is called

Back 26

professionalism

Front 27

One of the tenets of doing business in a competitive business is, "Without _____ there is no reward."

Back 27

risk

Front 28

The economic system that allows individuals the LEAST amount of economic freedom is

Back 28

communism

Front 29

One of the most common mistakes that new business owners make is

Back 29

underestimating the initial amount of start-up capital needed

Front 30

The control cycle has four basic steps: 1) establishing standards; 2) monitoring performance; 3) comparing performance against standards; and 4)

Back 30

taking corrective action, if needed

Front 31

Managerial roles fall into one of three categories: interpersonal, informational, and

Back 31

decisional

Front 32

A written partnership agreement should address all of the following EXCEPT

Back 32

classes of stock

Front 33

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

Back 33

philanthropy

Front 34

What is the meaning of the term "consumerism"?

Back 34

Pressuring businesses to consider consumer needs

Front 35

All of the following would be included in the definition of culture EXCEPT a society's

Back 35

demographics

Front 36

In early 2009, the Irish government announced plans to take over the Anglo Irish Bank. This is an example of

Back 36

nationalization

Front 37

Owning up to your mistakes, accepting responsibility for your failures, and learning from those mistakes would BEST be described as

Back 37

accountability