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Questions and Answers
What is the definition of outsourcing?
What is the definition of outsourcing?
What is the main focus of legal standards?
What is the main focus of legal standards?
Which term describes the standards of moral behavior?
Which term describes the standards of moral behavior?
What is the concept introduced by Max Weber that includes job descriptions and consistent procedures?
What is the concept introduced by Max Weber that includes job descriptions and consistent procedures?
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Which of the following is not a principle of organization according to Henry Fayol?
Which of the following is not a principle of organization according to Henry Fayol?
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What is referred to as the use of government regulations to limit the import of goods and services?
What is referred to as the use of government regulations to limit the import of goods and services?
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Which of the following is a consideration that should be taken into account when assessing the ethics of a business decision?
Which of the following is a consideration that should be taken into account when assessing the ethics of a business decision?
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What best describes an economic system where individuals and businesses make most decisions?
What best describes an economic system where individuals and businesses make most decisions?
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How can compliance-based and integrity-based ethics codes be distinguished?
How can compliance-based and integrity-based ethics codes be distinguished?
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Which of the following is not considered a form of planning in management?
Which of the following is not considered a form of planning in management?
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What does business risk-taking involve?
What does business risk-taking involve?
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What is an advantage of a decentralized organization?
What is an advantage of a decentralized organization?
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What is an entrepreneurial team?
What is an entrepreneurial team?
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Which of the following is NOT typically considered a part of the business environment?
Which of the following is NOT typically considered a part of the business environment?
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Which of the following is NOT a disadvantage of sole proprietorships?
Which of the following is NOT a disadvantage of sole proprietorships?
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What aspect of Max Weber's Organizational Theory is emphasized?
What aspect of Max Weber's Organizational Theory is emphasized?
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What is a major limitation of the free market system regarding its operations?
What is a major limitation of the free market system regarding its operations?
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Prices for goods and services in different locations varying is primarily considered an example of what?
Prices for goods and services in different locations varying is primarily considered an example of what?
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How does the termination process of a limited liability company compare to other companies' termination processes?
How does the termination process of a limited liability company compare to other companies' termination processes?
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What is the correct definition of quasi-public corporations?
What is the correct definition of quasi-public corporations?
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If a restaurant owner is unable to acquire a liquor license, which Roosevelt's Four Additional Rights is being violated?
If a restaurant owner is unable to acquire a liquor license, which Roosevelt's Four Additional Rights is being violated?
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How can companies reduce their production costs effectively?
How can companies reduce their production costs effectively?
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Which method is commonly used to assess a company's social responsibility performance?
Which method is commonly used to assess a company's social responsibility performance?
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Which management level is primarily responsible for tactical planning?
Which management level is primarily responsible for tactical planning?
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Which factor is NOT a cause of small-business failure?
Which factor is NOT a cause of small-business failure?
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What is the correct sequence of strategies for reaching global markets from least to most commitment?
What is the correct sequence of strategies for reaching global markets from least to most commitment?
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Which of the following is NOT considered an advantage of franchises?
Which of the following is NOT considered an advantage of franchises?
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Which item is NOT included in the four functions of management?
Which item is NOT included in the four functions of management?
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What is implied when companies purchase raw materials in bulk?
What is implied when companies purchase raw materials in bulk?
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What is the advantage of free trade?
What is the advantage of free trade?
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What is the primary purpose of a business?
What is the primary purpose of a business?
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Which aspect is NOT considered part of the social environment within a business?
Which aspect is NOT considered part of the social environment within a business?
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What is the disadvantage of offshore outsourcing?
What is the disadvantage of offshore outsourcing?
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What is Indonesia's position in terms of balance of trade?
What is Indonesia's position in terms of balance of trade?
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What term describes the line of authority moving from the top to the lowest level of an organization?
What term describes the line of authority moving from the top to the lowest level of an organization?
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Which of the following is an example of a progressive manager's actions?
Which of the following is an example of a progressive manager's actions?
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What is a significant impact of the Omnibus Law in Indonesia?
What is a significant impact of the Omnibus Law in Indonesia?
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Study Notes
Trade Protectionism
- Government regulations to restrict imports of goods and services are called trade protectionism.
- Common examples include tariffs, import quotas, and embargoes.
Ethics in Business Decisions
- Ethical considerations for business decisions should focus on balance, legality, and personal impact.
- Profitability, innovation, and external approval are less important in ethical considerations.
Networking
- Networking uses communication technology and other means to connect organizations and collaborate on shared objectives.
Market Economy
- A market economy is characterized by individuals and businesses making most economic decisions, with limited government intervention.
Compliance-based vs. Integrity-based Ethics Codes
- Compliance-based ethics codes emphasize avoiding legal punishment and following rules.
- Integrity-based ethics codes define an organization's values and encourage shared ethical responsibility.
Intuitive Planning
- Intuitive planning is not a recognized form of planning in management.
- The other options - operational planning, strategic planning, and contingency planning - are all common types of management planning.
Ethical Dilemmas
- When facing ethical dilemmas, consider:
- Is the proposed action legal?
- Is it balanced?
- How will it make me feel about myself?
- How are my actions perceived by others?
Business Risk-taking
- Business risk-taking involves identifying, evaluating, and managing risks to make informed decisions.
- It does not mean avoiding all risks or ignoring potential consequences.
Decentralized Organization Advantage
- A decentralized organization offers the advantage of faster decision-making.
Entrepreneurial Team
- An entrepreneurial team consists of individuals working together to establish and manage a new business venture.
Business Environment
- Employee salaries and benefits are not typically considered part of the business environment.
- Other key aspects include economic conditions, legal and regulatory factors, competitors, and customers.
Disadvantages of Sole Proprietorship
- Retention of company profits is an advantage of a sole proprietorship, not a disadvantage.
- Other disadvantages include few fringe benefits, limited life span, and unlimited liability.
Max Weber's Organizational Theory
- Max Weber advocates for organizational bureaucracy as a way to improve efficiency and effectiveness.
- He emphasizes using consistent procedures, regulations, and policies based on qualifications, not personal connections.
Free Market System
- While a free market system fosters competition and can help individuals improve their lives, a significant disadvantage is the potential for greed to drive behavior.
Price Elasticity
- The variation in prices for goods and services in different locations can be attributed to price elasticity, change of supply and demand, or standard of living.
Terminating a Limited Liability Company
- The termination process for a limited liability company (LLC) can be complex, depending on the operating agreement.
Quasi-Public Corporations
- Quasi-public corporations are chartered by the government to provide essential services to the public as approved monopolies.
Roosevelt's Four Freedoms
- If a restaurant owner is denied a liquor license, it could be argued that they are being denied freedom from want as it restricts their ability to operate their business.
Economies of Scale
- Economies of scale occur when buying raw materials in bulk reduces the average cost of goods as production levels increase.
Corporate Social Responsibility Assessment
- A company's social responsibility performance is typically assessed using a corporate social audit which examines the social impact of its operations.
Management Level for Tactical Planning and Control
- In an organization, middle management is responsible for tactical planning and controlling.
Causes of Small-Business Failure
- The inability to produce products easily through mass- production techniques is not a typical reason for small-business failure.
- Other major causes include underestimating market development time, lack of financial planning, and personal extravagance.
Strategies for Reaching Global Markets
- The correct order for strategies for reaching global markets from least to most commitment is:
- Licensing
- Exporting
- Franchising
- Contract manufacturing
- International joint ventures and strategic alliances
- Foreign direct investment
Advantages of Franchises
- Shared profit disadvantages are a disadvantage of franchising, not an advantage.
- Other key advantages include lower failure rates, personal ownership, and the benefit of a recognized brand name.
Four Functions of Management
- Evaluating is not one of the four primary functions of management.
- The four core functions are:
- Planning
- Organizing
- Leading
- Controlling
Free Trade Advantages
- Free trade inspires innovation and keeps businesses competitively challenged.
Undang-Undang Cipta Kerja (Indonesia)
- The Undang-Undang Cipta Kerja has significantly impacted Indonesia by reforming intellectual property rights and labor regulations.
- It does not eliminate worker rights entirely, increase minimum wage drastically, or create monopolies.
Purpose of a Business
- The primary purpose of a business is to generate profits by providing goods or services.
Social Environment in Business
- Family change is not typically categorized as part of the social environment in business.
- Key aspects include:
- Concern for the environment
- Diversity
- Demographics
Indonesia's Balance of Trade
- Indonesia currently has a trade surplus, meaning the value of exports exceeds the value of imports.
Chain of Command
- The line of authority moving from the top of an organization's hierarchy to the bottom is called the chain of command.
Offshore Outsourcing Disadvantages
- The potential for permanent job loss and wage decline due to low-cost offshore competition is a significant disadvantage of offshore outsourcing.
Progressive Management
- Progressive managers tend to guide, train, support, motivate, and coach employees rather than simply giving orders.
Outsourcing
- Outsourcing involves contracting with outside companies (often in different countries) to perform some or all of a firm's functions, such as production or accounting.
Legal Focus
- The main focus and objective of legal is to protect individuals from fraud, theft, violence, and to ensure proper relationship between people.
Ethics
- Ethics refers to standards of moral behavior and conduct.
Bureaucracy
-
Bureaucracy is a concept introduced by Max Weber that includes:
- Job descriptions
- Written rules and decision guidelines
- Consistent procedures
- Staffing and promotion based on qualifications
Henry Fayol's Principles of Organization
- The hierarchy of needs is not part of Henry Fayol's principles of organization.
- Fayol's main principles include:
- Unity of command
- Hierarchy of authority
- Division of labor
Conglomerate Merger
- A conglomerate merger involves the joining of companies in completely unrelated industries.
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Description
This quiz explores key concepts such as trade protectionism, ethical decision-making in business, and the characteristics of market economies. Understand the differences between compliance-based and integrity-based ethics codes, as well as the importance of networking in business contexts.
