BUSA Final Review PDF

Sole proprietorships account for what percentage of U.S. businesses? 40% 18% 72% Which one of the following is an advantage of a sole proprietorship? Company has more than 1 owner. Owner has limited liability. Company pays no income taxes. Company gets funds...

Sole proprietorships account for what percentage of U.S. businesses? 40% 18% 72% Which one of the following is an advantage of a sole proprietorship? Company has more than 1 owner. Owner has limited liability. Company pays no income taxes. Company gets funds from investors who buy shares of stock. What is an advantage of Partnerships? Continuity is not an issue; partnership can survive even if a partner dies. The mergers are easy to complete. Company is owned by shareholders. Decisions are shared, which can create friction and problems. 4.2: The addiction stemming from the misuse of opioids—including prescription pain relievers such as OxyContin, heroin, and fentanyl—is a national crisis. A person today is more likely to die from an opioid overdose than from a car crash. Which of the following are not partly to blame for the opioid crisis? pharmaceutical representatives who failed to educate physicians of the risk associated with opioids pharmaceutical representatives who told physicians that opioids were not addictive the Federal Bureau of Investigation (FBI) physicians and other individuals in the medical profession who over-prescribe opioids for profit 4.3: An ethical dilemma can be described as a ____________________. right vs. right decision decision in which you have to pick between two or more unacceptable alternatives right vs. wrong decision decision made that is unmistakably unethical or illegal 4.5: Leaders should do all of the following to promote ethical behavior in their organizations EXCEPT _________________. Encourage employees to report possible ethical violations Establish controls needed to enforce company policies Think of themselves as role models because if they behave ethically others will likely do the same  Establish ethics policies and expectations but avoid getting involved in their enforcement to remain objective 4.6: Corporate social responsibility refers to the approach that an organization takes in balancing its responsibilities to its various stakeholders. These stakeholders include all of the following EXCEPT ______________. suppliers communities in which the firm does business competitors employees 4.7: Businesses around the world are increasingly affected by climate change. All of the following are ways businesses are impacted by climate change EXCEPT: harsher working conditions, such as extremely hot days for roofers in Florida increased difficulty encouraging talented executives to move from China to the U.S. due to high air pollution in this country changing demand for services or products, such as snow shovels in a warming climate financial risk due to extreme weather, such as the cost to farmers whose crops are under water In the United States, as in all complex societies, we’ve entrusted the responsibility for adopting and enforcing legal rules and principles to _____. aliens citizens private organizations government In the United States, the legal system _____ to respond to changes in social norms and commercial activities. does nothing evolves stays the same changes every year Through the _____, the U.S. legal system is prepared to address each issue or dispute on its own terms. sporting system court system legislative branch executive branch Which of the following is NOT a primary function served by law in the United States? Keeping the peace  Restricting individual freedom Shaping moral standards Promoting social justice George McGovern explained that Americans are ready to _____ at the drop of a hat. argue sue run make friends What do managers do? What is management? play golf and make business decisions the process of planning, organizing, directing, and controlling resources to achieve specific goals involves letting staff make choices about what they want to do handle all administrative and clerical tasks How does a manager make processes effective? by micro-managing all processes by signing every check even if it's not his responsibility by ensuring that the right things got done and that they all contributed to the success of the enterprise by making sure there are less resources than needed You work as a chef at an expensive Italian restaurant. The chef tends to make decisions without seeking input from the other chefs. He expects the chefs to take responsibility for performing the required tasks without undue explanation. Most of those working in the kitchen dislike working for the head chef who follows a(n) ___________________________leadership style. laissez faire visionary autocratic democratic Attending college is expensive. To cover your tuition and other costs, you work part-time as an assistant manager at the local one-screen movie theater. You have held this position for three years. Recently, you notice that the line of those buying tickets has been moving slowly. Since you just read about the five-step control process, you decide to use this approach to fix the “slow-line” problem. Your first step is to decide how many minutes each worker should take to service a ticket buyer. The figure you arrive at is called a(n)________________________. deviation expected performance standard actual performance Most likely you will be hired for your first job out of college based on your _______________ skills. technical skills conceptual interpersonal decision-making In Herzberg’s two‑factor theory, strong contributors to job satisfaction are called _____ factors. hygiene satisfaction equity motivation _____ are forms of compensation other than salaries, hourly wages, or financial incentives. Benefits Stock-option plans Bonuses Commissions Which of the following is not one of the steps in the three-step appraisal system? complete a written evaluation that rates the employee on predetermined criteria  share the written evaluation with the employee prior to meeting set goals and performance expectations meet with the employee and discuss the evaluation To prepare job descriptions and job specifications, HR managers rely on information collected for the job analysis comparison briefing evaluation At _____, overall objectives include not only making all visitors feel as if they’re special in a special place, but ensuring that employees’ appearance reflects a special image. Disney Norwegian Cruise Line Macys Coca Cola A major obstacle to team success in introducing teams into an organization is: teams are willing to cooperate with other teams. management is willing to commit needed resources. managers fail to delegate authority.  team members are willing to commit to a common goal. _____ is often cited as a factor in the explosion of the space shuttle Challenger in January 1986. Management sponsorship Groupthink Lack of an adequate budget Lack of collaboration among team members In practice, which of the following tends to contribute to effective teamwork? Members tolerate each other Team members agree to disagree Leadership rotates infrequently Members depend on each other A _____ consists of members from various parts of the organization or even from outside the organization. product design team manager-led team cross-functional team self-managed team Companies build and support teams because: teams increase overall work performance. teams are always effective. employees love to be social. employees enjoy being on teams. In compiling your credit score, the credit bureaus consider all of the following except_____. payment history length of your credit history income total amount owed Which of the following questions would you not ask yourself if you were engaging in financial planning? How much debt do I have? How much money will I need when I retire? What's my annual income? Would I have been better off if I had purchased a car rather than leased it? With _____, the interest earned on your savings in a given time period is added to the money in your savings account, and the new total (principal plus interest) earns more interest. simple interest APY bonds compounding Monetary or liquid assets include all of the following except _____. cash certificates of deposits (CD's) cars money in checking accounts A(n)_____ is a document that itemizes expected sources of income and expenditures for the coming year, along with the relevant money amounts for each. income statement statement of net-worth budget cash-flow statement The PowerSki Jetboard is best characterized as a(n) _____. component service physical good intangible item Entrepreneur and marketing consultant Seth Goodin refers to truly remarkable products as _____. purple cows cash cows orange cows winners An idea turns into a business opportunity when: it has commercial potential. it can be made cheaply. it is a quality product. people like the product. Which of the following is the smallest division of customers? market industry niche segment Which of the following is/are approaches used to forecast demand for a product? speaking with competitors speaking with potential customers all of these approaches. reviewing industry data on the internet