business mid term

The president of Auto Parts of America testified before Congress, urging them to limit the flow of imported automobile parts into the United States. He contended that these imports were priced lower than foreign producers were charging for them in their own countries. He believes foreign producers are:

Which of the following statements describes laws and regulations in global markets?

Casey is typical of many U.S. businesspeople. Casey feels the U.S. culture defines the model for the rest of the world, and that the "American way" of doing things is the best. Casey is guilty of:

The two basic types of tariffs are:

Many business experts contend that __________ will likely be the growth market of the future.

International trade is not limited to multinational corporations. Small businesses do about 30% of all exporting out of the U.S.

Kodak contracts with a firm in Taiwan to manufacture Kodak digital cameras. This is an example of a joint venture.

The World Trade Organization (WTO) was established to mediate trade disputes among nations.

The North American Free Trade Agreement (NAFTA) requires member nations to negotiate uniform trade agreements with nonmember nations.

Offshore outsourcing is another term used to describe the act of U.S. firms selling their domestically manufactured goods to foreign customers.

To improve America's business ethics:

All else held equal, socially responsible firms:

Determining what is involved for a firm to be socially responsible:

Which of the following is not a basic right proposed by former President John F. Kennedy?

Harry, Sirly, and Bo are in the midst of a heated discussion. As the chief operating officers of the U-Scream Ice Cream Corporation, they are reviewing the latest financial reports. Intense competition has resulted in deceased profits. Each of the three officers has his own view of how to reverse the current trend.

Punishing business leaders who have broken the law may help restore trust in the free-market system and leaders in general.

Overly ambitious business goals and employee incentives can lead to unethical behavior.

"Do what I say, not what I do" can be an effective code of conduct to instill corporate values.

Businesses have a social responsibility to create jobs.

Due to the fact that American ethical standards are very clear-cut, international suppliers do not have difficulty adhering to them.

It is usually easy to start and end a sole proprietorship.

If a sole proprietorship fails, the owner may lose whatever was invested in the business; however, the owner's personal assets are not at risk.

In a general partnership, all partners share in management of the business and in the liability for the firm's debts.

In order to protect all parties and minimize misunderstandings among partners, all terms of the partnership should be spelled out in writing.

To change ownership in a corporation you simply sell your stock to someone else.

A company that loses its status as an S corporation may not reelect this status for at least 5 years.

A leveraged buyout is an attempt by top management to gain control of a company by issuing a large amount of new stock.

Many franchisors have rules that prohibit franchisees from sponsoring their own websites.

If a franchisee decides he wants out of the business, he is free to close up shop or sell the business, just as if he were a sole proprietor or partnership outside of a franchise arrangement.

Marilyn paid a sizeable franchise fee to obtain a Fontmaster Printers franchise in Cleveland, Ohio. With the franchise fee behind her, she can look forward to using her creative talents to make her print shop different and more attractive than other Fontmaster shops in the Cleveland area.

One of the major disadvantages of a sole proprietorship is the:

An entrepreneur who wishes to start a business with little delay or hassle, and who wants to be his or her own boss, should organize the business as a:

Compared to a sole proprietorship, which of the following is considered an advantage of a general partnership?

One way to eliminate some of the risk of your partners making costly mistakes that could jeopardize your personal assets is to set up a:

The form of business ownership that usually requires the most detailed record keeping is the:

_____________ are companies that are similar to S corporations but are not restricted with similar eligibility requirements.

One reason that companies participate in mergers and acquisitions is:

A conglomerate merger will:

A franchise can be formed:

The most popular type of business for franchising is:

The basic idea behind the organization design of Fayol and Weber was that management wanted to control workers.

Rob is a middle manager who spends much of his time devising ways to implement the ideas of top management. Max Weber would have considered Rob a bureaucrat.

The more complex the job, the narrower the span of control.

Top management at Topdown, Inc., wants to encourage communication among different departments to prevent employees from becoming narrow specialists. The best way to accomplish these goals is to departmentalize Topdown's organization by function.

Small businesses often use a line organization model.

Line organizations follow Fayol's traditional management rules.

Cross-functional teams defy the trend toward customer-driven organizations.

An organization's core competencies are those functions that the firm performs as well as or better than anyone else in the world.

According to the Spotlight on Small Business box titled "Cutting Back While Cutting Costs," the growth of small business outsourcing can be attributed to the presence of online job marketplaces.

Successful managers will find the balance between promoting the informal organization and maintaining a formalized structure, as well.

Given the lack of discipline and short attention spans of today's workers, modern managers must watch their workers closely, set strict rules, and vigorously enforce policies.

In most high-tech industries, the best way to respond quickly to rapid technological changes is to keep most authority and responsibility in the hands of a few key managers who provide precise, detailed directions to the workers.

Due to the fact that employees today often know much more about technology and the technical aspects of their jobs than their managers do, progressive managers emphasize teamwork and cooperation as a strategy for getting work done.

John is the general manager of a retail outlet. By emphasizing teamwork and acting in a role of coach rather than boss, John is considered to be a modern manager.

As an office manager, Sylvie consistently tells her employees what to do, watches over their tasks, and reprimands those who don't listen to her orders. Sylvie is a modern manager.

Managers make decisions about how to use organizational resources to accomplish goals.

Financing is one of the four key functions of management.

The four key management functions are planning, organizing, leading, and controlling.

One trend of the leading management function is to empower employees, giving them as much freedom as possible to become self-directed and self-motivated.

Leading is the management function of designing the structure of the organization so that everyone can function together.

Given the lack of discipline and short attention spans of today's workers, modern managers must watch their workers closely, set strict rules, and vigorously enforce policies.