Midterm I

A  Federalism

B  Communism

C  Socialism

D  Capitalism

A  merger

B  strategic alliance

C  divestiture

D  acquisition

A  $1,445.54

B  $14.45

C  $144.54

D  $14,454.00

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  staffing

B  directing

C  organizing

D  planning

A  autocratic

B  charismatic

C  laissez-fair

D  democratic

A  chief operations officer

B  chief financial officer

C  chief sales officer

D  chief executive officer

A  protectionism

B  isolationism

C  Marxism

D  globalization

A  FALSE

B  TRUE

A  Justin Turner

B  Milton Friedman

C  David Ricardo

D  Adam Smith

A  TRUE

B  FALSE

A  discount

B  surplus

C  equilibrium

D  credit

A  public

B  communist

C  private

D  mixed

A  Profit

B  Marketing

C  Depreciation

D  Cost of goods sold

A  dynamics

B  gravity

C  entropy

D  fusion

A  Adam Smith

B  Machiavelli

C  John Adams

D  Karl Marx

A  FALSE

B  TRUE

A  there is ease of transfer

B  liability is limited to corporate assets only

C  it is considered a separate legal entity

D  all of the above may be considered advantages of corporations

A  TRUE

B  FALSE

A  Little or no recording by the State

B  Taxes paid on personal tax return

C  Double taxation

D  Ease of setup

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  customer complaints

B  policies

C  individual employees

D  legislation

A  Production era

B  Relative era

C  Colonial era

D  Marketing era

A  Fair competition allows firms to compete, knowing they won’t be subjected to excessively aggressive practices that are designed to eliminate them.

B  Fair competition requires firms to inform their competitors when prices will be reduced.

C  Fair competition allows employees to choose their own employment.

D  Fair competition supports the goal of private property ownership.

A  absolute advantage

B  comparative advantage

C  trade deficit

D  trade surplus

A  General Agreement on Tariffs and Trade (GATT)

B  International Monetary Fund (IMF)

C  World Trade Organization (WTO)

D  World Bank

A  When inflation is high, businesses should invest in research and development.

B  Inflation is good news for people who live on fixed incomes.

C  While deflation weakens the economy, inflation strengthens the economy.

D  Inflation devalues money.

A  Firms need to understand how to reduce the cost of production if they are going to be successful.

B  Natural resources will always be the least important factor of production.

C  The factors of production are regulated by the government.

D  Managing only human resources is enough for the successful operation of a business.

A  All of these

B  Visionary skills

C  Ability to lead change

D  Creativity and critical thinking

A  Stock liquidation

B  Trade surplus

C  Budget surplus

D  Hyperinflation

A  all of these.

B  developing a quality workforce.

C  dealing with public health issues.

D  protecting the environment.

A  Business consists of marketing products that people want.

B  Business is defined as activities that produce the most good for society.

C  The term business only describes firms that are profitable and excludes government or private organizations

D  Business consists of all profit-seeking activities that provide goods and services to an economic system.

A  Production possibility curves

B  Demand curves

C  Supply curves

D  Normal distribution curves

A  tariff

B  embargo

C  exchange control

D  quota

A  FALSE

B  TRUE

A  The company’s upper management

B  The company’s ethical climate

C  All of these

D  The company’s code of ethics

A  seeding

B  quotas

C  dumping

D  tariffs

A  resource

B  export

C  import

D  exchange

A  health care; education

B  transportation; housing

C  entertainment; clothing

D  energy; food

A  TRUE

B  FALSE

A  competition

B  profits

C  private property

D  freedom of choice

A  International Monetary Fund

B  Global Assistance Fund

C  World Bank

D  International Bank

A  Growth stage

B  Decline stage

C  Introductory stage

D  Maturity stage

A  TRUE

B  FALSE

A  proactive

B  accommodative

C  defensive

D  obstructionist

A  FALSE

B  TRUE

A  Purchasing Power Parity

B  Balance of Trade

C  GDP

D  Aggregate Output

A  Airline industry

B  Steel industries

C  Automobile industries

D  U.S. agriculture

A  TRUE

B  FALSE

A  capitalism

B  socialism

C  fascism

D  communism

A  $19.3 trillion in merchandise is traded each year.

B  $18.3 billion in merchandise is traded each year.

C  $10.3 trillion in merchandise is traded each year.

D  $19.3 million in merchandise is traded each year.

A  Human asset accounting

B  Change management

C  Human resource management

D  Research and Development (R&D)

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  organizational chart.

B  SWOT analysis.

C  benchmark analysis.

D  GANTT chart.

A  operational plan.

B  benchmarking process.

C  mission statement.

D  contingency plan.

A  Contingency planning

B  Strategic planning

C  Operational planning

D  Tactical planning

A  It involves implementing the activities specified by operational plans.

B  It is the process of determining the primary objectives of an organization and then acting and allocating resources to achieve those objectives.

C  It crates the detailed standards that guide implementation of tactical plans.

D  It allows an organization to resume operations as quickly and as smoothly as possible after a crisis while openly communicating with the public.

A  Management is the process of achieving organizational objectives through people and other resources.

B  Management happens only at the top management levels.

C  Management is solely the process of reporting organizational successes and failures to investors and others.

D  Management principles do not apply to not-for-profit organizations.

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  is a middle manager

B  avoids risk at all cost

C  does not tolerate ambiguity

D  is a risk taker in the private enterprise system