Midterm I

A  Federalism

B  Capitalism

C  Communism

D  Socialism

A  strategic alliance

B  acquisition

C  merger

D  divestiture

A  $14,454.00

B  $1,445.54

C  $14.45

D  $144.54

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  directing

B  staffing

C  planning

D  organizing

A  laissez-fair

B  democratic

C  charismatic

D  autocratic

A  chief sales officer

B  chief financial officer

C  chief operations officer

D  chief executive officer

A  Marxism

B  globalization

C  protectionism

D  isolationism

A  FALSE

B  TRUE

A  Adam Smith

B  Justin Turner

C  David Ricardo

D  Milton Friedman

A  FALSE

B  TRUE

A  equilibrium

B  credit

C  discount

D  surplus

A  public

B  mixed

C  private

D  communist

A  Marketing

B  Profit

C  Depreciation

D  Cost of goods sold

A  gravity

B  dynamics

C  fusion

D  entropy

A  John Adams

B  Machiavelli

C  Karl Marx

D  Adam Smith

A  FALSE

B  TRUE

A  it is considered a separate legal entity

B  liability is limited to corporate assets only

C  there is ease of transfer

D  all of the above may be considered advantages of corporations

A  TRUE

B  FALSE

A  Double taxation

B  Ease of setup

C  Little or no recording by the State

D  Taxes paid on personal tax return

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  customer complaints

B  policies

C  individual employees

D  legislation

A  Relative era

B  Marketing era

C  Colonial era

D  Production era

A  Fair competition supports the goal of private property ownership.

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

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

D  Fair competition allows employees to choose their own employment.

A  trade deficit

B  comparative advantage

C  absolute advantage

D  trade surplus

A  World Trade Organization (WTO)

B  International Monetary Fund (IMF)

C  General Agreement on Tariffs and Trade (GATT)

D  World Bank

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

B  Inflation devalues money.

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

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

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

B  The factors of production are regulated by the government.

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

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

A  All of these

B  Creativity and critical thinking

C  Visionary skills

D  Ability to lead change

A  Stock liquidation

B  Budget surplus

C  Hyperinflation

D  Trade surplus

A  all of these.

B  dealing with public health issues.

C  developing a quality workforce.

D  protecting the environment.

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

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

C  Business consists of marketing products that people want.

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

A  Demand curves

B  Normal distribution curves

C  Supply curves

D  Production possibility curves

A  tariff

B  exchange control

C  embargo

D  quota

A  TRUE

B  FALSE

A  The company’s ethical climate

B  All of these

C  The company’s code of ethics

D  The company’s upper management

A  quotas

B  tariffs

C  seeding

D  dumping

A  import

B  exchange

C  export

D  resource

A  energy; food

B  transportation; housing

C  health care; education

D  entertainment; clothing

A  TRUE

B  FALSE

A  private property

B  freedom of choice

C  profits

D  competition

A  International Monetary Fund

B  Global Assistance Fund

C  International Bank

D  World Bank

A  Growth stage

B  Decline stage

C  Introductory stage

D  Maturity stage

A  FALSE

B  TRUE

A  accommodative

B  proactive

C  defensive

D  obstructionist

A  TRUE

B  FALSE

A  Balance of Trade

B  Purchasing Power Parity

C  Aggregate Output

D  GDP

A  Airline industry

B  U.S. agriculture

C  Automobile industries

D  Steel industries

A  FALSE

B  TRUE

A  fascism

B  communism

C  capitalism

D  socialism

A  $18.3 billion in merchandise is traded each year.

B  $19.3 million in merchandise is traded each year.

C  $10.3 trillion in merchandise is traded each year.

D  $19.3 trillion in merchandise is traded each year.

A  Human asset accounting

B  Change management

C  Research and Development (R&D)

D  Human resource management

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  SWOT analysis.

B  GANTT chart.

C  organizational chart.

D  benchmark analysis.

A  contingency plan.

B  mission statement.

C  benchmarking process.

D  operational plan.

A  Contingency planning

B  Tactical planning

C  Strategic planning

D  Operational planning

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

B  It involves implementing the activities specified by operational plans.

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 happens only at the top management levels.

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

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

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

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  is a risk taker in the private enterprise system

B  avoids risk at all cost

C  does not tolerate ambiguity

D  is a middle manager