Midterm I

A  Socialism

B  Federalism

C  Communism

D  Capitalism

A  merger

B  divestiture

C  acquisition

D  strategic alliance

A  $14,454.00

B  $144.54

C  $14.45

D  $1,445.54

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  staffing

B  directing

C  organizing

D  planning

A  laissez-fair

B  charismatic

C  autocratic

D  democratic

A  chief sales officer

B  chief financial officer

C  chief operations officer

D  chief executive officer

A  globalization

B  isolationism

C  protectionism

D  Marxism

A  TRUE

B  FALSE

A  David Ricardo

B  Justin Turner

C  Milton Friedman

D  Adam Smith

A  FALSE

B  TRUE

A  equilibrium

B  surplus

C  credit

D  discount

A  private

B  public

C  communist

D  mixed

A  Depreciation

B  Marketing

C  Profit

D  Cost of goods sold

A  dynamics

B  entropy

C  fusion

D  gravity

A  Karl Marx

B  Machiavelli

C  John Adams

D  Adam Smith

A  TRUE

B  FALSE

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  FALSE

B  TRUE

A  Little or no recording by the State

B  Ease of setup

C  Double taxation

D  Taxes paid on personal tax return

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  policies

B  individual employees

C  customer complaints

D  legislation

A  Relative era

B  Production 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 supports the goal of private property ownership.

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

D  Fair competition allows employees to choose their own employment.

A  trade deficit

B  absolute advantage

C  trade surplus

D  comparative advantage

A  International Monetary Fund (IMF)

B  World Trade Organization (WTO)

C  General Agreement on Tariffs and Trade (GATT)

D  World Bank

A  Inflation devalues money.

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

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

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

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

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

C  The factors of production are regulated by the government.

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

A  Ability to lead change

B  All of these

C  Visionary skills

D  Creativity and critical thinking

A  Budget surplus

B  Hyperinflation

C  Stock liquidation

D  Trade surplus

A  protecting the environment.

B  all of these.

C  developing a quality workforce.

D  dealing with public health issues.

A  Business consists of marketing products that people want.

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

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

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

A  Normal distribution curves

B  Supply curves

C  Production possibility curves

D  Demand curves

A  quota

B  tariff

C  exchange control

D  embargo

A  TRUE

B  FALSE

A  The company’s upper management

B  All of these

C  The company’s ethical climate

D  The company’s code of ethics

A  quotas

B  dumping

C  tariffs

D  seeding

A  resource

B  export

C  exchange

D  import

A  health care; education

B  entertainment; clothing

C  energy; food

D  transportation; housing

A  TRUE

B  FALSE

A  profits

B  competition

C  private property

D  freedom of choice

A  International Monetary Fund

B  International Bank

C  World Bank

D  Global Assistance Fund

A  Maturity stage

B  Decline stage

C  Introductory stage

D  Growth stage

A  FALSE

B  TRUE

A  accommodative

B  defensive

C  obstructionist

D  proactive

A  FALSE

B  TRUE

A  Aggregate Output

B  GDP

C  Balance of Trade

D  Purchasing Power Parity

A  Airline industry

B  U.S. agriculture

C  Steel industries

D  Automobile industries

A  FALSE

B  TRUE

A  communism

B  capitalism

C  fascism

D  socialism

A  $18.3 billion in merchandise is traded each year.

B  $19.3 trillion 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 resource management

B  Change management

C  Human asset accounting

D  Research and Development (R&D)

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  benchmark analysis.

B  GANTT chart.

C  organizational chart.

D  SWOT analysis.

A  benchmarking process.

B  operational plan.

C  contingency plan.

D  mission statement.

A  Operational planning

B  Strategic planning

C  Tactical planning

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

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

D  It involves implementing the activities specified by operational plans.

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

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

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

D  Management happens only at the top management levels.

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  is a middle manager

B  is a risk taker in the private enterprise system

C  avoids risk at all cost

D  does not tolerate ambiguity