Midterm I

A  Federalism

B  Capitalism

C  Socialism

D  Communism

A  merger

B  divestiture

C  strategic alliance

D  acquisition

A  $14,454.00

B  $1,445.54

C  $14.45

D  $144.54

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  directing

B  organizing

C  staffing

D  planning

A  democratic

B  autocratic

C  laissez-fair

D  charismatic

A  chief operations officer

B  chief financial officer

C  chief executive officer

D  chief sales officer

A  protectionism

B  isolationism

C  globalization

D  Marxism

A  TRUE

B  FALSE

A  Milton Friedman

B  David Ricardo

C  Justin Turner

D  Adam Smith

A  FALSE

B  TRUE

A  equilibrium

B  surplus

C  discount

D  credit

A  mixed

B  communist

C  public

D  private

A  Marketing

B  Cost of goods sold

C  Depreciation

D  Profit

A  entropy

B  gravity

C  dynamics

D  fusion

A  John Adams

B  Karl Marx

C  Adam Smith

D  Machiavelli

A  TRUE

B  FALSE

A  liability is limited to corporate assets only

B  it is considered a separate legal entity

C  there is ease of transfer

D  all of the above may be considered advantages of corporations

A  TRUE

B  FALSE

A  Taxes paid on personal tax return

B  Ease of setup

C  Double taxation

D  Little or no recording by the State

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  customer complaints

B  legislation

C  policies

D  individual employees

A  Marketing era

B  Colonial era

C  Production era

D  Relative era

A  Fair competition allows employees to choose their own employment.

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

C  Fair competition supports the goal of private property ownership.

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

A  absolute advantage

B  trade deficit

C  trade surplus

D  comparative advantage

A  General Agreement on Tariffs and Trade (GATT)

B  World Trade Organization (WTO)

C  World Bank

D  International Monetary Fund (IMF)

A  Inflation devalues money.

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

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

C  The factors of production are regulated by the government.

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

A  All of these

B  Creativity and critical thinking

C  Ability to lead change

D  Visionary skills

A  Budget surplus

B  Hyperinflation

C  Trade surplus

D  Stock liquidation

A  developing a quality workforce.

B  protecting the environment.

C  dealing with public health issues.

D  all of these.

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

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

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

D  Business consists of marketing products that people want.

A  Supply curves

B  Demand curves

C  Normal distribution curves

D  Production possibility curves

A  embargo

B  exchange control

C  tariff

D  quota

A  FALSE

B  TRUE

A  The company’s ethical climate

B  The company’s code of ethics

C  All of these

D  The company’s upper management

A  tariffs

B  dumping

C  quotas

D  seeding

A  resource

B  export

C  exchange

D  import

A  transportation; housing

B  energy; food

C  health care; education

D  entertainment; clothing

A  TRUE

B  FALSE

A  profits

B  competition

C  freedom of choice

D  private property

A  World Bank

B  Global Assistance Fund

C  International Monetary Fund

D  International Bank

A  Decline stage

B  Growth stage

C  Maturity stage

D  Introductory stage

A  FALSE

B  TRUE

A  accommodative

B  defensive

C  obstructionist

D  proactive

A  FALSE

B  TRUE

A  Purchasing Power Parity

B  GDP

C  Aggregate Output

D  Balance of Trade

A  Steel industries

B  U.S. agriculture

C  Automobile industries

D  Airline industry

A  FALSE

B  TRUE

A  socialism

B  capitalism

C  communism

D  fascism

A  $19.3 million 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 trillion in merchandise is traded each year.

A  Human resource management

B  Human asset accounting

C  Change management

D  Research and Development (R&D)

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  SWOT analysis.

B  organizational chart.

C  GANTT chart.

D  benchmark analysis.

A  operational plan.

B  mission statement.

C  benchmarking process.

D  contingency plan.

A  Strategic planning

B  Tactical planning

C  Operational planning

D  Contingency planning

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

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

D  It involves implementing the activities specified by operational plans.

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

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

C  Management happens only at the top management levels.

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

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  TRUE

B  FALSE

A  FALSE

B  TRUE

A  does not tolerate ambiguity

B  avoids risk at all cost

C  is a risk taker in the private enterprise system

D  is a middle manager