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Entrepreneurship and Functions of Management Review

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1 Entrepreneurship and Functions of Management Review
Business Essentials Krause/Petriella Chapters 1 and 10

2 True or False The process of deciding how best to use a business’s resources to produce goods or provide services is known as planning.

3 False The process of deciding how best to use a business’s resources to produce goods or provide services is known as planning. management

4 True or False A basic truth or law is known as a principle.

5 True A basic truth or law is known as a principle.

6 True or False A person who is paid to perform management functions within a company is known as a professional manager.

7 True A person who is paid to perform management functions within a company is known as a professional manager.

8 True or False A set of behaviors associated with a particular job is known as one’s role.

9 True A set of behaviors associated with a particular job is known as one’s role.

10 True or False People who start and run their own businesses are known as entrepreneurs.

11 True People who start and run their own businesses are known as entrepreneurs.

12 True or False The cement ceiling prevents women and minorities from moving up in the world of business.

13 False The cement ceiling prevents women and minorities from moving up in the world of business. glass

14 True or False Short-range planning is known as operational planning.

15 True Short-range planning is known as operational planning.

16 True or False The action stage of strategic management is known as implementing strategy.

17 True The action stage of strategic management is known as implementing strategy.

18 True or False The systematic studying of an issue and the preparation of a written document to deal with the problem is known as informal planning.

19 False The systematic studying of an issue and the preparation of a written document to deal with the problem is known as informal planning. formal

20 True or False Concise statements that provide direction for employees and set standards for achieving the company’s strategic plan are called goals.

21 True Concise statements that provide direction for employees and set standards for achieving the company’s strategic plan are called goals.

22 Multiple Choice This level of management is usually not involved in a company’s day-to-day problems, but generally sets the direction the company will follow: Staffing management Senior management Supervisory management Middle management

23 B. Senior management This level of management is usually not involved in a company’s day-to-day problems, but generally sets the direction the company will follow:

24 Multiple Choice This level of management includes department heads and district sales managers. Supervisory management Senior management Middle management Staffing management

25 C. Middle Management This level of management includes department heads and district sales managers.

26 Multiple Choice When a manager gives guidance to employees to perform their tasks, he or she is said to be performing the task of Planning Organizing Staffing Leading

27 D. Leading When a manager gives guidance to employees to perform their tasks, he or she is said to be performing the task of

28 Multiple Choice A detailed series of related steps or tasks written to implement a policy is called a Policy Procedure Rule Goal

29 B. Procedure A detailed series of related steps or tasks written to implement a policy is called a

30 Multiple Choice These strategies concentrate on how to compete in a given business or industry. Business strategies Functional strategies Grand strategies Planning strategies

31 A. Business Strategies These strategies concentrate on how to compete in a given business or industry.

32 Businesses, Workers, and the Law
Business Essentials Review (Text Chapters 4 and 5) Krause/Petriella Business Law Unit 9

33 True or False A word, name, symbol, or slogan a business uses to identify its own goods and set them apart from others is known as a patent.

34 False A word, name, symbol, or slogan a business uses to identify its own goods and set them apart from others is known as a patent. trademark

35 True or False A patent is the protection provided to a creative work.

36 False A patent is the protection provided to a creative work.
copyright

37 True or False Patents are issued to give inventors and companies the exclusive right to make, use, and sell their inventions for 25 years.

38 False Patents are issued to give inventors and companies the exclusive right to make, use, and sell their inventions for 25 years. 17

39 True or False Groups of workers who collectively bargain for rights and benefits are known as unions.

40 True Groups of workers who collectively bargain for rights and benefits are known as unions.

41 True or False Rules that government agencies issue to implement laws are known as regulations.

42 True Rules that government agencies issue to implement laws are known as regulations.

43 True or False Consumers are individuals who buy goods and services for their own use.

44 True Consumers are individuals who buy goods and services for their own use.

45 True or False State and local governments use assessed evaluation as a way to limit and control people who plan to enter certain types of businesses.

46 False State and local governments use assessed evaluation as a way to limit and control people who plan to enter certain types of businesses. licensing

47 True or False Income taxes paid to a government increase the amount of profit to a business.

48 False Income taxes paid to a government increase the amount of profit to a business. reduce

49 True or False Employment laws regulate the relationship between companies and their workers and provide benefits to employees.

50 True Employment laws regulate the relationship between companies and their workers and provide benefits to employees.

51 True or False Joint owners in a business are known as partners.

52 True Joint owners in a business are known as partners.

53 Multiple Choice Taxes levied against buildings and land owned by a business are called Unfair taxes Withholding taxes Property taxes Income taxes

54 C. Property taxes Taxes levied against buildings and land owned by a business are called

55 Multiple Choice Companies must comply with all of the following employment laws EXCEPT Employee lay-off laws Benefits laws Wage-hour laws Equal employment opportunity laws

56 A. Employee lay-off laws
Companies must comply with all of the following employment laws EXCEPT

57 Multiple Choice One of the major disadvantages to corporations is
Limited liability of stockholders. Stockholders have no management responsibilities. Corporations raise money by selling stock. Corporations must comply with many more state and federal laws than sole proprietorships and partnerships.

58 D. Corporations must comply with many more state and federal laws than sole proprietorships and partnerships. One of the major disadvantages to corporations is

59 Multiple Choice An agreement between two parties to carry out a transaction, such as a sale of goods from a seller to buyer, is a Patent Copyright Contract regulation

60 C. Contract An agreement between two parties to carry out a transaction, such as a sale of goods from a seller to buyer, is a

61 Multiple Choice Under the Americans with Disabilities Act, companies
Can discriminate against persons with disabilities if they feel uncomfortable. Cannot fire or refuse to hire people because of certain disabilities and illnesses. Must provide medical attention to all disabled employees. Can discriminate in hiring disabled employees if an employee will be out sick from time-to-time.

62 B. Cannot fire or refuse to hire people because of certain disabilities and illnesses.
Under the Americans with Disabilities Act, companies

63 Review Unit 3 Business Concepts and Int’l Business
Business Essentials Petriella/Krause Chapters 6 and 7 Economics and Int’l Business

64 True or False The breakeven point occurs when revenue is sufficient to cover all costs for manufacturers or producers.

65 True The breakeven point occurs when revenue is sufficient to cover all costs for manufacturers or producers.

66 True or False A depression occurs when there are too few resources are available for everyone in the world to consume as much as he or she would like.

67 False A depression occurs when there are too few resources are available for everyone in the world to consume as much as he or she would like. scarcity

68 True or False A recession occurs when economic growth falls for two three-month periods in a row.

69 True A recession occurs when economic growth falls for two three-month periods in a row.

70 True or False Data that shows how an economy is performing are known as economic indicators.

71 True Data that shows how an economy is performing are known as economic indicators.

72 True or False The study of how societies decide what to produce, how to produce it, and how to distribute what they produce is known as the business cycle.

73 False The study of how societies decide what to produce, how to produce it, and how to distribute what they produce is known as the business cycle. economics

74 True or False Prices are determined by the laws of supply and demand.

75 True Prices are determined by the laws of supply and demand.

76 True or False The price where supply equals demand is known as the breakeven analysis.

77 False The price where supply equals demand is known as the breakeven analysis. Equilibrium price.

78 True or False The type of economic system that exists when goods are produced soley on government decisions is known as a market economy.

79 False The type of economic system that exists when goods are produced soley on government decisions is known as a market economy. command

80 True or False When unemployment rises during this part of a business cycle as employers lay off workers they no longer need it is known as the breakeven analysis in economics.

81 False When unemployment rises during this part of a business cycle as employers lay off workers they no longer need it is known as the breakeven analysis in economics. contradictory phase

82 True or False A tax on imports is known as a quota.

83 False A tax on imports is known as a quota. tariff

84 True or False The exchange of goods and services by different countries is known as domestic trade.

85 False The exchange of goods and services by different countries is known as domestic trade. international

86 True or False Restrictions on the quantity of a good that can enter a country is known as an embargo.

87 False Restrictions on the quantity of a good that can enter a country is known as an embargo. quota.

88 Multiple Choice The difference between what a business earns and what it spends is known as Profit Opportunity cost Equilibrium price Expected cost

89 A. Profit The difference between what a business earns and what it spends is known as

90 Multiple Choice The concept that states that as the price of a good rises, producers are willing to supply more of that good is Scarcity Law of supply Law of demand Opportunity cost

91 B. Law of Supply The concept that states that as the price of a good rises, producers are willing to supply more of that good is

92 Multiple Choice The concept that states that producing one good means not producing another is known as Law of supply Law of demand Opportunity cost scarcity

93 C. Opportunity cost The concept that states that producing one good means not producing another is known as

94 Multiple Choice This concept states that as the price of a good increases, the quantity of the good demanded falls Law of supply Law of demand Opportunity cost scarcity

95 B. Law of Demand This concept states that as the price of a good increases, the quantity of the good demanded falls

96 Multiple Choice Companies can sell their products or services in foreign countries in any of the following ways EXCEPT Forming a strategic alliance Becoming a multinational corporation Working through a foreign intermediary Creating an embargo to transfer power to the host country

97 D. Creating an embargo to transfer power to the host country
Companies can sell their products or services in foreign countries in any of the following ways EXCEPT

98 Multiple Choice An agreement that permits one company to sell another company’s products abroad in return for a percentage of the company’s revenues is known a a(n) Export agreement International trade agreement Licensing agreement Import agreement

99 C. Licensing agreement An agreement that permits one company to sell another company’s products abroad in return for a percentage of the company’s revenues is known a a(n)

100 Multiple Choice Goods and services that are purchased from abroad are called Comparative Absolute Exports imports

101 D. Imports Goods and services that are purchased from abroad are called

102 Multiple Choice The idea that individuals, companies, and countries should specialize in what they do best is most closely associated with Comparative advantage Absolute advantage Importing exporting

103 A. Comparative advantage
The idea that individuals, companies, and countries should specialize in what they do best is most closely associated with

104 Communications Review
Chapter 9 Business Essentials Mrs. Petriella

105 #1 Information that must be written in a memo includes all but the following:
Recipient of the memo Sender of the memo Job title of the sender Date of the memo

106 C. Job title of the sender
Information that must be written in a memo includes all but the following:

107 #2 To communicate effectively, managers need to determine
How much time he/she has to speak Whether the podium is high enough What the audience hopes to gain by listening The amount of space necessary to make a speech while standing

108 C. What the audience hopes to gain by listening
To communicate effectively, managers need to determine

109 #3 The communication method that is most appropriate for sensitive issues is
Specific Verbal Written general

110 B. Verbal The communication method that is most appropriate for sensitive issues is

111 #4 Business letters should include all but the following:
Job title of the sender Date of the letter Summary of the letter Recipient of the letter

112 C. Summary of the letter Business letters should include all but the following:

113 #5 Communicating well verbally is important to managers because
It enables managers to give clear instructions It forces management demands to be followed without fail It can motivate and persuade other people It can set the tone within a department or company

114 B. It forces management demands to be followed without fail
Communicating well verbally is important to managers because

115 #6 The communication method that is most appropriate for routine information is
Verbal Written General specific

116 B. Written The communication method that is most appropriate for routine information is

117 Teamwork and Leadership
Business Essentials Chapter 16 Review

118 True or False Punishing or rewarding people will affect their future behavior.

119 True Punishing or rewarding people will affect their future behavior.

120 True or False Rewarding people who engage in behavior that a manager wishes to encourage is known as job enrichment.

121 False Rewarding people who engage in behavior that a manager wishes to encourage is known as job enrichment. Positive reinforcement

122 True or False Reprimanding or punishing people who engage in behavior that the manager wishes to discourage would be a characteristic of a laissez-faire leader.

123 False Reprimanding or punishing people who engage in behavior that the manager wishes to discourage would be a characteristic of a laissez-faire leader. Autocratic leader

124 True or False Power is the ability to influence other people.

125 False Power is the ability to influence other people.

126 True or False Leadership is the ability to make people act in certain ways.

127 False Leadership is the ability to make people act in certain ways.

128 True or False The universal approach to leadership is the assumption that there is one way to lead, regardless of the circumstances.

129 True The universal approach to leadership is the assumption that there is one way to lead, regardless of the circumstances.

130 True or False The autocratic leader allows people within the group to make all of the decisions.

131 False The autocratic leader allows people within the group to make all of the decisions. Laissez-faire

132 True or False Assuming that the best approach to leadership depends on the situation is characteristic of the contingent approach.

133 True Assuming that the best approach to leadership depends on the situation is characteristic of the contingent approach.

134 True or False A democratic leader offers reasoning behind a decision.

135 True A democratic leader offers reasoning behind a decision.

136 True or False An employee’s knowledge, skills, intelligence, education, and efforts are known as his/her outputs to the job.

137 False An employee’s knowledge, skills, intelligence, education, and efforts are known as his/her outputs to the job. inputs

138 True or False According to the trait theory, those qualities most often associated with excellent leaders include charisma and courage.

139 True According to the trait theory, those qualities most often associated with excellent leaders include charisma and courage.

140 True or False Autocratic leaders are leaders listen to other people when trying to reach a decision.

141 False Autocratic leaders are leaders listen to other people when trying to reach a decision. Democratic leaders

142 True or False Laissez-faire does not mean hands on.

143 True Laissez-faire does not mean hands on.

144 Multiple Choice The positive reinforcement theory is also known as
Punishment theory Operant conditioning Reward theory None of the above

145 C. Reward Theory The reinforcement theory is also known as

146 Multiple Choice Characteristics that a leader possesses are classified as Behaviors Traits Classical None of the above

147 B. Traits Characteristics that a leader possesses are classified as

148 Multiple Choice Leaders who do not listen to other people but make all of the decisions themselves are known as Laissez-faire leaders Democratic leaders Motivational leaders None of the above

149 D. None of the above Leaders who do not listen to other people but make all of the decisions themselves are known as

150 Multiple Choice The pay, status, and intrinsic rewards that an employee receives from his or her job are considered Inputs Outcomes Job enrichments None of the above

151 B. Outcomes The pay, status, and intrinsic rewards that an employee receives from his or her job are considered

152 Multiple Choice According to the Occupational Outlook Handbook, most top executives have at least the following type of degree Associate’s Degree Bachelor’s Degree Master’s Degree All of the above.

153 B. Bachelor’s Degree According to the Occupational Outlook Handbook, most top executives have at least the following type of degree

154 Forms of Business Review
Business Essentials

155 Multiple Choice A business that is owned by stockholders and that has legal rights and responsibilities as it were a person. A. sole proprietorship B. partnership C. corporation D. none of these

156 C. corporation A business that is owned by stockholders and that has legal rights and responsibilities as it were a person.

157 Multiple Choice A business that is owned and managed by one individual who receives all the profits and bears all the losses. A. sole proprietorship B. partnership C. corporation D. none of these

158 A. sole proprietorship A business that is owned and managed by one individual who receives all the profits and bears all the losses.

159 Multiple Choice A business that is owned and managed two or more individuals who receives all the profits and bears all the losses. A. sole proprietorship B. partnership C. corporation D. none of these

160 B. partnership A business that is owned and managed two or more individuals who receives all the profits and bears all the losses.

161 Multiple Choice The three different kinds of business entities include
A. sole proprietorship B. corporations C. small businesses D. both a and b

162 D. both a and b A. sole proprietorship B. corporations
C. small businesses D. both a and b The three different kinds of business entities include

163 Multiple Choice ___________ is no more than 75 shareholders that may be taxed as a partnership A. S corporations B. limited liability companies C. Subsidiary corporations D. Parent company

164 A. S corporations ___________ is no more than 75 shareholders that may be taxed as a partnership

165 Multiple Choice ___________ is organizations that combine the benefits of S corporations and limited partnerships without the drawbacks of either. A. S corporations B. limited liability companies C. Subsidiary corporations D. Parent company

166 B. limited liability companies
___________ is organizations that combine the benefits of S corporations and limited partnerships without the drawbacks of either.

167 Multiple Choice ___________ is corporations whose stock is owned entirely or almost entirely by another corporation. A. S corporations B. limited liability companies C. Subsidiary corporations D. Parent company

168 C. Subsidiary corporations
___________ are corporations whose stock is owned entirely or almost entirely by another corporation.

169 Multiple Choice ___________ is company that owns most, if not all, of another company’s stock and that takes an active part in managing that other company. A. S corporations B. limited liability companies C. Subsidiary corporations D. Parent company

170 D. Parent company ___________ is company that owns most, if not all, of another company’s stock and that takes an active part in managing that other company.

171 Multiple Choice ___________ is partnership in which all partners have the right to participate as co-owners and are liable for the business’s debts. A. general partnership B. limited partnership C. common partnership D. partial partnership

172 A. general partnership ___________ is partnership in which all partners have the right to participate as co-owners and are liable for the business’s debts.

173 Multiple Choice ___________ is partnership composed of one or more general partners and one or more partners whose liability is usually limited to the amount of their capital investment. A. general partnership B. limited partnership C. common partnership D. partial partnership

174 B. limited partnership ___________ is partnership composed of one or more general partners and one or more partners whose liability is usually limited to the amount of their capital investment.

175 True/False A sole proprietorship is hard to organize.

176 False A sole proprietorship is hard to organize.

177 True/False Partnerships have limited liability.

178 False Partnerships have limited liability.

179 True/False For corporations, shareholders have unlimited liability.

180 False For corporations, shareholders have unlimited liability.

181 True/False In a sole proprietorship the profits are taxed at an individual rate.

182 True In a sole proprietorship the profits are taxed at an individual rate.

183 True/False In a partnership the profits are not taxed at an individual rate.

184 False In a partnership the profits are not taxed at an individual rate.

185 True/False In a partnership the management talent may be thin.

186 False In a partnership the management talent may be thin.

187 True/False In a sole proprietorship the business may cease when the owner dies.

188 True In a sole proprietorship the business may cease when the owner dies.

189 True/False Preferred stock is shares that give their owners first claim on a company’s dividends and assets after paying all debts.

190 True Preferred stock is shares that give their owners first claim on a company’s dividends and assets after paying all debts.

191 True/False Common stock is not shares whose owners have voting rights and have the last claim on distributed profits and assets

192 False Common stock is not shares whose owners have voting rights and have the last claim on distributed profits and assets

193 True/False Private corporations are a corporation that actively sells stock on the open market.

194 False Private corporations are a corporation that actively sells stock on the open market.

195 True/False Public corporations are a company owned by private individuals or companies.

196 False Public corporations are a company owned by private individuals or companies.

197 True/False Franchisor are the suppliers that grants a franchise to an individual or group in exchange for payments.

198 True Franchisor are the suppliers that grants a franchise to an individual or group in exchange for payments.

199 True/False Franchisee is a business owner who contracts for the right to sell goods or services of the suppliers in exchange for some payment.

200 True Franchisee is a business owner who contracts for the right to sell goods or services of the suppliers in exchange for some payment.

201 True/False Franchise is not a business arrangement in which a company or entrepreneur obtains rights to sell the goods or services of the suppliers.

202 False Franchise is not a business arrangement in which a company or entrepreneur obtains rights to sell the goods or services of the suppliers.

203 True/False Product based franchise gives you the right to sell trademarked goods, which are purchased from the franchisor and resold.

204 True Product based franchise gives you the right to sell trademarked goods, which are purchased from the franchisor and resold.


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