Business - Introduction To Business, Pre Quiz 7

1

Randall wants to become a certified public accountant. To accomplish this, he must be certified by the ________ in which he plans to provide accounting services.

2

Uniformity of thought that occurs when peer pressures cause individual team members to withhold contrary or unpopular opinions is called ________

3

If the audience is likely to respond negatively to a written message, a good strategy is to begin the message with a brief discussion of the rationale for the message before presenting the bottom line

4

The fourth decision making step is ________

5

Give an example of a supply chain containing at least three links

6

As mentioned in the Adapting to Change box, accountants that search for fraudulent activities are called forensic accountants.

7

Define the aspects of a SWOT analysis and how it can benefit a company

8

The _____ shows the quantity of products that producers will offer at various market prices

9

An organization's structure is the

10

Establishing goals is the starting point for a social audit, but the next step is to determine how to measure the achievement of those goals, and measurement can be a bit tricky

11

One of the drawbacks of a limited liability company is that most states do not yet recognize this form of ownership.

12

Mini-Case Eli Moneybags works for Second Commercial Bank, one of the largest banks in the Southwestern U.S. He is a loan officer, specializing in mortgages. Tio Jaime, Eli's favorite (and wealthiest) uncle, passed away last month and left him a sizable amount of money. Eli is looking at the best way to invest his newly acquired wealth. He is considering many options, ranging from simply putting the money into a savings account to the possibility of starting his own business. Although his bank job pays well and offers pleasant working conditions, Eli is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor. He is also a bit bored and looking for a new challenge. He thinks he might get a lot of

in Business

satisfaction from owning his own business. Eli has not made a definite decision yet, but has talked to a lot of people searching for a good idea for a new business. If he can come up with an idea he likes, he might just quit his current job and use his inheritance to go into business for himself!If Eli starts his own business, his firm's activities and policies will impact many different groups of stakeholders, including employees, customers, creditors, suppliers, and people living in the community where his business is located. Which of the following statements represents how Eli should deal with these various groups? Eli should

A. take the needs of all of these groups into account, and try to satisfy each group as much as possible.
B. concentrate on maximizing his own profits and let everyone else look out for themselves.
C. concentrate on meeting the needs of his customers, since they are crucial to the success of his business, but ignore the needs of other groups in order to keep costs low.
D. satisfy whichever group complains the loudest, using the "squeaky wheel gets the grease" philosophy.

13

Jessi ships various perishable flowers from her greenhouses near St. Louis to florists thousands of miles away in cities such as San Antonio, Seattle, and Hartford. Since the flowers must reach the florists as quickly as possible, the best mode of transportation for Jessi to use would be

14

The process of ethical decision-making or ethical algorithm typically begins with:

15

Establishment of the euro created the largest currency zone in the world, replacing the position the U.S. dollar had held for decades.

16

An automobile company is asked to recall 20 batches of its sports utility vehicle after it is found that a defect in the exhaust system of the car causes it to emit more smoke than the level permitted. In this scenario, the car manufacturing company is exceeding its _____ emissions.

17

Which of the following protects intellectual property?

18

The ultimate purpose of GATT was to

19

Which of the following, if true, most strongly supports recommending increased mentoring and coaching as a cost-effective solution?

20

If you request a recommendation from a person you haven't had contact with recently, you should

21

Common stockholders have the right to ___, but preferred stockholders do not have this right

22

A form of ________ that can hurt a company is improperly inflating reports of financial results.

23

A disadvantage of debt financing is that it requires the firm to make fixed payments

24

The number of customers that an Outback Steakhouse can serve at one time is the restaurant's

25

The key people in a company's grapevine typically have considerable influence in the organization.

26

BrickLane Capital Inc recently funded Gorge LLC, a rapidly growing chain of restaurants, in exchange for a 49 percent share of ownership. BrickLane Capital is an example of a(n) _________

27

As the chief of strategy for Paradigm Software, Bill Fence has decided the risks of software piracy in Indonesia are too high to justify a continued presence in that country. The barrier to international trade that Bill Fence is most concerned about is the _____ in Indonesia

28

A consultation with a world-famous surgeon is an example of a(n) ________ service

29

Penicillin, airplanes, and air conditioning were all

30

Daniel Defoe stressed the importance of a tradesman keeping his books not only so that he could know his financial circumstances on a regular basis but also so he was prepared for what other event?

31

Which of the following statements is true about the social obligation approach?

32

Alpha Inc saw an increase in profits in the previous year following which the management decided to reinvest earnings. These retained earnings will be used to:

33

Which of the following best describes a business using a process layout?

34

A(n) ________ sells general merchandise directly from the manufacturer at a discount; items may be discontinued or have certain product flaws.

35

Describe how to develop a message using words that communicate well

Choose strong, precise words. Choose words that express your thoughts clearly, specifically, and dynamically. If you find yourself using a lot of adjectives and adverbs, you're probably trying to compensate for weak nouns and verbs. Choose familiar words. You'll communicate best with words that are familiar to both you and your readers. Avoid clichés and be careful with buzzwords. Although familiar words are generally the best choice, avoid clichés—terms and phrases so common that they have lost some of their power to communicate. Use jargon carefully. Jargon, the specialized language of a particular profession or industry, has a bad reputation, but it's not always bad. Using jargon is usually an efficient way to communicate within the specific groups that understand these terms.

36

Sami has a very engaging management style, but some employees are still underperforming. So she meets individually with each of them to find out what might help influence them toward meeting the team's common goals. Which function of management is Sami utilizing?

37

Business intelligence is any variety of software applications that analyze an organization's raw data and take useful insights from it.

38

GAAP is adopted in managerial accounting to provide accounting information to managers of specific departments

39

Jessica Villareal is a manager at Visibility Media. During an interview with Chloe Schwartz, a candidate for the new marketing position, Villareal catches Schwartz in a lie about a fact unrelated to the job. Villareal needs to fill the position quickly, but she also knows that Visibility Media should continually strive to uphold high ethical standards. Which of the following is Villareal's best course of action?

40

People who assume the risk of business ownership with a primary goal of growth and expansion are called entrepreneurs

41

How are private individuals most likely to benefit from the latest accounting software?

42

Virtual teams are unassigned teams of friends within an organization

43

New-product failures are most often caused by excessively high prices.

44

Under a system of floating exchange rates, the value of a country's currency is determined by government regulation.

45

The four stages of social responsibility are financial, legal, management, and ethics.

46

Heinz ketchup comes in a variety of different sizes, including a single-serve "dip and squeeze" size that allows consumers to peel back the lid to dip items in or tear off a small piece to squeeze out the ketchup. This type of packaging functions to:

47

ISO 14000 standards establish specific goals for environmental performance.

48

To maintain customer satisfaction in selling its luxury cars, Upscale Motors provides salesperson assistance, technical advice, warranties, and repair services. Most of its customers buy these cars after shopping and comparing price, quality, and style. Upscale Motors uses ________ distribution.

49

When the company is operating at a loss, the total expenses listed on the income statement will be ________

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Business - Introduction To Business, Pre Quiz 7

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