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1
in Business
_____ are market structures with one company as the supplier of a product because the nature of that product makes a single supplier more efficient than multiple, competing ones.
A. Monopolistic competitions
B. Oligopolies
C. Pure competitions
D. Natural monopolies
Answer: D
2
in Business
Which of the following is a negative factor that affects socialist economic systems?
A. Excessive private ownership of healthcare services
B. Absence of a tax structure
C. Lack of government ownership of key enterprises
D. Inefficiencies and corruption
-Inefficiencies and corruption
3
in Business
The economic system of the East Asian nation of Xinzen calls for public ownership of all businesses. The government has complete control over the market, and individuals do not have individual rights and the freedom to make choices. In this scenario, the economic system followed by Xinzen is _____.
A. socialism
B. distributism
C. capitalism
D. communism
Answer: D
4
in Business
Normander Corp. is a large media corporation that owns all the media outlets in Liecheben and a few news agencies internationally. Any new media company that tries to establish itself in Liecheben soon runs out of business because of the overpowering presence of Normander Corp. This scenario exemplifies _____.
A. pure competition
B. monopoly
C. monopolistic competition
D. oligopoly
Answer: B
5
in Business
The Kingsabode Daily is a community news agency that distributes newspapers to the residents of Kingsabode County. To meet the demand and to ensure that there is zero wastage of resources, the news agency prints 250 newspapers that are distributed in the 250 homes in the county. The price associated with such a demand and supply pattern is called the _____.
A. parity price
B. producer price
C. equilibrium price
D. basic price
Answer: C
6
in Business
A drawback of communism, which was adopted by some countries in the 1900s, was the inability of people to make basic choices such as where to work or what to buy.
Answer the following statement true (T) or false (F)
True

Countries that adopted communism in the 1900s did not thrive. Most imposed authoritarian governments that suspended individual rights and choices. People were unable to make even basic choices such as where to work or what to buy. Without the free market to establish what to produce, crippling shortages and surpluses developed. See 2-4: Planned Economies: Socialism and Communism
7
in Business
In the context of planned economies, countries thatadoptedcommunism in 1900s developed:
A. individualism and narcissistic values among people.
B. a plethora of choices regarding jobs and buying options.
C. transparency atevery level of government.
D. crippling shortages and surpluses.
Answer: D
8
in Business
A giant telecommunications company that was previously owned by the government of Sunzabia, a European country, is sold to an independent industrialist to ensure that the company is handled in a more efficient way. The given scenario exemplifies _____.
A. privatization
B. globalization
C. a joint venture
D. a coalition
Answer: A
9
in Business
Gross Domestic Product (GDP) levels tend to be somewhat understated, since they don't include any illegal activities, which can represent a significant portion of some countries' production.
Answer the following statement true (T) or false (F)
True

GDP levels tend to be somewhat understated, since they don't include any illegal activities—such as paying undocumented nannies and gardeners, or selling illegal drugs—which can represent a significant portion of some countries' production. See 2-6: Evaluating Economic Performance: What's Working?
10
in Business
Glasvania, a European country, experiences a period of economic downturn that results in high unemployment. Almost all businesses are compelled to reduce their prices by a large margin because most consumers have limited money to spend. The given scenario exemplifies _____.
A. stagflation
B. inflation
C. deflation
D. disinflation
Answer: C
11
in Business
Deflation refers to a period of falling average prices across an economy, which is a sign of economic trouble that goes hand-in-hand with very high unemployment.
Answer the following statement true (T) or false (F)
True

Deflation is a period of falling average prices across an economy. It is typically a sign of economic trouble that goes hand-in-hand with very high unemployment. See 2-6: Evaluating Economic Performance: What's Working?
12
in Business
The economic situation in Lanceberg, an African country, slowly picks up after a severe financial downturn. Over a period of 12 months, businesses expand and employment levels rise. Consumers begin to engage in normal buying behavior. In this scenario, the economy of Lanceberg is currently in the _____.
A. recovery phase
B. relapse phase
C. contraction phase
D. inflation phase
Answer: A
13
in Business
The U.S. government uses the consumer price index (CPI) and the producer price index (PPI) to evaluate:
A. budget surplus.
B. discount rates.
C. productivity.
D. inflation.
Answer: D
14
in Business
Gregory was a typist at a corporate firm. When the company adopted a special voice recognition software for the purpose of documentation, Gregory's job became redundant. Therefore, he was laid off. The increased use of technology in most companies has made Gregory's skills inessential, and he remained unemployed for a long time. In the given scenario, Gregory is facing _____.
A. seasonal unemployment
B. structural unemployment
C. frictional unemployment
D. cyclical unemployment
Answer: B
15
in Business
Ronnie works on a part-time basis for a company that provides home repair and maintenance services. Ronnie is specialized in handling the central heating systems in homes and is therefore needed to be at work only during the winter. Other than that, he is mostly unemployed for the rest of the year. In this scenario, the form of unemployment faced by Ronnie is _____.
a. seasonal unemployment
b. structural unemployment
c. cyclical unemployment
d. periodical unemployment

Ans: a. seasonal unemployment

16
in Economics
The curve that shows the relationship between the price of a good and the quantity that consumers are willing to purchase at each price is the
a. supply curve. b. demand curve.
c. production possibilities curve. d. consumption curve.
b
17
in Economics
Which of the following is a predictable, secondary effect of a sharp increase in gasoline prices?
A) The federal government will place a quota on the number of fuel-efficient cars for sale, thus "forcing" consumers to purchase the gas guzzling vehicles.
B) Producers will increase the production of fuel-efficient cars.
C) the termination of research on the cost-effectiveness of alternative fuels to power automobiles.
D) Producers will increase the production of gas guzzling vehicle
B) Producers will increase the production of fuel-efficient cars.
18
in Education
Why is it essential to use action words and industry targeted keywords in a resume? 
Action verbs show that you take initiative and convey a stronger image of your achievements and contributions. Resume scanning applications are used by employers to narrow down the number of resumes they receive. The applications look for keywords—terms that represent the qualifications the company has programmed the software to search for. The more keywords the resume-search software identifies, the more likely it is that your resume will be selected and you will be considered for an interview.
19
in Education
It is important to be selective about what to include in your resume instead of including everything you’ve done. Why is it so hard for most job seekers to do this?  ‚
It takes time and effort to prioritize and concisely describe your most relevant experiences and strengths.
20
in Education
What difference do you think it makes to an employer if they see resumes with proper grammar and clean format versus ones without? ‚ƒ
A multiple-error resume may be immediately disqualified from consideration for the job.
21
in Education
Why is the WHI method such a powerful tool? What can you do if you cannot find quantifiable data to support your skills and experience? 
The most persuasive resumes describe the applicants’ accomplishments with numbers, percentages, and dollar amounts to emphasize how the accomplishments can meet the prospective employers’ needs. Focus on how the accomplishment was achieved and the intangible importance if you do not have quantifiable data.
22
in Education
How can you tailor your resume to target a specific job or employer? Give at least three examples from your own resume. ‚
Customize the Employment Goal statement of your Professional Profile section for different job targets and industries.
Customize your list of Qualifications based on the skills and requirements described in the job listing.
Prioritize bullet points based on relevance to job listing responsibilities and skills in the Work and Related Experience sections of your resume.
Use keywords throughout your resume that match the terms in the job listing.
Use appropriate industry terminology.
23
in Business
Compared to the United States, China and India have:
A. smaller market size.
B. higher gross domestic product growth rates.
C. higher per capita gross domestic products.
D. lower population.
Answer: B
24
in Business
Despite their huge populations, China and India represent a much smaller opportunity in terms of size and economic growth
Indicate whether the statement is true or false
False
25
in Economics
Trade restrictions like tariffs and quotas will
a. protect American jobs and increase employment.
b. ensure that more dollars stay in the United States.
c. reduce the value of goods and services that we will be able to produce and consume.
d. make all Americans better off.
C
26
in Economics
Competition is present when
A) subsidies assure that inefficient firms remain active in the market.
B) there is little incentive to introduce new products and discover better ways of doing things.
C) the market is characterized by rising prices and declining product quality.
D) freedom of entry and rival firms are present in a market.
D) freedom of entry and rival firms are present in a market.
27
in Economics
Which of the following is most important if a country is going to achieve and sustain rapid economic growth?
A) an open and competitive capital market
B) high tariffs and imposition of other trade restrictions
C) high rates of inflation
D) high marginal tax rates
A) an open and competitive capital market
28
in Business
The basic mission of the _____ is to promote global economic cooperation and stable growth.
-World Bank
-World Trade Organization
-International Monetary Fund
-General Agreement on Tariffs and Trade
-International Monetary Fund
29
in Business
The _____ is aninternational cooperative of 188 member countries, working together to reduce poverty in the developing world.
A. World Bank
B. World Trade Organization
C. International Monetary Fund
D. General Agreement on Tariffs and Trade
Answer: A
30
in Business
_____ refers to the unrestricted movement of goods and services across international borders.
A. Protectionism
B. Countertrade
C. Free trade
D. Direct investment
Answer: C
31
in Business
Umeron, a European country, wants to import 18 million bales of cotton from Trumberton, an Asian country. However, Umeron is able to import only 10 million bales because Umeron's import laws limit the amount of cotton and jute that can be imported. In the given scenario, the government of Umeron has imposed a(n) _____ to restrict international trade.
A. voluntary export restraint
B. tariff
C. embargo
D. quota
Answer: D
32
in Business
Inicell Inc., an American camera manufacturing company, wanted to import a few camera parts from Ruelia, an Asian company. However, the American government passed a taxation law that stated that a tax of 4% would be levied on all electronic imports. In this scenario, the American government imposed a(n) _____.
A. embargo
B. quota
C. tariff
D. voluntary export restraint
Answer: C
33
in Business
In Fidaro, a North American country, punctuality is considered a sign of integrity. On the other hand, in Gwary, an African country, punctuality is considered a sign of anxiety and is given less importance. This exemplifies:
A. legal differences.
B. political differences.
C. economic differences.
D. sociocultural differences.
Answer: D
34
in Business
Trade restrictions were created to:
-Increase jobs from foreign companies.

-protect national security interests.

-use resources more efficiently on a worldwide basis.

-build exporting opportunities through better relationships with other countries.
-protect national security interests.
35
in Business
In _____,firms either acquire foreign firms or develop new facilities from the ground up in foreign countries.
A. direct investment
B. a strategic alliance
C. foreign franchising
D. countertrade
Answer: A
36
in Business
Quistor Inc., a company based in the country of Waltefa, contracts with a small-scale supplier in the country of Carlesna to manufacture its computers and tablets that are sold across the world. This strategy by Quistor Inc. illustrates _____.
A. joint venture
B. franchising
C. exporting
D. foreign outsourcing
Answer: D
37
in Uncategorized
_____ is the authority granted by a domestic firm to an overseas firm for the rights to produce and market its product or to use its trademark/patent rights in a defined geographical area.
a. Outsourcing
b. Foreign franchising
c. Offshoring
d. Foreign licensing

Answer : d. Foreign licensing

38
in Business
In the context of global trade, the _____ is a measurement of the value of one nation's currency relative to the currency of other nations.
A. Countertrade ratio
B. Exchange rate
C. Discount rate
D. Foreign Licensing

Ans: B. Exchange rate

39
in Business
When the total value of a nation's exports is higher than the total value of its imports, that country has a(n) _____
A) ​absolute advantage
B) ​trade surplus
C) ​trade deficit
D) ​comparative advantage
B
40
in Business
Which of the following countries has a trade deficit?
A. An Asian country that does not engage in trade with other countries
B. A European country that has a higher total value of imports than exports
C. An African country that produces all products domestically
D. A North American country that exports goods but does not import goods
Answer: B
41
in Business
In the context of global trade, a balance of payments deficit means that:
A. foreign borrowing and lending are excluded from calculating the balance of payments.
B. more money flows in than out.
C. more money flows out than in.
D. foreign payments and receipts are excluded from calculating the balance of payments.
Answer: C
42
in Business
The total value of the goods exported by Maulini, a South American country, in the last fiscal year was lower in comparison to the total value of the goods imported by it. Given this information, Maulini had a _____ in the last fiscal year.
A. trade surplus
B. balance of payments surplus
C. trade deficit
D. balance of payments deficit
Answer: C
43
in Business
Romernia, an Asian country, imported goods and services worth $700 million in the last fiscal year. It exported goods worth $400 million in the same year. The difference in the value of Romernia's imports and exports is known as _____.
A. an absolute advantage
B. the balance of trade
C. a comparative advantage
D. the balance of payments
Answer: B
44
in Business
Which of the following countries is involved in countertrade?
A. An Asian country that imports cotton from an African country and resells it to other countries
B. A North American country that experiences more cash outflow than inflow
C. An Asian country that provides sugarcane to an African country in exchange for jute
D. A European country whose total value of exports is higher than its imports
Answer: C
45
in Business
Ithilium, a European country, is able to produce more electronics than Kilim, a North American country, even though both countries use the same amount of resources. Given this information, it can be deduced that Ithilium has a(n):
A. comparative advantage over Kilim.
B. higher trade surplus than Kilim.
C. absolute advantage over Kilim.
D. higher balance of payments surplus than Kilim.
Answer: C
46
in Business
Openi, an island nation, is able to increase its textile production without having to compromise on the production of other materials. This is in contrast to other nations that need to lower the production of other materials to increase their textile production. In this scenario, Openi has a _____ in textile production.
A. comparative advantage
B. balance of payments surplus
C. positive balance
D. trade surplus
Answer: A
47
in Business
Which o the following statements is true of ethics?
-All ethical standards are codified in the law.

-Ethics and social responsibility are independent of each other.

-Actions that are completely legal can still be unethical.

-Establishing broad agreement on ethical standards is easier when society is diverse.
-Actions that are completely legal can still be unethical.
48
in Business
Janet reasons, "It is wrong to lie. However, it is okay to overstate my expense account on my recent business trip because I need the money, and my company has not given me a raise in the past year." In this scenario, Janet is an employee who views ethics as _____.
A. universal
B. relative
C. moral absolutism
D. a double-barreled argument
Answer: B
49
in Business
Promoting high-calorie/low-nutrient foods with inadequate information about the risks is a(n) _____ practice.
A. legal but unethical
B. illegal and unethical
C. legal and ethical
D. illegal but ethical
Answer: A
50
in Business
Walid, an IT professional, is known for his perseverance, his self-discipline, and taking accountability for his actions. In the context of universal ethical standards, Walid most likely possesses the core value of _____.
A. frugality
B. responsibility
C. citizenship
D. willfulness
Answer: B
51
in Business
Rupert is an individual who believes in contributing to the community by using eco-friendly products. In the context of universal ethical standards, Rupert most likely possesses the core value of _____.
A. trustworthiness
B. fairness
C. citizenship
D. assertiveness
Answer: C
52
in Business
In the context of universal ethical standards, being open-minded and not taking advantage of others exemplifies the core value of _____.
A. responsibility
B. fairness
C. respect
D. caring
Answer: B
53
in Business
In the context of the legal and ethical dimensions of business conduct, embezzling money is:
A. legal but unethical.
B. illegal and unethical.
C. legal and ethical.
D. illegal but ethical.
Answer: B
54
in Business
Universal ethical standards can solve the problem of too many people viewing ethics as _____.
A. evasive
B. relative
C. inexplicit
D. ambiguous
Answer: B
55
in Business
Anaida is an entrepreneur who believes in providing equal opportunity to people regardless of their age, gender, race, or religion. She is open-minded and detests the idea of taking advantage of others. In the context of universal ethical standards, Anaida most likely possesses the core value of _____.
A. frugality
B. fairness
C. citizenship
D. responsibility
Answer: B
56
in Business
Rudolf, a Polish manager in a company based in China, is admired by his colleagues for the way he interacts with people, his considerate nature, and his tolerance toward other cultures. In the context of universal ethical standards, Rudolf possesses the core value of _____.
A. subservience
B. foresight
C. accountability
D. respect
Answer: D
57
in Business
In the context of the core values identified by the Character Counts organization, being honest, not deceiving, cheating, or stealing, and doing what you say you'll do represent the universal ethical standard of _____.
A. trustworthiness
B. responsibility
C. citizenship
D. fairness
Answer: A
58
in Business
In the context of business ethics, _____ refers to a decision that involves a conflict of values.
A. an ethical lapse
B. ethical hacking
C. an ethical dilemma
D. ethical consumerism
Answer: C
59
in Business
The employees of a multinational company follow a standardized and formal set of written guidelines that help them make right decisions in various situations. These guidelines have been translated into 20 languages and are followed by employees across all branches of the company. One of the guidelines is to include all supervisors in discussions regarding instances of violation of rules. In this scenario, the multinational company has:
A. created a document of compliance for its members.
B. created a code of ethics for its members.
C. set a vision that encourages opportunism.
D. set a greenwashing strategy for its members.
Answer: B
60
in Business
Research from the Ethics Resource Center suggests that _____ has more influence than any other variable on the ethical conduct of individual employees.
A. workplace diversity
B. organizational culture
C. sexual orientation
D. socioeconomic background
Answer: B
61
in Business
A cement company decided to modify its production methods to minimize the negative impact of the company's activities on the environment. The company also invested in the purchase of upgraded machinery to implement this plan. In the given scenario, the cement companymost likely embraced the idea of _____.
A. sustainable development
B. corporate philanthropy
C. cause-related marketing
D. planned obsolescence
Answer: A
62
in Business
Quinbeck Inc., a computer manufacturing company, annually donates 6% of its total profits to an orphanage. The company also provides free personal computers to children to promote learning among them. Given this information, Quinbeck Inc. most likely engages in _____.
A. consumerism
B. corporate responsibility
C. corporate philanthropy
D. freeganism
Answer: C
63
in Business
In the context of a company's responsibility to the environment, which of the following is the idea behind sustainable development?
A. To raise money by increasing sales of a company's products so that a significant amount can be donated to nonprofit organizations
B. To be able to wisely choose between two bad options by judging the losses associated with each
C. To report unethical and illegal societal activities of employees to the relevant authorities or the media
D. To meet the needs of the current generation without harming the ability of future generations to meet their needs
Answer: D
64
in Business
In the context of a socially responsible organization, which of the following statements is true of consumerism?
A. It is a drive that supports contribution to nonprofits through cause-related marketing.
B. It is amovement that suggests that customer rights should be the starting point of any business.
C. It describes the judgmental and excessive bargaining power of buyers.
D. It focuses on the right of the customers to be involved in the pricing of certain products.
Answer: B
65
in Business
One of the ways by which companies can show their responsibility toward the environment is by reducing their _____.
A. anaerobic digestion
B. leapfrogging
C. carbon footprint
D. green procurement
Answer: C
66
in Business
Broche Technologies, a brand of electronic appliances, develops a new range of refrigerators that do not release chlorofluorocarbons. The company promotes these products as the most eco-friendly refrigerators in the market. In this scenario, Broche Technologies is engaging in _____.
A. astroturfing
B. greenwashing
C. cause-related marketing
D. green marketing
Answer: D
67
in Business
Angorasia, an Asian country, supports a free market system. The flexible economy of the country makes it fairly easy for new sellers to enter the market, which in turn gives buyers a variety of choices in terms of products and services. Given this information, it can be said that Angorasia supports _____.
A. integralism
B. protectionism
C. neorealism
D. consumerism
Answer: D
68
in Business
Aragon, a brand of inverters, provides products that work well in the first year of their use. The performance of the products, however, starts declining after the first year, and the products eventually become unusable within a short period of time. The pattern of breakdown is similar for all Aragon inverters. Reports suggest that Aragon intentionally creates inferior products to increase repurchases. In the given scenario, Aragon is guilty of _____.
A. project mismanagement
B. planned obsolescence
C. crash simulation
D. modular function deployment
Answer: B
69
in Business
After being stagnant for a few years, a clothing company started making profits consistently. Following this, the CEO of the company decided to contribute to the growth of the community by starting an apprenticeship program in tailoring. The program involved providing training to a batch of 10 uneducated, underprivileged people free of cost every year. In this scenario, the company's gesture exemplifies _____.
A. green marketing
B. corporate philanthropy
C. social responsibility
D. corporate opportunism
Answer: C
70
in Business
FreshBean is an online grocery delivery service. Its employees and customers, the farmers from whom the company obtains its products, and the people who live in the community where the company operates are FreshBean's _____.
A. union organizers
B. shop stewards
C. philanthropists
D. stakeholders
Answer: D
71
in Business
The most socially responsible companies establish _____ for their vendors, setting clear policies for human rights, wages, safety, and environmental impact.
A. codes of conduct
B. universal ethical standards
C. greenwashing principles
D. human acts and morality basics
Answer: A
72
in Business
Andrew, an employee in a corporate company, is asked to conduct a systematic evaluation of how well the company is meeting its ethics and corporate responsibility goals. In the given scenario, Andrew is most likely asked to do a _____.
A. social audit
B. continuous audit
C. statutory audit
D. horizontal audit
Answer: A
73
in Business
Clara and Sandra collaborate to open a cafe. They come to an arrangement wherein Sandra manages the cafe from Monday to Wednesday, Clara manages it from Thursday to Saturday, and both jointly manage it on Sunday. Both Clara and Sandra share the profits of the business equally while facing a personal liability for any debts or losses that the cafe may incur. In this scenario, Clara and Sandra most likely _____.
A. own a corporation
B. have a general partnership
C. have a limited partnership
D. own a limited liability company
Answer: B
74
in Business
Tasmeen owns a retail business along with four other people. Like the other owners, Tasmeen is not personally responsible for the debts of the company. Her personal assets are thus protected in case the company incurs losses. Given this information, it can be assumed that Tasmeen _____.
A. owns a corporation
B. has a general partnership
C. has a limited partnership
D. owns a proprietorship
Answer: A
75
in Business
Choice of ownership determines the degree to which each owner has personal liability for the firm's debts.
Answer the following statement true (T) or false (F)
True

Choice of ownership determines the degree to which each owner is personally liable for the firm's debts and the sources of funds available to the firm to finance future expansion. See 6-1: Business Ownership Options: The Big Four
76
in Business
FoodieGo, a catering company, is owned by foreign investors and local businessmen. Its earnings are equally divided among its members. It does not face the problem of double taxation as taxes are only levied on the personal income of the members. The owners of FoodieGo do not have personal liability for any debts incurred by the company. In the given scenario, FoodieGo is an example of a _____.
A. limited liability company
B. corporation
C. limited partnership
D. sole proprietorship
Answer: A
77
in Business
Which of the following is a disadvantage associated with sole proprietorships?
A. Raising money to finance growth can be tough for business owners.
B. Taxes are levied directly on the earnings of business owners.
C. Controlling power cannot be retained by the business owners.
D. The costs of formation of a firm are more compared to other business forms.
Answer: A
78
in Business
Jovi's Corner, a toy store, abruptly closes down after the death of its owner. Without an heir or an experienced person to manage the store, Jovi's Corner is shut down, and the property is sold off to another party. The profits are donated to an orphanage. In the given scenario, Jovi's Corner is most likely an example of a _____.
A. limited liability company
B. corporation
C. limited partnership
D. sole proprietorship
Answer: D
79
in Business
Which of the following is an advantage of general partnerships?
A. Partners capitalize on complementary skills.
B. All partners have limited liability.
C. A partner's investment stays with the company even when he or she withdraws.
D. Partnerships have negligible scope for disagreements.
Answer: A
80
in Business
Tania starts a bookstore with her friend. However, owing to other commitments, Tania is unable to help with the daily operations of the bookstore. Therefore, Tania proposes that she would not actively participate in managing the business but would provide financial support to the business. By doing this, she would be sharing the profits equally with her friend, without incurring any of the business debts personally. In this scenario, Tania is a(n) _____.
A. general partner
B. limited partner
C. quasi partner
D. active partner
Answer: B
81
in Business
There is no limit on the number of partners who can participate in a general partnership
a. True
b. False
Indicate whether the statement is true or false
True
82
in Business
A textile corporation has two hundred odd stockholders. As it is inconvenient for so many stockholders to manage the company, the stockholders elect a group of individuals to oversee the company's operation and to represent their interests. In this scenario, the stockholders elect a _____.
A. board of valuers
B. board of directors
C. board of corporators
D. board of regents
Answer: B
83
in Business
A firm considers _____ to increase size and market power within the industry.
A. a buyer-supplier consolidation
B. a conglomerate consolidation
C. vertical mergers
D. horizontal mergers
Answer: D
84
in Business
Fabotels is a hotel aggregator that buys budget hotels that succumb to financial losses and then refurbishes them under the company's brand name. Fabotels recently purchased Ravine Comforts, a small lodge that was running into huge debts. The business deal between Fabotels and Ravine Comforts exemplifies a(n) _____.
A. acquisition
B. horizontal merger
C. corporate spin-off
D. divestiture
Answer: A
85
in Business
Norman owns a large number of shares in a telecommunications corporation. Despite that, he does not have the right to vote in a meeting held specifically to elect the CEO of the company. In this scenario, Norman is most likely a _____.
A. general partner
B. limited partner
C. common stockholder
D. preferred stockholder
Answer: D
86
in Business
Heinrich Chemical Corporation holds an annual meeting in which it invites all individuals who hold shares in the company. The occasion is also set aside for the election of a new member to the company's board of directors. However, the company ensures that only individuals who have the right to vote participate in the election. In this scenario, the _____ of the company take part in the voting process.
A. general partners
B. limited partners
C. common stockholders
D. preferred stockholders
Answer: C
87
in Business
Which of the following is a difference between a C corporation and an S corporation?
A) ​The members of a C corporation have unlimited liability, whereas the members of an S corporation enjoy limited liability.
B) ​The members of a C corporation have limited liability, whereas the members of an S corporation have unlimited liability.
C) ​A C corporation is double taxed, whereas an S corporation is taxed as a partnership.
D) ​A C corporation is taxed as a partnership, whereas an S corporation is double taxed.
C
88
in Business
A large film production company merges with a popular sound processing studio, resulting in the formation of a new company out of the two previously independent firms. This is most likely an example of a _____.
A. market extension merger
B. conglomerate merger
C. vertical merger
D. horizontal merger
Answer: C
89
in Business
Happta is a corporation with tax-exempt status. It has members but cannot have stockholders. Given this information, Happta is most likely a(n):
A. S corporation.
B. C corporation.
C. not-for-profit corporation.
D. statutory close corporation.
Answer: C
90
in Business
In the context of an acquisition, the firm that is purchased by another firm is called the _____.
A. acquiring firm
B. target firm
C. licensee
D. franchise
Answer: B
91
in Business
The stockholders of a construction firm decide to start a steel company, but they want to have limited liability. After completing the business plan, they initiate the process of establishing the company by filing articles of incorporation and paying the filing fees to the state government. In this scenario, the stockholders of the firm want to start a _____.
A. franchise
B. general partnership company
C. limited liability company
D. C corporation
Answer: D
92
in Business
Conall is appointed by a nine-member board of directors of a real estate company to manage the company on a daily basis. The board ensures that Conall acts in a manner that is consistent with the interests of the stockholders. Given this information, Conall is most likely a _____.
A. non-executive director
B. chief executive officer
C. chief business officer
D. human resource manager
Answer: B
93
in Business
Svelter Corporation does not face the problem of double taxation as the Internal Revenue Service (IRS) does not tax the earnings of the company separately. Instead, taxes are only levied on the personal income of the stockholders. A limitation, however, is that the company is only allowed to have a maximum number of 100 stockholders at a time. Given this information, Svelter Corporation is a(n) _____.
A. S corporation
B. C corporation
C. not-for-profit corporation
D. statutory close corporation
Answer: A
94
in Business
The basic rules governing how a corporation is organized and how it conducts its business are known as _____.
A. corporate bylaws
B. articles of business management
C. certificates of organization
D. prospectuses
Answer: A
95
in Business
Lancelock Inc. buys a less accomplished firm by directly signing a deal with the target firm's shareholders. The move is vehemently opposed by the board of directors and the top management of the target firm. This is an example of a _____.
A. creeping acquisition
B. hostile takeover
C. bootstrap acquisition
D. lobster trap
Answer: B
96
in Business
The owners of limited liability companies (LLCs) are called members because:
A. they can only be individuals and not foreign investors or other corporations.
B. LLCs are not considered separate and distinct from their owners.
C. they share the same interests in the firm as common stockholders.
D. LLCs are neither corporations nor partnerships.
Answer: D
97
in Business
Flaira, a high-end clothing brand in Florida, signs a licensing agreement with a firm in Honolulu to allow the latter to use Flaira's brand name, trademark, and business methods to operate the same clothing business in Honolulu. In exchange, the Honolulu firm has to pay the owner of Flaira an annual fee. This scenario is an example of a(n) _____.
A. conglomerate merger
B. sole proprietorship
C. franchise
D. acquisition
Answer: C
98
in Business
A Franchise Disclosure Document (FDD) is:
A. a public document that contains a detailed description of all aspects of a franchise.
B. a document provided by a franchisor to the franchisee.
C. issued by the government to every new franchise.
D. submitted by a franchisee to the franchisor.
Answer: B
99
in Business
Which of the following statements is true of a franchisor-franchisee relationship?
A. A franchisee is free to make its own judgments when operating a business.
B. A franchisor limits the franchisee's territory from expanding into other areas.
C. A franchisee is exempted from paying any kind of royalty to the franchisor.
D. A franchisor fully pays for the costs involved in national advertising campaigns.
Answer: B
100
in Business
An advantage of franchising is:
-the franchisee's ability to freely expand its territory.
-the franchisee's ability to take control of the business.
-easier access to funding.
-minimal setup costs.
-easier access to funding.
101
in Business
Which of the following is a disadvantage of franchising?
A. The franchisee seldom receives any support or training from the franchisor about running the business.
B. The franchisee is unable to attain instant brand-name recognition among customers.
C. The franchise agreement usually requires the franchisee to follow the franchisor's procedures to the letter.
D. The franchisee faces funding challenges as bankers are often reluctant to fund franchisees.
Answer: C
102
in Business
Paul worked as an artisan at a furniture company where a set of artisans were required to produce a specific part of a product, and the product was later assembled. Paul quit his job and started a small furniture business where he crafts unique products based on the demands of his customers. He feels that the constant need to adapt and outperform himself keeps him focused and motivated to improve his craft. Which advantage of entrepreneurship is highlighted in the given scenario?
A. Greater financial success
B. Survival
C. Greater tractability
D. Challenge
Answer: D
103
in Business
Felix lost his job at an investment firm because of downsizing during a period of recession. To keep himself financially stable, he opened a food truck that became a huge success. Which of the following advantages of entrepreneurship initially motivated Felix to start the food truck?
A. Survival
B. Independence
C. Flexibility
D. Challenge
Answer: A
104
in Business
Ophelia opened a boutique that specializes in creating custom trousseaux for brides. She conceived the idea in her senior year at school, and despite receiving criticism for the idea, she went ahead and opened the boutique. Which entrepreneurial characteristic is highlighted in the given scenario?
A. Self-reliance
B. Vision
C. Energy
D. Conformity
Answer: B
105
in Business
In the context of entrepreneurs, which of the following statements is a difference between an internal locus of control and an external locus of control?
A. An internal locus of control is an entrepreneurial trait, whereas an external locus of control is not.
B. An internal locus of control does not involve self-reliance, whereas an external locus of control does.
C. An internal locus of control involves personal responsibility, whereas an external locus of control does not.
D. An internal locus of control is not applicable in market niches, whereas an external locus of control is.
Answer: C
106
in Business
In the context of various funding options for small businesses, which of the following statements is a difference between angel investors and venture capital firms?
A. Angel investors fund only nonprofits, whereas venture capital firms do not fund nonprofits.
B. Angel investors include private organizations, whereas venture capital firms include only government organizations.
C. Angel investors focus on start-ups in their later stages, whereas venture capital firms focus on low-potential start-ups.
D. Angel investors are wealthy individuals, whereas venture capital firms are companies.
Answer: D
107
in Business
_____is the process of funding ventures by raising money from a large number of investors via the Internet.
A. Microloan programing
B. Crowdfunding
C. Activity-based costing
D. Backscratching
Answer: B
108
in Business
Rudy, a food truck owner, has sizable followers on his website where he personally interacts with them and thanks them for their support. He also lets his followers know his location and the menu for a day in advance. The opportunity of _____ is highlighted in the given scenario.
A. having lower overhead costs
B. providing personal customer service
C. exploiting market niches
D. using technology
Answer: B
109
in Business
Margie dropped out of college to pursue her passion for cooking. With personal resources to fund her initial capital, she started a food truck in one of the busiest streets of her hometown. After a month of running the food truck, Margie realized that she was not getting enough customers because there were several other similar food trucks in the area. In this scenario, which of the following threats did Margie's business face?
A. Narrow market niche
B. Weak internal locus of control
C. Lack of knowledge and experience
D. Lack of funds
Answer: C
110
in Business
Robert started his company in his parents' garage because he could not afford to rent an office space. Most of his finances were spent on procuring the essential items to set up his company. As a result, he was able to save funds for the future. The opportunity of _____ is highlighted in the given scenario.
A. exploiting market niches
B. using technology
C. having lower overhead costs
D. providing personal customer service
Answer: C
111
in Business
A(n) _____ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timelines for achieving those objectives
a. enterprise mission statement
b. business directory
c. strategic outline
d. business plan
d
112
in Business
A _________ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timelines for achieving those objectives
A. business contract

B. business commission

C. business directory

D. business plan
Fill in the blank(s) with correct word
business plan
113
in Business
Which of the following is a powerful contribution made by small businesses to the U.S. economy?
A) ​Vitalizing rural towns
B) ​Powering the stock market
C) ​Vitalizing inner cities
D) ​Accounting for all private sector output
C
114
in Business
Natalie is a professional baker who dreams of owning her own cake business. She does not have any ideas or concepts for starting a cake shop, but her wealthy uncle is ready to fund her initial capital. Natalie's risk appetite is low and she wants to run a business that has less than 10 percent chances of first-year failure. Which of the following could be the best solution for Natalie to pursue her dream of owning a cake shop?
A. Starting her own cake shop from scratch
B. Buying an established cake shop in town
C. Buying a cake shop franchise
D. Enrolling in a business school
Answer: C
115
in Business
Tobin starts a catering company of his own and earns a substantial profit in the first year itself. His total earnings are more than what he used to earn as a salaried person. Which of the following advantages of entrepreneurship is highlighted in the given scenario?
A. Independence
B. Survival
C. Greater financial success
D. Greater flexibility
Answer: C
116
in Business
Neman, a single parent, quit his job and started a small independent business because he was unable to give adequate attention to his child. Being an entrepreneur gives him the freedom to give undivided attention to his child without jeopardizing his work. Which of the following advantages of entrepreneurship is highlighted in the given scenario?
A. Greater financial success
B. Flexibility
C. Greater challenge
D. Survival
Answer: B
117
in Business
Technological tools such as the Internet and email have:
A. decreased the importance of entrepreneurship in the national economy.
B. made it easy for small businessowners to manage their firms on the go.
C. made it harder for small businesses to compete against large businesses.
D. increased the number of legal regulations that small businesses should comply to.
Answer: B
118
in Business
Priscilla is a trader of silver and diamond jewelry. Due to a recessionary trend in the industry, her business has not been making any profits for a few months. As the end of this economic trend cannot be easily ascertained, she decides to get her house mortgaged so that she can add a new line of business of trading in semi-precious stones. This financial risk appetite of Priscilla illustrates her _____ as an entrepreneur.
A. high energy levels
B. tolerance of uncertainty
C. tolerance of failure
D. deep visionary sense
Answer: B
119
in Business
Julian wants to open a bakery. He uses his savings and borrows some funds from his family to start his business. In the given scenario, Julian uses _____ to fund his business.
A. venture capital
B. crowdfunding
C. commercial loans
D. personal resources
Answer: D
120
in Business
According to small business experts, while raising start-up funds from friends and relatives, it is:
A. acceptable to not repay them.
B. essential to involve them in company dealings.
C. acceptable to not document the financing.
D. essential to keep the relationship as professional as possible.
Answer: D
121
in Business
Lois wants to start an art gallery. However, because of lack of adequate funds, she decides to borrow money from a bank. The bank is hesitant to give money to Lois because it cannot verify whether her business would be able to earn enough profit to repay the borrowed amount within the stipulated period. However, after a thorough research, the bank grants her the money. In the given scenario, Lois uses _____ to fund her business.
A. crowdfunding
B. a loan
C. venture capital
D. a credit card
Answer: B
122
in Business
Caroline owns an online jewelry store. She has developed a smartphone application for her business that allows her customers to take their pictures and try out virtual jewelry over those pictures before placing the orders. The opportunity of _____ is highlighted in the given scenario.
A. providing personal customer service
B. having lower overhead costs
C. using technology
D. exploiting market niches
Answer: C
123
in Education
Which of the three strategies for finding job leads is most likely to help you on your Job Search Journey? Why? 
According to the U.S. Bureau of Labor Statistics, 70 percent of all jobs are found through networking—developing relationships with people who can help you find job leads and help with your job search in other ways. The larger your network and the higher the quality of your contacts, the greater your chances are of finding someone who knows about a job lead that could be a great fit for you.
124
in Education
What barriers do you anticipate in scheduling Career Network meetings? How can you overcome these barriers? 
Barriers could include getting on someone’s calendar, getting a response, or requesting a meeting persuasively. Some tips are to be very clear about the purpose and length of the meeting.
125
in Education
What is the value in customizing a cover letter? What do you think are the most valuable three things to customize? Why? ƒ
By customizing a cover letter, you show how well your strengths and experience are matched with the particular job you are applying for. It demonstrates that you have taken time and effort and leaves less “guesswork” for the employer about the match. Valuable things to customize could include the opening (including the specific job description or objective), any bullet points or highlights of key experiences, and the closing.
126
in Business
Instella Corp. hires Georgio for a position in the top-level management of the company. Georgio acquires the job as he exhibits excellent skills at strategic planning. Georgio is especially seasoned in analyzingmarketplace trends and long-term planning. In this case, Instella Corp. hires Georgio because he demonstrates _____.
A. conceptual skills
B. tactical skills
C. technical skills
D. human skills
Answer: A
127
in Business
Abram is a manager at Runa Marcus Corp., a company that runs a women's lifestyle magazine. Abram's strong points are his creative writing skills and expertise in photo-editing software. Thus, although he is in a managerial role, he is able to assist the employees in these functional areas. In the context of management skills, Abram has strong _____.
A. analytic skills
B. operational skills
C. technical skills
D. conceptual skills
Answer: C
128
in Business
Gracie is a branch manager in a software company. Her work in the company is to coordinate teams and special projects with her peers from other departments. In the management hierarchy, Gracie is a _____ manager.
A. general
B. middle
C. top
D. first-line
Answer: B
129
in Business
The _____ of a firm includes managers who set the overall direction of the firm, articulating a vision, establishing priorities, and allocating time, money, and other resources.
A. top management
B. middle management
C. first-line management
D. supervisory management
Answer: A
130
in Business
In the context of management skills, front-line managers must have a high degree of _____, which help them hire, train, and evaluate employees; avoid mistakes; and ensure high-quality production.
A. conceptual skills
B. tactical skills
C. technical skills
D. operational skills
Answer: C
131
in Business
Jack works in a cargo shipping company as a section leader. As a part of his job, he needs to train and evaluate the employees. He also makes sure that the employees constantly remain motivated to carry out their tasks efficiently. Thus, as a section leader, he is heavily involved in the day-to-day production process of the company. In the context of the management hierarchy, Jack is a _____ manager in the company.
A. general
B. middle
C. top
D. first-line
Answer: D
132
in Business
Sebastian gets a job in a processed food manufacturing company. This job enables him to support his family members and provide for their basic needs. According to Maslow's hierarchy of needs theory, the job fulfills Sebastian's _____ needs.
A. social
B. self-actualization
C. esteem
D. physiological
Answer: D
133
in Business
Expectancy theory advocates that:
A. workers should be given challenging, creative tasks so that they push themselves harder to perform better.
B. employees will continue to perform only if they believe that their efforts are recognized.
C. employees should be punished if they consistently perform poorly.
D. workers will not be motivated if their reward is lower than the rewards of other workers for the same amount of work.
Answer: B
134
in Business
Paul is an employee at a marketing firm. He is someone who prefers to be instructed by his seniors and avoids taking major responsibilities. He rarely uses his own judgment or creativity while doing a task in fear of putting things at risk. Paul's conduct in the workplace is consistent with the assumptions of_____.
A. equity theory
B. Theory Y
C. Theory X
D. expectancy theory
Answer: C
135
in Business
An assumption of Theory Y is that:
a. workers dislike work and will do everything they can to avoid it.
b. work is as natural as play or rest.
c. coercion and threats are vital to get people to work toward company goals.
d. people prefer to be directed.

Answer: c. coercion and threats are vital to get people to work toward company goals.

136
in Business
Lawrence, the CEO of a media company, treats employees from all the levels of the organization in the same manner. The fair treatment is not just limited to his conduct with his employees, but it is also visible in the kind of perks and benefits they receive. Lawrence is strictly against discriminating in the workplace, and this motto of his keeps his employees greatly motivated. In this scenario, Lawrence follows _____.
A. the equity theory
B. the temporal motivation theory
C. Theory Y
D. Theory X
Answer: A
137
in Business
Psychologist Douglas McGregor proposed that managers should use Theory Y assumptions to:
a. punish workers who avoid responsibility.
b. instigate fear in employees.
c. direct and supervise the workers who dislike work.
d. capitalize on the intelligence of every worker.

Ans: d. capitalize on the intelligence of every worker.
138
in Business
In the context of goal setting in an organization, the most effective strategic goals are:
A) ​independent of a time frame.
B) ​defined in general rather than specific terms.
C) ​easy to achieve.
D) ​defined in clear, numerical terms.
D
139
in Business
In the context of management planning, _____ refers to very specific, short-term planning that applies tactical plans to daily, weekly, and monthly functions.
A. operational planning
B. strategic planning
C. contingency planning
D. risk mitigation planning
Answer: A
140
in Business
Which of the following statements is true of contingency planning?
A) ​It is planned for a five-year time frame.
B) ​It considers factors of internal business environment rather than external environment.
C) ​It focuses on the issues that are most probable and most potentially harmful.
D) ​It applies tactical plans to daily, weekly, and monthly operations.
C
141
in Business
In the context of management planning, _____ refers to high-level, long-term planning that establishes a vision for the company, defines long-term objectives and priorities, determines broad action steps, and allocates resources.
A. operational planning
B. strategic planning
C. contingency planning
D. tactical planning
Answer: B
142
in Business
In the context of management planning,_____ refers to specific, short-term planning that applies strategic plans to specific functional areas.
A. contingency planning
B. operational planning
C. tactical planning
D. risk mitigation planning
Answer: C
143
in Business
Rebecca is a manager in a large publishing house. She and a few other managers do the tactical planning once the strategic plan is prepared. Rebecca is a _____ manager.
A. general
B. middle
C. top-level
D. first-line
Answer: B
144
in Business
In the context of strategic planning, which of the following is true of mission statements?
A. They contain information about the corporate responsibility activities of a company.
B. They are similar in length and language across organizations.
C. They are confidential and are created for circulation only within an organization.
D. They provide a clear, long-term focus for an organization.
Answer: D
145
in Business
A _____ is an organization with a flexible structure that brings together specialists from different areas of the organization to work on individual projects on a temporary basis.
A. line organization
B. bureaucratic organization
C. matrix organization
D. traditional organization
Answer: C
146
in Business
Rovermand Corporation is a small organization in which each member of the company is clear about his or her responsibility and whom he or she must report to. The best feature of the organization is the quick decision making, owing to its simple and direct chain of command. In the context of organization models, Rovermand Corporation is a _____ organization.
A. line
B. front
C. matrix
D. parallel
Answer: A
147
in Business
Kate is the head of the research department at a pharmaceutical company. Her team is in the process of developing a drug that has the potential to reduce the spread of skin cancer. Kate has set the deadline for the project and has provided her team members a set of guidelines that need to be followed. However, she has left it to them to decide how they will accomplish the goal. In this scenario, Kate is a(n) _____.
A. free-rein leader
B. authoritarian leader
C. autocratic leader
D. bureaucratic leader
Answer: A
148
in Business
____ hoard decision-making power for themselves, and they typically issue orders single-handedly.
a. Democratic leaders
b. Autocratic leaders
c. Free-rein leaders
d. Laissez-faire leaders
Answer: b. Autocratic leaders
149
in Business
Gloria is a manager in a paints and coating manufacturing company. Although the authority of making the final decision lies with her, she is open to suggestions from her peers and employees and tries her best to incorporate them in various situations. In this case, Gloria is a(n) _____.
A. free-rein leader
B. laissez-faire leader
C. autocratic leader
D. democratic leader
Answer: D
150
in Business
Autocratic leadership tends to be the best option when:
A) ​creativity is paramount.
B) ​a quick decision is the top priority.
C) ​a talented, experienced employee has to be managed.
D) ​customers need brainstorming and problem-solving assistance.
B
151
in Business
Autocratic leadership tends to be the best option when:
A. there is less power distance in the organization.
B. a quick decision is paramount.
C. employee autonomy in decision making has a large scope.
D. when creativity is the top priority.
Answer: B
152
in Business
In operations management, _____ means using resources to create value by providing customers with goods and services that offer a better relationship between price and perceived benefits.
A. effectiveness
B. efficiency
C. throughput
D. productivity
Answer: A
153
in Business
In the context of American business, which of the following statements is true of the changing scenario of operations management over the last five decades?
A. The nonfarm labor force is increasingly joining the goods-producing sector.
B. The current trend in value chain design is to rely more on vertical integration and less on outsourcing and offshoring.
C. There has been a shift from mass customization to mass production.
D. There has been a fundamental shift away from the production of goods and toward the provision of services.
Answer: D
154
in Business
Ursula Corp., a manufacturer of notebooks, makes small batches of different kinds of notebooks according to the customer demand. In this way, it caters to the needs of various customers without significantly increasing the manufacturing cost. In this scenario, which of the following techniques does Ursula employ?
A. Computer-aided engineering
B. Mass production
C. Adjustable manufacturing
D. Mass customization
Answer: D
155
in Business
Nondurable goods are often _____.
A. perishable
B. non-consumable
C. hard goods
D. long-lasting
Answer: A
156
in Business
Marie, an operations manager at Clagox Systems, spends a lot of time in figuring out ways to achieve the established goals of the company at minimal costs. She conducts meetings and asks for suggestions from her teammates to reach the targets at the lowest possible expense. In this scenario, Marie is focusing on _____.
A. effectiveness
B. efficiency
C. undifferentiated marketing
D. immediate predecessors
Answer: B
157
in Business
_____ are stocks of goods or other items held by an organization. Manufacturers hold raw materials, components and parts, work in process, and finished goods
a. Poka-yokes
b. Freights
c. Servicescapes
d. Inventories
d
158
in Business
_____ is a software-based approach to integrate an organization's information flows.
A) Vertical integration
B) Computer-aided design
C) Computer-aided engineering
D) Enterprise resource planning
Answer: D) Enterprise resource planning
159
in Business
Identify a disadvantage of holding larger inventories.
A. Increased ordering costs
B. Increased risk of stock-outs and lost sales
C. Tied-up funds until goods are sold
D. Irregular production schedules
Answer: C
160
in Business
Ucon Inc., a manufacturing company, handles all the supply chain functions on its own. This has resulted in an inefficient use of resources and delays in production. To resolve these issues, the management decides to hire external agencies to perform some operations. In this scenario, Ucon Inc. is most likely to adopt the strategy of _____.
A. homeshoring
B. outsourcing
C. vertical integration
D. cannibalization
Answer: B
161
in Business
The _____ is a project management tool that illustrates the relationships among all the activities involved in completing a project and identifies the sequence of activities likely to take the longest to complete
A) ​critical path method
B) ​Gantt chart
C) ​program evaluation and review technique
D) ​vertical integration technique
A
162
in Business
A _____ is used for goods that must be produced at a specific site or that are so large and bulky that it isn't feasible to move them from station to station.
A. process layout
B. product layout
C. fixed position layout
D. cellular layout
Answer: C
163
in Business
David works at Klambunk Motors, an automobile manufacturing company. Once a new automobile has been designed by the design team, David determines and finalizes all the activities required to manufacture and deliver the new automobiles to showrooms. In this scenario, David determines the _____ needed to transform the company's inputs into outputs.
A. divestiture
B. servicescapes
C. processes
D. marketing plan
Answer: C
164
in Business
Which of the following statements is true of a product layout?
A) ​It organizes machinery, equipment, and other resources according to the specific sequence of operations that must be performed.
B) ​In this layout, a product can be moved from one type of machinery to another in the specific sequence of operations that must be performed.
C) ​It is used for goods that must be produced at a specific site or that are so large and bulky that it is not feasible to move them from station to station.
D) ​It is used by firms that need to produce small batches of goods that require a degree of customization.
A
165
in Business
Prextos Corp., after incurring losses, decides to move its manufacturing unit to a foreign location where it would get labor at cheaper rates. In this scenario, Prextos Corp. is planning to employ _____ to cut down its losses.
A. lean production
B. offshoring
C. vertical integration
D. outsourcing
Answer: B
166
in Business
Devon Construction Co is currently in the midst of a big residential construction project. The company's operations manager is looking at the estimated completion dates for the various phases of construction. At the site, ground excavation work takes longer than anticipated. The operations manager wishes to make up for the time lost in the other phases. However, the remaining phases are also
behind schedule as the workforce is introduced to new construction techniques and raw materials. Which of the following tools can the operations manager use to better manage the project scheduling?
A) ​Enterprise resource planning
B) ​The critical path method
C) ​Computer-aided design
D) ​Vertical integration
B
167
in Business
_____ software takes the electronic design for a product and creates the programmed instructions that robots must follow to produce that product as efficiently as possible.
-Computer-aided engineering

-Enterprise resource planning

-Computer-aided manufacturing

-Electronic design automation
-Computer-aided manufacturing
168
in Business
Which of the following statements is true of robots?
a. Robots perform jobs that human workers find dangerous or physically demanding.
b. The performance levels of robots decrease when they have to work for very long hours.
c. Robots are usually immobile and perform jobs statically.
d. Robots are inflexible and cannot be reprogrammed for new tricks.
a
169
in Business
GRT Logistics takes the help of the latest technology to get its processes done. It uses fully programmed systems for which human control is not required at all. These systems operate the machinery and equipment on their own to perform a variety of tasks. In this scenario, GRT Logistics has _____ its processes.
A. vertically integrated
B. automated
C. offshored
D. outsourced
Answer: B
170
in Business
Which of the following statements is true of computer-integrated manufacturing (CIM) software?
A) ​It is the result when computer-aided engineering software is integrated with a computer-aided manufacturing application.
B) ​It allows firms to produce custom-designed products for consumers quickly and at a low cost.
C) ​It prevents the design and production process of products from being highly automated.
D) ​It does not allow firms to implement the mass customization strategy.
B
171
in Business
_________ first proposed the relationship between quality and business success in the early 1950s and is considered the father of the quality movement
a. Frederick Winslow Taylor

b. W. Edwards Deming

c. Peter Drucker

d. Henry Mintzberg
Fill in the blank(s) with correct word
W. Edwards Deming
172
in Business
_____ is asimple method incorporated into a production process designed to eliminate or greatly reduce errors.
A. A poka-yoke
B. Six Sigma
C. Just-in-time production
D. The critical path method
Answer: A
173
in Business
_____ is an approachto quality improvement characterized by very ambitious quality goals, extensive training of employees, and a long-term commitment to working on quality-related issues.
A. Six Sigma
B. Pareto analysis
C. Just-in-time production
D. Lean production
Answer: A
174
in Business
_____ is an approach to manufacturing that emphasizes the elimination of waste in all aspects of manufacturing processes.
A. The critical path method
B. Enterprise resource planning
C. Six Sigma
D. Lean production
Answer: D
175
in Business
Mervin, the vice president of a curtain manufacturing company, emphasizes that the production of curtains should meet the actual current demand. He believes in minimizing the inventories of finished products and work in process at each stage of the supply chain. In this scenario, Mervin follows the _____.
A. push system
B. mass production system
C. job production system
D. just-in-time production system
Answer: D
176
in Business
Daryl is an accountant in Vansert Inc., a multinational healthcare company. He is responsible for providing analysis, preparing financial statements, and reporting the financial transactions of the company to the deputy chairman of the company. In this scenario, Daryl is most likely a _____.
A. forensic accountant
B. government accountant
C. public accountant
D. management accountant
Answer: D
177
in Business
The Securities and Exchange Commission hires Tim to procure and analyze data on the state's tax revenues and expenditures to ensure that they are recorded and reported in accordance with regulations and requirements. In this case, Tim is most likely a(n) _____.
A. external auditor
B. government accountant
C. public prosecutor
D. public accountant
Answer: B
178
in Business
Betty's job entails detecting problems such as embezzlement, waste, mismanagement, and employee theft at her organization. In this case, Betty is a(n) _____.
A. forensic auditor
B. government accountant
C. internal auditor
D. certified public accountant
Answer: C
179
in Business
To give the company's stockholders, creditors, and other external stakeholders an accurate idea of the company's overall performance, Rowensport Corporation, a multinational company, releases statements that contain details of the company's profits and losses over the past five years. In this scenario, the company is most likely involved in _____.
A. financial accounting
B. cost accounting
C. follow-up auditing
D. social auditing
Answer: A
180
in Business
In the context of balance sheets, patents, trademarks, and copyrights are examples of _____.
A. fixed assets
B. current assets
C. liquid assets
D. intangible assets
Answer: D
181
in Business
In the context of balance sheets, accounts receivable is an example of _____.
A. current liabilities
B. immovable assets
C. current assets
D. depreciated liabilities
Answer: C
182
in Business
In the context of balance sheets, accounts receivable is an example of__________.
-current liabilities
-immovable assets
-current assets
-depreciated liabilities
-current assets
183
in Business
Grydon Inc. has applied for a business loan in the United Bank. To best assess the loan case, the loan officer at the bank, Cerejo, decides to look at the company's net income. Cerejo will find this information in Grydon's _____.
A. profit and loss statement
B. statements of cash flow
C. stockholders' equity statement
D. statement of retained earnings
Answer: A
184
in Business
Rolette Clemens is a financial institution that provides loans to businesses. It rejects a textile company's request for a loan after it reviews the value of the company's assets, liabilities, and owners' equity and finds them to be unsatisfactory. In this scenario, Rolette Clemens most likely analyzed the company's _____ to assess its financial condition.
A. statement of cash flows
B. balance sheet
C. income statement
D. operating budget
Answer: B
185
in Business
In the context of balance sheets, resources owned by a firm are known as _____.
A. holdings
B. assets
C. capitals
D. liabilities
Answer: B
186
in Business
A famous musician sells the copyright of one of his songs to a record company for $2 million. In this scenario, the sale of the copyright of the song exemplifies the sale of a(n) _____.
A. current liability
B. operating liability
C. tangible asset
D. intangible asset
Answer: D
187
in Political Science
Congress passed the__________that banned business relationships that might create conflicts of interest between certified public accounting (CPA) firms and the companies they audit.
a. Glass-Steagall Act of 1933
b. Securities Exchange Act of 1934
c. McCain-Feingold Act of 2002
d. Sarbanes-Oxley Act of 2002
d. Sarbanes-Oxley Act of 2002
188
in Business
The management of a sugar manufacturing company sets aside a sum of $50,000 in its budget for the purchase of new machinery that would double the production. In the given scenario, the management is in the process of planning the _____ of the company.
A. marketing budget
B. financial budget
C. operating budget
D. static budget
Answer: C
189
in Business
Dylan is a supervisory manager in the production department of a tea manufacturing company. Each year, he actively participates in the budgeting process of the company. His input is valued by the top management as he is able to identify the issues in his department. In this scenario, it can be said that Dylan's company follows the _____ to budgeting.
A. top-down approach
B. incremental approach
C. bottom-up approach
D. zero-based approach
Answer: C
190
in Business
Certificate of deposit is an interest-earning deposit that requires the funds to remain deposited for a fixed term.
Answer the following statement true (T) or false (F)
True

Certificate of deposit is an interest-earning deposit that requires the funds to remain deposited for a fixed term. Withdrawal of the funds before the term expires results in a financial penalty. See 9-6: Capital Budgeting: In It for the Long Haul
191
in Business
The budgeted income statement is a projected financial statement that forecasts the types and amounts of assets a firm will need to implement its future plans and how the firm will finance those assets
Indicate whether the statement is true or false
False
192
in Business
A budgeted income statement is a projected financial statement that forecasts the types and amounts of assets a firm will need to implement its future plans and how the firm will finance those assets.
Answer the following statement true (T) or false (F)
False

A budgeted income statement is a projection showing how a firm's budgeted sales and costs will affect expected net income. See 9-2: Identifying Financial Needs: Evaluation and Planning
193
in Business
A commitment to meeting social responsibilities can contribute to a more profitable company and an increase in shareholder value.
Answer the following statement true (T) or false (F)
True

A commitment to meeting social responsibilities can contribute to a more profitable company and an increase in shareholder value. See 9-1: What Motivates Financial Decisions?
194
in Business
David needs to acquire financial capital to purchase a printing press for his business. David can either acquire the financial capital for the press by borrowing money from a bank or by purchasing the press on credit from his supplier
Indicate whether the statement is true or false
True
195
in Business
David needs to acquire financial capital to purchase a printing press for his business. David can either acquire the financial capital for the press by borrowing money from a bank or by purchasing the press on credit from his supplier.
Answer the following statement true (T) or false (F)
True

David can either acquire the financial capital for the press by borrowing money from a bank or by purchasing the press on credit from his supplier. Companies have a variety of ways to acquire the financial capital they need: direct contributions by owners, reinvestment of earnings, loans from banks, and credit provided by suppliers. See 9-1: What Motivates Financial Decisions?
196
in Business
Projects with potential for high returns generally have a low degree of uncertainty and risk.
Answer the following statement true (T) or false (F)
False

Projects with the potential for high returns are also the projects with a high degree of uncertainty and risk. See 9-6: Capital Budgeting: In It for the Long Haul
197
in Business
A manufacturing firm does not necessarily need an inventory of parts and materials to assemble its products.
Answer the following statement true (T) or false (F)
False

A manufacturing firm wouldn't be able to assemble its products without an inventory of parts and materials. See 9-5: Acquiring and Managing Current Assets
198
in Business
A factor is a restriction lenders impose on borrowers as a condition of providing long-term debt financing.
Answer the following statement true (T) or false (F)
False

A factor is a company that provides short-term financing to firms by purchasing their accounts receivables at a discount. See 9-3: Finding Funds: What Are the Options?
199
in Business
_____ is a spontaneous financing granted by sellers when they deliver goods and services to customers without requiring immediate payment.
A. Trade credit
B. A revolving credit agreement
C. Commercial paper
D. A line of credit
Answer: A
200
in Business
__________is a spontaneous financing granted by sellers when they deliver goods and services to customers without requiring immediate payment.
-trade credit
-a revolving credit agreement
-commercial paper
-a line of credit
-trade credit
201
in Business
A key difference between a line of credit and a revolving credit agreement is that under a line of credit:
a. the bank agrees to make funds available as long as the borrower's credit rating doesn't deteriorate, while in a revolving credit agreement, the bank guarantees that the funds will be available.
b. the funds are available for up to a year, while under a revolving credit agreement the funds are available for no more than 90 days.
c. the interest rate on the borrowed funds is stated in advance, while in a revolving credit agreement the interest rate is allowed to "float" based on agreed upon criteria.
d. the borrower must secure the funds by pledging collateral, but with a revolving credit agreement, the bank agrees to make additional funds available as long as the principal and interest are paid.

a. the bank agrees to make funds available as long as the borrower's credit rating doesn't deteriorate, while in a revolving credit agreement, the bank guarantees that the funds will be available.
202
in Business
Which of the following is a key difference between a line of credit and a revolving credit agreement?
A) ​Under a line of credit, the bank involved agrees to make funds available as long as the borrower's credit rating doesn't deteriorate, while in a revolving credit agreement, the bank guarantees that the funds will be available.
B) ​Under a line of credit, funds are available for up to a year, while in a revolving credit agreement, funds are available for no more than 90 days.
C) ​Under a line of credit, the interest rate on borrowed funds is stated in advance, while in a revolving credit agreement, the interest rate is allowed to "float" based on agreed-upon criteria.
D) ​Under a line of credit, the borrower must secure the funds by pledging collateral, but in a revolving credit agreement, the bank involved agrees to make additional funds available as long as the principal and interest are paid.
A
203
in Business
The _____ is an asset management ratio that measures how quickly a firm sells its stock to generate revenue.
A. current ratio
B. inventory turnover ratio
C. debt ratio
D. working capital turnover ratio
Answer: B
204
in Business
Kenneth wants to start a new business. To get start-up capital, he takes a short-term loan from a bank. The bank agrees to provide him the agreed-upon funds as per a legally binding commitment. However, the bank requires Kenneth to pay interest on any fund he borrows and a commitment fee based on the unused amount of funds. Which of the following short-term financing sources does Kenneth utilize to fund his business in the given scenario?
A. Factoring
B. Commercial paper
C. Trade credit
D. Revolving credit agreement
Answer: D
205
in Business
A _____ is a guaranteed line of credit in which a bank makes a binding commitment to provide a business with funds up to a specified credit limit at any time during the term of the agreement
A. term loan agreement

B. revolving credit agreement

C. trade credit

D. commercial paper
Fill in the blank(s) with correct word
revolving credit agreement
206
in Business
_____ is a guaranteed line of credit in which a bank makes a binding commitment to provide a business with funds up to a specified credit limit at any time during the term of the agreement.
A. A term loan agreement
B. A revolving credit agreement
C. Trade credit
D. Commercial paper
Answer: B
207
in Business
Which of the following statements best describes a money market mutual fund?
A) ​It pools funds from many investors and uses these funds to purchase very safe, highly liquid securities.
B) ​It is a short-term marketable IOU issued by the U.S. federal government.
C) ​It is the part of a firm's net income that it reinvests.
D) ​It is a financial agreement between a firm and a bank in which the bank pre-approves credit up to a specified limit.
A
208
in Business
Which of the following statements best describes a money market mutual fund?
A. It pools funds from many investors and uses these funds to purchase very safe, highly liquid securities.
B. It is a short-term marketable IOU issued by the U.S. federal government.
C. It is the part of a firm's net income it reinvests.
D. It is a financial agreement between a firm and a bank in which the bank pre-approves credit up to a specified limit.
Answer: A
209
in Business
In financial management, risk is referred to as the:
A) ​environmental factors that may affect a business adversely.
B) ​internal factors that may disrupt the smooth functioning of a company.
C) ​degree of uncertainty about the actual outcome of a decision.
D) ​various strategies implemented by managers to increase returns.
C
210
in Education
What is the purpose of a resume?
A. to get an interview
B. to get your name in with a company
C. to get you the job
D. to be sure your expertise is on file
Answer: A
211
in Education
What is the purpose of a resume?
A. to get an interview
B. to get your name in with a company
C. to get you the job
D. to be sure your expertise is on file
Answer: A
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