What is a trading bloc?

A group of countries that trade freely

The act of achieving the goals of an organization through planning, organizing, leading, and controlling organizational resources.

What does identity power rely on?

The employee's perception of the manager

What is leadership defined as in the text?

The ability to influence individuals and groups to achieve common goals

What is expert power?

Power given to people because of their superior knowledge about the work.

What should a manager do when an employee's personal problem affects their work?

Help the employee identify business services that can help

What is the primary reason companies value leadership skills in employees?

To contribute to business success

What are the three elements that should be considered when organizing work?

Division of work, facilities, and workers

A well-designed organization chart shows all of the following except: the major work units that make up the business, which unit each employee is affiliated with, how it relates to other units, and to whom employees are accountable, lines of authority and formal communication within the organization, the primary groups of customers to whom the business sells its products

the primary groups of customers to whom the business sells its products

What is the difference between a policy and a standard?

A policy is a set of guidelines, while a standard is a specific requirement.

What are the major differences between a manufacturing firm and a service firm?

Manufacturing firms produce tangible goods, while service firms provide intangible services.

Identify several ways that innovations affect businesses.

Increase efficiency and productivity, Create new market opportunities, Disrupt existing industries.

What does gross domestic product (GDP) measure?

The total value of goods and services produced in a country

An example of income that would be included in the underground economy but not included in the GDP is

cash paid for work that is not reported on taxes

What are a business’s responsibilities to the community in which it operates?

To engage in ethical practices and contribute to community welfare

Which of the following is NOT a factor in determining comparable worth? Requiring special skills for a job. Requiring certain educational backgrounds for a job. Requiring certain physical ability for a job. Requiring males or females for a job.

Requiring males or females for a job.

BM Fall 2024 Final Review Flashcards

Student preview

48 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the definition of the Industrial Revolution?

Back

A period of rapid industrial growth during the late 18th and early 19th centuries

2.

FLASHCARD QUESTION

Front

Which of the following is a characteristic of effective goals? Vague and general, Specific and achievable, Easily changeable, Dependent on external factors

Back

Specific and achievable

3.

FLASHCARD QUESTION

Front

What is the purpose of a SWOT analysis?

Back

To evaluate internal strengths & weaknesses and external opportunities & threats

4.

FLASHCARD QUESTION

Front

What does GDP stand for?

Back

Gross Domestic Product

5.

FLASHCARD QUESTION

Front

What is Total Quality Management (TQM)?

Back

A management approach focused on long-term success through customer satisfaction

6.

FLASHCARD QUESTION

Front

What is the term for barriers that are not related to tariffs?

Back

Nontariff barriers

7.

FLASHCARD QUESTION

Front

What is the concept of 'comparable worth' related to?

Back

Salary equality

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