A country can have an absolute advantage in only one area.

Without foreign trade, all of the items you buy would cost less, because they would not need to be shipped here from other lands.

A nation with a trade surplus is said to have a favorable trade position.

It is possible for the United States to have a trade surplus with one country and a trade deficit with another.

Some countries limit the amount of money their citizens can take out of the country when they travel.

Because of international trade, all nations of the world use the same banking system.

When a country has a favorable balance of payments, the value of its currency is usually constant or rising.

Countries that devote most of their economies to agriculture usually provide more and better goods and services for their citizens.

A joint venture is an agreement among two or more countries to remove duties and trade barriers on products traded among them.

The making, buying and selling of goods and services within a country is called

Goods and services sold to other countries are called

The difference between a country's total exports and total imports is called the

The difference between the amount of money that comes into a country and the amount that goes out is called

Which of the following scenarios is likely to cause the value of a country's currency to rise?

Which of the following is NOT a cultural/social factor that affects international business?

A tax that a government places on certain imported products is called a(n)

A limit that a government places on the quantity of a product that may be exported or imported during a given period is called a

What is a free-trade zone?

Common market members

A country in which a multinational company conducts business activities is called the

Selling the right to use some intangible property for a fee or a royalty is called

The largest number of US businesses have no employees other than the owner.

All businesses make products.

Non profit corporations do not have to pay corporate income taxes.

Only very large businesses can become corporations.

Many businesses fail in their first 5 years of business.

Most businesses use a functional organizational structure.

A span of control is a diagram that shows the structure of an organization.

About what percentage of US businesses employ more than 100 workers?

Every business performs all of the following activities EXCEPT

Business Activities start with

Proprietorships

Of the MAJOR forms of business ownership in the US, the most difficult to form is a

Which of the following would a partnership agreement NOT specify?

A written legal document defining ownership and operating procedures and conditions for a corporation is called the

The people who make the major policy and financial decisions for a corporation are called the

A(n) ___________ is a written contract granting permission to operate a business to sell products and services in a set way.

A precise statement of results a business expects to achieve is a

A major advantage of functional organizational structure is that

Planning involves the effort to direct and lead people to accomplish the planned work of the organization.

Every manager gies the same amount of time and attention to each of the management functions.

Supervisors often have non-management duties in addition to their management work.

Work groups are an ineffective way for employees to gain experience with management activities.

In strategic management, managers are less directive and involve employees in decision making.

Management is the ability to motivate individuals and groups to accomplish goals.

The most effective leaders treat everyone alike.

Influence enables a person to affect the actions of others.

Almost everyone has the same beliefs about what constitutes ethical behavior.

It is much more important for employees to practice ethical behavior than it is for managers to practice it.

Which one of the management functions involves analyzing information, setting goals, and making decision about what needs to get done.

The staffing management functions

Just one person is MOST likely responsible for all of the management functions in a

Which of the following is probably NOT a mid-management job?

Executives spend most of their time on

Employees at the first level of management in a business are

The way a manager treats and involves employees is called

In which of the following situations should a manager use tactical management?

The combined use of tactical and strategic management styles is known as

This leadership characteristic involves making decisions carefully.

All leaders need to be dependable, which means that they

Which of the following is NOT an important human relations skill needed by leaders and managers?

Sources of job satisfaction include

Ethical behavior consists of

Mission Statements

Not all marketing is directed at consumers.

Marketing activities often cost 50 percent or more of the selling price of a product or service.

The first step in developing a marketing strategy is to create a marketing mix.

The consumer decision-making process is different for final consumers than for business consumers.

Studies carried out to gather new information specifically directed at a current problem is called primary marketing research.

Services can be stored for later consumption.

Totally new products that have never been seen by customers are not often introduced.

Businesses gain efficiency by producing large amounts of products at one time.

Personalized promotion is the most effective and least expensive form of marketing communication.

Choosing target markets and studying their needs and decision-making processes can make promotion more effective.

Which of the following would NOT generally be considered one of the marketing functions?

Which marketing function involves communicating directly with potential customers to determine their needs?

Which of the following is a function of promotion?

What are the four elements of a marketing mix?

The first step in the consumer decision-making process is to

This type of marketing research study gathers information from people using a carefully planned set of questions.

Additions and improvements to an existing product are called

Services are intangible. This means that

Product Cost + Operating Expenses +Profit =

Businesses that take part is a channel of distribution are called

Personal selling is usually done

The most known and used type of mass promotion is

Contests, games and giveaways are all examples of