WorksheetsBM Fall Final Review: Ch. 1, 3, 4, 6, 7, 9
Total questions: 48
Worksheet time: 27mins
What is the definition of the Industrial Revolution?
A period of rapid industrial growth during the late 18th and early 19th centuries
A time when agriculture was the main economic activity
The era of digital technology and internet expansion
A phase of economic decline and recession
Which of the following is a characteristic of effective goals?
Vague and general
Specific and achievable
Easily changeable
Dependent on external factors
What is the purpose of a SWOT analysis?
To evaluate internal strengths & weaknesses and external opportunities & threats
To determine the financial status of a company
To analyze employee performance
To create marketing strategies
What does GDP stand for?
Gross Domestic Product
General Development Plan
Global Distribution Policy
Government Debt Payment
What is Total Quality Management (TQM)?
A management approach focused on long-term success through customer satisfaction
A financial strategy for increasing profits
A marketing technique for brand promotion
A method for reducing employee turnover
What is the term for barriers that are not related to tariffs?
Trade barriers
Nontariff barriers
Economic barriers
Cultural barriers
What is the concept of 'comparable worth' related to?
Salary equality
Job satisfaction
Employee benefits
Work-life balance
What is an example of a high-context culture?
Germany
United States
Japan
Australia
What is a trading bloc?
A group of countries that trade freely
A single country's trade policy
A type of tariff
A cultural exchange program
What is Management?
The process of socializing within an organization
The act of achieving the goals of an organization through planning, organizing, leading, and controlling organizational resources
A method of evaluating employee performance
The financial accounting of an organization's assets
To reduce turnover in his factories, Henry Ford began offering which of the following to his employees?
share of stock and free lunches
health insurance and retirement
shorter hours, higher pay
paid vacations
What does identity power rely on?
The manager's position in the company
The employee's perception of the manager
The manager's knowledge and skill
The manager's control of rewards
What is leadership defined as in the text?
The ability to make quick decisions
The ability to influence individuals and groups to achieve common goals
The ability to manage resources efficiently
The ability to maintain strict discipline
What is expert power?
Power that comes from the manager's position
Power given to people because others identify with them
Power given to people because of their superior knowledge about the work
Power based on the ability to control rewards and punishments
What should a manager do when an employee's personal problem affects their work?
Help the employee identify business services that can help
Start termination proceedings
Allow the employee to handle it alone
Take personal responsibility for counseling
Which of the following is considered a soft skill?
Machine operation
Communication
Financial report preparation
Spreadsheet proficiency
What is the primary reason companies value leadership skills in employees?
To contribute to business success
To increase employee turnover
To reduce training costs
To ensure employees follow orders
What are the three elements that should be considered when organizing work?
Division of work, facilities, and workers
Budget, Team, and Location
Skills, Tools, and Environment
Feedback, Strategy, and Execution
A business can define what is a reasonable span of control for a manager by considering factors such as:
The complexity of tasks
The experience level of the manager
The geographical location of the business
The number of direct reports
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
This refers to the number of people who are directly accountable to a manager.
Subordinates
Span of Control
Delegation
Bureaucracy
What is the difference between a policy and a standard?
A policy is a set of guidelines, while a standard is a specific requirement.
A policy is a specific requirement, while a standard is a set of guidelines.
A policy and a standard are the same.
A policy is optional, while a standard is mandatory.
An example of a financial planning tool is
Policy
Standard
Budget
Schedule
What are the major differences between a manufacturing firm and a service firm?
Manufacturing firms produce tangible goods, while service firms provide intangible services.
Manufacturing firms have higher customer interaction compared to service firms.
Service firms require more raw materials than manufacturing firms.
Manufacturing firms are more labor-intensive than service firms.
Why are service businesses growing faster than other types of businesses in the United States?
Increased demand for services
Decline in manufacturing
Technological advancements
Globalization
Identify several ways that innovations affect businesses.
Increase efficiency and productivity
Create new market opportunities
Disrupt existing industries
All of the above
What does gross domestic product (GDP) measure?
The total value of goods and services produced in a country
The total population of a country
The total land area of a country
The total number of companies in a country
An example of income that would be included in the underground economy but not included in the GDP is
small-business profits
income generated by oil and gas production
income from the sale of services
cash paid for work that is not reported on taxes
What are a business’s responsibilities to the community in which it operates?
To maximize profits regardless of community impact
To engage in ethical practices and contribute to community welfare
To focus solely on shareholder interests
To avoid any interaction with the community
A contractual agreement to use the name and sell the products or services of a company in a designated geographical area is called a:
corporation
partnership
retailer
franchise
Effectiveness occurs when an organization produces needed goods or services quickly and at low cost.
True
False
The concept of total quality management is a commitment to excellence that is accomplished by teamwork and continual improvement.
True
False
Which of the following refers to a commitment to excellence?
ESOP
TQM
GDP
T&I
In order for living standards to improve, must the country's population grow at a faster rate than its GDP?
True
False
Did the “baby bust” period create an increased supply of workers?
True
False
Is the invisible barrier to job advancement referred to as the glass ceiling?
True
False
Does “ethics” refer to standards of moral conduct that individuals and groups set for themselves?
True
False
Much of the US population growth is due to
the baby boom
a high birth rate
immigration
emigration
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.
Is one reason for imposing tariffs to earn revenue for the country?
True
False
Do tariffs raise the price of foreign products?
True
False
Does a trading bloc discourage free trade among its members?
True
False
Nontariff barriers
increase the number of imports that enter a country
Increase the value of one currency to another
Protect domestic producers
Protect foreign producers
In a high-context culture such as Japan, communication would NOT likely be:
Direct
Indirect
Vague
Gestures
In order to gain a trade advantage, a country specializes in a product it can provide more efficiently than can other countries. What theory is the country practicing?
Balance of trade
Comparative advantage
Product life cycle
Balance of surplus
Restrictions on quantities permitted to enter a country.
Dumping
Tariff
Quotas
The U.S. government forbids U.S. companies from conducting business with North Korea. This is an example of
Free trade
Tariff
Embargo
Sanction
