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128 Multiple choice questions

  1. visual that explains the organization structure
  2. the transferring of manufacturing or other tasks - such as data processing - to countries where labor and supplies are less expensive.
  3. general agreement on tariffs and trade, replaced by the WTO in 1995.
  4. a firm's shared values, beliefs, traditions, philosophies, rules, and role models for behavior - developed over time.
  5. earn a profit.
  6. difference between what it costs to make and sell a product and what a customer pays for it.
  7. balancing global brands with the needs of local consumers.
  8. temporary
  9. to meet a particular customer's needs or wants
  10. transforming resources into goods and services. Function as a whole. The core of most organizations.
  11. natural, human and financial resources used to produce goods and services.
  12. pure cap. has less govt. reg. than mod. cap.
  13. provide products more efficiently, at a lower cost, greater customer satisfaction
  14. stiffened penalties for corporate fraud and securities fraud
  15. a plan used by international companies that involves customizing products, promotion and distribution.
  16. -39% of all high-tech jobs in it
    -product customization
  17. behavior of people and organizations in markets for particular products and services
  18. the purchase of goods and services from foreign countries
  19. incorporators
  20. looks like a corporation but is taxed like sole proprietorships and partnerships. shareholders (limited #), benefit of limited liability, profits are taxed only as the personal income of the shareholder.
  21. percent of population that wants to work but is unable to find a job.
  22. an organization's purpose and philosophy
  23. a good or service with tangible and intangible characteristics that provide satisfaction and benefits.
  24. total control of a specific product
  25. legal entities created by the state whose assets and liabilities are separate from its owners. (typically owned by shareholders/stock holders. a corporation is created, incorporated, under the laws of the state in which in incorporates)
  26. 72% of the GDP in the US ex. salons, colleges, airlines
  27. -unlimited liability
    -taxation of partnerships
  28. Actionable, specific. Achieve tactical plans. 1 month, 1 week, 1 day. For first line managers (supervisors).
  29. common goal
  30. mutually accountable
  31. loan money to underdeveloped and developing countries.
  32. double taxation.
  33. owner having a special claim to profit before stockholders do.
  34. distribution of resources.
  35. two or more persons who carry on as co-owners. Share some of the liability.
  36. government owns and operates basic industries but individuals own most businesses. ex. sweden, israel, india
  37. copeing with change.
  38. the differences between what a nation exports and imports.
  39. implementing, maintaining, and controlling technology applications in business.
  40. disadvantages of a sole proprietorship
  41. individual agency on the federal government that offers managerial and financial assistance to small businesses. individual owned and operated, less than 500 employees, not dominant in its field, 55% of all innovations
  42. legal documents that set forth the basic agreement between partners.
  43. undercapitalization (lack of capital to sustain past 5 years)
  44. not immediately affiliated with the corporation.
  45. strategy implementation, 1 year or less. For middle management.
  46. grapevine. managers can utilize as a sounding device.
  47. govt. determines what goods and services are produced
  48. -utilization of resources
  49. individuals or organizations trying to earn a profit by providing products that satisfy people's needs. Entrepreneur risks wealth, time, and effort to develop and innovative product or service with the hope of great profit.
  50. a group of firms or nations that group together
  51. the act of a country or business selling products at less than what it costs to produce them
  52. procurement
  53. ethical/unethical choice
  54. regular dividends.
  55. permanent
  56. at least one general partner who assumes unlimited liability and at least one limited partner whose liability is limited to his of her investment in the business
  57. government owned
    ex. NASA, USPS
  58. owned by one or a few people closely involved in managing the business
  59. two companies forming one new company
  60. businesses obligation to maximize its positive impact and minimize its negative impact on society.
  61. self-contained units that can be combined or interchanged to create different products
  62. price at which number of products supplied equal amount of products consumers are willing to buy at a specific time.
  63. how a society distributes its resources to produce goods and services
  64. True
  65. monthly stats that measure the pace of inflation or deflation.
  66. business remains small doing the work they love and is balanced with their lifestyle.
  67. one indiv. most common in US
  68. the sale of goods and services to foreign markets. (The US exports over $2 trillion in goods and services annually)
  69. individuals elected by the stockholders to oversee the general operation of the corporation. focus on long-range objectives
  70. segment of the economy that provides services to consumers. Economic activity in a particular activity.
  71. the basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items.
  72. identical product. Fast, reduces production cost
  73. a private corporation who wishes to go "public" selling a corporations stock on public markets for the first time.
  74. goal of outputs to be worth more than the cost of the inputs
  75. legal document filled with basic info about the business. may include names and addresses of the initial board of directors.
  76. -explanation of business
    -analysis of competition
    -income/expense analysis (estimates)
  77. allows for the acquisition of raw materials and goods at favorable prices.
  78. a monopoly that exists when a country is the only source of an item, the only producer of an item or the most efficient producer. Best when a natural resource so it can be sustained.
  79. advantages of a sole proprietorship
  80. selling or borrowing against an asset
  81. principles and standards that determine acceptable conduct in business
  82. the physical facilities that support economic activities
  83. free enterprise. individuals own and operate majority of business. ex. australia, japan, us
  84. resource acquisition and coordination. Resources: people, raw materials, equiptment, money, information
  85. the buying, selling and trading of goods and services across national boundaries.
  86. customers, employees, investors, government regulators, community and society. Those that have a stake in the success and outcomes of a business are considered stakeholders.
  87. -top (strategic. president, CEO CFO COO exec. director)
    -middle (tactical. implement top management plans)
    -first-level (operational. supervise workers, daily operations)
  88. a prohibition on trade for a particular product.
  89. Total value of final good sand services produces in a country in a given year.
  90. promote trade among member nations by eliminating trade barriers, fostering financial cooperation, providing short term loans to member countries, functioning as a world central bank
  91. the activities and processes used in making tangible and intangible products
  92. natural, human (labor), and financial (capital).
  93. the activities and processes used in making TANGIBLE PRODUCTS
  94. a strategy that involves standardizing products for the whole world.
  95. international organization dealing with the rules of trade between nations
  96. the purchase of one company by another.
  97. liability for the debts of the business is limited to the amount the limited partner puts into the company; personal assets are not at risk.
  98. limited liability and taxation like a partnership but places fewer restrictions on members
  99. provide goods and services but do not have the fundamental purpose of earning profit.
  100. arrangment or relationship of positions within an organization.
  101. nation's economy as a whole
  102. integrating all parties distribution system to satisfy customers
  103. formalized rules and standards that describe what a company expects of its employees
  104. funding for new business in exchange for an ownership interest or stock.
  105. from bank or lending institution
  106. giving employees tasks, and empowering them to make committments, use resources and get the task done.
  107. a tax levied on a nation's goods imported into the country
  108. a restriction on the # of units of a particular product that can be imported into a country
  109. new product
  110. number of goods/services consumers buy at given price at a specific time.
  111. maintain its established quality standards through inspection and sampling.
  112. working as an entrepreneur within a corporation
  113. throughout the organization to solve specific problems
  114. government makes almost all economic decisions and owns almost all the major factors of production. ex. china, cuba
  115. a corporation whose stock anyone may buy, sell or trade
  116. -product
    -customer group
    goal: facilitate communication, minimize duplication.
  117. Step-by-step explanation of the goals you want to achieve in business. A must for a financial institution to loan you money.
  118. complete sharing in both the management and liability of the business
  119. inflation, recession, depression.
  120. number of products businesses will sell at different prices at a specific time
  121. employed by the corporation
  122. achieves an organizations objectives by using resources effectively and efficiently.
  123. limited liability
  124. market largely determines what goods and services are produced, who gets them, and how the economy grows.
  125. labor, materials, energy converted to
  126. agreement between you and financial institution up to a certain sum (like a credit card). Most small businesses financed by self, family, relatives, etc.
  127. 1. define the situation
    2. collect information
    3. develop alternatives
    4. decide which alternative is best
    5. begin implementation
    6. determine if it worked/follow up
  128. long range objectives and overall strategy, 2-10 years in future. For executive level and upper level managers.