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Entrepreneurship and Functions of Management
Review
Business Essentials
Krause/Petriella
Chapters 1 and 10
True or False
• The process of deciding how best to use a business’s resources to produce goods or provide services is known as planning.
False
• The process of deciding how best to use a business’s resources to produce goods or provide services is known as planning.
• management
True or False
• A basic truth or law is known as a principle.
True
• A basic truth or law is known as a principle.
True or False
• A person who is paid to perform management functions within a company is known as a professional manager.
True
• A person who is paid to perform management functions within a company is known as a professional manager.
True or False
• A set of behaviors associated with a particular job is known as one’s role.
True
• A set of behaviors associated with a particular job is known as one’s role.
True or False
• People who start and run their own businesses are known as entrepreneurs.
True
• People who start and run their own businesses are known as entrepreneurs.
True or False
• The cement ceiling prevents women and minorities from moving up in the world of business.
False
• The cement ceiling prevents women and minorities from moving up in the world of business.
• glass
True or False
• Short-range planning is known as operational planning.
True
• Short-range planning is known as operational planning.
True or False
• The action stage of strategic management is known as implementing strategy.
True
• The action stage of strategic management is known as implementing strategy.
True or False
• The systematic studying of an issue and the preparation of a written document to deal with the problem is known as informal planning.
False
• The systematic studying of an issue and the preparation of a written document to deal with the problem is known as informal planning.
• formal
True or False
• Concise statements that provide direction for employees and set standards for achieving the company’s strategic plan are called goals.
True
• Concise statements that provide direction for employees and set standards for achieving the company’s strategic plan are called goals.
Multiple Choice
• This level of management is usually not involved in a company’s day-to-day problems, but generally sets the direction the company will follow:
A. Staffing management
B. Senior management
C. Supervisory management
D. Middle management
B. Senior management
• This level of management is usually not involved in a company’s day-to-day problems, but generally sets the direction the company will follow:
Multiple Choice
• This level of management includes department heads and district sales managers.
A. Supervisory management
B. Senior management
C. Middle management
D. Staffing management
C. Middle Management
• This level of management includes department heads and district sales managers.
Multiple Choice
• When a manager gives guidance to employees to perform their tasks, he or she is said to be performing the task of
A. Planning
B. Organizing
C. Staffing
D. Leading
D. Leading
• When a manager gives guidance to employees to perform their tasks, he or she is said to be performing the task of
Multiple Choice
• A detailed series of related steps or tasks written to implement a policy is called a
A. Policy
B. Procedure
C. Rule
D. Goal
B. Procedure
• A detailed series of related steps or tasks written to implement a policy is called a
Multiple Choice
• These strategies concentrate on how to compete in a given business or industry.
A. Business strategies
B. Functional strategies
C. Grand strategies
D. Planning strategies
A. Business Strategies
• These strategies concentrate on how to compete in a given business or industry.
Businesses, Workers,and the Law
Business Essentials Review(Text Chapters 4 and 5)
Krause/PetriellaBusiness Law
Unit 9
True or False
• A word, name, symbol, or slogan a business uses to identify its own goods and set them apart from others is known as a patent.
False
• A word, name, symbol, or slogan a business uses to identify its own goods and set them apart from others is known as a patent.
• trademark
True or False
• A patent is the protection provided to a creative work.
False
• A patent is the protection provided to a creative work.
• copyright
True or False
• Patents are issued to give inventors and companies the exclusive right to make, use, and sell their inventions for 25 years.
False
• Patents are issued to give inventors and companies the exclusive right to make, use, and sell their inventions for 25 years.
• 17
True or False
• Groups of workers who collectively bargain for rights and benefits are known as unions.
True
• Groups of workers who collectively bargain for rights and benefits are known as unions.
True or False
• Rules that government agencies issue to implement laws are known as regulations.
True
• Rules that government agencies issue to implement laws are known as regulations.
True or False
• Consumers are individuals who buy goods and services for their own use.
True
• Consumers are individuals who buy goods and services for their own use.
True or False
• State and local governments use assessed evaluation as a way to limit and control people who plan to enter certain types of businesses.
False
• State and local governments use assessed evaluation as a way to limit and control people who plan to enter certain types of businesses.
• licensing
True or False
• Income taxes paid to a government increase the amount of profit to a business.
False
• Income taxes paid to a government increase the amount of profit to a business.
• reduce
True or False
• Employment laws regulate the relationship between companies and their workers and provide benefits to employees.
True
• Employment laws regulate the relationship between companies and their workers and provide benefits to employees.
True or False
• Joint owners in a business are known as partners.
True
• Joint owners in a business are known as partners.
Multiple Choice
• Taxes levied against buildings and land owned by a business are called
A. Unfair taxes
B. Withholding taxes
C. Property taxes
D. Income taxes
C. Property taxes
• Taxes levied against buildings and land owned by a business are called
Multiple Choice
• Companies must comply with all of the following employment laws EXCEPT
A. Employee lay-off laws
B. Benefits laws
C. Wage-hour laws
D. Equal employment opportunity laws
A. Employee lay-off laws
• Companies must comply with all of the following employment laws EXCEPT
Multiple Choice
• One of the major disadvantages to corporations is
A. Limited liability of stockholders.B. Stockholders have no management
responsibilities.C. Corporations raise money by selling stock.D. Corporations must comply with many more
state and federal laws than sole proprietorships and partnerships.
D. Corporations must comply with many more state and federal laws than sole proprietorships
and partnerships.
• One of the major disadvantages to corporations is
Multiple Choice
• An agreement between two parties to carry out a transaction, such as a sale of goods from a seller to buyer, is a
A. Patent
B. Copyright
C. Contract
D. regulation
C. Contract
• An agreement between two parties to carry out a transaction, such as a sale of goods from a seller to buyer, is a
Multiple Choice
• Under the Americans with Disabilities Act, companies
A. Can discriminate against persons with disabilities if they feel uncomfortable.
B. Cannot fire or refuse to hire people because of certain disabilities and illnesses.
C. Must provide medical attention to all disabled employees.
D. Can discriminate in hiring disabled employees if an employee will be out sick from time-to-time.
B. Cannot fire or refuse to hire people because of certain disabilities and illnesses.
• Under the Americans with Disabilities Act, companies
ReviewUnit 3
Business Concepts and Int’l Business
Business EssentialsPetriella/Krause
Chapters 6 and 7Economics and Int’l Business
True or False
• The breakeven point occurs when revenue is sufficient to cover all costs for manufacturers or producers.
True
• The breakeven point occurs when revenue is sufficient to cover all costs for manufacturers or producers.
True or False
• A depression occurs when there are too few resources are available for everyone in the world to consume as much as he or she would like.
False
• A depression occurs when there are too few resources are available for everyone in the world to consume as much as he or she would like.
• scarcity
True or False
• A recession occurs when economic growth falls for two three-month periods in a row.
True
• A recession occurs when economic growth falls for two three-month periods in a row.
True or False
• Data that shows how an economy is performing are known as economic indicators.
True
• Data that shows how an economy is performing are known as economic indicators.
True or False
• The study of how societies decide what to produce, how to produce it, and how to distribute what they produce is known as the business cycle.
False
• The study of how societies decide what to produce, how to produce it, and how to distribute what they produce is known as the business cycle.
• economics
True or False
• Prices are determined by the laws of supply and demand.
True
• Prices are determined by the laws of supply and demand.
True or False
• The price where supply equals demand is known as the breakeven analysis.
False
• The price where supply equals demand is known as the breakeven analysis.
• Equilibrium price.
True or False
• The type of economic system that exists when goods are produced soley on government decisions is known as a market economy.
False
• The type of economic system that exists when goods are produced soley on government decisions is known as a market economy.
• command
True or False
• When unemployment rises during this part of a business cycle as employers lay off workers they no longer need it is known as the breakeven analysis in economics.
False
• When unemployment rises during this part of a business cycle as employers lay off workers they no longer need it is known as the breakeven analysis in economics.
• contradictory phase
True or False
• A tax on imports is known as a quota.
False
• A tax on imports is known as a quota.
• tariff
True or False
• The exchange of goods and services by different countries is known as domestic trade.
False
• The exchange of goods and services by different countries is known as domestic trade.
• international
True or False
• Restrictions on the quantity of a good that can enter a country is known as an embargo.
False
• Restrictions on the quantity of a good that can enter a country is known as an embargo.
• quota.
Multiple Choice
• The difference between what a business earns and what it spends is known as
A. Profit
B. Opportunity cost
C. Equilibrium price
D. Expected cost
A. Profit
• The difference between what a business earns and what it spends is known as
Multiple Choice
• The concept that states that as the price of a good rises, producers are willing to supply more of that good is
A. Scarcity
B. Law of supply
C. Law of demand
D. Opportunity cost
B. Law of Supply
• The concept that states that as the price of a good rises, producers are willing to supply more of that good is
Multiple Choice
• The concept that states that producing one good means not producing another is known as
A. Law of supply
B. Law of demand
C. Opportunity cost
D. scarcity
C. Opportunity cost
• The concept that states that producing one good means not producing another is known as
Multiple Choice
• This concept states that as the price of a good increases, the quantity of the good demanded falls
A. Law of supply
B. Law of demand
C. Opportunity cost
D. scarcity
B. Law of Demand
• This concept states that as the price of a good increases, the quantity of the good demanded falls
Multiple Choice
• Companies can sell their products or services in foreign countries in any of the following ways EXCEPT
A. Forming a strategic alliance
B. Becoming a multinational corporation
C. Working through a foreign intermediary
D. Creating an embargo to transfer power to the host country
D. Creating an embargo to transfer power to the host country
• Companies can sell their products or services in foreign countries in any of the following ways EXCEPT
Multiple Choice
• An agreement that permits one company to sell another company’s products abroad in return for a percentage of the company’s revenues is known a a(n)
A. Export agreement
B. International trade agreement
C. Licensing agreement
D. Import agreement
C. Licensing agreement
• An agreement that permits one company to sell another company’s products abroad in return for a percentage of the company’s revenues is known a a(n)
Multiple Choice
• Goods and services that are purchased from abroad are called
A. Comparative
B. Absolute
C. Exports
D. imports
D. Imports
• Goods and services that are purchased from abroad are called
Multiple Choice
• The idea that individuals, companies, and countries should specialize in what they do best is most closely associated with
A. Comparative advantage
B. Absolute advantage
C. Importing
D. exporting
A. Comparative advantage
• The idea that individuals, companies, and countries should specialize in what they do best is most closely associated with
Communications Review
Chapter 9
Business Essentials
Mrs. Petriella
#1Information that must be written in a memo includes all but the following:A. Recipient of the memo
B. Sender of the memo
C. Job title of the sender
D. Date of the memo
C. Job title of the sender
• Information that must be written in a memo includes all but the following:
#2To communicate effectively, managers need to determineA. How much time he/she has to speak
B. Whether the podium is high enough
C. What the audience hopes to gain by listening
D. The amount of space necessary to make a speech while standing
C. What the audience hopes to gain by listening
• To communicate effectively, managers need to determine
#3The communication method that is most appropriate for sensitive issues is
A. Specific
B. Verbal
C. Written
D. general
B. Verbal
• The communication method that is most appropriate for sensitive issues is
#4Business letters should include all but the following:A. Job title of the sender
B. Date of the letter
C. Summary of the letter
D. Recipient of the letter
C. Summary of the letter
• Business letters should include all but the following:
#5Communicating well verbally is important to managers becauseA. It enables managers to give clear
instructionsB. It forces management demands to be
followed without failC. It can motivate and persuade other
peopleD. It can set the tone within a department or
company
B. It forces management demands to be followed without fail
• Communicating well verbally is important to managers because
#6The communication method that is most appropriate for routine information isA. Verbal
B. Written
C. General
D. specific
B. Written
• The communication method that is most appropriate for routine information is
Teamwork and Leadership
Business EssentialsChapter 16
Review
True or False
• Punishing or rewarding people will affect their future behavior.
True
• Punishing or rewarding people will affect their future behavior.
True or False
• Rewarding people who engage in behavior that a manager wishes to encourage is known as job enrichment.
False
• Rewarding people who engage in behavior that a manager wishes to encourage is known as job enrichment.
• Positive reinforcement
True or False
• Reprimanding or punishing people who engage in behavior that the manager wishes to discourage would be a characteristic of a laissez-faire leader.
False
• Reprimanding or punishing people who engage in behavior that the manager wishes to discourage would be a characteristic of a laissez-faire leader.
• Autocratic leader
True or False
• Power is the ability to influence other people.
False
• Power is the ability to influence other people.
True or False
• Leadership is the ability to make people act in certain ways.
False
• Leadership is the ability to make people act in certain ways.
True or False
• The universal approach to leadership is the assumption that there is one way to lead, regardless of the circumstances.
True
• The universal approach to leadership is the assumption that there is one way to lead, regardless of the circumstances.
True or False
• The autocratic leader allows people within the group to make all of the decisions.
False
• The autocratic leader allows people within the group to make all of the decisions.
• Laissez-faire
True or False
• Assuming that the best approach to leadership depends on the situation is characteristic of the contingent approach.
True
• Assuming that the best approach to leadership depends on the situation is characteristic of the contingent approach.
True or False
• A democratic leader offers reasoning behind a decision.
True
• A democratic leader offers reasoning behind a decision.
True or False
• An employee’s knowledge, skills, intelligence, education, and efforts are known as his/her outputs to the job.
False
• An employee’s knowledge, skills, intelligence, education, and efforts are known as his/her outputs to the job.
• inputs
True or False
• According to the trait theory, those qualities most often associated with excellent leaders include charisma and courage.
True
• According to the trait theory, those qualities most often associated with excellent leaders include charisma and courage.
True or False
• Autocratic leaders are leaders listen to other people when trying to reach a decision.
False
• Autocratic leaders are leaders listen to other people when trying to reach a decision.
• Democratic leaders
True or False
• Laissez-faire does not mean hands on.
True
• Laissez-faire does not mean hands on.
Multiple Choice
• The positive reinforcement theory is also known as
A. Punishment theory
B. Operant conditioning
C. Reward theory
D. None of the above
C. Reward Theory
• The reinforcement theory is also known as
Multiple Choice
• Characteristics that a leader possesses are classified as
A. Behaviors
B. Traits
C. Classical
D. None of the above
B. Traits
• Characteristics that a leader possesses are classified as
Multiple Choice
• Leaders who do not listen to other people but make all of the decisions themselves are known as
A. Laissez-faire leaders
B. Democratic leaders
C. Motivational leaders
D. None of the above
D. None of the above
• Leaders who do not listen to other people but make all of the decisions themselves are known as
Multiple Choice
• The pay, status, and intrinsic rewards that an employee receives from his or her job are considered
A. Inputs
B. Outcomes
C. Job enrichments
D. None of the above
B. Outcomes
• The pay, status, and intrinsic rewards that an employee receives from his or her job are considered
Multiple Choice
• According to the Occupational Outlook Handbook, most top executives have at least the following type of degree
A. Associate’s Degree
B. Bachelor’s Degree
C. Master’s Degree
D. All of the above.
B. Bachelor’s Degree
• According to the Occupational Outlook Handbook, most top executives have at least the following type of degree
Forms of Business Review
Business Essentials
Multiple Choice
A business that is owned by stockholders and that has legal rights and responsibilities as it were a person.
A. sole proprietorship
B. partnership
C. corporation
D. none of these
C. corporation
• A business that is owned by stockholders and that has legal rights and responsibilities as it were a person.
Multiple Choice
A business that is owned and managed by one individual who receives all the profits and bears all the losses.
A. sole proprietorship
B. partnership
C. corporation
D. none of these
A. sole proprietorship
• A business that is owned and managed by one individual who receives all the profits and bears all the losses.
Multiple Choice
A business that is owned and managed two or more individuals who receives all the profits and bears all the losses.
A. sole proprietorship
B. partnership
C. corporation
D. none of these
B. partnership
A business that is owned and managed two or more individuals who receives all the profits and bears all the losses.
Multiple Choice
The three different kinds of business entities include
A. sole proprietorship
B. corporations
C. small businesses
D. both a and b
D. both a and b
A. sole proprietorship
B. corporations
C. small businesses
D. both a and b
The three different kinds of business entities include
Multiple Choice
___________ is no more than 75 shareholders that may be taxed as a partnership
A. S corporations
B. limited liability companies
C. Subsidiary corporations
D. Parent company
A. S corporations
___________ is no more than 75 shareholders that may be taxed as a partnership
Multiple Choice
___________ is organizations that combine the benefits of S corporations and limited partnerships without the drawbacks of either.
A. S corporations
B. limited liability companies
C. Subsidiary corporations
D. Parent company
B. limited liability companies
___________ is organizations that combine the benefits of S corporations and limited partnerships without the drawbacks of either.
Multiple Choice
___________ is corporations whose stock is owned entirely or almost entirely by another corporation.
A. S corporations
B. limited liability companies
C. Subsidiary corporations
D. Parent company
C. Subsidiary corporations
• ___________ are corporations whose stock is owned entirely or almost entirely by another corporation.
Multiple Choice
___________ is company that owns most, if not all, of another company’s stock and that takes an active part in managing that other company.
A. S corporations
B. limited liability companies
C. Subsidiary corporations
D. Parent company
D. Parent company
___________ is company that owns most, if not all, of another company’s stock and that takes an active part in managing that other company.
Multiple Choice
___________ is partnership in which all partners have the right to participate as co-owners and are liable for the business’s debts.
A. general partnership
B. limited partnership
C. common partnership
D. partial partnership
A. general partnership
___________ is partnership in which all partners have the right to participate as co-owners and are liable for the business’s debts.
Multiple Choice
___________ is partnership composed of one or more general partners and one or more partners whose liability is usually limited to the amount of their capital investment.
A. general partnership
B. limited partnership
C. common partnership
D. partial partnership
B. limited partnership
• ___________ is partnership composed of one or more general partners and one or more partners whose liability is usually limited to the amount of their capital investment.
True/False
• A sole proprietorship is hard to organize.
False
• A sole proprietorship is hard to organize.
True/False
• Partnerships have limited liability.
False
• Partnerships have limited liability.
True/False
• For corporations, shareholders have unlimited liability.
False
• For corporations, shareholders have unlimited liability.
True/False
• In a sole proprietorship the profits are taxed at an individual rate.
True
• In a sole proprietorship the profits are taxed at an individual rate.
True/False
• In a partnership the profits are not taxed at an individual rate.
False
In a partnership the profits are not taxed at an individual rate.
True/False
• In a partnership the management talent may be thin.
False
• In a partnership the management talent may be thin.
True/False
• In a sole proprietorship the business may cease when the owner dies.
True
• In a sole proprietorship the business may cease when the owner dies.
True/False
• Preferred stock is shares that give their owners first claim on a company’s dividends and assets after paying all debts.
True
• Preferred stock is shares that give their owners first claim on a company’s dividends and assets after paying all debts.
True/False
• Common stock is not shares whose owners have voting rights and have the last claim on distributed profits and assets
False
• Common stock is not shares whose owners have voting rights and have the last claim on distributed profits and assets
True/False
• Private corporations are a corporation that actively sells stock on the open market.
False
• Private corporations are a corporation that actively sells stock on the open market.
True/False
• Public corporations are a company owned by private individuals or companies.
False
• Public corporations are a company owned by private individuals or companies.
True/False
• Franchisor are the suppliers that grants a franchise to an individual or group in exchange for payments.
True
• Franchisor are the suppliers that grants a franchise to an individual or group in exchange for payments.
True/False
• Franchisee is a business owner who contracts for the right to sell goods or services of the suppliers in exchange for some payment.
True
• Franchisee is a business owner who contracts for the right to sell goods or services of the suppliers in exchange for some payment.
True/False
• Franchise is not a business arrangement in which a company or entrepreneur obtains rights to sell the goods or services of the suppliers.
False
• Franchise is not a business arrangement in which a company or entrepreneur obtains rights to sell the goods or services of the suppliers.
True/False
• Product based franchise gives you the right to sell trademarked goods, which are purchased from the franchisor and resold.
True
• Product based franchise gives you the right to sell trademarked goods, which are purchased from the franchisor and resold.
