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Intro to Business(5)

QuestionAnswer
The main objective of business is to hire and train employees. False
Non-for-profit organizations are considered businesses. False
A majority of businesses are large Fortune 500 companies. False
Non-for-profit organizations are a large part of our economy. True
The four factors of production are human resources, capital, accounting, and entrepreneurship. False
The four basic rights of an enterprise system are private property, competition, profits, and freedom of choice. True
37% of all businesses are owned by individuals with a high school education or less. False
One of the six eras' in the history of US business is the "Production" era? True
During the "Relationship" era companies focused on mass production? False
Our nations' population is aging. True
The aging of the US's population is creating a surplus of workers? False
One of the pros of diversity is better working conditions and hours? False
Outsourcing is the removal of services to a local, low cost source? False
Off shoring is the removal of business processes to lower cost locations over seas. True
Apple's product offering makes it an admired company. True
The ability to make profits can make a company more admired? True
Absolute advantage means a country can produce at a lower cost than any other competitor? True
A tariff is meant to protect the importer from unfair foreign competition. False
Franchising is starting a business from scratch with no former establishment in place. False
The franchisee is the purchaser of the franchise. True
Risk-takers have a propensity towards entrepreneurship. True
Virtually all businesses today have websites. True
Marketing and employee websites are basically the same thing. False
The 3 skills needed by managers are technical, tools, and knowledge. True
The "Fair Labor Standards Act of 1939" legalized collective bargaining. False
Managers must oversee the work of people and machinery in order to convert inputs into finished goods and services. True
Test marketing is a phase of the process for developing new goods and services. True
Banks are regulated by state governments only. False
An asset is anything of value owned or leased by a business. True
List the 3 factors involved in a plant location decision. Transportation, human and physical factors.
List the factors of production. Natural resources, capital, human resources, and entrepreneurship.
List four types of capital. Technology, tools, information, and physical facilities.
What is the alternative term for "private enterprise system"? Capitalism
What is the role of the Securities and Exchange Commission? To investigate suspicions of unethical or illegal behavior by publicly traded firms.
List the types of major economic systems. Private enterprise systems, planned economy, and mixed-market economy.
Identify the 4 stages of a business cycle. Prosperity, recession, depression, and recovery.
America's population is... Aging.
List the forms of private business ownership and how many owners are involved with each. Sole proprietorship - 1 owner, partnership - 2+ owners, corporation - unlimited number of owners.
What are the levels of management in a corporation? Stockholders, border directors, top management, middle management, and supervisory management.
List the top 3 countries with entrepreneurial activity? Peru, Uganda, and Ecuador.
What are the 4 types of entrepreneurs? Classic, serial, intrapreneuers, and change agents.
What does B2B mean? Business-to-business transactions.
Conducting business over the internet is... eBusiness.
List the 4 managerial functions. Planning, organizing, directing, and controlling.
What are the 4 types of planning? Strategic, tactical, operational, and contingency.
There are 4 forms of incentive compensation, they are profit-sharing, gain-sharing, _______________, and ________________. Lump-sum bonus, pay for knowledge.
What are the 2 types of employee separation? Voluntary and involuntary.
Maslow's theory of needs states that we need to satisfy five levels of needs, they are? Physiological, safety, esteem, self-actulization.
What types of organizations use a compressed work week? Police, fireman, hospitals, factories, and airlines.
The "intimate zone" of communication is less than _______? 18 inches
The 4 stages of team building are? Storming, norming, forming, and performing.
The 4 facility layout types are? Process, product, fixed position, and customer oriented.
Identify the 5 major categories of non-traditional marketing. Person, place, event, cause, and organization marketing.
Created by: j.walters
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