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Study Resources (Business Management)

  91. Spalding hires an Asian company to produce a specified volume of sports equipment that still carries Spalding's name. This is an example of _____.  A. contract manufacturing B. licensing C. direct investment D. exporting E. importing 92. Offshoring is different from outsourcing because:  A. in offshoring, the company subcontracts to a different company. B. in offshoring, the company retains control of the process. C. in offshoring, a subsidiary.
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  51. The capacity of a restaurant would be the:  A. average number of customers that visit the restaurant on weekends. B. total number of customers who have visited the restaurant since its establishment. C. average number of employees who work in the restaurant on a normal day. D. maximum number of customers who can be effectively served at any.
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  21. One of the major reasons people want to own and operate their own business is to:  A. avoid the risk of competition. B. be their own boss. C. avoid multitasking. D. reduce stress levels. E. avoid direct responsibility of the operations. 22. Which of the following is an advantage of a small business?  A. Greater adaptability to changing market demands B. Highly trained and competent staff C. Low.
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  81. Which of the following forms of business ownership provides limited liability but is taxed like a partnership?  A. A sole proprietorship B. A cooperative C. A C corporation D. A general partnership E. A limited liability company 82. Which of the following is true of limited liability companies?  A. They are taxed like a C corporation. B. They are very complex and difficult to run. C. They require.
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  51. _____ are typically owned by many individuals and organizations who own shares of the business, called stock.  A. General partnerships B. Limited partnerships C. Sole proprietorships D. Corporations E. Franchises 52. Which of the following is an accurate description of dividends?  A. They indicate the money invested by sole proprietors in their business. B. They refer to profits in a general partnership. C. They indicate the capital invested.
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  81. _____ are often the Small Business Administration's principal means of providing direct management assistance to small businesses and entrepreneurs.  A. Local Chambers of Commerce B. Small Business Development Centers C. Service Corps of Retired Executives D. Small Business Institutes E. Active Corps of Executives 82. _____ is a volunteer agency funded by the Small Business Administration to provide advice for owners of.
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  True / False Questions 1. Production refers to all the activities and processes used in making both tangible and intangible products. 2. Service providers are generally more labor-intensive than manufacturers because of the high level of customization. 3. Modular design, an operations process for manufacturing products, does not allow products to be repaired quickly,.
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  51.  Bigbag.com, a leading online retailer, uses the services of Data Safe Inc., a small startup that helps companies manage and keep their electronic data safe. This helps Bigbag.com keep a backup of its proprietary information in case of virus attacks or any sort of damage to property. This is.
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  71. Since Eva has decided to use her savings to purchase the rights to own and operate a McDonald's outlet rather than starting her own restaurant, she is most likely to be a(n) _____.  A. trade creditor B. franchisee C. category captain D. intrapreneur E. venture capitalist 72. Nathan started the first outlet of Dynamix Gym in New York City in 1995. The.
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  11. Which of the following is the first step in a typical motivation process?  A. Need B. Motivation C. Objective D. Action E. Satisfaction 12. Graham, an employee at an architectural firm, is frustrated with his job as he is mostly involved in reproducing stock designs. He realizes the need for starting his own firm to exercise his creative streak. In the context.
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  101. The purchase of overseas production and marketing facilities is an example of _____.  A. licensing B. contract manufacturing C. using an export agent D. direct investment E. exporting 102. A U.S. company, 3M Inc., owns a film-manufacturing facility in Italy. This is an example of:  A. strategic alliance. B. a direct investment. C. a joint venture. D. licensing. E. exporting. 103. Which of the following can be best defined as a corporation that operates.
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  21. Small businesses commonly employ:  A. line departmentalization. B. customer departmentalization. C. functional departmentalization. D. product departmentalization. E. geographical departmentalization. 22. A company that has departments for marketing, finance, personnel, and production is organized by:  A. product. B. function. C. territory. D. customer. E. geographic region. 23. If the type of departmentalization used by an organization tends to emphasize departmental units rather than the organization as a whole and decision making is slow, then these.
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  61. _____ is the process of evaluating and correcting activities to keep an organization on course.  A. Planning B. Benchmarking C. Staffing D. Controlling E. Recruiting 62. When Betsy informed her supervisor that the furniture assemblers at their manufacturing plant were using 20 percent more raw materials in the current month when compared to the preceding months, she was involved in the management.
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  True / False Questions 1. The more complex organizations become, the less they need to develop formal structures to function efficiently. 2. Disadvantages of product departmentalization are that it duplicates functions and does not focus on an organization's overall objectives. 3. A wide span of management works best when a manager and subordinates are.
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  41. A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is known as a(n) _____.  A. promissory note B. article of incorporation C. business plan D. business agreement E. article of partnership 42. Which of the following statements is true of a business plan?  A. Small businesses do not need a business plan. B. It does.
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  21. Actual performance of a service provider's product typically occurs:  A. several days after the purchase. B. outside the service provider's facility. C. at the point of consumption. D. in the buyer's home. E. before the point of consumption. 22. Service experience tends to vary each time because:  A. services are not labor-intensive. B. of the tangible element inherent in delivering services. C. services can be easily separated from.
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  41. Which of the following is an advantage of decentralization?  A. It does not require low-level managers to be highly skilled in decision making. B. It is highly effective when risky decisions have to be made. C. It allows businesses to improve their responsiveness and enhance creativity. D. It increases the levels of management within an organization. E. It results in.
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  11. Which of the following is an advantage of a sole proprietorship?  A. Ease of dissolving the business B. Equally shared profits among owners C. Limited liability D. Varied sources of funds E. Increased life expectancy 12. Judy has realized that she does not like working for others. She wants to open a business in which she will have maximum control and the.
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  61. Which of the following is a defining characteristic of continuous manufacturing organizations using a product layout?  A. They make a unique product. B. They have an extremely high unit cost of production. C. They deploy all resources in a central location. D. They produce a large number of units. E. They do not use assembly lines. 62. _____ employs specialized computer systems.
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  11.  The Small Business Administration is a(n):   A.  body established by the U.S. Chamber of Commerce to encourage the intrapreneurial spirit in small businesses. B.  independent agency of the federal government that offers managerial and financial assistance to small businesses. C.  independent agency created under the General Agreement on Tariffs.
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  81. Which of the following is a feature of democratic leadership?  A. Encouraging employees to discuss concerns and provide inputs B. Using economic rewards as sole means to motivate employees C. Allowing employees complete autonomy to work on their own D. Monitoring employee actions very closely and in great detail E. Making decisions and telling employees what must be done and.
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  11. Which of the following statements is true about organizational structure?  A. It is only applicable to formal organizations. B. It is the arrangement or relationship of positions within an organization. C. It is usually not seen in government and nonprofit organizations. D. It does not require any planning in small organizations. E. It remains the same even as a company.
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  True / False Questions 1. A sole proprietor has limited liability in meeting the debts of his or her business. 2. Limited partners have no voice in the management of the partnership. 3. The assets and liabilities of a corporation are separate from its owners. 4. An acquisition occurs when one company purchases another company.
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  21. In sole proprietorships, owners:  A. have access to employees with a variety of skills. B. have access to limited sources of funds. C. do not have to pay any income tax. D. have to share their profits. E. cannot easily dissolve the business. 22. Which of the following is a disadvantage of sole proprietorships?  A. Sharing of profits with major stockholders B. Lack of continuity C. Lack of.
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  31. Carol has decided to open a Vietnamese restaurant in her neighborhood. She will be solely responsible for the management of the restaurant. Which of the following problems is she likely to face while running the business?  A. She will find it difficult to make quick decisions. B. Her business will not be able to.
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  True / False Questions 1. Human relations is the study of the behavior of individuals and groups in organizational settings.  2. The Hawthorne Studies found that money was the primary motivator for employees. 3. Maslow's hierarchy lists the most basic needs people strive to satisfy first at the top of the pyramid.  4. Theory Z is more.
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  61. Which of the following is a basis for using a matrix structure within an organization?  A. Geographic region B. Projects C. Products D. Customers E. Revenue 62. Which of the following organizational structures is also called a project management structure?  A. Web structure B. Line structure C. Matrix structure D. Multidivisional structure E. Line-and-staff structure 63. Which of the following is true of matrix structures?  A. In matrix structures, employees are responsible to two managers. B. Matrix structures.
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  True / False Questions 1. Entrepreneurship is the process of creating and managing a business to achieve desired objectives. 2. One of the most significant drawbacks of small businesses is their inability to innovate and to bring significant benefits to customers. 3. Retailing attracts entrepreneurs because gaining experience and exposure in retailing is relatively.
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  31. A software company that has different representatives to assist business clients and individual clients is organized by _____.  A. processes B. products C. geographical regions D. functions E. customers 32. Which of the following is a disadvantage of geographical departmentalization?  A. It focuses on an organization as a whole rather than emphasizing on departmental units. B. It prohibits specialization among employees. C. It results in duplication of tasks. D. It.
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  31. An organization's objectives regarding profits are generally stated in terms of:  A. the unlimited liability it has. B. the money and assets left over after paying off business expenses. C. its ability to promote diversity. D. the time taken to release new products in the marketplace. E. its ability to evaluate opportunity costs. 32. Which of the following objectives are generally stated.
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  11. Which of the following is true of the transformation process in operations management?  A. It is a process of replacing quality with productivity when manufacturing products. B. It is the conversion of resources such as labor, money, materials, and energy into goods, services, and ideas. C. It is efficient only when inputs are used in large.
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  21. Which of the following explains an organization's reason for existence?  A. The organization's balance sheet B. The organization's code of conduct C. The organization's article of incorporation D. The organization's mission statement E. The organization's tactical plan 22. Which of the following questions does the mission statement of an organization seek to answer?  A. What business are we in? B. How do we expand our business? C. What.
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  41. A primary reason for using standardization is to:  A. reduce production costs. B. increase the choices available for customers. C. reduce product quality. D. support variability of the resources used. E. foster creativity. 42. Which of the following is an advantage of standardization?  A. It helps a customer get exactly what he or she wants. B. It slows down quality control. C. It speeds up production. D. It increases the.
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  81. Which of the following is true about quality?  A. It is extremely easy to measure quality characteristics when the product is a service. B. It is a concern only for service providers. C. It primarily indicates the price charged for a product. D. It depends on customers' perceptions. E. Its definition should vary from employee to employee when a firm.
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  31. Which of the following is true of services and their providers?  A. Service providers are more capital-intensive than labor-intensive. B. The quality of the service experience is controlled by a service contact employee. C. Service experience is usually constant irrespective of the person delivering or receiving it. D. Services can be provided in an isolated environment, away from.
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  71. Most people get their initial managerial experience as _____, those who supervise workers and the daily operations of an organization.  A. top managers B. middle managers C. first-line managers D. chief operations officers E. chief financial officers 72. _____ spend most of their time directing and controlling the daily operations of an organization.  A. Board of directors B. Middle managers C. Top-level managers D. First-line managers E. Chief executive officers 73. Janet works as.
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  71.  The form of business ownership that has the ability to raise capital most easily is a:   A.  public corporation. B.  private corporation. C.  sole proprietorship. D.  joint venture. E.  limited partnership. 72.  Which of the following is an advantage that corporations provide as a form of business ownership?   A. .
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  81. Which of the following is true of self-directed work teams?  A. They are designed to give employees a feeling of ownership of a whole job. B. They reduce an organization's ability to respond to customer needs. C. They offer limited job assignments to their members. D. They are designed to allow members to report to both functional and.
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  21. Vixen works in a soap manufacturing company. He is paid a fixed amount for every unit he manufactures at the factory. He is paid higher rates for exceeding his set target. The payment system in this scenario is an example of the:  A. barter system. B. piece-rate system. C. bonus system. D. over-time system. E. hourly-payment system. 22. The person primarily associated.
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  71. Which of the following is an example of finished-goods inventory for an apparel company?  A. The clothes for sale in the company's retail store B. The buttons to be used on pants C. A batch of pants that are in the stitching process D. A bottle of fabric dye in the company's factory E. The thread used for stitching 72. Which of.
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  41. Tactical plans usually cover a period of:  A. five years or more. B. one year or less. C. three years. D. one week or less. E. ten years. 42. Strategic plans:  A. establish the short-range objectives of an organization. B. must take into account an organization's capabilities and resources. C. are designed to implement the activities and objectives specified in the tactical plans. D. generally cover periods ranging from two.
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  61. A loan is taken by a small business is referred to as a mortgage:  A. when the small-business owner has to share profits and ownership with the investors. B. when the small business fails to repay the loan. C. when the small business has to sell its stock to outsiders. D. when the small-business owner has to provide.
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  51. An organizational form that is based on direct lines of authority from the top executive to the lowest level of employees is called a:  A. line structure. B. web structure. C. line-and-staff structure. D. matrix structure. E. multidivisional structure. 52. Gerald is the owner of a popular restaurant. He has appointed a manager who takes care of the day-to-day operations of the.
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  11.  Jason is an operations manager in an automobile company. Which of the following is most likely to be his primary management function in the firm?   A.  Administering production activities B.  Arranging finance C.  Creating advertisements D.  Recruiting employees E.  Promoting products and services 12. If a manager is analyzing several.
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  True / False Questions 1. Management takes place only in business settings. 2. For any company, owners and shareholders are the only sources of primary funding. 3. Planning involves forecasting events and determining the best course of action from a set of options or choices. 4. Top-level managers make an organization's strategic decisions that focus.
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  41. In a limited partnership:  A. the partners can operate the business only for limited time period. B. the profits earned by the owners are limited by government regulations. C. all the partners have limited liability. D. at least one partner has unlimited liability. E. the partners are free from any liability for the debts of the business. 42. Partnerships are quasi-taxable organizations..
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  71. A permanent, formal group that performs a specific task is a:  A. task force. B. committee. C. project team. D. cooperative. E. focus group. 72. MB Inc. has an independent, permanent work group that develops and revises codes of ethics, suggests ways the organization can contribute toward the environment, and regularly reviews other specific issues and concerns within the organization. This is.
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