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MULTIPLE CHOICE 31.Computers that manufactured in the United States and sold

  MULTIPLE CHOICE 31.Computers that are manufactured in the United States and sold in Norway are categorized as U.S. ________. a.exports b.countertrades c.imports d.outsourcing 32.Los Angeles-based PMI Telecom purchases cell phones manufactured in Asia and sells them in the United States. PMI is engaging in the international business activity known as ________. a.exporting b.importing c.countertrade d.dumping 33.AusterTech, a U.S. company, produces computer.
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MULTIPLE CHOICE 31.Computers that manufactured in the United States and sold
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61.Goto, Inc. trying to establish a supplier relationship with a

  61.Goto, Inc. is trying to establish a supplier relationship with a parts manufacturer in a small Asian country. Filipe, the purchasing manager, is attempting to get to know the general manager and staff of the company to help finalize the agreement. Filipe is attempting to overcome what type of barrier? a.physical.
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61.Goto, Inc. trying to establish a supplier relationship with a
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MATCHING Complete the following using the terms listed. a.seed capital b.globalization c.angel investor

MATCHING       Complete the following using the terms listed. a.seed capital b.globalization c.angel investor d.venture capitalist e.debt financing f.information technology g.debt financing h.social entrepreneur i.classic entrepreneur j.business incubator k.crowd funding l.Skunkworks m.intrapreneurship n.business plan 1.The significant increase of international marketing and sales by entrepreneurs is a result of _____. 2._____ is the initial funding needed to launch a new venture. 3.A person who identifies a business opportunity and allocates.
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MATCHING Complete the following using the terms listed. a.seed capital b.globalization c.angel investor

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120.Sole proprietorship the most common form of business ownership. 121.In a

  120.Sole proprietorship is the most common form of business ownership. 121.In a partnership, each partner is liable for the business-related debts of the other partners. 122.A sole proprietor faces unlimited liability. 123.Breaking up a partnership is more complicated than dissolving a sole proprietorship. 124.Owners of corporations may owe personal income taxes on dividends, which.
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120.Sole proprietorship the most common form of business ownership. 121.In a
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41.An absolute advantage occurs when a country can maintain ________. a.a

  41.An absolute advantage occurs when a country can maintain ________. a.a monopoly by outlawing foreign imports b.a monopoly by levying high taxes on imports c.a monopoly by being the lowest-cost producer of a good or service d.its advantage by producing a good or service more efficiently 42.Population _____________ is no guarantee of economic ___________________. a.Growth; prosperity b.Size;.
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41.An absolute advantage occurs when a country can maintain ________. a.a
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20.Distinguish between absolute advantage and comparative advantage. Provide an example

  20.Distinguish between absolute advantage and comparative advantage. Provide an example of each. 21.Define balance of trade and its relation to trade surplus and trade deficit. 22.Explain the concept of floating exchange rates. Identify factors that influence foreign exchange rates.     .
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20.Distinguish between absolute advantage and comparative advantage. Provide an example
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51.Allison, a U.S. citizen, travels to Europe and spends $2,000

  51.Allison, a U.S. citizen, travels to Europe and spends $2,000 on souvenirs. She is contributing to the ________. a.U.S. trade surplus b.growing exchange rate c.U.S. balance of payments surplus d.U.S. balance of payments deficit 52.Which of the following statements is true regarding hard currencies? a.Countries with hard currency typically use the barter system when exporting goods. b.The.
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51.Allison, a U.S. citizen, travels to Europe and spends $2,000
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80.United Airlines' purchase of Continental Airlines combines the resources and

  80.United Airlines' purchase of Continental Airlines combines the resources and capabilities of both firms to create the world's largest airline.  The newly formed company is an example of a _____________. a.vertical merger b.joint venture c.horizontal merger d.conglomerate merger 81.If Smith Steel buys Kennedy Iron Ore to assure itself of a constant flow of ore, this.
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80.United Airlines' purchase of Continental Airlines combines the resources and
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131.The WTO makes decisions that binding member nations involved in

  131.The WTO makes decisions that are binding on member nations involved in disputes. 132.In recent years, Canada’s economy has been growing at a faster rate than that of the U.S.’s economy. 133.The International Monetary Fund (IMF) was created to promote trade through financial cooperation. 134.The North American Free Trade Agreement (NAFTA) is a.
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131.The WTO makes decisions that binding member nations involved in
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65.___________ has a long-standing and well-known record of encouraging intrapreneurship. a.IBM b.3M c.General

  65.___________ has a long-standing and well-known record of encouraging intrapreneurship. a.IBM b.3M c.General Motors Co. d.Microsoft Corporation 66.A(n) ________ program is initiated by an employee who conceives of an idea. a.wealth creation b.angel investor c.skunkworks d.entrepreneurship TRUE/FALSE 67.Entrepreneurs take necessary risks to set up and operate a business. 68.Entrepreneurs are always managers, but managers are NOT always entrepreneurs 69.Owning a business, by definition,.
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65.___________ has a long-standing and well-known record of encouraging intrapreneurship. a.IBM b.3M c.General
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85.Venture capitalists take an equity stake in businesses in which

  85.Venture capitalists take an equity stake in businesses in which they invest their funds. 86.Angel investors seek out new ventures in exchange for equity. 87.The desire to work fewer hours is one of the main drivers for those who choose to become entrepreneurs 88.Entrepreneurs enjoy guaranteed job security because no one can fire.
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85.Venture capitalists take an equity stake in businesses in which
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35.Which NOT a guideline to consider when starting a business? a.List

  35.Which is NOT a guideline to consider when starting a business? a.List your interests and abilities b.Carefully evaluate existing goods and services, looking for ways you can improve them. c.Decide on a business that matches what you want and offers profit potential. d. An analysis of a detailed, itemized budget for the entire fiscal.
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35.Which NOT a guideline to consider when starting a business? a.List
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50.___________ use their own capital supplemented with government loans to

  50.___________ use their own capital supplemented with government loans to invest in small businesses. a.Franchisors b.Small Business Investment Companies (SBICs) c.Joint ventures d.Microloans 51.Alexander has just opened a bakery & café in a busy New York City neighborhood. He has received an SBA-guaranteed microloan of $13,000. Alexander can use the microloan for all of the.
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50.___________ use their own capital supplemented with government loans to
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81.All of the following part of the European community’s plan

  81.All of the following are part of the European community’s plan to eliminate all barriers to free trade among its members with the exception of ________. a.legal systems being standardized b.custom checks being eliminated c.trade duties and value-added taxes being standardized d.business regulation and requirements being standardized 82.The European Union (EU) ________. a.recently became part of.
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81.All of the following part of the European community’s plan
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21.Discuss the four motives frequently cited as major reasons why

  21.Discuss the four motives frequently cited as major reasons why people become entrepreneurs. 22.Explain the differences among classic entrepreneurs, serial entrepreneurs, and social entrepreneurs. 23.What is intrapreneurship, and why is it important today? 24.Explain how CEOs like George Buckley believe that intrapreneurship pays off despite the extra effort required.     .
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21.Discuss the four motives frequently cited as major reasons why
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101.GDPs of China and India have decreased in recent years. 102.A

  101.GDPs of China and India have decreased in recent years. 102.A superior education system has proven to have no effect on comparative advantages in human resources. 103.Due to its highly educated workforce and low labor costs, India has a comparative advantage in software development. 104.Less-developed countries represent a lucrative market for U.S. firms.
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101.GDPs of China and India have decreased in recent years. 102.A
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60.If business owners in a partnership wish to limit liability,

  60.If business owners in a partnership wish to limit liability, they have the option to ________. a.pledge funds b.divide into sole proprietorships c.set up a limited partnership d.withhold funds 61.The stock of Old Germany Brewery is totally owned by the Prechter family. When the family elected to move from a sole proprietorship to a corporation,.
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60.If business owners in a partnership wish to limit liability,
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181.Assume that the federal government raises taxes in order to

  181.Assume that the federal government raises taxes in order to balance its budget. This action will tend to speed up the rate of economic growth. 182.Fiscal policy is used primarily to increase or decrease interest rates. 183.Lowering taxes is an example of fiscal policy. 184.The idea of possibly forgiving student loans is an.
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181.Assume that the federal government raises taxes in order to
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90.Non-farming small businesses such as insurance agencies and retail shops

  90.Non-farming small businesses such as insurance agencies and retail shops contribute more than half of the nation's GDP. 91.Small businesses generate over 50 percent of new jobs. 92.Government agencies offer benefits designed to help small businesses compete with larger firms. 93.Fifty-six percent of all U.S. companies are considered small businesses. 94.Small businesses are more.
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90.Non-farming small businesses such as insurance agencies and retail shops
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100.Many of today's most successful high-technology companies began as small

  100.Many of today's most successful high-technology companies began as small businesses. 101.Twenty-first century innovations developed by small businesses include social networking sites and green energy industries. 102.More than half of all small businesses fail within the first year. 103.Small businesses are not required to pay workers’ compensation or Social Security. 104.Securing adequate financing is.
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100.Many of today's most successful high-technology companies began as small
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55.Which of the following statements best describes how entrepreneurs view

  55.Which of the following statements best describes how entrepreneurs view failure? a.They enjoy risk and gambling. b.They don’t worry about failing because something better always comes along. c.They view failure as a learning experience. d.They worry that if they fail they’ll never get another opportunity. 56.Katherine is a successful entrepreneur. She stays close to her.
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55.Which of the following statements best describes how entrepreneurs view
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75.Students who graduate from entrepreneurship programs more likely to be

  75.Students who graduate from entrepreneurship programs are more likely to be self-employed. 76.Most entrepreneurs are skeptical of using social media to promote their businesses. 77.People should not attempt to convert their hobbies into a business, since starting a business is a serious venture. 78.In the past, most entrepreneurs started their ventures without creating.
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75.Students who graduate from entrepreneurship programs more likely to be
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ESSAY 15.Describe the differences between entrepreneurs and small-business owners and managers 16.List

  ESSAY 15.Describe the differences between entrepreneurs and small-business owners and managers 16.List the three factors that have contributed to the expansion in entrepreneurship. 17.Describe how social networking has transformed the business environment for entrepreneurs.     .
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ESSAY 15.Describe the differences between entrepreneurs and small-business owners and managers 16.List
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171.Inflation benefits consumers with fixed incomes. 172.Gross domestic product (GDP) the

  171.Inflation benefits consumers with fixed incomes. 172.Gross domestic product (GDP) is the sum of all goods and services produced within a nation’s borders each year. 173.Deflation can hurt industries like housing and auto manufacturing. 174.Andrew has a construction job in the Boston area. During the winter, he is cyclically unemployed and looks for.
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171.Inflation benefits consumers with fixed incomes. 172.Gross domestic product (GDP) the
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40.Innovation possible in small business because they ________. a.employ highly intelligent,

  40.Innovation is possible in small business because they ________. a.employ highly intelligent, motivated people b.have the funds to turn new ideas into large-scale, profitable ventures c.work harder d.provide fertile ground for new ideas 41.All of the following are contributions of small businesses EXCEPT: a.They provide more job security than large corporations. b.They fuel local economies. c.They provide needed.
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40.Innovation possible in small business because they ________. a.employ highly intelligent,
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95.Social entrepreneursrecognize a societal problem and use business principles to

  95.Social entrepreneursrecognize a societal problem and use business principles to develop innovative solutions. 96.A successful entrepreneur is visionary. 97.Generally, entrepreneurs do not have a high energy level. 98.Entrepreneurship is comparable to gambling. 99.As a rule, entrepreneurs believe in their ability to succeed. 100.An important part of launching any new business is establishing a code of.
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95.Social entrepreneursrecognize a societal problem and use business principles to
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141.Indirect exporting involves producing a component for a product that

  141.Indirect exporting involves producing a component for a product that is subsequently exported. 142.Before deciding to go global, a company must consider the investment required to enter a new market. 143.The World Trade Organization website is a good online trade research resource. 144.When McDonald’s franchises into foreign countries, they are engaging in direct.
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141.Indirect exporting involves producing a component for a product that
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MATCHING Complete the following using the terms listed. a.embargo b.balance of trade c.joint venture

MATCHING       Complete the following using the terms listed. a.embargo b.balance of trade c.joint venture d.dumping e.import f.tariff g.International Monetary Fund h.World Trade Organization i.multinational corporation (MNC) j.devaluation k.exchange rate l.absolute advantage m.trade surplus n.quota o.World Bank p.balance of payments q.comparative advantage 1.A(n)_____ is a foreign-made product or service purchased by domestic consumers. 2.A(n) _____has significant foreign operations. 3.A country has _____ in the marketing of a product if it has a.
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MATCHING Complete the following using the terms listed. a.embargo b.balance of trade c.joint venture

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121.Cultural sensitivity not as important of an issue in cyberspace

  121.Cultural sensitivity is not as important of an issue in cyberspace as it is in other communication realms. 122.Economically speaking, unlike countries included in the EU, the United States is a national market with a single economy. 123.Dumping is a type of nontariff barrier. 124.The Foreign Corrupt Practices Act regulates the payment of.
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121.Cultural sensitivity not as important of an issue in cyberspace
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70.Alternatives to private ownership include ________. a.public ownership and collective ownership b.employee

  70.Alternatives to private ownership include ________. a.public ownership and collective ownership b.employee ownership and foreign corporations c.foreign corporations and public ownership d.employee ownership and collective ownership 71.Most states require at least ________ incorporators, or individuals who create the corporation. a.two b.five c.ten d.three 72.The board of directors of a corporation is elected by the ________. a.corporation's employees b.bondholders and other creditors c.corporate officers d.stockholders 73.Lucia.
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70.Alternatives to private ownership include ________. a.public ownership and collective ownership b.employee
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71.If a foreign company offers steel in the United States

  71.If a foreign company offers steel in the United States below the company’s cost of production, the company might be accused of ________. a.protective tariffs b.dumping c.a managed trade agreement d.an import quota 72.The objective of an import quota is to ________. a.prevent dumping b.raise revenue for the government c.ban the importation of certain goods d.protect domestic industries 73.A foreign-made.
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71.If a foreign company offers steel in the United States
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MULTIPLE CHOICE 25.An entrepreneur: a.accepts the risk of starting and running a

  MULTIPLE CHOICE 25.An entrepreneur: a.accepts the risk of starting and running a business. b.manages a business that operates in more than one country. c.owns controlling interest in a company. d.manages a business for someone else. 26.Jada is opening her own bakery. Jada is an example of a(n) ________. a.manager b.entrepreneur c.minority executive d.venture capitalist 27.Saul is the CEO of Summertime, Inc..
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MULTIPLE CHOICE 25.An entrepreneur: a.accepts the risk of starting and running a
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140.Tata Motors’ purchase of Jaguar an example of a horizontal

  140.Tata Motors’ purchase of Jaguar is an example of a horizontal merger. 141.Joint ventures are not ideal for international companies due to logistics and conflicting business laws. 142.Horizontal mergers are popular in the auto and healthcare industries. 143.The Hewlett Packard purchase of Compaq is an example of a conglomerate merger. 144.Joint ventures rarely occur.
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140.Tata Motors’ purchase of Jaguar an example of a horizontal
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111.A nation’s exchange rate the rate at which a nation’s

  111.A nation’s exchange rate is the rate at which a nation’s currency can be exchanged for the currencies of other nations. 112.If a nation has an unfavorable balance of trade, it also has an unfavorable balance of payments. 113.If the value of the Canadian dollar falls relative to the U.S. dollar, Canadian.
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111.A nation’s exchange rate the rate at which a nation’s
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130.Commercial banks considered to be financial cooperatives. 131.Cooperatives rarely exist in

  130.Commercial banks are considered to be financial cooperatives. 131.Cooperatives rarely exist in the agricultural business field. 132.Owners of preferred stock receive dividends after owners of common stock. 133.Each state mandates a specific procedure for incorporating a business. 134.Delaware is an example of a state that is considered to be “business friendly” based on tax.
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130.Commercial banks considered to be financial cooperatives. 131.Cooperatives rarely exist in
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MULTIPLE CHOICE 30.Small-business owners want to determine whether their companies meet

  MULTIPLE CHOICE 30.Small-business owners want to determine whether their companies meet the standards for small-business designation because a.they do not have to pay taxes on their profits. b.government agencies offer benefits designed to help small businesses compete with larger firms. c.incorporation is easier for them. d.banks are more likely to grant them loans. 31.Which government agency.
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MULTIPLE CHOICE 30.Small-business owners want to determine whether their companies meet
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45.Franz and Arlene had an idea for a different type

  45.Franz and Arlene had an idea for a different type of ice cream. They struggled to open their own small business, and later, to expand production and distribution. Their products are distributed nationwide and their sales continue to increase. Franz and Arlene are examples of ________. a.serial entrepreneurs b.classic entrepreneurs c.change agents d.social entrepreneurs 46.________.
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45.Franz and Arlene had an idea for a different type
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110.Small firms often spend 45 percent less per employee than

  110.Small firms often spend 45 percent less per employee than large firms on government paperwork. 111.The Small Business Administration (SBA) is the major lending source for small businesses needing additional funds. 112.Direct Small Business Administration (SBA) loans are rewarded to owners of small businesses 90% of the time. 113.Some women start their own.
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110.Small firms often spend 45 percent less per employee than
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MATCHING Complete the following using the terms listed. a.sole proprietorship b.small business c.C corporation

MATCHING       Complete the following using the terms listed. a.sole proprietorship b.small business c.C corporation d.merger e.acquisition f.horizontal merger g.conglomerate merger h.microloan i.vertical merger j.joint venture k.board of directors l.stockholder m.preferred stock n.Small Business Administration (SBA) 1. A merger of firms in unrelated industries is called a(n) _____. 2.The form of business ownership that is least subject to legal red tape is _____. 3.A(n) _____ occurs when one firm.
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MATCHING Complete the following using the terms listed. a.sole proprietorship b.small business c.C corporation

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91.BMW and Toyota set up a factory in Brazil to

  91.BMW and Toyota set up a factory in Brazil to produce minivans. Slightly different minivan versions are sold in Brazil—one as a Toyota and one as a BMW. This is an example of ________. a.a joint venture b.direct exporting c.foreign licensing d.countertrade 92.A U.S. electronics firm sets up a venture capital firm to fund promising.
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91.BMW and Toyota set up a factory in Brazil to
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