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Study Resources (Business Management)

  51) When building your management succession "survival kit," A) never assume your children want to take control of the business. B) keep your succession choice a secret to avoid conflict among other family members. C) remember that entrepreneurial skills and desire are largely hereditary. D) you may assume your children want to take control.
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  1) ________ is the process of influencing and inspiring others to work to achieve a common goal and then giving them the power and the freedom to achieve it. A) Management B) Organizing C) Leadership D) Coordination 2) Leadership is: A) essential to a company's success. B) not an easy skill to learn. C) influencing and inspiring others.
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  31) The ________ design strategy adds more tasks to a job to broaden its scope. A) job simplification B) job enlargement C) job enrichment D) job rotation 32) The advantages of job rotation include: A) the ability to move from one job to others. B) a greater number and variety of tasks. C) additional flexibility for the company. D).
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  93) An effective job interview contains three phases:  breaking the ice, asking questions, and selling the candidate on the company. 94) Interviewers should avoid asking job candidates questions based on hypothetical on-the-job scenarios and how the candidate would handle them because the Equal Employment Opportunity Commission considers such questions to be.
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  71) Foreign licensing is a relatively simple way for even the most inexperienced business owner to extend his reach into global markets. 72) Before engaging in foreign licensing, a business owner should secure patent trademark and copyright protection. 73) The licensing potential for intangibles, such as technology, trademarks, and other forms of.
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  146) Graduates from business incubators have a much higher success rate than the typical small business. 147) Layout is the logical arrangement of the physical facilities in a business that contribute to efficient operations, increased productivity, and higher sales. 148) Developing a layout plan really is not essential unless an entrepreneur is.
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  41) In job enrichment, ________ is the degree to which a job allows a worker to complete a whole or identifiable piece of work. A) skill variety B) task identity C) task significance D) autonomy 42) An arrangement under which employees work a normal number of hours with options regarding when they start and stop.
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  126) Many central business districts suffer from intense competition, high rental rates, traffic congestion, and inadequate parking facilities. 127) The typical neighborhood shopping center contains from 3 to 12 stores and serves a population that lives within a 10-minute drive. 128) A community shopping center contains from three to twelve stores and.
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  31) The final step in creating a sound export strategy is to: A) find your customer. B) ship your goods. C) collect your money. D) find financing. 32) A ________ is an agreement between an exporter's bank and the foreign buyer's bank that guarantees payment to the exporter for a specific shipment of goods. A) bank.
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  11) Which of the following trade intermediaries lowers the risk of exporting for a small business? A) Export management companies B) Export trading companies C) Resident buying offices D) All of the above 12) Foreign distributors offer small businesses which of the following benefits? A) A detailed knowledge of the local markets in which they sell B).
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  81) Researching potential export markets is a waste of time and resources for small business owners; the best way to find export opportunities is to travel abroad and sell. 82) Among major industrialized nations, the United States spends the greatest amount per capita to promote exports. 83) The U.S. Department of Commerce.
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  40) The typical ________ is relatively small, contains from 3 to 12 stores, and serves a population that lives within a 10-minute drive. A) neighborhood shopping center B) community shopping center C) regional shopping mall D) central business district 41) A ________ contains from 12 to 50 stores and serves a population of 40,000 to.
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  136) If a business sells merchandise for which customers typically do a good deal of comparison shopping, it should choose a location as far away from competitors as possible. 137) The ideal location for a retail business is in the entrepreneur's home. 138) For a service company that goes into its customers'.
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  63) Both leadership and management are essential to a small company's success, but leadership comes first. 64) Leadership deals with doing things right; management deals with doing the right things. 65) Although a small business manager must assume a wide range of ideas, tasks, and responsibilities, none is more important than the.
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  139) To be effective, a small business leader must perform three vital tasks.  List and briefly explain these three tasks. Additionally, it allows business owners to minimize the impact of taxes on their businesses, their estates, and their successors' wealth. 140) Assume the role of a consultant to a small business owner.
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  21) If a job candidate files charges of employment discrimination against a company, the burden of proof in the case falls on: A) the employer to prove that all pre-employment questions are job-related and nondiscriminatory. B) the candidate to prove that some pre-employment questions and actions were discriminatory. C) the Equal Employment Opportunity.
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  61) Unlike an EMC or an ETC, manufacturers' export agents act as international sales representatives in a limited number of markets for various noncompeting domestic companies, typically operating on a commission basis. 62) Most export merchants buy goods, often competing lines, from many domestic companies and then sell them in foreign.
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  1) The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called: A) entrepreneurship. B) innovation. C) creativity. D) creative thinking. 2) An entrepreneurial "secret" for creating value in the marketplace is: A) applying creativity and innovation to solve problems. B) creating new products and services. C) learning by doing. D).
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  91) The biggest barrier facing companies that have never exported is not knowing where or how to start. 92) The first and most difficult step to exporting for the small business is breaking the psychological barrier, "My company is too small to export." 93) Even the smallest businesses have the potential to.
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  Refer to the following information to answer these questions:   An entrepreneur considering two sites for a men and boys' shop determines that he needs sales of $158 per square foot to be profitable. Site #1 has 13,500 potential customers who spend an average of $160.20 per year on men and boys'.
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  70) One extensive study concluded that changes in office design have a direct impact on workers': A) performance. B) job satisfaction. C) ease of communication. D) All of the above 71) When designing the layout of a store, office, or plant, a business owner's primary focus is usually on ________; however, it should be on.
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  1) Becoming a global entrepreneur requires: A) constant innovation. B) maintaining a high level of quality and constantly improving it. C) being sensitive to foreign customers' unique requirements and adopting a more respectful attitude toward foreign habits and customs. D) All of the above 2) A survey by Bain and Company reports that ________ percent.
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  113) By linking employees' compensation directly to the company's financial performance, a business owner increases the likelihood that workers will achieve performance targets that are in their best interest and in the company's best interest. 114) Although they are very inexpensive from a business owner's perspective, motivators such as praise, recognition,.
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  85) A paradigm is a preconceived idea of what the world is, what it should be like, and how it should operate and this can influence creativity. 86) The left brain processes information intuitively?all at once, relying heavily on images. 87) The right brain processes information in a step-by-step fashion. 88) Right-brained individuals.
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  156) Signs are one of the most expensive and least effective ways of communicating with customers available to small businesses. 157) Ergonomics, the science of adapting work and the work environment to complement employees' strengths and to suit customers' needs, is an integral part of a successful layout. 158) When planning store,.
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  101) The only cultural barrier an American small business manager must overcome when conducting business internationally is the language gap. 102) Learning the habits and the customs of the cultures in which they do business is essential for small business managers trying to go global. 103) American business people can be on.
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  Mini-Case 15-1:  The Grass Is Really Greener   It's not usual for city people to be concerned about plants or grass?they see so little of them. Nevertheless, Martha Goldman has been interested in these things since her first biology course back in Brooklyn, New York. Martha won all the awards in the.
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  11) Luisa, the director of human resources, is discussing the duties and responsibilities of a new position and its working conditions with Delmar, the manager over the position.  Luisa and Delmar are discussing a: A) job description. B) management audit. C) job specification. D) job analysis. 12) Burt is applying for a position as a.
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  50) Which of the following is a potential disadvantage of a home-based business? A) Frequent interruptions of work B) Feelings of isolation C) Problems with zoning laws from running a business D) All of the above 51) A specially designated area in or near a U.S. customs port of entry that allows resident companies to.
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  141) Explain the differences among job simplification, job enlargement, job rotation, and job enrichment.  Why should small business owners utilize these concepts? 142) Why is developing a management succession plan so important to the founder of a family business?  Identify and briefly describe the steps of a successful plan.     .
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  Mini-Case 16-1:  Kansas Manufacturers and Assemblers   Rose Richardson always knew that if she could land a major order for her firm, she could prove its quality to the industry. Kansas Manufacturing and Assemblers was a job shop manufacturing and assembling operation specializing in fast turnaround projects for manufacturers with orders in.
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  83) A job description sets forth a job's duties and responsibilities; a job specification translates these duties into the qualifications needed for that job. 84) The Dictionary of Occupational Titles, a listing of more than 20,000 job titles and descriptions, is a useful tool for getting a small business owner started.
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  166) Observing customer behavior in a retail store can help a business owner identify "hot spots" where merchandise sells briskly and "cold spots" where it may sit indefinitely. 167) The wise small retailer separates selling and nonselling activities; she does not waste valuable selling space with nonselling activities. 168) Well-designed floor displays.
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  11) When the cost of transporting finished goods to market is high relative to their value, the key location criterion is: A) low rental or lease rates. B) proximity to raw materials. C) proximity to markets. D) zoning regulations. 12) When would a business choose to locate near the source of the raw material? A) The.
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  21) Domino's Pizza and McDonald's operating in Japan and Europe are examples of: A) foreign management companies. B) joint venturing. C) foreign licensing. D) international franchising. 22) ________ is a transaction in which a company selling goods and services in a foreign market agrees to help promote investment and trade in that country. A) Countertrading B) Bartering C).
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  51) Only about one-third of the world's purchasing power lies outside the borders of the United States. 52) As the trend toward increased globalization continues, successful companies must consider themselves businesses without borders. 53) Success in the global economy requires constant innovation, high quality, and flexibility and the ability to have a.
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  60) Which of the following statements concerning layout is true? A) A company's physical facilities send important messages to potential customers about its "personality." B) The physical appearance of a building provides customers with their first impressions of a business. C) Communicating the right signals through a business's layout and physical facilities is.
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