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Study Resources (Business Management)

  61) Only about one-third of the world's purchasing power lies outside the borders of the United States. 62) As the trend toward increased globalization continues, successful companies must consider themselves businesses without borders. 63) Success in the global economy requires constant innovation, high quality, and flexibility and the ability to have a.
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  41) The most frequently encountered impediment to international trade for small and medium-sized service firms is: A) foreign sales not sufficiently profitable. B) transportation and shipping costs. C) language and cultural barriers. D) foreign regulations 42) Which of the following is a domestic barrier to small business exporting? A) The attitude, "I'm too small.
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  41) In job enrichment, ________ is the degree to which a job gives a worker the freedom, independence, and discretion in planning and performing tasks. A) task identity B) task significance C) autonomy D) feedback 42) In job enrichment, ________ is the degree to which a job gives the worker direct, timely information about the.
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  51) ________ is the practice of selling substantial quantities of a product in a foreign market at prices that are below either the home-market price or below the full cost of producing it. A) Exporting B) Bartering C) Dumping D) Price discrimination 52) An American executive went to a foreign country to sign a business.
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  154) Explain the differences among job simplification, job enlargement, job rotation, and job enrichment. Why should small business owners utilize these concepts? 155) 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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  21) Which of the following is not a recommended guideline for developing questions to ask candidates in job interviews? A) Develop a series of core questions and ask them of every candidate. B) Ask only questions calling for "yes or no" answers to avoid any controversy regarding the direction the job interview.
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  51) Chris openly shares the company's financial results with employees. This represents: A) a profit-sharing plan. B) a pay-for-performance approach. C) the cafeteria benefit plan. D) open book management. 52) As a motivator, money: A) is the best motivator a business owner can use. B) is the most effective motivator for younger, "Generation.
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  91) A job description sets forth a job's duties and responsibilities; a job specification translates these duties into the qualifications needed for that job. 92) 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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  81) Entrepreneurs need to rely on left-brain thinking to generate innovative product, service, or business ideas and use right-brain thinking to judge the market potential of the ideas they generate. 82) A paradigm is a preconceived idea of what the world is, what it should be like, and how it should.
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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) The first step in establishing a successful global franchise arrangement is to: A) generate lead for potential franchisees. B) structure the franchise deal. C) identify the country or countries that are.
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  118) What is the entrepreneurial "secret" for creating value in the marketplace? 119) Explain the differences between the left and right sides of the brain. 120) List five of the barriers that limit creativity. 121) List five ways entrepreneurs can stimulate their own creativity and encourage it among workers.     .
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  101) "Divergent thinking" is the ability to see similarities and connections among various data and events. 102) It may appear in the incubation stage of the creative process that the entrepreneur is loafing, as he is taking time to reflect on the information collected. 103) The illumination stage of the creative process.
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  91) Businesses typically foster an environment that encourages creativity. 92) Ambiguity tends to destroy creativity. 93) Failure is an important part of the creative process, as it provides a chance to learn how to succeed. 94) Employees tend to rise-or fall-to the level of expectations entrepreneurs have of them. 95) Research shows that not.
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  101) Effective interviewers spend about 75 percent of the interview talking and about 25 percent listening. 102) Effective interviewers skip the breaking-the-ice phase of a job interview and immediately start asking candidates tough questions so they can see how the candidates respond under stress. 103) An effective job interview contains three phases:.
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  51) Which of the following is the greatest advantage of operating a home-based business? A) The ability to save money by avoiding business startup taxes B) The exemption that home-based businesses receive from local zoning laws C) The low cost of setting up and operating the business D) The ability to claim all household.
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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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  41) Which of the following is an advantage of locating in a central business district? A) Low rent B) Easy and abundant parking C) The ability to attract customers from the entire trading area D) Moderate to low levels of competition 42) Which of the following are disadvantages of locating in a central business district? A).
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  11) Posting job openings on the Internet has proven to be: A) a relatively ineffective method of recruiting. B) a cost-effective method to attract candidates from other areas. C) an effective method to attract candidates and is relatively expensive. D) problematic for entrepreneurial businesses. 12) A ________ is the process by which a company determines.
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  11) ________ are domestic wholesalers who do business in foreign markets, buying goods from domestic companies and selling them in foreign markets, often handling competing lines. A) Resident buying offices B) Export trading companies C) Foreign distributors D) Export merchants 12) Foreign distributors offer small businesses which of the following benefits? A) A detailed knowledge of.
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  71) While export management companies tend to focus on exporting, export trading companies usually perform both import and export trades across many countries' borders. 72) 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.
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  81) Foreign licensing is when a business buys and sells products in many countries, either in its own name, or as an agent for its buyer-seller clients. 82) Foreign licensing is a relatively simple way for even the most inexperienced business owner to extend his reach into global markets. 83) Before engaging.
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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) For an entrepreneur, expanding into international markets: A) guarantees its success.
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  91) If a country's currency is not convertible into any other currency, companies exporting to that country usually engage in either countertrading or bartering. 92) Successful bartering is easier than countertrade but requires finding a business with complementary needs. 93) Researching potential export markets is a waste of time and resources for.
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  122) List five ways individuals can enhance their own creativity. 123) List and briefly explain the seven steps in the creative process and discuss the step that you consider to be the most critical. 124) Explain "brainstorming" and list at least five of the guidelines for a successful brainstorming session.     .
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  31) Which of the following statements about a company's culture is false? A) Company culture manifests itself in a variety of ways, from how workers dress and act to the language they use. B) As a company grows larger, its culture tends to remain constant. C) Culture arises from an entrepreneur's consistent and.
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  31) The first step to create a sound export strategy is to: A) recognize that even the smallest companies and least experienced entrepreneurs have the potential to export. B) analyze your product or service. C) analyze your commitment. D) research markets and pick your target. 32) The second step to creating a sound.
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  121) Job sharing is a work arrangement in which two or more people share a single full-time job responsibilities. 122) Telecommuting employees reap benefits such as flexibility and reduced commuting times and expenses. 123) Money can be a powerful short-term motivational tool, but it usually does not have a lasting motivational.
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  71) Although a small business manager must assume a wide range of ideas, tasks, and responsibilities, none is more important than the role of leader. 72) Leadership gets a small business going; management keeps it going. 73) Management and leadership are essentially the same. 74) A strong leader does not share aspects of.
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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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  131) Most business founders intend to pass their companies on to their children, and have a formal management succession plan for doing so. 132) It is generally safe for a business founder to assume that his children will succeed him in managing the family business. 133) The oldest child is the best.
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  61) The National Business Incubation Association reports that ________ percent of the companies that have graduated from a incubator stay in the local community. A) 84 B) 70 C) 54 D) 33 62) ________ is the logical arrangement of the physical facilities in a business that contributes to efficient operations, increased productivity, and higher.
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  31) The index of retail saturation: A) is retail expenditures times retail facilities divided by the number of customers. B) is the ratio of a trading area's sales potential to its sales capacity. C) evaluates both the number of customers and the intensity of competition in a trading area. D) B and C above Refer.
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  81) Leadership is an easy skill to learn. 82) The practice known as servant leadership was coined by Robert Greenleaf and states that leaders are servants first and leaders second, putting their employees and their employees' needs ahead of their own. 83) Because their companies are small, entrepreneurs need not develop.
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  161) Are job descriptions necessary in a restaurant? 162) Has Wallace waited too long to begin searching for employees? 163) Develop a list of interview questions to help Wallace select the right person for the following jobs: 164) What criteria should Wallace use in selecting employees?     .
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  101) Most small businesses begin their global ventures by establishing international locations. 102) The government of Palmeria placed a high import tariff on steel from Dano. Dano's steel is higher in quality and cheaper. Palmeria's actions result in higher prices for their consumers. 103) The most frequently encountered impediments to international trade.
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