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Circle the letter before the most accurate answer. 1. Tony has worked as a machine operator in a factory for nearly 20 years. However, the company has announced that it is closing the facility and relocating operations to Vietnam. This is an example of A. Nearshoring B Offshoring E-commerce D. Telecommuting E. A green economy A local business that sells upscale handbags and luggage is quickly losing market share to its competitors both regionally and nationally. Management determines that the company should have its goods available for sale on the Internet and implement other technology in its business. What would likely result from an increased focus 2. on technology? Wider market access and an ability to compete with larger competitors B. A. A more personalized buying experience for customers in its local stores C. Less efficiency and worker productivity D. Higher costs of operation E. Reduced employee empowerment Intangible products that are bought and sold but cannot be physically handled are known as: A. Real capital B. Inventory C. Goods 3. D Services E. Commodities FreshDirect is an online grocer that is expanding service to customers living in New York, New Jersey, and Pennsylvania. Based upon this information, FreshDirect appears to be aln)business A International 4. B. National C. Regional DLocal E. Multinational 5. Which of the following types of businesses is likely to have the least complex supply chain? A. Regional B. National C. Multinational D. International E. Local 6. According to the law of supply, the amount supplied will- A. Increase; decreases B. Remain the same; increases C. Decrease; increases 10 __ as the price, . Increases; increases E. Remain the same; decreases A large manufacturing company installs sophisticated robotic equipment in its factories. These robots can produce the same number of product with fewer errors and greater efficiency, and 2,000 factory workers have been laid off as a result. Which of the following is most likely to result? A. Decreased cyclical unemployment B., Increased cyclical unemployment 7. Increased structural unemployment D. Decreased frictional unemployment E. Increased seasonal unemployment 8. A nation's economy has successfully come back from tough economic times. GDP has increased for the last 4 quarters and unemployment is at record lows. However, economists are predicting that the GDP will begina slow reversal in the next quarter and unemployment may go up. The nation appears to be in the stage of the business cycle. A. Trough e Recovery C. Recession D. Expansion E. Peak 9. What causes a shortage for a product? A Prices that are higher than demand B. C. D. Prices that are lower than demand Demand is lower than supply Equal demand and supply Supply lower than demand 10. A nation uses an economic system that encourages individual incentives in creating businesses. However, the government does provide certain social services to its citizens in the form of health care, income for the elder and unemployment compensation. This economy would be described as aeconomy A. Communist B. Market C Mixed D. Controlled E. Forced 11. Which of the following does the Sarbanes-Oxley Act require? A. The company must conduct a social audit at least once a year. B. CEOs must verify their companies' financial statements and vouch for the accuracy with the SEC. C. A specified percentage of after-tax profits must be donated to charitable organizations. D. Stockholders must be held responsible for corporate malfeasance E. CFOs must verify that financial statements have been prepared using generally accepted accou principles GAAP) Page 3 12. Jason is a mutual fund manager who manages a mutual fund that invests only in companies that best hold to certain values in terms of human rights, consumer protection, the environment and religious beliefs. This is known as A. Sustainability B. Moral relativism C. Corporate philanthropy D. Corporate social responsibility E. Socially responsible investing 13. Antoine has been hired as the Ethics Officer for a major appliance manufacturer. As part of her responsibilities, employees she is establishing an ethics training program for the organization. Which of the following groups of should be included in this training? A. Top management only, because they are the ones who will be responsible for developing the corporation's code of ethics and modeling the ethical behaviors they want employees to B. follow. The ethics training program should be voluntary, because most employees have an established personal code of ethics. C Only those employees who are likely to face ethical dilemmas, such as those in purchasing, sales and accounting. All employees in all levels of the organization. D. E. Only the new employees of the organization, because they are likely unfamiliar with the corporation's code of ethics 14. Top management of three flat-screen manufacturers met covertly and agreed to keep the prices of flat screens used in televisions, computers and cell phones artificially high so that they could reap better profits. This is an example of A Social responsibility B. Price fixing C. Whistle blowing D. A social audit E. Corporate philanthropy 15. An employee discovers that her employer is improperiy releasing industrial chemicals into a nearby river. She addresses her concerns with her supervisor, who tells her, "Mind your own business. Frustrated, she reports her observations to the Environmental Protection Agency. This scenario would most accurately describe A. A social audit B. Collusion C. Unethical behavior D. Whistle blowing E. Complicity 16. Anderson Industries is a successful firm that designs and sells agricultural machinery. As part of its global expansion, it opens a facility under the same name, ownership and leadership in Moscow. This is an example of A. Joint venture B. Franchise C. Contract manufacturer D. Strategic alliance E. Wholly owned subsidiary cn rights, etc er or not an action Page 17. The Harley-Davidson logo can be found on hundreds of products worldwide on items as diverse as key chains and pet clothing. In exchange for the right to use the Harley Davidson logo, the producer of the product must pay a royalty fee to HarleyDavidson. This is an example of; A. A joint venture B. Franchising C. Exporting D. Licensing E. A strategic alliance 18. Socioeconomic factors that businesses need to take into account when conducting international business include all of the following EXCEPT; A. The cultural behaviors of the nation's population B. Population density C. Language D. The country's birthrate E. The age distribution of the population 19. The movement toward a more interconnected and interdependent world economy is known as A. Subsidization B. Globalization C. Transnationalization D. Industrialization E. Democratization U.S. Department of Transportation requires that a certain percentage of steel used in the construction of highways must be produced in the U.S. This is an example of which type of trade barrier? 20. The A Local content requirement B. Tariff C Quota D. Embargo E. Subsidy 21. All of the following are reasons why small businesses fail EXCEPT A. Unanticipated personal sacrifices B. A comprehensive business plan D. Excessive debt accumulation E. Inadequate planning fee. 22. In addition to an initial investment, franchisees are generally required to pay a monthly fee based on sales or profits to the franchisor. This fee is referred to as the A. Licensing B. Transaction C. Royalty D. Service E. Franchising liem, teleological Page 6 29. What type of organization is owned by those who utilize its services rather than by outside investors? A. A limited liability company B. A limited partnership C. A cooperative D. An S corporation E. A not-for-profit organization 30. An S corporation must comply with all of the following EXCEPT A. The corporation can have no more than 100 shareholders B. The company may issue only one class of common stock. C. All shareholders of an S corporation must be U.S. Citizens or residents. D. Profits and losses must be distributed proportionately to shareholders. E. Transfer of stock in an S corporation requires the approval of other shareholders 31. What type of skill is used by a manager when she counsels an employee who is having personal problems that are impacting his performance at work? A. Decision making skils B. Conceptual skills C. Interpersonal skills D. Technical skills E. Time management skills 32. Which of the following identifies how an organization wants to be in the future? A. Vision statement C. Mission statement D. Tactical plan E. SWOT analysis 33. Which element of the SWOT analysis would identi fy conditions in the external environment that could negatively affect the company's competitive capability? A. Weaknesses B. Threats C. Strengths D. SynergY E. Challenges 34. In aln) organization, decision-making is decentralized and spread out across many more people organization, power is centralized with a small controlling group. in the organization, in a(n) A. Matrix inverted B. Matrix; network C. Vertical; horizontal D. Inverted; horizontal E. Horizontal; vertical mo pluralism Any ethical position claiming that whether to a person's duty determines if it is right or wrong Utilitarianism: consequentialism, teleological is identical with the happiness it produces as Page 7 35. Which of the following might be contained in a company's contingency plan? A. Procedures for dealing with a major disruption of the company's technical systems B. A projection of sales in all product categories over the next five years C. A planned increase in annual research and development spending D. A statement of the company's commitment to customer service 36. Walt Disney once said, "If you can dream it, you can do it." Based upon this quote, Disney would appear to be a(n) A. Transactional B. Democratic C. Affiliative D. Visionary E. Autocratic leader 37. According to Herzberg's two-factor theory, which of the following would be considered a hygiene factor? Better health and dental insurance benefits Winning an award for top sales performance in the division A promotion to supervisor of the department Additional job responsibility and autonomy Praise from your supervisor for a job well done A. B. C. D. E. 38. Which theory of motivation suggests that self-actualization is the ultimate human goal? A. Three needs theory B. Theory X/TheoryY C. Hierarchy of Needs D. Expectancy theory E. Motivator-hygiene theory 39. A team whose members are dispersed geographically and whose members interact primarily through electronic communications is known as a(n) A. Self-directed team B. Committee C. Cross-functional team D. Virtual team E. Task force 40. Which of the following would BEST describe a cross-functional team? A. A small group of employees who are selected to help plan the company's annual Christmas party B. A new product development team with members from manufacturing, sales/marketing, engineering purchasing and quality assurance. C. A semiautonomous group of employees who determine, plan and manage their day-to-day activities. D. A team of workers in the quality department who meet informally on a weekly basis to brainstorm on ways to solve quality problems A team working on a global advertising campaign has members in London, New York, los Angeles and Tokyo. E