Foundations of Business: A Christian Perspective

A business is:
An individual/organization who try to earn money by satisfying peoples needs.
Example of a nonprofit:
Special Olympics
Not one of the four types of economic systems:
Corporatism
Economic system where government owns and operates:
Socialism
The price at which the number of products the business is willing to supply:
Equilibrium Price
The act of taking someone else’s work and presenting it as your ownwithout mentioning the source:
Plagiarism
The act of an employee exposing an employer’s wrongdoing to outsiders, such as the media or government regulatory agencies:
Whistleblowing
An identifiable problem, situation, or opportunity that requires a person to chose from among several actions that may be evaluated as right or wrong, ethical or unethical:
Ethical Issue
T/F: Argument against social responsibility is that some question whether or not a business has the experience needed.
TRUE
In the movie The Emperor’s Club, the quote, “You don’t have to be an active participant.” was:
Mr. Hundert’s turning point
Primary problem with trade deficits:
Country is Exporting more than it is Importing
An Executive Summary is:
A short document or section of a document that summarizes a longer report or proposal in such a way that readers can rapidly become acquainted with a large body of material without having to read it all.
T/F: Nonprofits CANNOT be dissolved
TRUE
T/F: In TN, the Nonprofit Board of Directors has legal liability…
TRUE
Activity with the least amount of foreign investment:
Exporting
T/F: Multinational Strategy involves standardizing products for the whole world.
FALSE
T/F: Sole Proprietorships the least freedom.
FALSE
T/F: A general business involves complete sharing.
TRUE
A business organization that has at least one general partner, who assumes unlimited liability, and at least one limited partner, whose liability is limited to his investment in the business.
Limited Partnership
T/F: Corporations may ONLY be publicly owned.
FALSE
The shortest path to failure in business:
High Stress
SMART:
Specific, Measurable, Attainable, Relevant, Time sensitive
T/F: Management is a process designed to achieve an organizations objectives by using resources effectively and efficiently in a changing environment.
TRUE
T/F: Top managers focus on strategic decisions to use resources to take advantage of opportunities.
TRUE
Typical resources that must be acquired by each organization in the pursuit of objectives include all of the following except:
Laws and Regulations
Development of a performance-appraisal system is primarily the concern of:
Human Resources Management
Analytical skills mean a manager can do all of the following except:
Think in Abstract terms
T/F: An organizations structure develops as managers assign…….required to attain organizational objectives.
TRUE
T/F: All groups are teams, but not all teams are groups.
FALSE
(WotFi) Not a means of formally expressing an organization’s culture:
Employee dress code
When decisions of a company are very risky and low-level managers lack decision making skills companies will tend to:
Centralize
Share leadership and create collective work products:
Teams
(WotFi) An informal communication channel:
Grapevine
Deals with the design and management of products, processes, services and supply chains:
Operations Management
Examples of outputs:
Food and Services
T/F: Intrinsic rewards are benefits and recognitions you get from someone else.
FALSE
T/F: Managers and theory Y question.
TRUE
All of the following are moral boosters except:
Hygiene
Hawaiian vacation question:
Expectancy Theory
Hawthorne studies important because:
They introduced the idea that social and psychological factors affect productivity and morale.
T/F: Training involves teaching managers and professionals how to perform their jobs.
FALSE
All are Human Resource activities EXCEPT:
Selling
The qualifications for a job are given on a:
Job Specification
An orientation would include all EXCEPT:
Interview of finalists
T/F: Marketing creates value by allowing individuals and organizations to obtain what they want and need.
TRUE
Marketing is not manipulating customers into buying things they do not really want, it is:
A systematic approach to satisfying customers
Acme Inc. is surveying customers as to what kinds of services they would like the company to add. It is involved in the marketing function of:
Marketing Research
T/F: A marketing strategy is a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers.
TRUE
T/F: Secondary data are information observed and recorded or collected regularly from sources inside and outside the organization.
FALSE
When a computer company initially charged a low price for a new computer and then raised the price after gaining a large market share, it was using which pricing strategy?
Penetration
If a company’s goal is to develop an image of having very high-quality luxury products, it should employ a:
Prestige Pricing Strategy
A marketing channel includes all of the following except:
Secondary Stakeholders
T/F: Advertising is direct, two-way communication with buyers and potential buyers.
FALSE
T/F: A marketing channel is a group of marketing organizations that move products from producers to consumers.
TRUE
T/F: The role of promotion is to communicate with individuals, groups, or organizations to facilitate an exchange directly or indirectly.
TRUE
T/F: The characteristic of addressability means digital communication allows consumers to find information about competing products, prices, and reviews and become more informed about a firm and the relative value of its products.
FALSE
Conducting _____ means carrying out the goals of business through the use of the Internet.
E-business
___________ means digital communications allow consumers to find information about competing products, prices, and reviews and become more informed about a firm and the relative value of its products.
Accessibility
(WotFi) A downside to digital media:
Employees waste time at work on social networking sites and downloading music.
T/F: Accounting is the recording, measurement, and interpretation of financial information.
TRUE
T/F: Only businesses use accounting information to demonstrate how their funds are being used.
FALSE
All of the following represent assets except:
A bank loan
T/F: All business transactions can be classified as assets, liabilities, or owner’s equity.
TRUE
T/F: The accounting cycle collects, records, and analyzes raw data constantly through the business’s life cycle.
TRUE
Money has all the following characteristics except:
Intangibility
When inflation is very high, money is no longer a __________________ means of exchange.
Stable
T/F: Rapid advances and technological innovations are requiring the banking industry to change.
TRUE
T/F: Certificates of deposit are accounts with funds that usually cannot be withdrawn without advance notice and/or have limits on the number of withdrawals per period.
FALSE
Another name for a checking account is a:
Demand Deposit
Plants, offices, and equipment are considered:
Long-term Assets
T/F: Two common means of financing with long-term liabilities are: equity financing and debt financing.
TRUE
T/F: The par value is the interest rate on a bond.
FALSE
Because having idle cash on hand is undesirable, a manager may choose to invest in:
Marketable Securities
All of the following are ways to invest idle cash for the short term except:
Unsecured loans
What was the one tool that Ms. Carson mentioned was one of her greatest tools when launching a project, confirming a target market, starting a new web or social media ad campaign and any number of other uses?
Google Analytics
T/F: As an artist, Ms. Zonn felt that Pandora and spottily were advocates for artists being paid a fair wage for the airtime given to them.
FALSE
In the music industry, what did our guest feel like would be extinct in approximately the next five years?
Record Labels
If you need to increase a Property account, you would write a journal entry with a _____________ to that account.
Debit
(WotF) Financial statements best represents the accounting equation:
Balance Sheet
T/F: From a personal finance point of view, it is a good idea to never spend more than you make.
TRUE