BMGT110 full course – 2017 july

Week 1 learning activity

Learning Activity #1: Economics

This learning activity focuses on a variety of economic topics that affect the business decisions we make every day (e.g. law of supply and demand).

Part A: Review the table below. Notice the economic categories across the top row. Select one item from two of the economic categories and explain how the topic exemplifies the principle. Be sure to define the principle and how a business can be affected by the principle.

Balance of Trade

Supply and Demand

New Technology-Obsolesce

Employment

GDP health indicators

Made in America product identification

Buying toys at Christmas versus other times of the year

Ceasing to use a landline in favor of a cell phon

Aging population

Rise in Federal Interest Rates

Buying a Toyota Tacoma or Dodge Ram

Shovels and generators during a blizzard

New Bio Gasoline Discovery

Length of time it takes to get a job

A downturn in the housing rate

Buying products at Walmart or the Dollar Store

Gas prices when OPEC reduces production

An App that controls you home doors, oven etc.

Christmas hires

Christmas Sales

Part B: Select two recent monetary decisions you have made and explain how they affect the economy (e.g. buying a car).

Learning Activity #2: Ethics

Jan and Juan worked in an up and coming solar panel manufacturing firm. The firm started five years ago, and was making a profit, but needed several bigger contracts to expand the business. The firm put in a bid for a city government contract and was one of two businesses up for the government contract. The presentation for the final decision was due in three weeks.

Juan was preoccupied with a sick child leaving much of the work for Jan to do. Having pulled the entire presentation together Jan went over the final presentation with Juan. Since Juan had better speaking skills, they decided that Juan would present most the work and Jan would supplement information in a few areas.

The presentation was a huge hit. The firm was awarded the contract and brought Juan many accolades. So grateful were the owners of the business that they gave Juan a bonus of $5,000. Juan was torn because the bonus money would help with the medical bills for his son, but Juan knew that Jan was more deserving of the money.

Displaying ethical behavior in the workplace comes from the employee recognizing the conflicting issues between what is good for the business and what is morally uncomfortable for the employee. The conflict between these two ideas is known as an ethical dilemma. Three of the most common ethical dilemmas in a business fall in these categories conflict of interest, conflict of loyalty, and honesty and integrity.

In this learning activity, it is important to recognize the issues in conflict or the dilemma that is at stake and decide which of the three categories the dilemma fits into the best.

Task: Explain the three categories of ethical dilemmas commonly found in business and identify which one best fits Juan’s dilemma. Be sure to explain the actual issues that would be in conflict (business vs. individual) in each of the categories. Then once you have selected the category identify Juan’s dilemma and make suggestions as to how he might resolve the dilemma.

 

 

 

 

 

Week 2 learning activity

Learning Activity #1: Overseas Marke

1. Expanding overseas for a business is tricky. Aside from the cultural differences, the ways of doing business, the legal systems, and the economic systems present challenges to a business from another country. Explain in detail what challenges face a business when they expand into overseas market and suggest possible ways that a business can overcome the challenges.

2. There are four common ways for a firm to expand its operations into overseas markets: importing, exporting, licensing, and franchising.

Select the one method that you would use if you were the CEO of a large company. Then, explain in detail why this approach is particularly appealing. Be sure to define what the method is and how the method benefits or does not benefit a company. Be sure to use concepts from the course readings to support the reasoning or conclusions.

Note: When explaining importing and exporting options, pay attention to the discussion last week about the balance of trade. You may want to review the information on this in the Exploring Business chapters.

Learning Activity #2: Globalization

In this learning activity, students will role play. Imagine you are a business executive who is deciding between launching a website in English only or Multilanguage which is very expensive. The product she sells is moderately priced. It is something that might be found in a Target here in the US. It is geared for the middle class. Based on the readings and the video, Emerging Middle Class- Changing Global Marketplace under week 2 content, what choice would you make? Be sure to explain your answer and support your reasoning using the course readings.

 

Week 3 learning activity

Learning Activity #1: Forms of Business Ownership

When owners set out to create a business they do so because they believe they can make money. Not just money to pay the bills, but money that will support the expenses of running the business, pay the people employed by the business, and a handsome profit for themselves. However, if a business owner is smart they understand there are many things that could happen to the business that are beyond their control. Drought, tornedos, regulations, supply problems, are just a few examples. The government wants to reward the entrepreneur because as discussed in week one, the economy of a country depends on people working and spending money. The government wants to create job and has provided business owners legal methods that protects society and limits an owner’s exposure to liability that may come about because of unforeseen events, problems or other issues that can hinder a person’s desire to own a business. The legal form of business is one of the main methods government uses to encourage business ownership.

 

A business owner must choose from these forms to select the legal form that best fits the purpose and size of the business as well as the amount of exposure to liability the owner is willing to take. Fill in the chart below with the pros and cons of each legal form. Then, give examples of the type and size of company that might be best suited for the form.

Characteristic

Sole Proprietorship

General Partnership

Limited Liability Partnership

(LLP) /

Limited Partnership

(LP)

LLC

Corporation

Joint Venture

Franchise

Liability Exposure

Tax Exposure

Owners Relationship

Purpose of Form

Example

Learning Activity #2: Entrepreneurship

Complete the following entrepreneurial ability quiz, Quiz: What’s Your Entrepreneurial I.Q.?. Pay attention to the questions asked! Then answer the questions

How did you fare on the quiz?

What characteristics does an individual need to make a good entrepreneur (according to the quiz)?

Knowing what it takes to be entrepreneur do you want to own a business? Why or why not?

Research the idea of intrapreneurship. Would you want to be an intrapreneur? Why or why not?

Make sure to use the course readings to support your reasoning.

 

Week 4 learning activity

Learning Activity #1 Motivation

This learning activity requires you to role-play. Henrietta, your manager, a person you are not thrilled to work with, walks into the office and says to you, “The company is willing to give you a twenty percent raise if you agree to work with me every other Sunday. You have a family with young children and are currently a student take several courses at a time. To say the least, you are stretched beyond your means!

Do you take the raise or not?

Using the course readings as well as The Importance of Employee Motivation, discuss what motivates you in the workplace. Give examples and be specific. Be sure to discuss the concepts of intrinsic and extrinsic motivation. Be sure to use the course readings to explain your reasoning and conclusions.

Learning Activity #2 Human Resource Management

Declan Debois is the new Human Resource Officer. There is an opening in the design department for a new graphic artist and Declan’s first assignment is to find the best candidate for the job. The job is part of a new project that will change the company’s brand in a major way. Sales have been down and the new branding project is critical to keeping the company going. The graphic artist is a necessity to ensure the making of a great sales marketing plan.

How should Declan go about his new job? Explain the best process to use and include a description of why recruitment and selection of employees is critical to placing the right person in a job and how it impacts the company’s success.

 

Week 5 learning activity

Learning Activity #1 Team Leader

Your boss has named you team leader of a new project at work.

Is your first reaction to groan or to high five your neighbor?

What has your experience with teamwork taught you about collaboration with teams?

Do you find that the reading material about putting together a good team helps improve what you know from your experience? Explain why and why not. Include in your answer at least five ideas that helps ensure team success.

Learning Activity #2 Virtual Teams

You are a marketing researcher for a multinational food-products corporation. For the past two years, you have been able to work at home. The international division of the company has asked you to join a virtual team assigned to assess the prospects for a new sandwich planned for the Indian market.

List a few of the challenges that you are likely to encounter as a member of the virtual team. Explain the steps you would take to deal with each of the challenges that you have listed. Support your claims with scholarly resources or from the course readings.

 

Week 6 learning activity

Learning Activity #1 Marketing Strategies

You are in the market for a new car. In the past, your budget has allowed you to exceed $25,000 for a vehicle. However, there is a recession underway, gasoline prices have risen and while there is nothing definite, you are concerned about job security. You are looking to buy a smaller car with good gas mileage but comfort on the long commute has you looking towards a bigger car. What marketing strategies can the small car companies employ to win you over? What about the larger car company?

Learning Activity #2 Market Segmentation

Assume you are marketing a new lawn hose that will not split, crack or explode if left out in the winter.

Identify at least five marketing segmentation characteristics that you would use in developing a profile of your customers.

Explain the segmentation category that each characteristic falls (demographic, geographic, behavioral, or psychographic, etc.). When appropriate, be sure to include at least one characteristic from each category.

How would you use the segmentation information to price this product? Or, would you use another form of analysis (if so what would it be)? Explain in detail. Price the new item and explain the reasoning behind the price. Be sure to use the course readings to support the reasoning and conclusions.

 

 

 

Week 7 learning activity

Learning Activity #1 Production

Identify a multinational firm from the Fortune 500 List.

Discuss where the firm’s products are produced, whether the company produces in a single country or several key locations?

Have they changed their production strategy to move manufacturing from the US to another country, or back to the US after years of outsourcing?

What factors would a firm consider when deciding to move manufacturing abroad?

How has technology enabled outsourcing?

Learning Activity #2 Quality Control

Explain why quality control is important for a service business such as Sprint Nextel? Discuss the benefits of quality control for a service business and the methods a company might use for controlling quality?

 

Week 8 learning activity

Learning Activity Financial Management

Part A

What role does a company’s strategic plan play in the process of financial management? Does it ever make sense for a profitable company with positive cash flow to seek external financing? Why or why not?

Part B

Discuss the purpose of each of the following financial statements: income statement, balance sheet, statement of cash flow and statement of owner’s equity.

Identify five business questions that can be answered by using financial accounting information. For each question, indicate what financial statement (or statements) would be most helpful in answering the question, and why.

 

 

 

Assignment 1

Purpose:

When setting up a business, it is necessary to choose between the different business forms (sole proprietorship, partnership, LLC, corporation). The decision made about the business form will depend on the type of business and preference. In this case scenario, you are provided with three options for growth for Gerald Kaye Necklet business. You will select the best business option for growth. Then, you will look at different business forms and determine the advantages and disadvantages of each business form. Using the information gathered, you will then assess the best business form for Gerald Kaye’s business. Lastly, you will discuss the business forms not selected for Kaye.

Outcomes Met With This Assignment:

discuss the financial, economic, regulatory, sociopolitical, and technological factors as they relate to a dynamic business environment

identify the critical business functions and how they interact in order to position the organization to be effective in the current business environment

explain the importance of the integration of individuals and systems to organizational effectiveness

Instructions:

This assignment is the first of two assignments. You will read a case scenario related to business forms. In completing the assignment, you will analyze a case study scenario and apply the concepts learned in week 3 by answering a series of required elements. You will complete the assignment by not asking questions but by responding to each required element thoroughly and accurately answering in paragraph and sentence format without bulleting.

NOTE: All submitted work is to be your original work. You may not use any work from another student, the Internet or an online clearinghouse. You are expected to understand the Academic Dishonesty and Plagiarism Policy, and know that it is your responsibility to learn about instructor and general academic expectations with regard to proper citation of sources as specified in the APA Publication Manual, 6th Ed. (Students are held accountable for in-text citations and an associated reference list only). Serious sanctions can result from violations of any type of the Academic Dishonesty and Plagiarism including a zero on an assignment, a zero for the course or dismissal from the university.

Step 1: Preparation for Writing the Assignment

Before you begin writing the paper, you will read the following requirements that will help you meet the writing and APA requirements. Not reading this information will lead to a lower grade;

Review “How to Analyze a Case Study” under Week 4 Content. You are expected to use the facts from the case scenario focusing on using this information to determine opportunities and solve problems.

Read the grading rubric for the assignment. Use the grading rubric while writing the paper to ensure all requirements are met that will lead to the highest possible grade.

In writing this assignment, you will read and following these tasks:

Third person writing is required. Third person means that there are no words such as “I, me, my, we, or us” (first person writing), nor is there use of “you or your” (second person writing). If uncertain how to write in the third person, view this link: http://www.quickanddirtytips.com/education/grammar/first-second-and-third-person.

Contractions are not used in business writing, so you are expected NOT to use contractions in writing this assignment.

You are expected to paraphrase and NOT use direct quotes. You are expected to paraphrase, which can be learned by reviewing this link: https://writing.wisc.edu/Handbook/QPA_paraphrase2.html.

You are responsible for APA only for in-text citations and a reference list.

You are expected to use the facts from the case scenario paired with the weekly courses readings to develop the analysis and support the reasoning. No more than two (2) external resources can be used in completing the assignment. The expectation is that you provide a robust use of the course readings. No other books besides the course eBook can be used. When using a source document, the expectation is that the information is cited and referenced with a page or paragraph number. Note that a reference within a reference list cannot exist without an associated in-text citation and vice versa. View “How to Cite the Saylor eBook” Under Week 1 Content to learn how to cite and reference the course eBook- Exploring Business.

Step 2: How to Set Up the Paper

Create a Word or Rich Text Format (RTF) document that is double-spaced, 12-point font. The final product will be between 4-6 pages in length excluding the title page and reference page. You may not exceed six (6) pages so it is important to write clearly and concisely.

Follow this format. Consider making an outline to ensure the correct headings are in place and to keep you organize the paper.

Title page with title, your name, the course, the instructor’s name; date

Introduction – One paragraph

Best Business Option

Advantages and Disadvantages of the Different Business Forms

Best Business Form for the Chosen Option

Other Business Form

Summary paragraph – One paragraph

Step 3: Read the following Case Scenario:

Gerald Kaye is a sole proprietor of an online jewelry business. He has invented a series of designs that revolve around a product called a necklet. The product is unique in that it can serve as a bracelet or a necklace. Kaye patented his invention and feels strongly that he retains ownership of his creations. The business has caught on and Kaye is considering starting a storefront. He knows to do so he will need a loan or obtain investment capital to make the expansion work.

The following week, several individuals approached Gerald with offers for his business, making it difficult for him to make a decision. After much though, Gerald put on paper the following options from which he will choose. He also has decided to keep an open mind when assessing each option.

Option 1:

Jude Jones, who owns her own storefront, approached Gerald. Jude is looking to retire in a few years. She has an existing storefront business with significant inventory. She has proposed to Kaye that he come into the business as a partner. He would bring his online business and the jewelry designs. In return, Jude would offer the existing inventory and storefront. Profits would be split 50/50 and Kaye could maintain his ownership of the necklet patent. When Jones decides to retire, Kaye would have first right to buy her interest for half the current value of the business.

Option 2:

Franchise R US, a huge consulting firm for individuals interested in matching investors with products for franchising, has matched Kaye with an investor to create a franchise line of necklet kiosks in malls around the country and abroad. Kaye would have to turn over his patent to the investor who would invest $250,000 in the marketing of the franchise line in exchange for 50% of the licensing profits for the first three years and 40% of the profits each year thereafter. The investor will return the patent to Kaye upon sale of the business or at the time he has recouped the original investment plus 7.5% interest, whichever comes first.

Option 3:

Kaye could pursue a bank loan to expand his business on his own as a sole proprietorship.

Step 4: Write the Introduction

Create the introductory paragraph. The introductory paragraph is the first paragraph of the paper and tells a reader the main points covered in the paper. To help you know how to write an introduction, view this website to learn how to write an introductory paragraph: http://www.writing.ucsb.edu/faculty/donelan/intro.html

Step 5: Answer the following required elements.

You are to consider the different business forms and then select the option (option 1, 2, or 3) that is the best fit for Kaye to pursue;

Create a table that identifies the advantages and disadvantages of each business form (Sole proprietorship, General partnership, Limited Liability partnership (LLP), Limited Liability Corporation (LLC) & corporation);

These additional resources will be helpful:

7 Advantages and Disadvantages of a Limited Liability Partnership

Advantages and Disadvantages of Different Business Entities

Select the best business form for the chosen option and explain why this business form was selected and why it is the best business form for the option;

Why were the other business forms not selected?

Step 6: Write the summary paragraph

Write the summary paragraph. A summary paragraph restates the main topics of the paper. Make sure to leave a reader with a sense that the paper is complete. The summary paragraph is the last paragraph of a paper and does not need a heading.

Step 7: Review the Paper

Read the paper to ensure all required elements are present. Use the grading rubric to ensure that you gain the most points possible for this assignment.

Proofread the paper for spelling and grammatical issues, and third person writing.

Read the paper aloud as a first measure;

Use the spell and grammar check in Word as a second measure;

Have someone who has excellent English skills to proof the paper;

Consider submitting the paper to the Effective Writing Center (EWC). The EWC will provide 4-6 areas that may need improvement.

Step 8: Submit the paper in the Assignment Folder (The assignment submitted to the Assignment Folder will be considered a student’s final product and therefore ready for grading by the instructor. It is incumbent upon the student to verify the assignment is the correct submission. No exceptions will be considered by the instructor).

 

 

 

 

Assignment 2

Purpose:

Throughout the course, you have learned a wide array of business concepts and theories. This assignment is designed to have you demonstrate knowledge of the material learned in the course applying concepts and theories to a case scenario.

Outcomes Met With This Assignment:

After completing this course, you should be able to:

identify the critical business functions and how they interact in order to position the organization to be effective in the current business environment

explain the importance of the integration of individuals and systems to organizational effectiveness

describe the ethical and social responsibilities that confront a business

Assignment Instructions:

This assignment is the second of two assignments. In this paper, you will analyze and discuss small business growth in terms of growth strategy, financing assistance, organizational structure and staffing needs, customers and promotion, and ethics and social responsibility. You will apply business and management concepts learned throughout the course to the case scenario provided.

NOTE: All submitted work is to be your original work and only yours. You may not use any work from another student, the Internet or an online clearinghouse. You are expected to understand the Academic Dishonesty and Plagiarism Policy, and know that it is your responsibility to learn about instructor and general academic expectations with regard to proper citation of sources as specified in the APA Publication Manual, 6th Ed. (Students are held accountable for in-text citations and an associated reference list only).

Step 1: Preparation for Writing the Assignment

Before you begin writing the paper, you will read the following requirements that will help you meet the writing and APA requirements. Not reading this information will lead to a lower grade;

Review “How to Analyze a Case Study” under Week 7 Content. You are expected to use the facts from the case scenario focusing on using this information to determine opportunities and solve problems.

Read the grading rubric for the assignment. Use the grading rubric while writing the paper to ensure all requirements are met that will lead to the highest possible grade.

In writing this assignment, you will read and following these tasks:

Third person writing is required. Third person means that there are no words such as “I, me, my, we, or us” (first person writing), nor is there use of “you or your” (second person writing). If uncertain how to write in the third person, view this link: http://www.quickanddirtytips.com/education/grammar/first-second-and-third-person.

Contractions are not used in business writing, so you are expected NOT to use contractions in writing this assignment.

You are expected to paraphrase and NOT use direct quotes. You are expected to paraphrase, which can be learned by reviewing this link: https://writing.wisc.edu/Handbook/QPA_paraphrase2.html.

You are responsible for APA only for in-text citations and a reference list.

You are expected to use the facts from the case scenario paired with the weekly courses readings to develop the analysis and support the reasoning. No more than two (2) external resources can be used in completing the assignment. The expectation is that you provide a robust use of the course readings. No other books besides the course eBook can be used. When using a source document, the expectation is that the information is cited and referenced with page or paragraph numbers. Note that a reference within a reference list cannot exist without an associated in-text citation and vice versa.

Step 2: How to Set Up the Paper

Create a Word or Rich Text Format (RTF) document that is double-spaced, 12-point font. The final product will be between 7-8 pages in length excluding the title page and reference page. You may not exceed eight (8) pages so it is important to write clearly and concisely.

Follow this format. Consider making an outline to ensure the correct headings are in place and to keep you organize the paper.

Title page with the title, your name, course number and name; date, and the instructor’s name;

Introduction (no abstract)

Body, in paragraph form. Use the following section headings:

Growth Strategy (one paragraph only)

Financing Assistance

Organizational Structure and Staffing Needs

Customers and Promotion

Ethical Issues and Social Responsibility

Summary paragraph (does not have a heading)

Step 3: Read the Case Scenario provided under Week 7 Content

Step 4: Write the Introduction

Create the introductory paragraph. The introductory paragraph is the first paragraph of the paper and tells a reader the main points covered in the paper. To help you know how to write an introduction, view this website to learn how to write an introductory paragraph: http://www.writing.ucsb.edu/faculty/donelan/intro.html

Step 5: Growth Strategy

Otto has to have a plan to grow his business. Read the course readings on Entrepreneurship as well as other chapters in the eBook. Then:

In one or two paragraphs, discuss what tool Otto should use to organize and prioritize his business growth strategy.

Step 6: Financing Assistance

Otto has to ensure he has the resources to handle the expected growth. For Otto to have the resources needed to manage the expected growth, he must have financing in place.

Discuss the types of financing assistance available to Otto.

Select the best financing option for Otto’s business and explain why the financing assistance was selected.

Explain why the other options would not fit Otto’s situation.

Step 7: Staffing Needs/Organizational Structure

Otto knows that the expansion will require changes to staffing. Think about what the expanded business needs in terms of human capital and how the business can best be organized so that every employee has a job that fits within the organizational structure.

How might the staffing needs change?

Discuss how Otto can best organize, orient, and train his restaurant staff.

What is the best organizational structure that would work best for Otto’s expanded business? [e.g., vertical hierarchy, functional, teams, flat (horizontal), or matrix].

Step 8: Customers/Promoting the Business

Otto has limited funds. Two of his main concerns are: what to do to promote the business to current customers and how to promote the business to new customers. Use the course readings to:

Explain how Otto can approach his current customers about the change?

What kind of promotion should Otto consider to attract new customers to the new location?

Step 9: Ethics and Social Responsibility

With having only a few employees, Otto has never thought much about how he can ensure the business is ran ethically. At the same time, Otto has not put much thought into being socially responsible although he believes strongly in supporting the community and does so by purchasing products locally.

What can Otto do to ensure the business is ran ethically?

What can Otto do to demonstrate that he is socially responsible? (Consider customers, employees, the current and new communities, and other stakeholders.)

Step 10: Write the summary paragraph

Write the summary paragraph. A summary paragraph restates the main topics of the paper. Make sure to leave a reader with a sense that the paper is complete. The summary paragraph is the last paragraph of a paper and does not need a heading.

Step 11: Review the Paper

Read the paper to ensure all required elements are present. Use the grading rubric to ensure that you gain the most points possible for this assignment.

Proofread the paper for spelling and grammatical issues, and third person writing.

Read the paper aloud as a first measure;

Use the spell and grammar check in Word as a second measure;

Have someone who has excellent English skills to proof the paper;

Consider submitting the paper to the Effective Writing Center (EWC). The EWC will provide 4-6 areas that may need improvement.

Step 12: Submit the paper in the Assignment Folder (The assignment submitted to the Assignment Folder will be considered a student’s final product and therefore ready for grading by the instructor. It is incumbent upon the student to verify the assignment is the correct submission. No exceptions will be considered by the instructor).

 

 

 

 

 

 

Quiz 1

 

Quiz 1

Question 1

Munn, Inc. is a company that sells night vision equipment to the public. When it first launched its website, some of the equipment was incorrectly offered for sale at the company’s wholesale price. The company received one hundred orders for the mispriced items before the mistake was corrected and the price changed. If Munn, Inc. follows good business and ethical practices, it will:

 

 

A)

Charge the one hundred customers the posted wholesale price of the equipment

 

B)

Delete the one hundred customers’ orders, hoping they will reorder at the correct price

 

C)

Charge the one hundred customers the correct retail price of equipment

 

Question 2

Which of the following is/are an example(s) of a service?

 

 

A)

A flight from Los Angeles to Dallas

 

B)

A couch or sofa

 

C)

A computer

 

Question 3

Which of the following is/are internal stakeholders in a business?

 

A)

Competitors

 

B)

Industry associations

 

 

C)

Managers

 

Question 4

A business cycle reflects changes in economic activity, particularly real GDP. The phases of a business cycle, in order, are:

 

 

A)

Expansion, peak, contraction and trough

 

B)

Expansion, trough, contraction and peak

 

C)

Contraction, recession, expansion and boom

 

Question 5

The field of economics that focuses on the actions of individual agents within the economy, like households, workers, and businesses is:

 

A)

Global economics

 

 

B)

Microeconomics

 

C)

Macroeconomics

 

Question 6

Pertaining to international trade, the acronym WTO stands for:

 

 

A)

World Trade Organization

 

B)

World Transaction Operations

 

C)

Working Trade Organization

 

Question 7

When the Japanese yen goes up relative to the U.S. dollar:

 

A)

U.S. citizens will receive more Japanese yen for each dollar they exchange

 

 

B)

Japanese goods will be more expensive for U.S. citizens

 

C)

Japanese goods will be cheaper for U.S. citizens

 

Question 8

________ follow(s) the dictates of laws, which are written down and interpreted by the courts.

 

 

A)

Legal behavior

 

B)

Morals

 

C)

Ethics

 

Question 9

Statistics that indicate change in the status of the economy a few months in the past are called ________ economic indicators.

 

In

 

A)

Prognosticating

 

B)

Leading

 

 

C)

Lagging

 

Question 10

Pertaining to international trade, the acronym GATT stands for:

 

A)

Global Agency of Textile Trade

 

B)

Georgia Affiliation of Timed Transit

 

 

C)

General Agreement on Tariffs and Trade

 

Question 11

In 2015, the fictional country Moonbeam Island had $1.8 billion in imports and $1.2 billion in exports. Its balance of trade is:

 

A)

$600 million surplus

 

 

B)

$600 million deficit

 

C)

$3 billion surplus

 

Question 12

Both capital and natural resources can be used to produce other goods and services, but only capital resources:

 

A)

Require bank financing

 

 

B)

Have been produced

 

C)

Grow naturally

 

Question 13

A person who seeks to earn profits by finding new ways to organize factors of production is a(n):

 

A)

Employee

 

B)

Manager

 

 

C)

Entrepreneur

 

Question 14

Shopping online you find a new pair of running shoes that is a brand you have purchased before. They are offered for 1,500 Thai baht. You check the exchange rate and find that the current exchange rate for the baht is $.03 bahts per dollar. What is the price for the shoes in U.S. dollars?

 

A)

$4.50

 

 

B)

$45.00

 

C)

$450.00

 

Question 15

If the Consumer Price Index was 120 at the end of last year and is 125 at the end of this year, the country is experiencing which of the following?

 

 

A)

Inflation

 

B)

Stagnation

 

C)

Deflation

 

Question 16

A hotel provides both goods and services. Which of the following is an example of a good provided by a hotel?

 

 

A)

Offering a bathrobe that you can purchase to take home with you

 

B)

Offering rooms for rent

 

In

 

C)

Providing clean linens during your stay

 

Question 17

If Guatemala is seeking funding to invest in expanding production and exports that will grow its economy then it would turn to:

 

In

 

A)

the World Trade Organization.

 

B)

the International Monetary Fund.

 

 

C)

the World Bank.

 

Question 18

When it was formed the World Trade organization absorbed:

 

A)

the IMF

 

B)

the World Bank

 

 

C)

all of GATT’s agreements

 

Question 19

A ________ is a formalized guide that describes the principles and guidelines that all members must follow in the course of job-related activities.

 

A)

Business plan

 

 

B)

Code of conduct

 

C)

Balance sheet

 

Question 20

Which function is responsible for creating financial reports that can be used to evaluate the financial performance of the business?

 

In

 

A)

Finance

 

B)

Management

 

 

C)

Accounting

 

Question 21

If a drop in the price of taxicab fares shifts the demand curve of private limousine rentals leftward, what does this signify?

 

A)

Taxicab rides and limousine rentals are inferior goods

 

 

B)

Taxicab rides and limousine rentals are substitutes

 

C)

Taxicab rides and limousine rentals are normal goods

 

Question 22

The market value of all goods and services produced by the economy in a given year is known as:

 

A)

Rate of Inflation

 

 

B)

Gross Domestic Product (GDP)

 

C)

Consumer Price Index (CPI)

 

Question 23

________ is the system of shared beliefs, values, customs, and behaviors that govern the interactions of members of a society.

 

 

A)

Culture

 

B)

Organization

 

C)

Humanity

 

Question 24

All economies in the world share three primary goals, which are:

 

 

A)

Growth, high employment, and price stability

 

B)

Productivity, high employment and price stability

 

C)

Growth, happiness and price stability

 

 

 

 

 

Quiz 2

Question 1

The business plan market analysis section should indicate that the business owner has knowledge of the market, has conducted research into the market and has ________?

 

A)

mapped out the company’s organizational structure

 

 

B)

narrowed the target market to a reasonable size

 

C)

estimated future funding requirements

 

Question 2

Individuals are motivated by a sense of fairness in their interactions, and our sense of fairness is a result of the social comparisons we make. This is the ________.

 

A)

acquired-needs theory

 

 

B)

equity theory

 

C)

two-factor theory

 

Question 3

Managers who adopt a ________ style communicate with subordinates about what is expected of them and what happens if they meet these objectives. Their attention tends to focus on identifying problems and disciplining employees for poor performance.

 

A)

laissez-faire

 

B)

transformational

 

 

C)

transactional

 

Question 4

Which of the following definitions best describes a team (or work team)?

 

 

A)

a group of people with complementary skills who work together to achieve a specific goal

 

B)

a group of people performing the same job functions and working in the same office space

 

C)

a group of people who go about their jobs independently and meet primarily to share information

 

Question 5

A company’s mission statement should have what effect on its employees?

 

A)

it should prompt employees to get additional training in order to stay at the workplace

 

B)

it should instill fear and uncertainty

 

 

C)

it should inspire employees and resonate with their inner motivations.

 

Question 6

When one company purchases and absorbs another company it is called a(n):

 

A)

franchise

 

B)

merger

 

 

C)

acquisition

 

Question 7

In email messages, using all capital letters denotes:

 

A)

nothing out of the ordinary

 

 

B)

you are shouting or angry

 

C)

you are excited or happy

 

Question 8

Conceptual skills are most essential for:

 

 

A)

top-level managers

 

B)

lower-level managers and employees

 

C)

mid-level managers

 

Question 9

In the United States, the________ is the right of an employer to fire an employee or an employee to leave an organization at any time, without any specific cause. This principle gives both the employee and employer freedom to terminate the relationship at any time.

 

A)

mandatory employment principle (MEP)

 

B)

right-to-work provision (RTW)

 

 

C)

employment-at-will principle (EAW)

 

Question 10

In his managerial role, Carlos starts every project with a session focused on goal-setting and dialogue among team members about the best approach for achieving these goals. This activity is part of which primary function of management?

 

A)

directing

 

 

B)

planning

 

C)

controlling

 

Question 11

An approach of open communication and collaborative decision making suggests which type of leadership?

 

 

A)

democratic leadership

 

B)

autocratic leadership

 

C)

laissez-faire leadership

 

Question 12

Joseph oversees the work of three team leaders at a software company. He reports to the vice president of operations. Based on this information, at which management level does Joseph work?

 

A)

first-line management

 

B)

top management

 

 

C)

middle management

 

Question 13

Which government entity insures loans for small businesses?

 

A)

the IRS

 

 

B)

the SBA (Small Business Administration)

 

C)

the Federal Reserve

 

Question 14

The first step in appraising employees’ performance is to:

 

A)

share performance appraisal results with the employee

 

B)

complete a written evaluation rating employee performance according to the predetermined criteria

 

 

C)

set goals, performance expectations and specify the criteria used to measure performance

 

Question 15

Allocating resources including people, equipment and money to carry out the company’s plans is the ________ function of management.

 

A)

planning

 

B)

controlling

 

 

C)

organizing

 

Question 16

Marc leads a unit focused on business-to-business sales of the specialty office furniture his company manufactures. His division includes teams that perform sales and marketing, accounting, product development and installation. Another company unit focuses on selling to retailers, designers and households. How does Marc’s employer structure this organization?

 

 

A)

customer division structure

 

In

 

B)

functional organization

 

C)

process division structure

 

Question 17

________ is the process of identifying suitable candidates and encouraging them to apply for job openings in the organization.

 

A)

firing

 

B)

training

 

 

C)

recruiting

 

Question 18

When a corporation makes payments to its shareholders these are called:

 

A)

stock benefits

 

B)

stock buy-back

 

 

C)

dividends

 

Question 19

________ is the tendency to conform to group pressure in making decisions, while failing to think critically or to consider outside influences.

 

A)

group dynamic

 

 

B)

groupthink

 

C)

group cohesiveness

 

Question 20

Attracting talented employees, developing existing employees, retaining good employees, and managing these tasks is a matter of ________: the process of developing a plan to satisfy an organization’s human resources (HR) needs.

 

 

A)

strategic human resource planning

 

B)

strategic employee planning

 

C)

critical human resource planning

 

Question 21

What is the purpose of a mission statement?

 

A)

it explains how the company was created

 

 

B)

it describes the purpose of the organization

 

C)

it defines who will do what in the company

 

Question 22

The ability to reason abstractly and analyze complex situations is known as:

 

A)

organizational skills

 

B)

technical skills

 

 

C)

conceptual skills

 

Question 23

Lois works at ActiveTech’s headquarters where she leads a team of eight people. The team is focused on providing technical support and customer service for ActiveTech’s new line of wearable computing gear for runners. It is Lois’s sole responsibility to set team goals, assign tasks and monitor the performance of team members. Lois reports to her manager on team progress, outcomes and performance metrics. Lois’s team structure is:

 

A)

a virtual team

 

B)

a self-managing team

 

 

C)

a manager-led team

 

Question 24

By asking individuals what satisfies them on the job and what dissatisfies them, Frederick Herzberg came to the conclusion that:

 

A)

aspects of the social environment that satisfy and dissatisfy employees are very similar

 

B)

the same work environment satisfies some employees while dissatisfying others

 

 

C)

aspects of the work environment that satisfy employees are very different from aspects that dissatisfy them

 

 

 

 

 

Quiz 3

Question 1

An airplane manufacture assembles a plane in one location and the workers and equipment go to the airplane when they need to work on it. This is an example of a ________.

 

 

A)

Fixed-position layout

 

B)

Product layout

 

C)

Cellular layout

 

Question 2

The purpose of this legislation is to reduce unethical corporate behavior, protect investors from the possibility of fraudulent accounting activities by corporations, and decrease the likelihood of future corporate scandals. It is the:

 

 

A)

Securities and Exchange Commission (SEC).

 

 

B)

Sarbanes-Oxley Act (SOX).

 

C)

Generally Accepted Accounting Principles (GAAP).

 

Question 3

In conducting financial analysis of the company, external parties often use:

 

A)

Specialized internal reports

 

 

B)

Financial statements

 

C)

Better Business Bureau Rating

 

Question 4

After planning the production process at a manufacturing plant, the next step is to determine the:

 

A)

Technological infrastructure

 

 

B)

Plant layout

 

C)

Labor requirements

 

Question 5

What is the primary purpose of product placement?

 

 

A)

To increase consumer awareness of products

 

 

B)

To get products to the customer

 

C)

To assemble inputs that go into the production process

 

Question 6

When an individual impersonates another user or site to act in a malicious way, it is called:

 

A)

A Trojan horse

 

 

B)

Spoofing

 

C)

A worm

 

Question 7

A firm’s strategic plan and its marketing plan both start with ____.

 

 

A)

Focus on customers

 

B)

Social responsibility

 

C)

Sales projections

 

Question 8

A ________ chart is useful when the production process is fairly simple and the activities aren’t interrelated.

 

 

A)

Gantt

 

B)

PIE

 

C)

PERT

 

Question 9

A secure computer network that links computers that operate in offices in different states or regions is a:

 

A)

Local area network

 

 

B)

Wide area network

 

 

C)

Database

 

Question 10

Elaine has just opened a new business near campus that is a combination of a laundromat, a nail salon, and a tanning studio. There is an accounting firm located just down the street and Elaine is paying them to do all of her accounting. At the end of the first quarter (three months of business), Elaine has several questions about how things are going. If she wants to understand how much total cash has come into the business this quarter, then she should look at the ________ that her accountant has prepared.

 

 

A)

The Statement of Cash Flows

 

B)

The Statement of Owner’s Equity

 

 

C)

The Income Statement

 

Question 11

What is the basic structure of the Federal Reserve System?

 

 

A)

There are 12 district banks, a Board of Governors and a Federal Open Market Committee.

 

B)

The combination of all private banks in the U.S. excluding Savings and Loans banks.

 

C)

There is one major bank located in Washington D.C. with branch banks located in several major cities.

 

Question 12

Over a given period under normal working conditions, the maximum quantity of goods that a manufacturing facility can produce is called its:

 

A)

Warranty

 

 

B)

Capacity

 

C)

Durability

 

Question 13

The software used to design models of potential products is called ________.

 

A)

Computer-aided manufacturing (CAM)

 

 

B)

Computer-aided design (CAD)

 

C)

Computer-created design (CCD)

 

Question 14

Using outside vendors to manufacture entire products, components or provide services is called ________.

 

A)

Resource alignment

 

B)

Manufacturing strategy

 

 

C)

Outsourcing

 

Question 15

When Apple introduced the first iPhone, it was priced substantially higher than other mobile phones at the time. But because it was also the latest technology, Apple was confident it would sell well. This is an example of:

 

 

A)

Skimming

 

B)

Penetration pricing

 

C)

Odd-Even pricing

 

Question 16

A creditor, such as a bank, would review a company’s cash and other assets that can easily be converted into cash to determine its:

 

 

A)

Liquidity

 

B)

Break-even point

 

C)

Owner’s equity

 

Question 17

What is the important first step in any marketing research project?

 

A)

Development of an approach to the problem

 

B)

Research design formulation

 

 

C)

Problem definition

 

Question 18

68. Elaine has just opened a new business near campus that is a combination of a laundromat, a nail salon, and a tanning studio. There is an accounting firm located just down the street and Elaine is paying them to do all of her accounting. At the end of the first quarter (three months of business), Elaine has several questions about how things are going. If she wants to understand how much money she has put into the business so far, then she should look at the ________ that her accountant has prepared.

 

 

A)

The Statement of Owner’s Equity

 

B)

The Statement of Cash Flows

 

C)

The Balance Sheet

 

Question 19

“Higher price equates to higher quality,” is an example of a ________ pricing strategy in action.

 

 

A)

Prestige

 

B)

High/low

 

C)

Skimming

 

Question 20

Accounting has collected data on the length of time it takes Wanda’s Widgets to pay its bill every month while sales has collected data about which model of widgets they purchased last quarter. Shipping has been tracking the number of orders that Wanda’s has returned over the last year. Belinda, the sales manager is going to make a personal visit to Wanda’s Widgets and needs information to inform her conversation with the owners. When she makes her request, the information manager will use the ________ to obtain the data to analyze.

 

 

A)

Enterprise resource planning system

 

B)

Data mine

 

 

C)

Data warehouse

 

Question 21

Elaine has just opened a new business near campus that is a combination of a laundromat, a nail salon, and a tanning studio. At the end of the first quarter (three months of business), Elaine wants to see if she has made a profit so she makes an appointment to meet with her accountant. When she gets to the appointment, her accountant will review which of the following financial statements with Elaine?

 

A)

Statement of Owner’s Equity

 

 

B)

Balance Sheet

 

 

C)

Income Statement

 

Question 22

To calculate the net income from business operations a manager would apply which of the following equations?

 

A)

Net income = liabilities + equity

 

 

B)

Net income = total revenue – total expenses

 

C)

Net income = debts – credits

 

Question 23

Every week, the grocery store chain Great Seals advertises weekly specials and coupons, hoping to attract customers with great sale prices. This is an example of:

 

 

A)

High/low pricing

 

B)

Prestige pricing

 

 

C)

Everyday low pricing

 

Question 24

Which of the four Ps is defined as creating goods and services to offer customers?

 

A)

Place

 

B)

Promotion

 

 

C)

Product