Business management Unit 1 test

Question 1

Manager led

Answer 1

Team led by a sole manager

Question 2

Self managing team

Answer 2

The learner may determine overall goals but employees control the activities needed to meet them and have considerable autonomy

Question 3

virtual teams

Answer 3

Teams meet online instead of a common office space

Question 4

cross functional teams

Answer 4

Designed to take advantage of the special expertise of members drawn from different functional areas of the organization

Question 5

Why are teams important

Answer 5

Share accountability and must coordinate actions

Question 6

What makes teams successful

Answer 6

Share accountability
Function interdependently
Require stability
Hold authority and decision making power
Operate in a social perspective

Question 7

Blocking rolls

Answer 7

consists of behavior that inhibits either team performance or that of individual members, groupthink

Question 8

Pestel

Answer 8

Political
Economic
Socloculturs
Technological
Environmental
Legal

Question 9

steak holders

Answer 9

Anyone who owns stock in a company

Question 10

shareholder

Answer 10

anyone who the businesses decisions could affect

Question 11

capitalism 4 basic rights

Answer 11

The right to own private property
The rights to own a business and keep all the business profits
The right to freedom of competition
The right to freedom of choice

Question 12

Socialism

Answer 12

An economic system based on the premise that some basic businesses, like utilities should be owned by the government in order to more evenly distribute profits among the people

Question 13

communism

Answer 13

An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production

Question 14

Perfect competition

Answer 14

Many different small companies sell identical products, price driven by supply and demand

Question 15

Oligopoly

Answer 15

few sellers supply a sizable portion of the market, if one raises prices the other will follow

Question 16

Monopoly

Answer 16

One seller controls the market, the single seller controls the prices

Question 17

Supply and demand

Answer 17

price rise- people buy less
price fall- people buy more
Sell more- price rises
Sell less- price fall

Question 18

Gross domestic product- GDP

Answer 18

The total amount of product a country produces in a year

Question 19

Lagging indicators

Answer 19

Indicators that report the status of the economy a few months in the past
Ex: GDP, CPI

Question 20

Leading indicators

Answer 20

Indicators that predict the status of the economy 3 to 12 months in the future

Question 21

Consumers price index (CPI)

Answer 21

Measures the rate of inflation by determining price changes

Question 22

Fiscal policy

Answer 22

The federal government’s efforts to keep the economy stable by increasing or decreasing taxes or government spending

Question 23

Monetary policy

Answer 23

federal reserve board, manages money, tries to keep inflation rate at 2%

Question 24

Ethical

Answer 24

To know right from wrong and to know when you’re practicing one instead of the other

Question 25

Ethical dilemmas

Answer 25

situations in which it is difficult for an individual to make decisions either because the right course of action is unclear or involves consequences

Question 26

Whistle blowing

Answer 26

An individual who exposes illegal or unethical behavior in an orginazation

Question 27

Balance of trade

Answer 27

Export more than import

Question 28

Licensing agreements

Answer 28

an international licensing agreement allows a foreign company to sell the products of a producer or to use its intellectual property in exchange for royalty fees

Question 29

Franchises

Answer 29

Under foreign agreements franchising grants a foreign company (the franchisee) the right to use its brand name and to sell its products or services. franchises have a more direct approach to the business

Question 30

importing

Answer 30

Buying goods from another country

Question 31

exporting

Answer 31

selling goods to another country

Question 32

Absolute advantage

Answer 32

the nation has an absolute advantage if it's the only source of a particular product it can make more of a product using fewer resources than other countries.

Question 33

Strategic alliance

Answer 33

one company has holes in it, join with someone else who can fill holes

Question 34

Joint venture

Answer 34

Strategic alliance after they form a new company

Question 35

Foreign direct investment

Answer 35

Local business/seller going to a different country to serve that market

Question 36

quotas

Answer 36

Limits of how much a country can import a good or service

Question 37

embargo

Answer 37

complete ban on goods and services from a certain country

Question 38

dumping

Answer 38

company exports and sells goods for less than what it was manufactured for

Question 39

tariffs

Answer 39

a tax imposed by one country on the goods and services imported

Question 40

3 types of problem solving skills

Answer 40

Technical Interpersonal decision and problem solving

Question 41

Operations

Answer 41

being responsible for taking resources and making a product

Question 42

Outsourcing

Answer 42

Sending work to another country Ex: Clothing manufactures have their factories overseas