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Introduction to Business > CH. 5, 8, 9, 14, 15, 17 > Flashcards

CH. 5, 8, 9, 14, 15, 17 Flashcards

1
Q

________ is the management function that involves checking performance and making adjustments as needed.

A

Controlling

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2
Q

Who among the following is a middle–management employee in a company?

A

The division head

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3
Q

In the context of Maslow’s hierarchy, which of the following refers to the needs that contribute to survival, such as food and water?

A

A physiological need

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4
Q

In the context of Maslow’s hierarchy, a self–actualization need is a need:

A

to realize one’s full potential.

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5
Q

In the context of job enrichment, workers who have _______ have freedom and authority regarding their jobs.

A

autonomy

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6
Q

Which of the following theories says that a worker will be motivated if he or she believes that effort will lead to performance, and performance will lead to a meaningful reward?

A

Expectancy theory

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7
Q

Which of the following is true of operational planning?

A

Operational plans typically have a daily or weekly timeframe.

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8
Q

The span of control refers to the:

A

number of people that a manager supervises.

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9
Q

Staff managers supervise the functions that contribute directly to profitability, such as production and marketing.

A

False

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10
Q

Free–rein leaders hoard decision–making power for themselves, and typically issue orders without consulting their followers.

A

False

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11
Q

In the context of manufacturing, _________ refers to producing a product at the lowest cost.

A

efficiency

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12
Q

Which of the following is an example of a nondurable good?

A

Paper Towel

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13
Q

The ________ strategy is the production of small quantities of goods and services that tailored to more precisely meet the needs of specific customers—with very little increase in costs.

A

mass customization

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14
Q

Firms use a _______ when they produce goods that are relatively standardized and produced in large volumes, organizing machinery, equipment and other resources according to the specific sequence of operations that must be performed.

A

product layout

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15
Q

In the context of a project network diagram, which of the following is the characteristic of a critical path?

A

It is the sequence of activities that takes the longest to complete.

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16
Q

If a manufacturing firm invests in its processes by directly investing in its own foreign facilities, it is engaging in _______.

A

offshoring

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17
Q

A ________ software program helps engineers to find and correct design flaws before production.

A

CAE

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18
Q

“Poka–yoke” refers to:

A

simple methods incorporated into a production process designed to eliminate or greatly reduce errors.

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19
Q

_______ refers to a set of strategies and practices to eliminate waste, which is defined as any function or activity that uses resources but doesn’t create value.

A

Lean production

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20
Q

Just–in–time manufacturing requires the manufacturer to maintain a large inventory of goods, increasing storage costs.

A

False

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21
Q

The gap between the pay packages of CEOs and workers has been consistently decreasing over the past 30 years.

A

False

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22
Q

In the context of recruitment, _______ is primarily a tool to reject unqualified candidates, rather than to actually choose qualified candidates.

A

the job application

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23
Q

In the context of recruitment, _______ are highly regulated by state and federal law to ensure that firms don’t use them just to screen out certain individuals.

A

physical exams

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24
Q

In the context of recruitment, the _________ period is a specific timeframe during which a new hire can prove his/her worth on the job.

A

probationary

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25
Q

Which of the following is a contingency type of worker?

A

An independent contractor

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26
Q

In the context of employment training, the ________ approach is used by trainers to train workers on “real” equipment similar to what they would actually use on the job.

A

vestibule

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27
Q

In the context of employee’s compensation, which of the following is a benefit?

A

A paid sick day

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28
Q

________ refers to a system that allows employees to work a full–time number of hours in less than the standard workweek.

A

A compressed workweek

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29
Q

In the context of employee benefits, the ________ approach involves giving employees a set dollar amount per person that they must spend on company benefits.

A

cafeteria–style

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30
Q

The term _________ refers to policies meant to increase employment and educational opportunities for minority groups—especially groups defined by race, ethnicity, or gender.

A

affirmative action

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31
Q

A system for recognizing, organizing, analyzing and reporting information about the financial transactions that affect an organization is known as ________.

A

accounting

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32
Q

GAAP uses FASB in order to bring consistency to accounting among companies.

A

False

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33
Q

Items that a company owns are considered its __________.

A

assets

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34
Q

What are amounts a company owes referred to as?

A

liabilities

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35
Q

What is a company’s profit or loss is determined by?

A

subtracting expenses from revenues

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36
Q

All of the following statements about the cash flow statement are true except:

a. the cash flow statement covers a period of time.
b. the cash flow statement shows the change in cash on hand from the beginning of the period to the end of the period.
c. shows inflows and outflows of cash in the following categories: operating, investing, and financing.
d. shows revenues earned during the period.

A

d. shows revenues earned during the period.

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37
Q

The purpose of an independent audit is to verify that the financial statements were prepared in accordance with GAAP and that they fairly present the financial condition of the organization.

A

True

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38
Q

Companies provide comparative financial statements so that potential investors can perform ________.

A

horizontal analysis

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39
Q

While financial accounting is intended to provide financial information to outside parties, such as stockholders and creditors, _________ accounting is intended to provide information to parties inside the organization.

A

managerial

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40
Q

The ________ budget represents the firm’s overall plan of action for a specified time.

A

master

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41
Q

The duties of a financial manager include all of the following except:

a. planning for the effective use of financial resources.
b. evaluating long–run investment opportunities.
c. managing the firm’s working capital.
d. establishing price points for the company’s products.

A

d. establishing price points for the company’s products.

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42
Q

Financial capital refers to the funds a firm uses to acquire its _________ and finance its ___________.

A

assets, operations

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43
Q

The main financial ratios presented all fall into one of these four categories: LAPL

A

liquidity, asset management, profitability, and leverage.

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44
Q

A liquid asset is one that can be converted to cash, even if value is lost in the process.

A

False

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45
Q

The ___________ shows projected cash inflows and outflows each month.

A

cash budget

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46
Q

The budgeted income statement and budgeted balance sheet are also referred to as pro forma financial statements.

A

True

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47
Q

Sources of short–term financing include all of the following except:

a. commercial paper.
b. factoring.
c. trade credit.
d. retained earnings.

A

d. retained earnings.

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48
Q

Long–term financing sources include all of the following except:

a. corporate bonds.
b. retained earnings.
c. direct investments from owners.
d. commercial paper.

A

d. commercial paper.

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49
Q

Cash equivalents include all of the following except:

a. T–bills.
b. accounts receivable.
c. commercial paper.
d. money market mutual funds.

A

b. accounts receivable.

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50
Q

Capital budget proposals make a case for projects like upgrading old equipment to newer models that are more cost–effective.

A

True

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51
Q

Interference that causes the message you send to be different from the message your audience understands is referred to as:

A

noise.

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52
Q

There are several different types of communication barriers that can interfere with your message. These include: PLOBPC

A

Physical Barriers, Language Barriers, Organizational Barriers, Body Language barriers, Perceptual Barriers, Cultural Barriers.

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53
Q

As long as your words convey the message you mean to send, it does not matter what nonverbal signals you send.

A

False

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54
Q

When you focus all your attention on the speaker, you are practicing ________.

A

active listening

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55
Q

In communicating, it is important to consider what channels your audience will actually use.

A

True

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56
Q

Bias comes in many forms including:

A

age, gender, and race.

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57
Q

Passive voice is preferred over active voice for business communications.

A

False

58
Q

Choose the best answer. In preparing a written message it is important to:

a. spell check your work before sending.
b. use emoticons (smiley faces, etc.) in order to set the right tone.
c. proof your work for errors, use block paragraphs, and use lists where appropriate.
d. use abbreviations whenever possible.

A

c. proof your work for errors, use block paragraphs, and use lists where appropriate.

59
Q

The general sections of a verbal presentation are:

a. the introduction and the bulk of what you have to say followed by questions.
b. the opening, body, closing, and questions.
c. the opening and closing.
d. the opening, body, and questions.

A

b. the opening, body, closing, and questions.

60
Q

Suggested ways to calm your nerves before a presentation include:

a. practicing over and over again until you have memorized the presentation.
b. telling a funny joke that you heard a comedian share on cable television.
c. drinking a soda or energy drink.
d. deep breathing and positive thinking.

A

d. deep breathing and positive thinking.

61
Q

When choosing a _________ you must evaluate the needs and expectations of your audience

A

communication channel

62
Q

uses formal communication not slang and jargon. Language barriers arise due to excessive use of jargon and slang.

A

Business communication

63
Q

facial expressions, gestures, posture and eye contact.

A

Non-verbal forms of communication

64
Q

Taking ____ will help improve your listening skills

A

notes

65
Q

communication is best to communicate critical information.

A

Face-to-face

66
Q

best for a large number of people, noncontroversial topic, detailed message

A

Memos

67
Q

gender bias, age bias, and bias related to race ethnicity, and nationality

A

Common types of bias in business communication

68
Q

One way to get over about speaking is to take slow, deep breaths.

A

anxiety

69
Q

in front of a mirror is an effective way to prepare for a presentation.

A

Practicing your speech

70
Q

Do not put too many words or topics

A

on a PowerPoint slide.

71
Q

You should ______ questioners during your presentation even if they are hostile.

A

not ignore

72
Q

What do stakeholders have an interest in accounting information?

A

Income shows how much a business is making, which is key to being able to make a profit. Stakeholders also have interest in a company’s expenses. Profit, which sustains a business and makes money for its stakeholders, comes from the difference between income and expenses. Stakeholders are interest in assets because they make a company valuable in the eyes of other investors. Liabilities cover many of the additional pieces of accounting information that matter to stakeholders.

73
Q

_______ plan for effective use of financial resources and evaluate long-term investments concentrating on both the short and long term

A

Functions of a financial manager

74
Q

plan for effective use of financial resources and evaluate long-term investments concentrating on both the short and long term

A

Functions of a financial manager

75
Q

credit granted by sellers to customers for goods usually 30-60 days

A

Trade credit

76
Q

Cash budgets normally cover

A

a one year period.

77
Q

is a guaranteed line of credit that a bank makes a binding commitment to provide a business and a firm pays a commitment fee on unused funds.

A

Revolving credit agreement

78
Q

is a requirement a lender imposes on a borrower as a condition of the loan.

A

Covenant

79
Q

workers won’t be motivated to work harder if they think co-workers don’t work as hard and make more money

A

Equity theory

80
Q

planning for unexpected events

A

Contingency plan

81
Q

visual representation of the company’s formal structure

A

Organizational chart

82
Q

the line managers supervise the functions that contribute profitability and staff managers supervise the functions that provide advice and assistance to the line departments.

A

In a line-and-staff organization

83
Q

Leadership style is?

A

situational

84
Q

Establishing _______ is an important part of controlling.

A

clear standards

85
Q

The _______ monitors performance and initiates corrective actions.

A

control process

86
Q

Poor ____________ can be costly.

A

human resource management

87
Q

can be viewed by employees as “the enemy.”

A

Human resources

88
Q

departments must quantify their impact on the company in dollars and cents.

A

Human resource

89
Q

To ensure the effectiveness of a company ______ is key.

A

efficiency

90
Q

3 types of management skills are:

A

technical, human and conceptual.

91
Q

getting together with friends and co-workers.

A

Maslow’s social needs

92
Q

Theory Y managers believe employees

A

can be motivated with rewards.

93
Q

is learning more tasks.

A

Job enrichment

94
Q

leaders set objectives, but give their followers the autonomy to accomplish those goals.

A

Free-rein

95
Q

is creating the exact conditions that the trainee will face on the job.

A

Job stimulation

96
Q

refers to the combination of pay and benefits that employees receive in exchange for their work.

A

Compensation

97
Q

noncash compensation, health insurance, and vacation.

A

Benefits

98
Q

The Civil Rights Act of 1964

A

provides broad protection against discrimination by employers.

99
Q

is a set of activities or steps that combine inputs to create a good or service.

A

A process

100
Q

hold inventories of raw materials, components and parts, work-in process, and finished goods.

A

Manufacturing firms

101
Q

can be produced independently of the consumer and then stored and shipped.

A

Goods

102
Q

firms hold inventories of raw materials, components and parts, work-in process, and finished goods.

A

Manufacturing

103
Q

includes such considerations as ambience, functionality, and artifacts.

A

Servicescape

104
Q

provides powerful drawing and drafting tools to create 3-D drawings

A

CAD software

105
Q

is any function or activity that uses resources but does not create value.

A

Waste

106
Q

Studies indicate that ______ in the labor force still face a significant degree of discrimination in terms of pay and promotions.

A

women

107
Q

is defined in terms of how well a product satisfies the preferences of customers and are key to achieving improving efficiency and effectiveness.

A

Quality

108
Q

is a network of national standards institutes in over 160 nations that develop global standards for industries.

A

ISO

109
Q

production emphasizes production of goods to meet actual current demand thus minimizing inventories of finished goods and work-in-process.

A

Just-in-time (JIT)

110
Q

are a lump sum payment to reward employees for strong performance.

A

Bonuses

111
Q

When ____________ that works best for an organization the most efficient process, the best sequence of processes and the appropriate layout of production and distribution facilities must be considered.

A

determining the type of process

112
Q

are expensive, complex and difficult to implement. ERS

A

Enterprise resource systems

113
Q

is the network of relationships that channels the flow of inputs, information, and financial resources through all the processes directly or indirectly involved in producing goods and services.

A

A value chain

114
Q

shares some characteristics with TQM, such as an organization-wide focus on quality and a long-term commitment t continuous quality improvement.

A

Six Sigma

115
Q

is focused on maximizing the effectiveness of the workforce by recruiting talent, promoting career development and determining workforce strategies.

A

Human resource management

116
Q

is hiring from inside the company.

A

Internal recruitment

117
Q

training is a popular low-cost method of training.

A

On-the-job

118
Q

refer to pay in exchange for the number of hours or days that an employee works.

A

Wages

119
Q

can save both employees and employers money.

A

Telecommuting

120
Q

__________ is Assets=Liabilities + Owners equity.

A

The accounting equation

121
Q

are claims that outsiders have against a firm’s assets.

A

Liabilities

122
Q

working within an organization, preparing reports and analyzing financial information such as budgets and cost management.

A

Management accountants

123
Q

provide services such as tax preparation, external auditing, or management consulting to clients on a fee basis.

A

Public accountants

124
Q

address the needs of external stakeholders, including stockholders, creditors and government regulators.

A

Financial accountants

125
Q

(GAAP) guideprovide external shareholders with relevant, consistent, and comparable financial information

A

Generally accepted accounting principles

126
Q

The ______ statement summarizes the financial results of a firm’s operations over a given period of time and indicates if a firm earned a profit or lossless

A

income

127
Q

Statement of _______ provide information about used cash in the most recent accounting period and the cash balance at the end of the accounting period.

A

cash flows

128
Q

The _______ process includes: making sure accountants understand GAAP, review sales receipts/invoices and count the supplies in inventory.

A

external audit

129
Q

is concerned with preparing financial statements for external stakeholders according to a fixed schedule; managerial provides information to internal stakeholders on an “as needed” basis.

A

Financial accounting

130
Q

believe that treating customers, employers, creditors and other stakeholders with respect and fairness often helps the firm increase value for its owners.

A

Financial managers

131
Q

When _______ are concerned about the ability to pay off debts that will come due in the next year, they are likely to focus on liquidity ratios.

A

financial managers

132
Q

revolving credit agreements and commercial paper are common ways to raise short-term financing.

A

Trade credit

133
Q

represents funds that arise as a natural result of a firm’s business operations without the need for special arrangements.

A

Spontaneous financing

134
Q

A key difference between a ___1____ and a ___2___ agreement is that under a ___1____ the bank only agrees to make funds available as long as the borrower’s credit rating doesn’t deteriorate while in a ___2___, the bank guarantees that the funds will be available.

A

line of credit = 1

revolving credit = 2

135
Q

If a customer ______ and gets a bill from a collection agency this is an example of factoring.

A

writes a bad check

136
Q

is a system for recognizing, recording, organizing, summarizing, analyzing, and reporting information about the financial transactions that affect an organization.

A

Accounting

137
Q

value is the amount of future cash flows.

A

Net present

138
Q

The richness of a _______________ refers to the amount of verbal and nonverbal communication it can convey to recipients.

A

communication channel

139
Q

is a management tool that explicitly shows how a firm will acquire and allocate the resources it needs to achieve its goal.

A

Budgeting

140
Q

is moving processes previously performed domestically to a foreign location.

A

Offshoring

Introduction to Business (3 decks)

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