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Bus 201 Exam > Final Exam > Flashcards

Final Exam Flashcards

1
Q

Consists of everything outside an organization that might affect it

A

External environment

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2
Q

Refers to the conditions of the economic system in which the organization operates

A

Economic environment

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3
Q

The total quantity of goods and services produced by an economic system during given period

A

Aggregate output

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4
Q

Pattern of short term, ups and downs in an economy is called

A

Business cycle

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5
Q

Refers to the total value of all goods and services produced within a given period By a national economy.

A

GDP 

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6
Q

Means GDP per person

A

GDP per capita

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7
Q

Means that GDP has been adjusted

A

Real GDP

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8
Q

The principle that exchange rates are set so that the prices of similar products in different countries are about the same

A

Purchasing power parity

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9
Q

Is a measure of economic growth that compares how much a system produces with the resources needed to produce it

A

Productivity

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10
Q

The economic value of all the products that a country exports minus the economic value of its imported products

A

Balance of trade

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11
Q

The amount of money the government owes its creditors

A

National debt

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12
Q

Spent more money each year, then it took in

A

Budget deficit

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13
Q

Evident, when the amount of money injected into an economic system, outstrips the increase in actual output

A

Inflation

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14
Q

Measures changes in the cost of a basket of goods and services that a typical family buys

A

Consumer price index

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15
Q

Involve the collection and spending of government revenue

A

Fiscal policies

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16
Q

Focus on controlling the size of the nations money supply

A

Monetary policies

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17
Q

Reflects the relationship between business and government

A

Political legal environment

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18
Q

Includes the customs, values, attitudes, and demographic characteristics of the society in which a company operates

A

Socio-cultural environment

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19
Q

Restricts the total number of certain products that can be imported into a country

A

Quota

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20
Q

The ultimate form of quota

A

Embargo

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21
Q

Tax charged on imported products

A

Tariff

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22
Q

The practice of protecting domestic business at the expense of free market competition

A

Protectionism

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23
Q

Selling a product abroad for less than a comparable price charged in the home country

A

Dumping

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24
Q

The process of planning, organizing, leading, and controlling on enterprises, financial, physical, human, and information resources to achieve the organizations goals

A

Management

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25
Q

The process of determining the firms goals, and developing a strategy for achieving those goals

A

Planning

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26
Q

Involves mobilizing the resources required to complete a particular task

A

Organizing

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27
Q

Involves the interactions between managers and their subordinates, as they work to meet a firms objectives

A

Leading

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28
Q

The process of monitoring a firms performance to make sure it is meeting it’s goals

A

Controlling

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29
Q

The executives who guide the fortunes of companies. Common titles, our president, vice president, chief, operating officer, chief executive officer, chief financial officer. They are responsible to the board of directors and shareholders of the firm for its overall performance and effectiveness.

A

Top managers

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30
Q

Still occupy positions of considerable autonomy and importance. Title, such as plant manager, operations, manager, and division manager are typical.

A

Middle manager

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31
Q

Spend most of their time working with, and supervising the employees who report to them. com entitles include supervisor, office, manager, and group leader.

A

First line managers

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32
Q

The process of affectively aligning an organization with its external environment. The starting point in strategic management is setting goals that a business wants to achieve.

A

Strategic management

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33
Q

Identifies the various businesses a company will be in and how they will relate to each other

A

Corporate level strategy

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34
Q

Identifies the ways a business will compete in its chose in the line of products or services

A

Business level strategy

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35
Q

Identify the basic courses of action, each department will pursue so that it contributes to the businesses overall goals

A

Functional strategies

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36
Q

Plan to establish a profitable and sustainable competitive position

A

Competitive strategy

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37
Q

Comprehensive information system for collecting, analyzing, and communicating financial information

A

Accounting

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38
Q

An organized procedure for identifying, measuring, recording, and retaining financial information, so that it can be used in accounting statements and management reports

A

Accounting information system

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39
Q

Is concerned with external users of information, such as consumer groups, Union, shareholders, and government agencies

A

Financial accounting system

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40
Q

Serves internal users, hint form of accounting

A

Managerial accounting

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41
Q

Maybe used to track down, hidden funds in business firms

A

Forensic accountants

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42
Q

Are salaried employees who deal with a company’s day today accounting needs

A

Private accountants

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43
Q

Balance, sheets, income statements, and statement of cash flows

A

Financial statements

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44
Q

Supply detailed information about the accounting equation factors. Assets, liabilities, and owners equity.

A

Balance sheets

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45
Q

Net profits minus dividend payments to shareholders

A

Retained earnings

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46
Q

Is the formal recording, and reporting of revenues in the financial statements

A

Revenue recognition

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47
Q

Measure the firms ability to meet its debt obligations

A

Solvency ratios

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48
Q

Reflects a firms ability to generate cash to meet, obligations through the normal, order the process of selling inventories and collecting revenues from customers

A

Current ratio

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49
Q

The amount of a product a company can produce under normal working conditions

A

Capacity

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50
Q

Designed for smooth production flows, that avoid inefficiencies, eliminate, unnecessary inventories, and continuously improve production processes

A

Lean production systems

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51
Q

Are one type of line production that brings together all the needed materials and parts at the precise moment they are required for each production stage

A

Just in time production systems

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52
Q

Includes all the activities, unnecessary for getting high-quality goods and services into the marketplace

A

Total quality management

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53
Q

A company compares its current performance against its own past performance

A

Benchmarking

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54
Q

The flow of information, materials, and services

A

Supply chain

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55
Q

The strategy of pink suppliers in distributors to perform certain business processes, or to provide needed materials or services

A

Outsourcing

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56
Q

The specifications of the jobs to be done within a business, and how these jobs relate to one another

A

Organizational structure

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57
Q

Illustrates the company structure and show employees where they fit into the firms operations

A

Organizational charts

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58
Q

In this organization, top management retains the right to make most decisions that need to be made

A

Centralized organization

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59
Q

More decision making authority is delegated to managers at lower levels in the hierarchy

A

Decentralized organization

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60
Q

Flows up and down the chain of command

A

Line authority

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61
Q

Based on special expertise and usually involves advising line managers in areas, such as law, accounting, and human resources

A

Staff authority

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62
Q

Authority granted to committees or work teams that play Central rolls in the firms daily operations

A

Committee and team authority

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63
Q

The various units in the organization are formed based on the key functions that must be carried out to reach organizational goals

A

In the functional structure

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64
Q

Divides the organization into several divisions, each of which operates at a semi autonomous unit and profit centre

A

Divisional structure

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65
Q

Involves forming a team of specialist from different functional areas of the organization to work on a specific project

A

Project organization

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66
Q

Combination of two separate structures, that can work better than either approach alone

A

Matrix structure

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67
Q

What are the seven strengths of teamwork?

A

Capability, cooperation, coordination, communication, cognition, coaching, conditions

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68
Q

Do teens need to work interdependently

A

Yes

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69
Q

Refers to the attitudes and beliefs that individuals bring to the team each day

A

Cooperation

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70
Q

At the heart of teamwork. It refers to the teamwork behaviours that a team needs to demonstrate to be highly effective. It is about having the right behaviour to succeed. It also is about actions over opinions.

A

Coordination

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71
Q

Refers to information exchange within a team, as well as with individuals and groups, not in the team the way a team blank drives its effectiveness

A

Communication

72
Q

Refers to the extent to which team members possess a shared, or at least a complementary understanding about key factors. It’s about a shared understanding, for example, rolls, priorities, expectations.

A

Cognition

73
Q

Refers to the context in which the team operates. It’s about the environment in which the team is embedded, they send signals that either support or inhibit, teamwork and performance.

A

Conditions

74
Q

Knowing what drives team effectiveness, and knowing what good team members do

A

Teamwork savvy

75
Q

Refers to the capacity to perform higher higher mental processes of reasoning, recalling, understanding, and problem-solving. It doesn’t refer to what someone knows.

A

Cognitive ability

76
Q

Narcissism, Machiavelli, nihilism, and psychopathy

A

The dark triad

77
Q

A business is an organization that seeks to blank by providing blank

A

Earn profit by providing goods and services

78
Q

Profit is what remains after a business’s blank have been subtracted from its blank

A

Expenses and revenue

79
Q

Profit is important to business owners, because

A

It provides motivation for risking time and money

80
Q

What is a mechanism for exchange between buyers and sellers?

A

A market

81
Q

The blank is the principle that buyers will purchase more of a product as it’s price drops

A

Law of demand

82
Q

The equilibrium price is also called the

A

Market price

83
Q

Market equilibrium is determined by the

A

Intersection of the demand curve, and the supply curve

84
Q

The situation in which quantity supplied exceeds quantity demanded in a market is described as

A

Surplus

85
Q

An economic system characterized by private property rights, freedom of choice, profits, and competition is best described as

A

Private enterprise

86
Q

One characteristic of blank is that the going price is set exclusively by supply and demand, and is accepted by both seller and buyer

A

Perfect competition

87
Q

Market or industry, characterized by a small number of very large firms that avoid direct price competition is best described as

A

Oligopoly

88
Q

Canadian agriculture provides a good example of an industry in which there exists

A

Perfect competition

89
Q

Fast food restaurants in Canada compete, under which kind of competitive conditions

A

Monopolistic competition

90
Q

In Canada laws, such as the competition act forbid

A

Monopolies

91
Q

What type of environment is everything outside and organizations boundaries that might affect it

A

External environment

92
Q

An organizational boundary is what

A

separation of the organization from its environment

93
Q

When the economy experiences two or more consecutive quarters of decline in GDP, we call this a

A

Recession

94
Q

The total quality and quantity of goods and services that a country citizens can purchase with the currency used in its economic system

A

Standard of living

95
Q

Refers to the total quantity of goods and services produced by an economic system during a given. PerioD

A

Aggregate output

96
Q

Total of a country exports minus imports

A

Balance of trade

97
Q

The amount of money, the government owes his creditors

A

National debt

98
Q

Inflation in Canada is measured by

A

Consumer price index

99
Q

Involves finding ways to use, technological innovations to create new products or services that can be sold in the marketplace

A

Applied research and development

100
Q

The process of getting a new technology out of the lab and into the marketplace

A

Technology transfer

101
Q

What type of economy is Canada?

A

Free trade

102
Q

Which of the following factors is particularly important for the multinational firms

A

Political stability

103
Q

Intense price, competition or elaborate advertising campaigns are examples of concerns, addressed, and what

A

Rivalry amongst existing competitors

104
Q

Beliefs about what is right and wrong or good and bad

A

Ethics

105
Q

A term often used to refer to ethical or unethical behaviours by a manager, or an employee of a business

A

Business ethics

106
Q

Corporate social responsibility refers to the way in which a business tries to balance. It’s commitments to.

A

Organizational stakeholders

107
Q

Movement designed to help workers in developing countries received your payment for their work is called

A

Fair trade

108
Q

The view that accompanies only social responsibility is to make as much money as possible for its shareholders, as long as it doesn’t break any laws

A

Managerial capitalism

109
Q

When companies get together to fix prices for their own advantage, it is called

A

Collusion

110
Q

A measure developed to help companies, understand, manage, and communicate the social value of their activities for stakeholders is

A

Social return on investment SROI

111
Q

An employee who discovers and tries to put an end to a company is unethical, illegal, or socially irresponsible actions by publicizing them

A

Whistle blower

112
Q

The use of confidential information to gain from the purchase or sale of stock

A

Insider trading

113
Q

An owner managed business that does not dominate in its market

A

Small business

114
Q

Recently formed commercial organization, that provides goods and or services for sale

A

New venture

115
Q

People who recognize and sees opportunities and accept the risks associated with creating an operating a new business venture

A

Entrepreneurs

116
Q

People who exhibit entrepreneurial characteristics and create something new within an existing firm, are called

A

Intrapreneurs

117
Q

97.9% of all businesses in Canada are considered.

A

Small businesses

118
Q

The process of planning, organizing, leading and controlling and enterprises, financial, physical, human, and information resources to achieve the organizations goals

A

Management

119
Q

The process of determining the firms goals, and developing a strategy for achieving them

A

Planning

120
Q

Process of monitoring a firms performance, and making adjustments to make sure it’s meeting goals

A

Controlling

121
Q

What involves mobilizing the resources required to complete a particular task

A

Organizing

122
Q

Firms managers are responsible for overall performance and effectiveness, and for developing long-range plans for the company

A

Top managers

123
Q

Manager is responsible for the production system that create goods and services

A

Operations

124
Q

Managers to hire employees, train them, evaluate their performance, decide how they should be compensated, and deal with labour unions

A

Human resource

125
Q

Managers responsible for deciding in implementing various systems together, process, gather, and disseminate information

A

 Information, managers

126
Q

What type of skills help managers to find problems or opportunities and select the best course of action

A

Decision making skills

127
Q

The ability to think in the abstract, diagnosed and analyze various situations, and see beyond the present situation requires managers to develop

A

Conceptual skills

128
Q

Refers to the actions that people take as they try to get what they want

A

Organizational politics

129
Q

When a manager makes a decision and remains committed to its implementation, in spite of clear evidence that it was a bad decision, what has occurred

A

Escalation of commitment

130
Q

Plan, setting, short term, targets for daily, weekly, or monthly performance

A

Operational plans

131
Q

A statement of how a company will achieve his purpose

A

Mission statement

132
Q

Are used to identify and analyze organizational strengths, and weaknesses, and environmental or opportunities and threats as part of the strategy formulation

A

Swat analysis

133
Q

Long-term goal derives directly from the firm’s mission statement

A

Strategic goal

134
Q

This corporate level strategy involves focussing my company on one product or product line that it knows very well

A

Concentration

135
Q

What are two basic integration strategies?

A

Divergent and convergent

136
Q

Type of management that deals with an emergency that demands an immediate response

A

Crisis management

137
Q

A comprehensive system for collecting, analyzing, and communicating financial information is called

A

Accounting

138
Q

What type of accounting provides managers and heads of departments with key information that allows them to budget for short and long-term projects?

A

Managerial accounting

139
Q

What would prompt a forensic accountant to suspect possible fraudulent practices?

A

Deviations from GAAP

140
Q

What is the accounting equation?

A

Assets equals liabilities plus owners equity

141
Q

Which of the following is like a snapshot because it shows the financial condition of a company at one point in time

A

Balance sheet

142
Q

Which of the following shows the operating activities, investing activities, and financial activities, and is considered by investors and creditors to be extremely important

A

Statement of cash flows

143
Q

Patents, trademarks, and copyrights are classified as

A

Intangible assets

144
Q

Which of the following is the formal recording and reporting of income at the appropriate time in the earning cycle?

A

Revenue recognition 

145
Q

This includes estimated receipts and expenditures for a future Period

A

Budget

146
Q

What measures weather company is able to sell enough products and collect payments for products sold to pay its current debts

A

Current ratio

147
Q

A company that produces only tangible products, such as textbooks, is involved in

A

Goods production

148
Q

What is another term for operations?

A

Production

149
Q

I’m assembly line is an example of

A

Goods production

150
Q

Companies that have designed the production processes to be efficient and limited inventory to only what is necessary have what type of system

A

Lean production

151
Q

Observing employees, monitoring their interactions with customers, and providing training in customer relations, skills are part of

A

Quality control

152
Q

Why do companies use to reduce the need for storage space and save money on inventory, while allowing for all materials to be available when needed

A

Just in time production

153
Q

Total quality management can be defined as

A

A business process, improvement method focussed on improving quality of all business processes and eliminating all defects

154
Q

Supply chain management, each company focusses on the

A

Entire chain of relationships

155
Q

Inventory control, and transportation options are part of which of the four P of marketing

A

Place

156
Q

What does behavioural segmentation rely on to market items?

A

Behavioural variables

157
Q

In which stage of new production development might a product be sold on a trial basis in limited areas,

A

Product testing and test marketing

158
Q

A company has begun full scale, production of a new product and is establishing distribution channels and promotion plans. This is which stage of the new product development process.

A

Commercialization

159
Q

Ensuring a business always has enough money on hand to pay bills and maintain human resources is called

A

Cash flow management

160
Q

Accounts payable, and current inventories are examples of

A

Short term expenditures

161
Q

Collateral is used to secure what type of short term loan

A

Secured loan

162
Q

Guaranteed line of credit for which the firm pays the bank interest on funds, borrowed as well as a fee for extending the line of credit

A

Revolving credit agreement

163
Q

Fact, Soli, by the issuing terms, promise to pay and is an option for only the largest, and most credit worthy firms

A

Commercial paper

164
Q

This type of loaner agreement provides access to additional capital because you are backed by assets

A

Secured loan

165
Q

Refers to the use of another individual or firm, such as an insurance company, to carry risk

A

Risk, avoidance

166
Q

When conducting a break, even analysis, Rent and insurance are

A

Fixed costs

167
Q

Pricing items in uneven dollar amounts is known as

A

Odd even pressing

168
Q

When a company uses penetration pricing, it tends to set an initial price that that is

A

Low enough to establish the product in the market

169
Q

Newspapers are adopting a new strategy to survive because the audience for news printed shrinking what is it called?

A

Digital first

170
Q

Which of the following includes warehousing and transportation operations?

A

Physical distribution

171
Q

Which is the least expensive mode of transporting products

A

By water

172
Q

Is concerned with the specifications of the jobs to be done within a business and have these jobs relate to one another

A

Organizational structure

173
Q

Is the reporting relationship within the company?

A

The chain of command

174
Q

Is a separate company unit responsible for its own costs and profits

A

Profit centre

175
Q

Works to integrate continuous improvement with continuous employee, learning and development

A

Learning organization

Bus 201 Exam (1 decks)

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