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MT&P Final Exam Review

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1.
5 points
A market situation in which there are many buyers and sellers of a product and no single buyer or seller can control the price is
2.
2 points
When a manager allocates resources between different departments, he or she is acting in a decisional role.
3.
5 points
Which of the following is NOT one of the four resources used by business today?
4.
5 points
Staff managers provide support, advice, and expertise to line managers.
5.
2 points
Job sharing a system in which employees set their own work hours within certain limits set by the employer.
6.
2 points
A plan designed to increase the number of minority employees at all levels within an organization is called
7.
2 points
Whistle-blowing is an attempt by business to stop employees from exposing their unethical business behavior.
8.
5 points
The separation of a manufacturing process into distinct tasks is referred to as
9.
5 points
One major problem with the MBO process is that
10.
2 points
An argument for increased social responsibility is the fact that, because business managers are primarily responsible to business owners, they must be concerned with providing a return on the owner's investments.
11.
5 points
A general rise in the level of prices is called
12.
5 points
Corporate stock that has voting rights is referred to as _______ stock.
13.
5 points
Considering present employees as applicants for available positions is called
14.
5 points
The disadvantages of franchising mainly affect
15.
5 points
Well-managed cultural diversity is NOT LIKELY to
16.
5 points
The equity theory is MOST relevant to an employee's __________ in an organization?
17.
2 points
For a sole proprietorship and partnership, unlimited liability is a legal concept that holds a business owner personally responsible for all the debts of the business.
18.
5 points
Perhaps the MOST widely used selection technique is the employment test.
19.
5 points
The type of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership is a(n)
20.
2 points
Working conditions in the early twentieth century were not much different from those that exist today, except for the more advanced technology involved.
21.
5 points
Motivation is the internal process that _____________, directs, and sustains behavior.
22.
5 points
Which of the following is an advantage of a corporation?
23.
5 points
A group of retired business people who volunteer their time to help small-business owners is known as
24.
2 points
The majority of small businesses are focused in the production industry.
25.
5 points
Employees at a chemical factory are systematically moved every two weeks among three different departments in the organization. This is called
26.
5 points
Attempting to attract job applicants from outside an organization is called
27.
5 points
Two or more people working together in a predetermined way to achieve common goals is known as a(n)
28.
5 points
A technique used to gather enough stockholder votes to control a targeted company is referred to as a
29.
5 points
A system of exchange in which goods or services are exchanged without using money is called
30.
5 points
The four phases of human resources management are acquiring, maintaining, development, and terminating.
31.
2 points
The way an employee feels about his or her job, superiors, and place of work is known as morale.
32.
2 points
The SBA is more likely to help non-minority small business.
33.
5 points
The Latin term, caveat emptor, means
34.
5 points
Perhaps the MOST humane method of reducing the size of a firm's workforce is through attrition.
35.
5 points
Ease of raising capital is a characteristic of which type of ownership?
36.
5 points
An organization's MOST important resources is its human resource.
37.
2 points
The most fundamental type of goal in an organization is its mission.
38.
2 points
Less than 50 percent of small businesses fail within the first five years.
39.
2 points
Today, there are more corporations than there are sole proprietorships and partnerships in the United States.
40.
5 points
A reduction of the value of a nation's currency relative to the currencies of other countries is called
41.
5 points
Determining a firm's future human resources needs is referred to as
42.
2 points
Of the four main resources available to management, perhaps the most important is the organization's financial resources.
43.
5 points
Many economists refer to the average level of output per worker per hour as
44.
5 points
The step that distributes responsibility and authority within an organization is called delegation.
45.
5 points
The activities involved in acquiring, maintaining and developing an organization's human resources are called
46.
2 points
Preferred stockholders are paid dividends before common stockholders.
47.
5 points
Which of the following is UNCHARACTERISTIC of low morale?
48.
2 points
Consumerism consists of all those activities that are undertaken to protect the rights of consumers in their dealings with business.
49.
5 points
There are fewer conflicts when the areas of responsibility for line managers and staff managers are clearly defined.
50.
5 points
Groups of senior and graduate students in business administration who provide management counseling are called
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