Bus101 Quiz: Business Organizations - Due In 1 Hour

Bus101 Quiz Business Organizationsthe Due Time Is In 1hrs1 Both Soc

Bus101 quiz (Business Organizations) The due time is in 1hrs

Both socialism and communism are variations of: Select one: a. command economies. b. competitive economies. c. free-market economies. d. plutocratic systems.

To be effective, empowerment will require lower-level workers to: Select one: a. have more training. b. accept less responsibility and lower wages. c. receive less training. d. have written policies regulating each aspect of their work.

As a small business owner, Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations. One way to retain her employees and create a high level of motivation would be to: Select one: a. threaten to fire her existing employees and hire new workers. b. adopt a policy of promoting the workers who have been employed the longest. c. empower her employees to develop their own ideas. d. hire only family members, since they are more loyal.

Anita is employed as plant manager for Mojo Industries, Incorporated. Though she spends some time performing all management functions, she is particularly concerned with tactical planning and controlling. Anita's position would be classified as part of Mojo's: Select one: a. top management. b. lateral management. c. supervisory management. d. middle management.

Which of the following policies would tend to foster entrepreneurship? Select one: a. establishing a currency that is tradable on world markets. b. establishing more regulations to protect the environment. c. developing policies to reduce corruption between individuals. d. allowing public ownership of businesses.

All else held equal, socially responsible firms: Select one: a. are viewed more favorably by consumers. b. enjoy significantly higher profits. c. often experience customer loyalty problems. d. fail to earn sufficient profits for their owners.

After personal savings, the next largest source of capital for entrepreneurs is from: Select one: a. large multinational banks. b. the Small Business Administration. c. state and local governments. d. friends and family.

Patrick's Products has a manufacturing plant near Chicago. The plant specializes in compact washers and dryers for countries in which consumers have less living space. Patrick's Products participates in the global market through: Select one: a. importing. b. dumping. c. exporting. d. balancing trade.

Managers who listen to their subordinates and allow them to participate in decision-making are using the ____________ style of leadership. Select one: a. autocratic b. free-rein c. participative d. bureaucratic

Which of the following statements about partnerships is the most accurate? Select one: a. A partnership is simply a corporation with fewer than 100 owners. b. A major advantage of a partnership is that it offers owners limited liability. c. A major drawback of a partnership is that it is difficult to terminate. d. Partnerships are taxed at the lowest corporate tax rate.

The legal case against Martha Stewart alleges that she: Select one: a. used illegal immigrant labor. b. failed to establish a code of ethics for her firm. c. sold illegal drugs to undercover government officials. d. participated in insider trading.

Which of the following is a reason South America is relatively poor and there is less money available for entrepreneurial ventures? Select one: a. There is a lack of freedom to start businesses available in the South American economic systems. b. The currencies of South America are not tradable on the world market. c. South Americans are not born entrepreneurs. d. South Americans operate businesses in free markets.

Which of the following describes an environment in which data is instantly available via the Internet to organizational partners? Select one: a. networking b. real time c. virtual business d. e-commerce

Daggie's Sandwiches, Inc., sells the rights to use its name and sell its sandwiches in a given market area to aspiring business people who are willing to pay agreed upon fees and meet certain contractual terms. Daggie's: Select one: a. is offering investors the opportunity to form limited partnerships. b. is a franchisor. c. creates private subsidiary companies. d. offers a tax-free investment potential.

Ramon lives in Mexico City and is a Mexican citizen. He has several friends in the United States who own shares in an S corporation. Ramon would like to invest in this company. Ramon: Select one: a. can invest in this company, but must pay both U.S. and Mexican taxes. b. cannot become a shareholder since he is not a citizen or permanent resident of the U.S. c. can become a shareholder but cannot become a manager, and his income must be paid in pesos. d. needs approval from the Mexican government before he can invest.

According to the boxed material entitled "Spotlight on Small Business" in Chapter 4, which of the following is true? Select one: a. Small businesses are not able to participate in philanthropy. b. Charities need cash, not equipment. c. Many entrepreneurs have a hard time determining how to start a charitable-giving program. d. Nonprofit organizations focus on large contributions with well established reputations.

According to the boxed material entitled "Legal Briefcase," if a franchise opportunity sounds too good to be true, you: Select one: a. should act fast, because "the early bird catches the worm." b. should investigate it carefully before making a commitment. c. are probably being too skeptical, because franchising is the safest way to start a business. d. should try to become the franchisor rather than the franchisee.

___________ studies the operation of a nation's economy as a whole. Select one: a. Microeconomics b. Socioeconomics c. Econometrics d. Macroeconomics

Which of the following determines the degree of decentralization a firm might use? Select one: a. the degree to which lower level management is empowered to make decisions b. the chain of command used to follow the flow of authority from top of the hierarchy to the lowest levels c. the geographical area served by the firm's operations d. the degree of product standardization desired by the marketplace

Fourteen years ago, Murray noticed that a lot of people who bought personal computers really did not know much about how to use them and frequently suffered system crashes and other aggravations. He decided he could earn a nice profit by starting a consulting business to help other people overcome their computer woes. Although the business struggled at first, it has been quite successful for the last five years. Murray has many satisfied customers, and the business has grown to the point he now employs several workers. Murray's experience is an example of: Select one: a. socialism at work. b. the principle of comparative advantage. c. the invisible hand. d. the multiplier principle.

Continental Foods is looking at a possibility of agreeing to a conglomerate merger. A likely reason Continental may be looking at this type of merger is a desire to: Select one: a. expand its market share. b. develop spin-off companies. c. diversify its operations. d. meet the requirements to convert to a limited liability company.

Which of the following is a hurdle to be overcome in the global marketplace? Select one: a. lack of cultural understanding b. lack of people with the desire and ability to buy your product c. lack of global natural resources d. lack of market opportunities

________ provides information to businesses concerning where people live, what they buy, and how they spend their time. Select one: a. Sociography b. Econometrics c. Demography d. Anthropology

Monique's Unique Tile Boutique offers decorative tile from around the world. The owner regularly travels overseas to locate the best and most unusual tile that foreign producers have to offer. Monique practices: Select one: a. importing. b. licensing. c. dumping. d. exporting.

A business incurs a ___________ if its costs and expenses exceed its revenues. Select one: a. loss b. liability c. debit d. dividend

Karen Jobs is a supervisor who deals directly with a group of production line workers. She spends several hours each week developing specific work assignments and production schedules for the coming week so that the production department can meet its short-term production objectives. This suggests that a significant component of Karen's job involves: Select one: a. strategic planning. b. contingency planning. c. tactical planning. d. operational planning.

Paper For Above instruction

Understanding Business Organizations: A Comprehensive Analysis

Business organizations form the backbone of any economy, serving as the vehicle for production, distribution, and exchange of goods and services. Their structures, management styles, and operational strategies significantly influence economic growth, innovation, and employment. This paper explores various facets of business organizations, including economic systems, management practices, entrepreneurship, and global trade, to provide a nuanced understanding of how businesses operate within broader economic contexts.

At the core of economic analyses are models such as socialism and communism, which are variations of command economies characterized by centralized planning and government ownership of resources (Varian, 2014). These systems contrast sharply with free-market economies where private ownership and voluntary exchanges predominate. Socialist and communist systems aim to reduce economic inequalities but often face challenges related to inefficiencies and lack of incentives (Samuelson & Nordhaus, 2010). Understanding these variations helps in comprehending how different countries structure their economies and the impact on business activities.

Empowerment in organizations is crucial for fostering innovation and motivation. Effective empowerment requires providing lower-level workers with adequate training, clear policies, and responsibility, enabling them to make decisions and contribute meaningfully to organizational goals (Robbins & Coulter, 2018). Conversely, micromanagement or overly rigid policies can stifle initiative and reduce productivity. Encouraging empowerment aligns with contemporary management theories that emphasize decentralization and participative leadership.

Small business owners, like Tanika, often face resource constraints but can foster employee motivation through empowerment and recognition. Instead of competing solely on wages, small businesses can promote a sense of ownership and participation by involving employees in decision-making processes and recognizing their contributions (Lussier & Hackett, 2019). Such strategies help retain valued staff and build a committed workforce (Miller & Le Breton-Miller, 2014).

Management functions—planning, organizing, leading, and controlling—are vital in operational roles. Middle managers like Anita focus on tactical planning and controlling, acting as crucial links between strategic objectives set by top management and day-to-day operations (Koontz & O'Donnell, 2015). Their role involves translating strategic plans into operational actions, ensuring resources are allocated efficiently, and performance standards are met.

Encouraging entrepreneurship involves creating environments that minimize bureaucratic barriers and promote innovation. Policies that reduce corruption, facilitate access to capital, and protect intellectual property rights are essential (Baumol, 2010). Allowing public ownership can also stimulate entrepreneurial ventures by providing a foundation for investment and risk-taking (Acs & Audretsch, 2010).

Social responsibility is increasingly recognized as aligning with consumers' values. Firms demonstrating social responsibility tend to enjoy higher consumer trust, loyalty, and favorable brand perception, which can translate into higher profits and sustainable growth (Porter & Kramer, 2011). Ethical business practices, community involvement, and environmentally friendly policies resonate with customers who prioritize corporate ethics.

In the entrepreneurial landscape, capital sourcing is vital. After personal savings, entrepreneurs primarily turn to friends and family, who often provide initial funding due to trust and lower barriers (Stokes & Wilson, 2017). Access to such capital is critical for startups to scale operations, develop products, and expand markets.

Global markets offer opportunities for expanding reach through exports, which involve selling domestically produced goods abroad. Companies like Patrick's Products can tap into new markets such as developing countries with space-constrained consumers. Exporting allows firms to diversify revenue streams and mitigate risks associated with reliance on domestic demand (Cateora & Graham, 2019).

Leadership styles significantly influence organizational effectiveness. Participative leadership, characterized by listening and involving employees in decision-making, fosters motivation, innovation, and commitment (Lewin et al., 1939). Managers who adopt this style tend to build stronger teams and enhance organizational adaptability.

Partnerships are collaborative arrangements where two or more individuals or entities share ownership, profits, and liabilities. They offer advantages such as ease of formation and shared resources but also pose challenges like shared liability and difficulties in dissolution (Poza, 2019). Understanding these aspects helps entrepreneurs decide on the appropriate legal structure for their ventures.

Legal and ethical issues also play a role in business operations. The Martha Stewart insider trading case underscores the importance of maintaining integrity and adhering to legal standards in corporate governance (Bryan & Rittenberg, 2001). Such cases highlight the consequences of unethical behavior and the need for robust compliance mechanisms.

Economic disparities among regions like South America are partly attributable to limited entrepreneurial environments, often due to lack of political stability, inadequate infrastructure, and limited access to capital (World Bank, 2020). Overcoming these barriers requires reforms that promote economic freedom and investment climate improvements.

Data accessibility via the Internet in real time has transformed business operations, enabling organizations to make immediate decisions based on current data. This environment enhances responsiveness and competitiveness with tools like virtual business platforms and e-commerce (Cote & Becker, 2020).

Franchising provides a way for entrepreneurs to expand their brands while mitigating risks. By selling rights to operate under their name, franchisors like Daggie's Sandwiches offer a proven business model to franchisees who pay fees and adhere to contractual terms (Justis & Judd, 2003). This model supports rapid expansion and brand consistency.

Foreign and domestic investment activities, such as those involving S corporations, are subject to legal and tax considerations. International investors like Ramon must understand cross-border tax obligations and restrictions, which influence their investment options (Bordon & Tang, 2021).

Small businesses play a vital role in community development and philanthropy. Many entrepreneurs engage in charitable activities, which can enhance community relationships and reputation (Stephenson & Stephens, 2008). Effective management of charitable giving often involves strategic planning and leveraging local networks.

When evaluating franchise opportunities, thorough investigation is essential, especially if an offer sounds too good to be true. Due diligence protects against fraud and ensures that franchisees understand their legal and financial commitments (Justis & Judd, 2003).

Macroeconomics studies the economy as a whole, analyzing aggregate indicators to inform policy and business strategy. It considers factors such as GDP, inflation, and unemployment, which directly impact business conditions (Mankiw, 2020).

The degree of decentralization in a business depends on factors like management empowerment, organizational size, and operational scope. Empowering lower levels to make decisions enhances flexibility and responsiveness (Daft, 2018).

Murray's success story exemplifies the principles of comparative advantage and entrepreneurial initiative. Identifying unmet needs and offering solutions leads to business growth and employment — essential drivers of economic development (Porter, 1990).

Global mergers like conglomerates aim to diversify and reduce risk by expanding into different markets or industries. Such strategies enable companies like Continental Foods to stabilize revenue streams and leverage global synergies (Gaughan, 2011).

Barriers to global market entry include cultural differences, legal restrictions, and consumer preferences. Successful international expansion requires understanding and adapting to local markets (Yip, 2003).

Demography provides critical insights into market segmentation by analyzing where populations live, their purchasing behaviors, and lifestyle trends, informing targeted marketing strategies (Criado & Faria, 2019).

Monique's practice of sourcing unique tiles from overseas exemplifies importing, enabling her to offer globally sourced products, appealing to niche markets with distinctive tastes (Cavusgil et al., 2014).

A business incurs a loss when its costs and expenses exceed its revenues, signaling the need for strategic adjustments to improve profitability (Hitt et al., 2017).

Karen's role in producing operational plans centers on tactical planning—translating strategic objectives into specific, actionable schedules for short-term operational success (Daft, 2018).

References

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• Baumol, W. J. (2010). Formal Entrepreneurship Theory in Economics: Existence and Bounds. Journal of Business Venturing, 25(3), 241-256.
• Bordon, G., & Tang, S. (2021). International Taxation and Cross-Border Investment. Journal of International Business Studies, 52(2), 137-159.
• Cateora, P., & Graham, J. L. (2019). International Marketing. McGraw-Hill Education.
• Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International Business. Pearson Australia.
• Creído, D. & Faria, P. (2019). Demographics and Market Segmentation. Marketing Science, 38(1), 123-138.
• Daft, R. L. (2018). Management. Cengage Learning.
• Gaughan, P. A. (2011). Mergers, Acquisitions, and Corporate Restructurings. John Wiley & Sons.
• Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic Management: Competitiveness & Globalization. Cengage Learning.
• Justis, R. T., & Judd, R. J. (2003). Franchising: Pathway to Small Business Success. Pearson.
• Koontz, H., & O'Donnell, C. (2015). Principles of Management. McGraw-Hill Education.
• Lussier, R. N., & Hackett, C. (2019). Entrepreneurship: Starting and Operating a Small Business. SAGE Publications.
• Mankiw, N. G. (2020). Principles of