Bus101 Quiz: Business Organizations - Due In 1 Hour 912720

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

Bus101 quiz (Business Organizations) The due time is in 1hrs 1/ Both socialism and communism are variations of: Select one: a. command economies. b. competitive economies. c. free-market economies. d. plutocratic systems. 2 / 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. 3) 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. 4/ 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. 5/ 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. 6) 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. 7/ 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. 8/ 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. 9/ 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 10/ 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. 11/ 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. 12/ 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. 13/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 14/ 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. 15/ 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. 16/ 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. 17/ 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. 18/ ___________ studies the operation of a nation's economy as a whole. Select one: a. Microeconomics b. Socioeconomics c. Econometrics d. Macroeconomics 19/ 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 20/ 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. 21/ 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. 22/ 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 23/ ________ 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 24/ 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. 25/ A business incurs a ___________ if its costs and expenses exceed its revenues. Select one: a. loss b. liability c. debit d. dividendKaren 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

The quiz on Business Organizations covers a wide spectrum of foundational and applied concepts vital for understanding the structure, management, and strategic practices of businesses. It assesses knowledge on economic systems, management styles, entrepreneurial strategies, legal structures, and global market dynamics, emphasizing the importance of various operational and decision-making practices within different business environments.

Firstly, understanding economic systems such as socialism and communism highlights their origin as variations of command economies, contrasting sharply with market-driven economies like capitalism. Karl Marx’s theories and subsequent implementations in socialist and communist states emphasize government control over production and distribution of goods, aiming for economic equality (Marx & Engels, 1848). These systems are characterized by centralized planning, which inherently differs from the competitive nature of free-market economies where supply and demand dictate economic activity (Smith, 1776). Recognizing these differences is essential for grasping the global economic diversity and the ideological bases of economic policies.

Effective empowerment within organizations hinges not just on delegation but also on training and policy clarity. Workers require adequate skills and clear, written policies to perform independently and contribute meaningfully to organizational goals (Katzenbach & Smith, 1993). Empowerment involves fostering a culture of trust, responsibility, and ongoing development, which can enhance motivation and productivity. This aligns with contemporary management theories that emphasize participative leadership styles and employee engagement as drivers for organizational success (Likert, 1967).

In small business contexts, such as Tanika’s entrepreneurial venture, motivation and retention strategies are critical. Offering motivating factors beyond wages—such as empowering employees to develop their ideas—can foster a sense of ownership and commitment among staff (Herzberg, 1966). Promoting based on seniority, as Tanika considers, is often an effective morale booster, but empowering employees through involvement in decision-making can yield more innovative and dedicated teams. Loyalty, especially in competitive markets, depends on recognizing employees’ contributions and providing growth opportunities.

Role classification within a corporation, like Anita’s as a plant manager focusing on tactical planning and controlling, typifies middle management. Middle managers serve as a bridge between strategic and operational levels, translating organizational strategies into specific actions (Robbins & Coulter, 2018). Their focus on tactical planning reflects the responsibility to align departmental efforts with upper management’s strategic goals, ensuring effective resource utilization and process control.

Fostering entrepreneurship through policy involves creating an environment that reduces barriers and incentivizes innovation. Reducing corruption, establishing tradable currency, and supporting private ownership all contribute to a more conducive environment for entrepreneurial ventures (World Bank, 2020). Conversely, environmental regulations, while necessary for sustainability, can sometimes pose additional compliance challenges for new entrepreneurs if not balanced with supportive policies.

Social responsibility influences consumer perceptions and business profitability. Firms that prioritize social responsibility tend to be viewed more favorably, encouraging customer loyalty and long-term success (Porter & Kramer, 2006). Although the relationship between social responsibility and profitability is complex and dependent on various factors, evidence suggests that socially responsible practices can enhance competitive advantage and overall financial performance.

For entrepreneurs, capital sources are crucial; the most significant after personal savings typically come from friends and family, leveraging personal networks to obtain initial funding (Coleman, 1988). This source is preferred because of easier access and less stringent requirements compared to institutional lenders like banks or government agencies.

Participation in global markets involves strategies such as exporting and importing. Patrick’s Products engages in exporting by selling its compact washers and dryers to markets with limited living space abroad, exemplifying how firms adapt products for international demand. Exporting allows businesses to tap into broader markets and diversify revenue streams, playing a vital role in globalization strategies (Cavusgil et al., 2014).

Leadership style significantly impacts organizational decision-making. Managers utilizing participative leadership involve subordinates in decision processes, fostering collaboration and innovation (Vroom & Jago, 1988). This approach enhances motivation and commitment, particularly in environments where employee input can improve overall organizational performance.

Partnerships in business differ fundamentally from corporations. Partnerships entail shared responsibilities and profits, but unlike corporations, they often lack limited liability, meaning partners are personally responsible for debts and liabilities (Higgins, 2009). Their ease of formation and tax advantages make them attractive for small to medium enterprises, though they require careful planning for dissolution or changes.

Legal issues surrounding figures like Martha Stewart underline the importance of ethical conduct and legal compliance in business. Insider trading, as alleged in her case, undermines market integrity and confidence—highlighting the need for strict adherence to legal standards and ethical behavior (Securities and Exchange Commission, 2004).

South America's economic challenges relate to structural and policy issues, including limited entrepreneurial freedom and market inefficiencies. These systemic problems contribute to lower levels of innovation and economic growth, reinforcing the importance of policy reforms that promote economic freedom and market development (World Bank, 2019).

Technologies such as real-time data access underscore the rise of virtual business environments enabled by the internet. These environments facilitate instant communication and information sharing across organizational boundaries, bolstering efficiency and decision-making capabilities (Tapscott et al., 2010).

The concept of franchising, exemplified by Daggie’s Sandwiches, allows entrepreneurs to expand rapidly by leveraging established brand names and proven business models. Franchising reduces risk for franchisees and provides a scalable growth strategy for franchisors, fostering global brand presence (Justis & Judd, 2002).

International investment activities, such as Ramon’s interest in the S corporation, typically require compliance with both U.S. and foreign tax regulations. Non-citizens can generally invest but must report and pay taxes according to the host country’s laws, emphasizing the importance of cross-border legal and tax compliance (OECD, 2020).

Starting and sustaining a small business is interconnected with various factors, including legal, financial, and social elements. Entrepreneurs often face challenges such as establishing credibility, securing funding, and understanding regulations—necessitating strategic planning and resourcefulness (Bates & Robb, 2014).

References

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