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商学概论

6Because they operate in a(n)（）industry, a fare decrease at American Airlines will likely result in decreases at Continental, United, and other carriers

7When sellers supply more of the product than buyers are willing to purchase, a （）is created

8Businesses are more willing to sell a product when the price （）and less willing to sell it when prices （）。

9In marketing, supply and demand interact to create a(n)（）price—the price at which buyers are willing to purchase the amount that sellers are willing to sell

10The ups and downs due to the expansion and contraction of the economy constitute the （）。

11Fiscal policy relies on the government’s powers of （）。

12Previously communist economies, such as those of Eastern Europe, are becoming more mixed as they adopt capitalist characteristics and convert previously government-owned businesses to private ownership

13Economics is the study of how scarce resources are used to produce outputs—goods and services—for distribution among people

14Economists study the interactions between households and businesses and look at the ways in which the factors of production are combined to produce the goods and services that people need

15In an oligopoly, each seller supplies a large portion of all the products sold in the marketplace

16Perfect competition exists when many consumers are buying standardized products from a few small businesses

17The equilibrium price is a point at which buyers’ demand for a product and sellers’ supply of it are in balance

18Generally speaking, economic systems can be divided into planned and free market systems

19Legal monopolies exist in industries requiring huge investments and in which it would be inefficient to duplicate the products that they provide

20The three goals shared by all of the world’s economies are growth, high employment, and price stability

21（）are creative people who sometimes take risks

22While many （）ventures are based on innovative ideas, others revolve around improvements to existing goods or services

23According to the Small Business Administration, one of the most common reasons for starting a business is to （）。

24Which of the following is among the rewards of being a small business owner？

25As a business owner, you’re responsible for making the decisions that pertain to the profitability of your business This decision-making freedom best reflects the （）advantage of small business ownership

26As a business owner, you’re in charge and can decide when and where you want to work This managerial freedom best reflects the （）advantage of small business ownership

27Which of the following is among the disadvantages of small business ownership？

28Many small firms provide （）services to large firms—that is, they hire themselves out to help with special projects or to handle certain business functions

29A small business that buys goods from other firms and sells them to consumers is known as a （）。

30Lisa wants to be certain she has done all she can do to help her business survive, so she has written a business plan One advantage of developing the plan is that it （）。

31Which of the following questions is addressed in the business plan section entitled Description of Proposed Business？

32A （）is considered a blueprint for a company

33As someone who has identified a business opportunity and assumed the risk of creating and running a business to take advantage of it, Sarah is an entrepreneur

34Entrepreneurs typically stay their charted courses rather than cater to changing situations

35Because an owner can delegate both authority and responsibility, entrepreneurs often have more free time than people who work for someone else

36If a business plan is to be effective it must be specific in analyzing the competition, the money needed to start, and other details of operation

37The most important step in the process of starting a business is creating a business plan—a document that identifies a company’s goals and explains how they’ll be achieved

38At the end of the day, entrepreneurs’ successes will depend on their ability to manage and grow the organizations that they created to implement their visions

39The success of small businesses in fostering creativity has caused many large companies to respond by downsizing in order to act more like small companies

40According to the Small Business Administration, nearly 70 percent of all product innovations come from small businesses

41Nron, one of the world’s largest power, gas and telecommunication companies, went bankrupt because of （）。

42Ethics refers to （）。

43Acting ethically in business does not entail （）。

44Successful investor Warren Buffet says that （）is the most important requirement on his list of what he looks for in a new employee

45JJ CEO Burk addressed an ethical dilemma by （）。

46Which of the following indicates the proper order regarding how to solve an ethical dilemma？（）。 ①identify feasible options（）②define the problem and collect facts ③select the best option（）④assess the effect of each option（）⑤establish criteria for determin

47In contrast to the right-versus-right problem posed by an ethical dilemma, the problem posed by a(n)（）entails a right-versus-wrong decision

48Which of the following items is not directly related to the problem of dealing with ethical issues？

49Karen learns from a coworker at her pharmaceutical company that one of the firm’s most profitable drugs will be pulled off the market Before the news becomes public, she sells all of her stock in the company This action is best characterized as （）。

50Neal works for a company with a contract to cater events for a community college while his uncle Daniel owns a bakery which also caters locally The potential ethical issue that he’s facing is best characterized as a matter of （）。

51All of the following should usually be considered inappropriate behavior except （）。

52Companies are socially responsible to（）。

53Managers have a(n)（）responsibility to owners to safeguard a company’s assets and handle its funds in a trustworthy manner

54Factory emission of greenhouse gases is a form of （）。

55The automobile industry can （）to reduce greenhouse emissions

56Please select the one doesn’t belong to Management Functions

57The statement The company forecasts sales of $20,000 and profit of $2,000 for the first 12 months of operations is best characterized as a （）。

58A manager who mentors and develops subordinates, providing them with challenging opportunities and working one-on-one to help them meet their professional needs, is practicing a （）leadership style

59If you’re asking yourself whether you want to make it easy for the ownership of your new business to change hands, which of the key questions about legal form of ownership are you posing？

60A （）is entirely separate from the parties who own it

61Under the （）form of ownership, it’s important to have an agreement about conditions for settling disputes

62Its shareholders elect a （）which is legally responsible for governing a corporation

63What action could any of Rock City’s dentists take to limit their exposure to liability as well as make it easier to find capital for expansion？

64Coca Cola’s stated （）, which promote honesty, integrity, diversity, quality, respect, responsibility, and accountability, tell employees exactly what behaviors are acceptable

65Which of the following leadership styles typifies an approach to directing and motivating people？

66In a(n)（）partnership, a single partner runs the business and any number of other partners have little involvement in it

67To control operations, managers measure the results and compare them with the results that were laid out in an original plan

68A business plan ensures that the company’s work will be done

69Generating an idea and establishing an overall course of action for the long term is known as strategic planning

70Core values are the fundamental beliefs about what’s important and what is and isn’t appropriate in conducting company activities

71A sole proprietorship is a legal form of business ownership

72Managers who’ve developed a laissez-faire leadership style tend to make decisions without soliciting input from subordinates

73At importer/exporter Imperial Traders, a process called （）consists of all actions that the organization takes to attract, develop, and retain quality employees

74In a company, HR director’s responsibilities include （）。

75In which type of recruiting would you probably list openings in local job fairs？

76HR managers organize information about a given job by performing a job （）。

77According to hierarchy of needs theory, our highest need is for （）。

78The principle that a reward will motivate only if it’s valued by the employee is key to the （）theory of motivation

79You put a lot of effort into an assignment and get a C while your roommate, who put in less effort, gets a B+ According to the （）theory of motivation, your feeling that you’ve been treated unfairly relative to your roommate makes sense

80Generally, employees want managers to tell them （）。

81Which of the following is considered an employee benefit？

82Studies show that, when discussing performance with employees, many managers aren’t likely to give （）。

83Before on-the-job training begins at Bainbridge Industries, all new hires are introduced to their jobs through a process called （）。

84Which of the following is an important principle in the expectancy theory of motivation？

85Strategic human resource planning is the process of developing ways to satisfy an organization’s human resource needs

86If a business is looking to hire internally, bulletin boards are good spots for posting ads

87A job specification lists the duties and responsibilities of a position

88Orientation refers to the means by which employers introduce new employees to their jobs

89In two factor theory, hygiene factors are those that contribute strongly to job satisfaction

90Expectancy theory focuses on our perceptions of how fairly we feel we’re being treated relative to others

91Feedback from all points of view is called 360-degree feedback

92Incentive programs are designed to reward employees for good performance

93Before managers can assess performance, they must specify criteria for measuring it

94Medical insurance is a legally required benefit that companies must offer

95Because internal hiring signals them that they can move up in a company, it’s a good policy for motivating current employees

96According to Abraham Maslow, safety needs, which are placed at the very bottom of his hierarchy of needs, are the easiest to satisfy

97When a company downsizes, it lays off workers because revenues are down