TLI 152 Questions and Answers

TLI 152 Questions and Answers Using government regulations to limit the import of goods and services is called trade protectionism __________ is the world's largest exporter. China Besides the shift of jobs to foreign countries, outsourcing has other drawbacks, such as questionable safety and quality issues with finished products. Electrical appliance manufacturers need to be concerned about the kind and availability of electricity in the global marketplace. If a compatibility problem were to exist, it would be the result of a(n) __________ difference. technological U.S. businesspeople are often accused of ethnocentricity. This means that they feel their culture is superior to others. When the value of exports from a country exceeds the value of imports into that country, there is a(n) favorable balance of trade _________ is a cost-effective way that many companies outsource the production of goods, such as clothing, shoes, and cell phones. The domestic firm contracts with a foreign company to produce and private-label the goods because the price is much cheaper than the domestic firm could produce in its home market. contract manufacturing The EU is an example of a trading bloc, or a __________, which has a common external tariff, no internal tariffs, and the coordination of laws to facilitate trade between member countries. common market In global trade, the term dumping refers to the practice of selling products in a foreign country at lower prices than those charged in the producing country. The difference between money coming into a country from exports and money leaving a country due to imports, plus money flows from other factors, is known as the balance of payments As a strategy for reaching global markets, licensing provides the licensor with several advantages. One advantage is the cost of producing and marketing the product in a foreign market is significantly reduced. Sovereign wealth funds (SWFs) are a growing form of foreign direct investment. The size of these funds and the fact that they are investments from government coffers of other nations might be a cause for concern. More specifically, some fear the governments who offer these funds may obtain sensitive technologies or gain control of strategic resources. Buying products produced in another country is known as importing The agreement that created free-trade among the United States, Canada, and Mexico is NAFTA Countries participate in foreign trade because no nation can produce all of the products its people want and need. With regard to socially responsible behavior, American businesses are demanding socially responsible behavior from international suppliers, particularly in the areas of environmental standards and human right issues Individuals who report unethical or illegal behavior within an organization are referred to as whistleblowers When a tornado hit a town in southern Texas, the people that lived there needed the basics: food, water, and shelter. The owner of a family-owned restaurant in Houston drove several hours with a van of employees, equipment, and food to donate what they could to help the storm victims. The business term we use to describe this philanthropic action is _______ where a company donates what is does best to help make a situation better corporate social initiative According to the text, ethical behavior begins with each and every individual What is the best reason for a business to be managed ethically an ethically managed business helps reduce employee turnover to truly create an ethical culture, leaders must show a strong commitment to ethics and compliance which dimension of corporate social responsibility includes charitable donations made to nonprofit groups of all kinds corporate responsibility Proponents of corporate social responsibility strongly believe in benevolence; however, they still want their businesses to be profitable. In the long run, they believe ______________. CSR can lead to even more profits A few months ago, grandmas Country Kitchen, a large nationwide chain of restaurants, purchased one of its competitors. A Taste of Home, for $600 million. A Taste of Home stockholders got a very fair deal for the stock they owned in the company. However, it was disclosed that somehow a member of Grandma's management team mentioned the deal to five of his relatives and several friends. They quickly bought shares of a Taste of Home and purchased the stock before the acquisition became public. These actions are insider trading Ethics are the standards of right and wrong set for us by society, whereas legality refers to the collection of laws to protect society from fraud, theft, and violence Besides environmental groups, unions, and investors, a relatively new type of watchdog organization that reports on corporate social responsibility efforts is _____________ socially conscious research organizations What type of ethical code serves to define the organization's guiding values, create an environment that supports ethically sound behavior, and stresses shares accountability integrity-based ethics codes Which statement reflects the difficulty companies face when requiring international suppliers to follow environmental and human rights standards set by US firms both economics and culture enter into the discussion of fairness concerning international suppliers who do business with US firms the most basic question one should ask when faces with an ethical dilemma is is it legal which of these actions is least likely to restore the trust of the American public in the free-market system defining the concept of ethics more narrowly and making the definition closer to the definition of legality Small businesses often have advantages in international markets. One advantage is individualized customer service as opposed to impersonal corporate bureaucracies. There are many reasons why small-business owners don't go international. What is not one of those reasons? The market doesn't have great potential. While cultural differences and bureaucratic paperwork for foreign governments make the prospect of global trade difficult for small businesses, there is one bright spot on the horizon that has brought global trade closer to home. Small businesses can now use technology such as PayPal to fulfill orders, which gives them some assurance of payment. Organizations known as __________ are often a source of funding for lower-income communities. These organizations have a significant role in the economic recovery, and some start-up businesses have successfully found sources of capital by going through one of these organizations. CDFIs (Community Development Financial Institutions) Although the business plan has a great amount of detail and requires thoroughness, a well-explained business idea will come to life almost immediately in which part of this document? the executive summary What factor has leveled the playing field by making it much more affordable to start a home-based business? broadband Internet connections and other technologies A small business is considered small relative to other businesses in its industry. Why do incubator facilities continue to remain very popular with start-up businesses? By providing essential services to entrepreneurs, they have a very strong success rate. For a market to exist, there must be potential buyers who have a willingness and the resources to buy. What is SCORE? an organization affiliated with the Small Business Administration where retired experts volunteer to provide free advice to small businesses that are just getting started Entrepreneurs emphasize the importance of believing in your own ideas because in the process of developing those ideas you are likely to hear from skeptics. Characteristically, they also know that success or failure is "on them." These attributes are described as self-directed and self-nurturing. Uri works for a company that promotes an entrepreneurial culture. Employees are encouraged to discuss new ideas. Development time is provided on the job for those ideas that float to the top. Employees who use their creative talents to generate ideas and create products within large companies are called intrapreneurs. Which statement about small business is false? The first job for most Americans is unlikely to be in a small business. Which statement reflects an advantage small businesses have over large business in international trade? Small companies' prices are usually lower due to low overhead. The primary concerns when first starting your business are financing and planning. A mobile veterinary business, Healing Pets at Home, created a mission statement long before it opened its doors for business. The mission statement referred to the unique characteristic of the business: a traveling pet unit whose veterinarians went to the home of the pet owner, rather than the pet owner bringing the pet to the clinic. What other criteria should be considered for the mission statement? A description of the customers it serves and a statement about its social responsibility to the area where it operates The first step in developing a knowledge management system is determining what knowledge is most important. Select the statement that best substantiates why we say, "The role of management is evolving." Contemporary managers will focus on collaboration and continue to emphasize the team approach to work. The type of planning that involves developing detailed, short-term statements about what is to be done, who is to do it, and how is referred to as __________ planning. tactical We believe in creating loyal customers by providing a superior experience at a great value. We are committed to direct relationships, providing the best products and services based on standards-based technology, and outperforming the competition with value and a superior customer experience." This statement reflects this firm's mission statement While many traditional measures of success revolve around the firm's financial performance, it is also important to gauge the satisfaction of the firm's dealers and end users, otherwise known as the firm's external customers Most businesses follow a logical process when performing the planning function. It is important to understand __________ before embarking upon creating future long-term goals, objectives, and strategies. the current situation As a manager for the northeast region, Yeung oversees the work of six pharmaceutical sales representatives. She is responsible for developing plans to help the region meet its strategic objectives as well as rewarding her employees when they meet their sales objectives. What level of management has Yeung achieved? middle management Once known as "directing," the__________ role of management means creating a vision for the organization and empowering employees to become self-directed and self-motivated. leading Within the planning function, a SWOT analysis identifies, in part, a firm's strengths and weaknesses Which leadership style focuses on making decisions without consulting others? autocratic The management function of __________ includes hiring, motivating, and retaining the best people to accomplish the company's objectives. staffing Walt is a supervisor in a small automotive shop. He spends a lot of his time training some workers while helping others solve some of the problems they have in doing their jobs. He also runs the diagnostic machine. Walt spends time on __________ skills. technical Measuring performance relative to planned objectives and standards is part of controlling Which characteristic of being a leader is exhibited by the leader's willingness to transform the way the company does business so that it becomes more effective and efficient? establish corporate values The widely shared values within an organization that provide unity and cooperation to achieve common goals is the organization's culture in the past, the major purpose of organizational design was to facilitate the needs of management in making their job easier, rather than pleasing customers. Eddie started out with one small print shop. His business has grown so much that he now has two other branches across town. Eddie has found that having three locations has greatly increased his production levels. He also notices that the price he pays for supplies (paper, ink, and packaging materials) has gone down considerably since he can now buy these items in bulk quantities. This exemplifies the principle known as economies of scale. Metro Motors was awarded a bid to build an energy-efficient motor for a large government heating and cooling project. The requirements of the project included a timeline of one year to build and deliver the system. In order to provide a quality product and stay within the time requirements, Metro Motors set up a __________ organization whereby employees from various functions of the business would join a team to see this project through, from start to finish. Upon completion, the team would disband and members would return to their respective functional units. matrix