BUS 201 MIDTERM QUESTIONS WITH ACCURATE
ANSWERS
5 Practices in Student Leadership Challenge correct answer model the way
inspire a shared vision
challenge the process
enable others to act
encourage the heart
5 stages of group development correct answer 1. Forming- establishing base level
connection, becoming familiar, developing trust
2. Storming- reacting to leadership and power, no trust yet, a lot of competition
within the group
3. Norming- starting to succeed, purpose is defined, confidence is high
4. Performing- very high production, getting along as a team, we not i mentality
5. Adjourning- dissolving of the group
analytical process correct answer a process in operations management in which
raw materials are broken into different component parts
autocratic leadership correct answer task oriented
-little concern for employee opinion
-specific guidelines and rules
balance of payments correct answer the total flow of money into the country
minus the total flow of money out of the country over a period of time
,balance of trade correct answer the total value of a nations exports minus the
total value of imports over some period of time
bill of lading correct answer issued by a transport carrier to an exporter to love
merchandise has been shipped
border of directors correct answer top governing body of the corperation who are
elected by the stockholders
business correct answer The organized effort of individuals to produce and sell,
for a profit, the goods and services that satisfy society's needs
NEED:
-human resources (the people)
-material resources (the raw materials)
-information resources (how to?)
-financial resources (the funding)
business cycle correct answer -recession- two or more consecutive three month
periods of decline in a country's gross domestic product
=depression- a severe recession that last longer than a recession
business ethics correct answer the application of moral standards to business
stations
, capacity for production correct answer quantity of products or services that an
organization can produce in a given time
this must meet the demand
capital intensive technology correct answer a process in which machines and
equipment do most of the work
capitalism correct answer -individuals own and operate the majority of businesses
that provide goods and services
-laissez-faire- society's best interests are served by individuals pursuing their own
self interest
-limited government
closed corporation correct answer stock is owned by relatively few people and
not sold to public
command economy correct answer -economic system in which the government
decides what will be produced , how it will be produces and who gets what is
produced and who owns and controls the major facts of productions
-socialism and communism
-completely controlled by the government
common areas for business ethics issues correct answer -fairness and honesty
-organizational relationships
-conflict of interest
-communications
ANSWERS
5 Practices in Student Leadership Challenge correct answer model the way
inspire a shared vision
challenge the process
enable others to act
encourage the heart
5 stages of group development correct answer 1. Forming- establishing base level
connection, becoming familiar, developing trust
2. Storming- reacting to leadership and power, no trust yet, a lot of competition
within the group
3. Norming- starting to succeed, purpose is defined, confidence is high
4. Performing- very high production, getting along as a team, we not i mentality
5. Adjourning- dissolving of the group
analytical process correct answer a process in operations management in which
raw materials are broken into different component parts
autocratic leadership correct answer task oriented
-little concern for employee opinion
-specific guidelines and rules
balance of payments correct answer the total flow of money into the country
minus the total flow of money out of the country over a period of time
,balance of trade correct answer the total value of a nations exports minus the
total value of imports over some period of time
bill of lading correct answer issued by a transport carrier to an exporter to love
merchandise has been shipped
border of directors correct answer top governing body of the corperation who are
elected by the stockholders
business correct answer The organized effort of individuals to produce and sell,
for a profit, the goods and services that satisfy society's needs
NEED:
-human resources (the people)
-material resources (the raw materials)
-information resources (how to?)
-financial resources (the funding)
business cycle correct answer -recession- two or more consecutive three month
periods of decline in a country's gross domestic product
=depression- a severe recession that last longer than a recession
business ethics correct answer the application of moral standards to business
stations
, capacity for production correct answer quantity of products or services that an
organization can produce in a given time
this must meet the demand
capital intensive technology correct answer a process in which machines and
equipment do most of the work
capitalism correct answer -individuals own and operate the majority of businesses
that provide goods and services
-laissez-faire- society's best interests are served by individuals pursuing their own
self interest
-limited government
closed corporation correct answer stock is owned by relatively few people and
not sold to public
command economy correct answer -economic system in which the government
decides what will be produced , how it will be produces and who gets what is
produced and who owns and controls the major facts of productions
-socialism and communism
-completely controlled by the government
common areas for business ethics issues correct answer -fairness and honesty
-organizational relationships
-conflict of interest
-communications
