Business Management Final Exam Questions 1-40 With Correct Answers

The idea that individuals, companies, and countries should specialize in what they do best is most closely associated with ____. - Answer comparative advantage A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods from a seller to buyer - Answer contract Rent is an example of a(n)_____. - Answer fixed cost When writing a cover letter, it is best to include ____ in the first paragraph. - Answer the full job title, the position you seek, and how you found out about it This process spreads management decisions through the levels in an organization ____. - Answer decentralization The first step in planning a successful career is to ____. - Answer assess your interests and abilities This concept states that as the price of a good increases, the quantity of the good demanded falls. - Answer law of demand This law made it illegal to charge different prices to different wholesale customers. - Answer Clayton Act of 1914 A Theory Y manager is most likely to ____. - Answer assume that all workers are content with their work In the semi-autocratic management decision style, ____. - Answer subordinates may or may not be informed of the decision When a leader presents group members with a problem situation and asks the group to write down their ideas rather than saying them aloud, he or she is encouraging creativity through ____. - Answer brainwriting The combination of the unique qualities that make you who you are is known as your ____. - Answer personality When a manager gives guidance to employees to perform their tasks, he or she is said to be performing the task of ____. - Answer leading Frederick W. Taylor figured out "one best way" to perform a task through ____. - Answer time and motion studies The largest exporter in the world is ____. - Answer China Goods and services that are purchased abroad are called ____. - Answer imports This level of management includes department heads and district sales managers. - Answer middle management Companies must comply with all of the following employment laws EXCEPT ____. - Answer employee lay-off laws Companies can sell their products or services in foreign countries in any of the following ways EXCEPT ____. - Answer creating an embargo to transfer power to the host country The difference between what a business earns (revenue) and what it spends (costs) is known as ____. - Answer profit Taxes levied against buildings and land owned by a business are called ____. - Answer property taxes A manager who provides leadership within the company or interacts with others outside the organization is said to be working within his or her ____. - Answer interpersonal role A system of management based on involving all employees in a constant process of improving quality and productivity by improving how they work is known as ____. - Answer TQM A business owned by a single individual is said to be a ____. - Answer sole-proprietorship This idea involves making the lives of consumers, workers, or the community better. - Answer social values This level of management is usually not involved in a company's day-to-day problems, but generally sets the direction the company will follow. - Answer senior management