Business Management Final Exam Study Guide 100% Solved Correctly 2024

Business Management Final Exam Study Guide 100% Solved Correctly 2024 The business activity that is involved with how goods or services are exchanged between producers and consumers is - answermarketing Which is an example of a service business? - answerBank Which industry employs the most workers in the United States? - answerHealth care and social assistance An important characteristic of business is that it is - answerDynamic(experiencing constant change) Which of the following refers to a commitment to excellence? - answerTQM Which of the following is NOT a result of mass production? - answerHigher costs of goods manufactured Which of the following is NOT a way to increase efficiency? - answerIncreased employee wages What effect does advanced technology usually have on the cost of each item produced by a business? - answerCost decreases How does the GDP of $12.4 trillion appear when written out? - answer$12,400,000,000,000 In the typical franchise business, the franchisee does NOT receive - answerGuaranteed profit Which of the following best describes risk? - answerPossibility of failure Approximately what percentage of all businesses cease operations after five years? - answer50% A business that make athletic shoes is an example of a - answerGoods-producing business A word often used to refer to all businesses within a category doing similar work is - answerIndustry Products made outside the United States are called - answerForeign goods The north cventral and northeastern states where manufacturing firms once dominated are known as the - answerRust belt The size of the American Labor force is around - answer150 million In 2015, the labor participation rate for women was about - answer60% Over the years, the labor participation rate for men has - answerdropped slightly With improved technology in recent years, the demand for skilled workers has - answerincreased Which statement about the workforce is INCORRECT? - answerWages tend to be lower in jobs that employ lots of men than in job held primarily by women Which of the following is NOT a factor in determining comparatable worth? - answerRequiring males or females for a job Which of the following is an INCORRECT statement regarding what employers are doing to help attract and retain competent workers? - answerTrain workers to like repetitive jobs Which statement about the human factor in business is FALSE? - answerEmployees do not want to work in teams Which statement is INCORRECT about ethical issues? - answerNotions of what is right and wrong do not change over time Which method is likely to be the least costly and risky way to expand abroad? - answerExporting Two or more firms sharing the costs of doing business in foreign countries and also sharing the profits are - answerJoint ventures If the United States set a tariff of 15 percent on $150 cameras that are made in Germany, the cost of the camera in the United States will rise to - answer$172.50 How do tariffs affect the price of foreign goods? - answerPrices increase Nontariff barriers - answerProtect domestic producers In a high-context culture such as Japan, communication would NOT likely be - answerDirect If a U.S. company overproduces, the best way to dispose of its surplus goods profitably is to - answersell the surplus goods abroad