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business
introduction e-business management
Business Principles And Management 12th Edition James L. Burrow, Kenneth E. Everard, Brad Kleindl - Solutions
Based on the Business Reality scenario at the beginning of the chapter, do you believe the executive of a large company and the mayor of a large city need the same leadership characteristics? Why or why not?
A manager who discusses possible solutions with employees and seeks their advice before making a decision is aa. democratic leaderb. autocratic leaderc. open leaderd. situational leader
A manager who believes that employees are not very interested or motivated by their work will usea. close managementb. limited managementc. flexible managementd. democratic management
An effective work team has all of the following characteristics excepta. the manager monitors the work of the team closelyb. employees feel that they are a part of the teamc. an employee can count on other team members for helpd. All of the answers are correct.
Which of the following statements about leadership in business is not true?a. Leadership qualities can be improved through training and personal development.b. Employees as well as managers need leadership skills.c. Even when a manager is a part of a work group, the leader of the group will not
Which type of power is not related to leadership characteristics?a. expertb. positionc. identityd. none of the above
An employee who understands a particular work procedure very well and uses that information to help other employees hasa. position powerb. reward powerc. expert powerd. identity power
Power given to people because others identify with and want to be accepted by them Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership
How well people get along with each other when working together Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership style i. open leader
Getting people to believe in the goals of the company and work well together to accomplish them Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h.
Manager who earns the respect and cooperation of employees to effectively accomplish the work of the organization Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf.
Manager who encourages workers to share in making decisions about their work and work-related problems Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g.
Manager who understands employees and job requirements and matches his or her actions and decisions to the circumstances Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity
Power given to people because of their superior knowledge about the work Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership style i.
Regulations created to maintain an effective working environment in a business Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership style
Power based on the ability to control rewards and punishments Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership style i. open leader
Manager who gives little or no direction to employees Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership style i. open leader j.
The general way a manager treats and supervises employees Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership style i. open leader j.
The ability to control behavior Write the letter of the term that matches each definition. Some terms will not be used.a. autocratic leaderb. democratic leaderc. expert powerd. human relationse. identity powerf. leader g. leadership h. leadership style i. open leader j. position k. power l. reward
Speaking Choose a few sample businesses and develop an argument for or against starting these businesses as a sole proprietorship or a partnership. Outline the pros and cons of each business form.Make a recommendation for each of the business examples you have chosen. Compare your recommendations
Technology Use computer spreadsheet software such as Excel to analyze the following information. Assume the balance sheet of Tran and Nizami’s partnership appeared as follows when they closed the business:Assets Cash $18,000 Merchandise 40,000 Fixtures and Equipment 24,000 Land and Building
Math Alvares invested $80,000 and Navarro invested $60,000 in their partnership. They share profits and losses in proportion to their investments. How much should each receive of last year’s$33,600 profit?
Research Assume you are considering forming a small business in your state. Search for information that will help you decide whether to open a sole proprietorship or a partnership. Use your school or public library to obtain information for writing a report on business plans, legal advice, and
A partner signs a partnership contract for television advertising while the other two partners are on vacation. Upon returning, the vacationing partners claim the partnership is not bound to the contract because both of them disapprove of television advertising.Is the partnership legally bound?
You have been working part-time and summers at a local service station. You have performed just about every task from pumping gas to repairing cars and even handling some of the bookkeeping.Discuss how your responsibilities as an employee will change if you become the owner of the station.
Your friend follows your advice and writes a business plan to create a new business called Cookies to Go. She does not include a marketing plan and you mention it. She says, “Everyone likes cookies.My prices depend on how much it costs to make each type of cookie.And there isn’t a cookie store
Explain why it is necessary for proprietorships and partnerships to register their company names with local authorities.
Explain the types of situations in which a limited partnership would be most useful.
Describe what kinds of businesses are most suited to the proprietorship form of business ownership.
Explain how a good business plan will help someone successfully open a new business.
Limited partnerships are characterized by all of the following(in some states) excepta. the limited partner has limited financial liabilityb. at least one partner must be a general partner who has unlimited liabilityc. the name of a limited partner may not be included in the firm named. all of the
Part-time proprietorships are common becausea. part-time proprietors do not need to pay taxesb. part-time proprietorships work well for stay-at-home parentsc. part-time proprietors have limited liabilityd. part-time proprietors are more likely to make money
The SBA sponsors free consulting help througha. Entrepreneurship Support Centers (ESCs)b. Small Business Development Centers (SBDCs)c. SBA Development Centers (SDCSs)d. all of the above
A business owned and managed by one person is aa. proprietorshipb. sole proprietorshipc. limited partnershipd. either a or b
Government-supported agency that counsels, assists, and protects the interests of small businesses Write the letter of the term that matches each definition. Some terms will not be used.a. business planb. creditorsc. intrapreneurd. limited partnershipe. partnershipf. proprietor g. proprietorship h.
Business owned and managed by one person Write the letter of the term that matches each definition. Some terms will not be used.a. business planb. creditorsc. intrapreneurd. limited partnershipe. partnershipf. proprietor g. proprietorship h. Small Business Administration (SBA)i. Small Business
Person who owns and manages the business and often performs the day-to-day tasks, with the help of hired employees
Type of business in which a partner’s liability is limited to the amount of his or her investment Write the letter of the term that matches each definition. Some terms will not be used.a. business planb. creditorsc. intrapreneurd. limited partnershipe. partnershipf. proprietor g. proprietorship
Business owned by two or more people Write the letter of the term that matches each definition. Some terms will not be used.a. business planb. creditorsc. intrapreneurd. limited partnershipe. partnershipf. proprietor g. proprietorship h. Small Business Administration (SBA)i. Small Business
Those who have first claim against a business’s assets Write the letter of the term that matches each definition. Some terms will not be used.a. business planb. creditorsc. intrapreneurd. limited partnershipe. partnershipf. proprietor g. proprietorship h. Small Business Administration (SBA)i.
Written document that describes the nature of the business, the company’s goals and objectives, and how they will be achieved Write the letter of the term that matches each definition. Some terms will not be used.a. business planb. creditorsc. intrapreneurd. limited partnershipe. partnershipf.
When each partner is personally liable for all the debts incurred by the partnership Write the letter of the term that matches each definition. Some terms will not be used.a. business planb. creditorsc. intrapreneurd. limited partnershipe. partnershipf. proprietor g. proprietorship h. Small
Identify several types of changes that can occur in an organization that can create problems in accomplishing plans.
List four activities managers must perform as part of the implementing function.
An example of an internal motivation factor isa. praise from your bossb. a pay increasec. personal satisfactiond. the admiration of coworkers
The efforts to increase the effectiveness and efficiency of specific business operations are known asa. organizational changeb. team effectivenessc. the implementing function of managementd. process improvement
What are some reasons that managers with well-developed plans may still have problems when implementing those plans?
Why do some employees work well in teams and others do not?
Why should managers understand motivation theories?
What steps should managers follow to help employees understand and adjust to a major change?
The motivation theory that people are influenced most strongly by one of three specific needs—achievement, affiliation, or power—was developed bya. Maslowb. McClellandc. Pavlovd. Herzberg
Which of the following is not an effective way for a manager to implement change?a. Do not move too rapidly to implement change.b. Don’t say anything to employees until a final decision has been made.c. Ask employees for ideas on effective solutions and procedures.d. Be less critical of mistakes
Do you agree or disagree that increases in pay and other financial benefits are not good motivators for most employees? Explain your answer.
How do you believe a manager should involve employees in planning for a change that will result in some of the employees losing their jobs?
What are the three basic steps in controlling?
Provide an example of each of the four types of standards.
The final step managers take in the controlling process isa. establishing performance standards for company goalsb. measuring performance using established standardsc. establishing new goalsd. taking corrective action when standards are not met
Consistency in products and performance is measured with aa. quantity standardb. quality standardc. time standardd. cost standard
Do you believe managers should perform each of the management functions in order? Why or why not?
Which type of standard do you believe is most important to improving the overall effectiveness of a business?Justify your choice.
Why should managers be reluctant to change standards even when performance does not meet those standards?
Describe several ways that managers can reduce costs in the business by paying attention to areas where costs are often high.
Which of the following is not one of the actions managers should take if they discover that performance is not meeting standards?a. Take steps to improve performance.b. Change policies and procedures.c. Revise the standard.d. Each of the actions is appropriate.
The best credit policy for a company is toa. never make purchases on creditb. charge very high interest rates to customers to increase profitsc. only buy on credit when it will lose money if the purchase isn’t maded. pay for credit purchases well before payment is due
Explain the meaning of the statement “Planning is usually not exact” as it applies to evaluating performance and standards.
What recommendations would you make to a business to increase computer and Internet security for the business and its customers?
Identify several reasons businesses need to maintain financial records.
Describe five types of records a business should maintain.
Which of the following is not a reason businesses need to maintain financial records?a. to determine the kinds and values of assetsb. to track the financial progress of the businessc. to prepare financial forms and reports required by the governmentd. to provide financial information to competitors
Expensive assets of a business that are expected to last and be used for a long time are known asa. fixed assetsb. depreciated assetsc. obsolete assetsd. stable assets
Even if a business owner hires people to maintain financial records, why should he or she understand the procedures they use?
Describe several examples of ways that the financial records of a company can be harmed or damaged. For each example, how is the business harmed? How are others harmed? How can the company prevent the harm or damage?
Why is it important for a business to prepare a cash budget and a capital budget?
How do managers benefit from developing three different budget estimates for the same time period?
A financial plan for replacing fixed assets or acquiring new ones is known as a(n)a. start-up budgetb. capital budgetc. operating budgetd. cash budget
If a manager sees that actual expenses are exceeding budgeted amounts, he or she should immediatelya. do nothing and see if things changeb. discard the old budget and develop a new onec. review expenses to see what can be done to reduce themd. increase the prices of products to improve sales
How can the owner of a new business develop an accurate start-up budget when the business has not yet begun to operate?
Do you believe managers should involve their employees in developing financial budgets? Should they share budget information with employees? Why or why not?
How does the term balance sheet reflect the organization of information in the financial statement?
How are profit and loss calculated on an income statement?
The basic accounting equation isa. income - expenses = profit or lossb. liabilities = assets + capitalc. assets = liabilities + capitald. income = profit or loss - expenses
The information from the income statement needed to calculate gross profit does not includea. revenueb. cost of goods soldc. operating expensesd. All are needed to calculate gross profit.
Why is the balance sheet an important financial statement for potential investors in a company to review?
Why is it important to study a company’s financial performance over a period of time and its financial condition on a specific date?
Why do you believe Mr. Dunlap had early success and yet the financial fortunes of the company quickly turned around?
Why were Mr. Dunlap and company managers willing to use illegal and unethical practices to try to improve the financial position of Sunbeam?
If you were on the board of directors, what questions would you ask Al Dunlap about his beliefs and values before you hired him?
Why should managers monitor a business’s working capital and cash flow?
Identify four types of experts who can provide advice and help on businesses’ financial problems.
The amount of working capital available to a business is determined bya. subtracting total liabilities from total assetsb. adding current assets and current liabilitiesc. adding total assets and total liabilitiesd. subtracting current liabilities from current assets
An example of an important financial ratio isa. current ratiob. past ratioc. future ratiod. all of the above
What benefits might managers obtain from comparing the financial performance ratios of their company with the same ratios from competitors’companies? How might the comparisons be misleading?
Some businesspeople suggest that consultants should not be used in a business because they aren’t familiar with the specific operations of the company. Do you agree or disagree?Justify your opinion.
What are three methods of obtaining capital for a business?
How is equity capital obtained in each of the three types of business ownership?
Business owners’ personal contributions to the business are calleda. assetsb. equity capitalc. debt capitald. stock
Which form of business ownership provides the greatest protection of the owner’s personal assets in case of business failure?a. sole proprietorshipb. partnershipc. corporationd. None of the ownership forms provides protection of an owner’s personal assets.
Why would an owner of a business want to use equity financing rather than debt financing to raise money for a business?
What information would you want from a business before you decided to invest your money as a new partner?As a new stockholder?
What right do common stockholders have that preferred stockholders do not?
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