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business
understanding business ethics
Better Business 5th Edition Solomon, Michael R;Poatsy, Mary Anne;Martin, Kendall - Solutions
Which of the following statements regarding Herzberg’s hygiene factors is true?a. People rarely notice hygiene factors if they are presentb. Even if hygiene factors are absent or inadequate, people tend to be satisfiedc. People are prepared to operate in an unsafe working environmentd. Positive
Teams improve creativitya. when the phenomenon of groupthink sets in.b. no matter what the makeup of the team.c. when best practices for selecting the team members and roles are followed.d. when individuals work with others who are just like themselves.
With creative and abstract work, studies find that the principal motivators area. financial incentives.b. autonomy, mastery, and purpose.c. competitive push for advancement.d. reduction in hours involved at work.
Maslow’s hierarchy of needsa. is a theory of why people are motivated.b. uses three factors to compute the motivation of a person in a situation.c. was developed to address the Hawthorne effect.d. was displaced when Theory Z was introduced.
What is the term used to describe the set of skills that includes self-awareness, self-management, social awareness, and relationship management?a. interpersonal skillsb. managerial behaviorc. corporate identityd. emotional intelligence
Which type of leader favors an approach that emphasizes harmony and empathizing with others?a. affiliativeb. laissez-fairec. autocraticd. visionary
The skills of successful managers take time to build. Describe the steps you are taking today to build the conceptual skills and technical skills required. What activities develop your interpersonal skills. How are you improving your time-management and decision-making skills?
Contingency plans are important in any business. Describe what kinds of plans your school might have in place to recover from a disaster. How would these plans differ, if at all, from those of a local business in your area? What are a few possible scenarios that would require contingency plans in
Get SMARTER The acronym SMARTER reminds us that goals should be specific, measurable, acceptable, realistic, timely, extending, and rewarding. Do some research on the Web to see how other people have implemented SMARTER goals. Then create two goals for yourself for next semester.Document how they
Predictably Irrational Visit the Ted.com website and search for the 20- minute video “Are We in Control of Our Own Decisions?” by Dan Ariely, a behavioral economist. Watch the video and concentrate on the example of the doctor and the patient. Are there business decisions that managers make
How Well Do You Manage Your Time?Time management skills are important for a manager to have to work efficiently and accomplish all the tasks a manager is expected to handle on any given day. How are your time management skills? As a student, you are your own manager and can benefit from being more
Tools for TQM Using online resources like YouTube and Lynda.com see if you can teach yourself to create a Pareto chart in Excel. Can you create a histogram? A scatter plot?Can you find a PowerPoint template for a cause-andeffect diagram?
Project Oxygen Google invested a great deal of time mining its own internal data to determine what type of person makes a good Google manager. Dubbed Project Oxygen, researchers made more than 10,000 observations of managerial behaviors at Google. Find articles about Project Oxygen on the Web and
Review the tools presented for monitoring quality.How would this kind of data-driven decision making help managers make decisions?Could too much data make it difficult to decide on a course of action? Would it depend on the type of problem? The type of manager?
Would you prefer to work in an organization with a vertical structure or a flat, horizontal structure? Would your answer change if you were the CEO instead of a new hire? How would you feel about working in an inverted organization as a manager?
Recall your own personal working experiences and the managers with whom you have had interaction. Discuss the skills that define the best manager with whom you have worked and discuss the skills that define the worst manager with whom you have worked.
Pareto charts can be used to monitor quality goals.True or False
Contingency planning helps a business weather a disruption or a crisis.True or False
Goals are specific, short-term accomplishments an organization wants to achieve within about a fivemonth time frame.True or False
A SWOT analysis is used to determine the strategic fit between an organization and its internal and external environments.True or False
Shared authority and responsibility in a matrix organization can mean better coordination between managers and lead to better project results.True or False
Which type of organization has a structure, where managers must answer or be accountable to their employees.a. matrixb. hierarchicalc. invertedd. network True/False You can find the answers on the last page of this text.
Positions that would be considered middle managers includea. sales manager.b. marketing manager.c. operations manager.d. all the above.
The seven basic tools for monitoring a business include all of the following excepta. Pareto analysis.b. Monte Carlo statistical simulations.c. scatter plots.d. cause-and-effect diagrams.
The span of control of a specific position is found bya. counting the number of employees that person supervises.b. considering how many e-mails that person receives each day.c. calculating the number of years that person has been in their role.d. None of the above
What is the shorthand for the integrated approach that focuses on quality from the beginning of the production process up through the final monitoring to detect and correct problems?a. CQMc. TQMb. LQMd. PQM
The focus of a strategic plan is different than a tactical plan becausea. a strategic plan is has a long-term focus and a tactical plan looks just a few years ahead.b. it is not written down but changes constantly.c. concentrates only on what is going on inside an organization, not outside an
In order to help achieve the goals and objectives of a corporation, the acronym SMARTER outlines the key areas. What does SMARTER stand for?a. Specific, Monetized, Achievable, Realistic, Transparent, Extending, and Rewardingb. Specific, Measurable, Acceptable, ROCE, Timely, External, and Realc.
A strategic plan helps to answer three questions.Which of the following is not one of those questions?a. How will the company achieve its goals?b. What should the company focus on?c. How will the company fund their ambitions?d. Where is the company going?
A business has cash flow problems. Where would this be noted in a SWOT analysis?a. Strengthsc. Opportunitiesb. Weaknessesd. Threats
A major corporation wants senior managers to handle PR, accounts, and manufacturing. Which of the following address those needs?a. CEO, CIO, and COOc. CPO, COO, and CEOb. CIO, CFO, and COOd. CAO, CBO, and CCO
Discuss when a corporate structure may be the best structure for a small business. What aspects of the business would benefit from the corporate structure, and what are the downfalls of choosing a corporate structure for a small business?
Discuss the various types of mergers and give examples of each.
Cooperatives and You!Can you identify and or manage a cooperative?Go to www.coops.wisc.edu and play the “Find the Co-op” and “You’re the Boss!” games. Write a brief summary of what you learned while playing both games.
Plan with the End in Mind Beginning a business requires a lot of planning, but even still, the business often fails. However, most business owners do not have an “exit plan” in mind when they start the venture. Research the main causes of business failures and what kind of exit strategies can
The Perfect Partner Search the Web for information on how to pick the perfect business partner. Write a list of rules for picking the perfect business partner based on what you have learned. What factors should be taken into account? What can you do to avoid trouble in the future?
Student-Friendly Businesses You have decided to start your own business. You want it to be something you can do while you’re still a student.Research on the Web ideas for small businesses for students. Describe at least three different ideas and include what form of business ownership you would
Business Combinations Look on the Internet for a current example of a business merger, takeover, or acquisition. Explain the circumstances of the event. What companies are involved? Was the event friendly or unfriendly? What are the reasons given for the combination? What is your opinion of this
Do you think establishing a code of ethics is sufficient to ensure ethical behavior in an organization? What other forms of action or behavior might be necessary to ensure ethical business behavior?
Research other codes of ethics from three different organizations. List any common values sited in these codes. Note any differences between organizations and comment on why you think the unique codes are necessary for that particular organization.
Approximately 70 percent of all businesses are sole proprietorships. Why is sole proprietorship a popular form of business ownership? What are the circumstances when it might be important to consider a different form of ownership?
What are the similarities and differences between a general partnership and a limited partnership?
Why might it be important to structure your business as a C corporation, even if you are the only person running the business?
In terms of decision making in partnerships, odd numbers of partners are more efficient.True or False
Partnership agreements should include references to workload and responsibilities.True or False
A small, privately owned company can be structured as a corporation.True or False
A sole proprietor is responsible for the misconduct of an employee.True or False
Any business can elect to be an S corporation.True or False
The management team of Company A has contacted the shareholders of Company B encouraging them to replace their current managers with a new group who are more in line with the goals of Company A. Company A is launching aa. proxy fight.b. tender offer.c. friendly acquisition.d. friendly
Dad’s Camping Equipment Co. buys tents from Son’s Outdoor Tent Co. If Dad’s company merges with Son’s company to form Family Outdoor Equipment Store, which of the following best describes the type of transaction that occurred between the two companies?a. A vertical mergerb. A product
Which of the following is not true in respect of not-for-profit organizations?a. They receive limited liability protection when they become incorporated.b. They are required to hold board meetings and keep complete books and records.c. They issue shares of stock.d. They are established as a
Who is ultimately responsible for the entire operations of a corporation?a. Senior managementb. Board of directorsc. CEOd. All of the above
Warren Buffet runs Berkshire Hathaway, which owns companies such as GEICO insurance, Dairy Queen, Fruit of the Loom, and Helzberg Diamonds. Berkshire Hathaway is considered to be which of the following?a. A conglomerationb. An acquisitionc. A mergerd. A cooperative
What happens to a corporation when an owner leaves?a. The owner’s share must be sold on the open market.b. The corporation must be closed and reformed as a new entity.c. The corporation can continue to exist even if the owner leaves the business.d. The corporation must reduce its operations in
Name the document that formalizes the relationship between partners.a. articles of associationb. memorandum agreementc. partnership pactd. partnership agreement
In the case of partnerships, what are the implications of adding extra partners?a. Different tax implicationsb. It can no longer be a partnership if there are more than two partners.c. Adding partners means sharing profits and control.d. Unlimited liability no longer exists.
In terms of sole proprietorships, which of the following is an implication of unlimited liability?a. The owner can generate a separate tax return for business expenses.b. The owner can take into consideration the opinions of other business owners.c. The owner is required to use personal assets to
Omar and Sam are physical therapists who work together. Their office is on the first floor of a building Omar owns. They need protection of their personal assets as well as to protect themselves from any errors their partner makes. Which business structure would best suit their company?a. A general
Micka is starting a new business and needs to raise about $500,000. Consider all the financing mechanisms available to Micka, and choose two options that you think would best fit Micka’s situation. Include the pros and cons of each financing option, as well as your ultimate recommendation. You
Why would someone want to buy an existing business rather than start a business from scratch? What are the drawbacks of buying an existing business?
Small Business Owners: Where to Go for Help If you were a new small business owner, where would you go for help? Many colleges have a small business development center (SBDC). These centers, which are affiliated with the SBA, provide information and guidance to current and prospective small
Build a Business with a Conscience What does it take to create a socially conscious business?Play The New Heroes game on PBS to see if you have what it takes. Go to PBS.org and click on “The New Heroes” under the “Programs” link. To play the game, click “Engage.”
Angel Investor for a Day Congratulations! You just won the lottery! You are looking for some start-up businesses in which to invest some of your winnings. Go to Angel List (https://angel.co) and research the types of businesses that have received funding or are looking for funding. Pick three
Franchise Owner You want to start a business but not from scratch. Go to Entrepreneur.com and research three franchise opportunities you would consider pursuing. Make sure these franchises are within your financial reach. Write up a brief summary of each franchise, noting the pros and cons of
Do You Have What It Takes to Be an Entrepreneur?In this chapter, you learned that there are several personality traits common to successful entrepreneurs.Do you possess any of these traits? Using a search engine, find an entrepreneurial quiz that will help you determine if you have what it takes to
Before meeting as a group, think about what you are passionate about and whether there is a potential market involving your interests. Develop one or two ideas for potential businesses based on your passions.a. Consider if there is unfulfilled demand for what your business will sell. For example,
Compare the different sources of funding available to small business owners. What types of funding are better at the beginning stages of a business? What types of funding may be better once the business is better established and is looking to expand?
Discuss how social media has affected small businesses at all stages of their development, such as financing, marketing, and communications.
Companies that encouraged their employees to pursue entrepreneurial activities within an existing business created products such as Post-It Notes and Sony PlayStation. What aspects of the corporate environment promote intrapreneurial activities?
Crowdfunding is putting a request for funds on your Facebook page.True or False
A franchisee is usually required to pay the franchiser an ongoing fee.True or False
Advisory boards offer guidance to new business owners, but they are given the authority to make decisions on behalf of owners in exceptional circumstances.True or False
Serial entrepreneurs create and grow many different businesses over their business career.True or False
Small businesses can have a positive impact on large businesses.True or False
Business mentors can offer a range of valuable services to new business. Which of the following is not normally associated with mentors?a. workshops and counsellingb. financial backingc. reviewing business plansd. offering new ideas and fresh insights True/False You can find the answers on the last
A new business sees demand for its services grow at a huge rate within the first few months of opening.It decides to rapidly expand to meet the demand.What are the dangers in doing this?a. The business will be unable to find suitable locations.b. The business will not be able to pay its taxes on
Rebecca has been operating a pet grooming business for several years and has already maxed out her personal credit and savings. She has designed a device that will make the pet grooming process more efficient but needs about $125,000 to take the idea further and perhaps sell it to other pet
What is the term used to describe the process of conducting a reasonable investigation into a business’s history, operating and financial records, contracts, and the valuation of the business?a. business auditb. financial auditc. due diligenced. credit check
Why is it often the case that providers of finance are more willing to invest in an entrepreneur buying an existing business rather than creating a new one?a. The entrepreneur will operate a tried and tested business.b. There will be a need to work fewer hours, so the entrepreneur could cover the
A charitable trust sets up some low-cost offices and workspaces in a disused building. The intention is to offer new and small businesses a range of support. This type of operation is known asa. an angel investment project.b. a business incubator.c. a business support fund.d. a government-backed
Which of the following is correct when considering small businesses?a. They are not important in terms of job creation.b. In some countries, they can generate up to 50 per cent of the GDP.c. Collectively, they can account for around a third of all exports.d. Collectively, they are important job
Which of the following should normally be included in a business plan?a. the company’s mission statementb. qualifications of the owners and the management teamc. risk analysisd. All of these
Sally started her new business venture five years ago. The business brings excess organic produce to food banks and has grown 15 percent every year.Which type of entrepreneur best describes Sally?a. Social entrepreneurb. Lifestyle entrepreneurc. Growth entrepreneurd. Gazelle
Which is a key trait of an entrepreneur?a. Flexibilityb. Risk takingc. Creative thinkingd. All of the above
What are the advantages of increased competition in the global market?What are the disadvantages? Is foreign competition always good for the consumer? Is foreign competition always bad for local businesses?
How has globalization progressed in your lifetime? How has it affected your educational plans in terms of where you study, the number of foreign students on your campus, or the curriculum? How has it affected your purchasing decisions and your employment plans?
You’re the Trader Imagine you’re in charge of trading goods for a country.Would you focus on building wealth by selling commodities or on developing an industry by purchasing raw materials? Type “IMF trading around the world”into your Internet browser. This should pull up a link to the page
Cultural Guidelines Knowing how to behave in a variety of countries is critical with increased globalization. Go to www.kwintessential.co.uk to find business etiquette materials on the site.Select three different countries from different regions of the world. Review the “Etiquette, Customs and
Go State!Have you ever considered a career with the U.S. State Department? At www.state.gov, under “Youth and Education,” select “Student Career Programs.” What aspects of these careers appeal to you? Visit the Fulbright Scholar program. What information in the Fulbright Fellow Orientation
Same Company, Different Products Go to the website of the Swedish furniture maker IKEA(www.ikea.com). Under the “select a location” option, choose the United States. Review the site and note the products and the design of the page. Then go back to the home page and choose a different country.
The Complexity of the European Union Watch the YouTube video “The European Union Explained.” Can you describe the differences between the EU, the Eurozone, and the European Economic Area(EEA)? Why would there be the need for these different agreements? How do these tie to past history of EU
Are there any possible alternatives to consider? What other decision could you make so that each side (domestic and international) benefits?
Do the benefits of offshore outsourcing outweigh the costs? Why or why not?
As a business owner, what are the costs and benefits of moving half your production abroad?
Organizations to promote free trade, like the EU, have had difficulty creating a common currency.Why do you think not all EU countries use the euro? Why do some countries that are not part of the EU choose to use the euro?
Review the three basic strategies of international business. Discuss the type of companies that would most likely pursue a global strategy, a multidomestic strategy, and a transnational strategy.
Governments invest in education and infrastructure for their citizens, in part to gain a competitive advantage in world markets. Could a government invest too much in education? Could a government invest too heavily in technology? What are the key technologies or services that would give a country
A transnational business strategy is used when a product is sold in many regions of a country at the same time.True or False
Entering a foreign market through a joint venture means you will eventually be operating independently in that market.True or False
In recent years, the growth of developing countries has diminished and is set to continue this trend over the next decade.True or False
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