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BUSINESS ADMINISTRATION
Marketing
Hospitality and Tourism
Finance
Business Management and
Administration
100
Marsha wants to invest her savings in a business. However, she wants to protect all of her personal assets. This type of business ownership would be most appropriate for Marsha.
What is a Corporation A corporation is a form of ownership owned by stockholders who have purchased stock. The liability of each owner is limited to the amount invested.
100
The federal courts are this part of the U.S.
What is the Judicial system? The U.S. government consists of three primary parts—the judicial, executive, and legislative branches. The judicial system (branch) is the court system. The courts interpret and apply the laws. The president and the presidential cabinet are part of the executive branch of the government. The legislative branch (i.e., the U.S. Congress) enacts the laws.
100
Jake wanted to run his own business but was unsure that he had adequate business skills to be successful. This type of business would give Jake the help he needs.
What is Business-format franchise? A business-format franchise is a franchise agreement in which the franchisee must operate under the trade name of the parent company that provides continuous assistance in setting up and operating the business. This kind of business arrangement would give Jake more assistance than any of the other alternatives. A sole proprietorship is a form of business ownership in which the business is owned by one person who takes all of the risk and responsibility. A private corporation is a type of corporation owned by a few people that does not offer its shares for sale to the public. A product trade- name franchise is based on an independent sales relationship between a franchisor and a franchisee to stock and sell a specific line of goods.
100
The relationship between a creditor and a debtor is usually based on the debtor's this.
What is Ability to pay? The relationship between a creditor and a debtor is usually based on the debtor's ability to pay the creditor the amount that is owed. Businesses offer credit to increase sales; however, they expect customers to repay the debt. Therefore, creditors usually base their decision to offer credit to those who they believe have the ability to pay. Creditors establish a billing schedule and pricing method. They also determine the type of account to offer debtors. These factors do not influence the relationship.
100
The primary reason that governments regulate business activities is this
What is Protect the well-being of individuals and businesses? Businesses must follow a variety of government regulations, such as labor laws, environmental laws, and trade regulations. The purpose of regulating business activities is to protect consumers and businesses from unethical behavior and to provide a fair environment in which businesses can compete. In a free-enterprise economic system, regulations encourage competition rather than limit it. Although governments often implement policies that encourage business expansion and change international trade initiatives, these are not primary reasons for regulating business activities.
200
Business employees possess this in order to extract relevant information from written materials.
What are Good reading skills Good reading skills include the ability to focus on the content and analyze and evaluate the meaning of the message. Possessing the ability to listen or an effective speaking voice will not help employees to extract relevant information from written materials.
200
A personal opinion that prevents a person from being a fair and impartial listener is this.
What is bias? Bias is prejudice or partiality that influences a person's perceptions. It is a major block to effective listening because it affects the way the listener hears what the speaker is trying to say. Feedback is the response received from another person. Emotion is feeling, and conviction is a firm belief in something.
200
As the reporter from WRTZ interviews the fire chief, she takes careful notes of the conversation. When he explains the details of injuries, she says, “that's two people in critical condition and three in fair condition.” This is an example of this.
What is Active listening? By repeating important information, the listener is checking to be sure that she understood the message correctly. Feedback occurs when a communicator responds back with new information or an opinion. Passive listening often results in misunderstood messages, and does not include verification of what was said. Defensive behavior occurs when the receiver of a message becomes offended by the message and attempts to justify his/her position.
200
The owner receives all of the profits of the business and can act quickly in making business decisions when it is this form of business ownership.
What is Sole proprietorship? Other advantages of a sole proprietorship are that it is easy to start, it has certain tax advantages, and the details of the business can be kept private. In a partnership, the profits are divided among the partners who sometimes disagree as to how profits should be divided. In a corporation, the profits are divided among the stockholders. The officers of the corporation are responsible for the actual operation and management of the firm. A joint venture is an arrangement that involves two or more businesses entering into a relationship by combining complementary resources, such as technology, skills, capital, or distribution channels, for the benefit of all parties.
200
Business employees should do this first when preparing an oral presentation.
What is Identify the audience? It is important for business employees to identify the audience before preparing an oral presentation because the type of audience will have an effect on the information that is provided. For example, if the audience is composed of other businesspeople, the language and examples used will be different than if the audience is composed of students. When preparing oral presentations, employees need to consider the age, educational level, and interests of the audience in order to give presentations that will appeal to that specific group of people. After identifying the audience, employees organize their notes, develop appropriate visuals, and practice the speech in order to make sure that they are prepared for the presentation.
300
When confronting another person about a conflict, it is important to avoid this.
What is using "you" statements? When confronting another person about a conflict, it is important to be calm and objective. The best way to do this is to approach the disagreement as a problem that you want to solve together. A technique to keep the discussion from escalating into a shouting match is by using "I" statements and avoiding the use of "you" statements. Use "I" statements to convey your beliefs, perceptions, and feelings. "You" statements tend to place blame or fault on the other person. As a result, the other person tends to become defensive and angry. It is important to listen to feedback.
300
This type of communication would be exchanged by two business managers who are on the same level of authority.
What is Horizontal An example of horizontal communication would be a memo from one vice president to another. Downward communication involves communications from management to subordinates. Upward communication entails communications from employees to management. Vertical communication may move up or down the chain of command.
300
The wrongful interference with the right of a business to operate is the basis of business is this.
What is Tort law? The concept of wrongful action is the basis of all torts. Tort law that applies to business involves the wrongful interference with the right of a business to operate. Therefore, business torts are wrongful actions against a business that cause it harm in some way. An example might be unfair competition. The wrongful interference with the right of a business to operate is not the basis of business liability, fraud, or compliance.
300
This is a primary function of the Securities Exchange Commission (SEC).
What is Oversees the registration process for initial public offerings (IPOs)? The SEC is the administrative agency that enforces securities regulations. The SEC works to ensure public companies fully disclose their financial information to investors and to protect the public from fraudulent activities related to the securities market. One function of the SEC is to oversee the registration process for corporations when they first offer stock to the public, which is called initial public offerings or IPOs. The SEC does not distribute dividends or sell securities. The Public Company Accounting Oversight Board oversees the auditing processes of the public corporations' financial statements.
300
A simple written communication that briefly explains the status of a marketing activity is known as a(n) __________ report.
What is Progress? Marketing personnel often prepare simple reports to keep managers informed of the progress and current status of activities and projects. These progress reports are short and contain only the information needed to keep managers and other staff informed. Proposal reports recommend trying new projects or activities. Employee reports concern staff performance. Abstract reports summarize complicated or lengthy material.
400
Achievement -oriented people rely on this to set the standards for their work.
What is themselves? Achievement-oriented people rely on themselves to set the standards for their work. They don't allow others to set the standards for them.
400
The business employee handle a situation in which the customer has little to say this way.
What is ask questions that can't be answered "yes" or "no?" Silent customers are shy, insecure, or too sensitive to talk very much even when they need help. They are a type of slow/methodical customer, and they require special handling. The business employee should not do all the talking or wait for the customer to decide to talk. The employee also should not try to hurry this kind of customer by trying to close quickly. Instead, s/he should be patient, try to draw the customer out, and try to determine the customer's needs through appropriate questions.
400
When a business strives to make every customer experience a positive one, it is remembering this.
What is its Touch points? When a business strives to make every customer experience a positive one, it is remembering its touch points. When a business remembers its touch points, it shows that it recognizes the importance of each interaction in building positive customer relations. Touch points don't necessarily relate to internal customers, competition, or the business's history.
400
After finding several inconsistencies with its financial data, the MSV Company hired a compliance officer to monitor its financial processes and to ensure that the company is complying with regulations. The Business has implemented this type of internal control.
What is Corrective? Corrective controls are initiatives taken to fix a problem that has already been detected. Hiring a compliance officer to monitor financial processes is a corrective action because someone had already detected data inconsistencies. Preventative controls involve actions to keep something from happening before it occurs. Product controls are activities the business uses to manage the processes, quality, and quantity of goods and services. Conditional controls allow certain actions to occur within a specific set of circumstances.
400
This type of analytical report is likely to contain the following statement. "Based on the facts presented, it is my recommendation that we continue with the existing course of action and complete the road closures and updates to enhance the city's infrastructure."
What is Justification report? Analytical reports are documents that evaluate issues, opportunities, or problems. A justification report is a type of analytical report that evaluates the success or failure of a previous decision or course of action. In the recommendations section of a justification report, the writer may validate the decision, suggest improvements, or describe why an action has been ineffective. A market analysis is a systematic study of the market. Reports that address financial issues associated with a certain course of action, such as a merger, are called due diligence reports. Troubleshooting reports address specific problems, such as a problem with a process.
500
A source of employment information that can be used free of charge by everyone is a public employment agency, which is operated by this.
What is the government? Public employment agencies are operated by either the state or the federal government. Businesses provide these agencies with information about their needs for workers, and the agencies pass the information on to job seekers who inquire. Some schools do help students to find jobs, but this service is not open to everyone. Private employment agencies charge a fee for their services. They may collect from both the employers/businesses seeking workers and the workers who find jobs through their services.
500
Businesses that need information about industry activities may have a separate section of the marketing- information management system whose only responsibility is this.
What is to Monitor the competition? Information about competitors' activities, such as new product development, is very important to a business. This information is so important to some businesses that they have a separate section of the marketing-information management system whose only responsibility is to monitor the competition. Businesses also use the marketing-information management system to reduce business risk, improve stock control, and expand promotional activities. However, these functions are not the responsibility of a separate section but are part of the overall information management system.
500
Businesses that buy products from suppliers that are not the authorized distributors for the products' manufacturers are involved in this.
What is the Gray market? The gray market involves buying goods from suppliers that are not the authorized distributors for the manufacturers. This practice is considered unethical and even illegal because the suppliers do not have the right to sell the goods. Businesses often are able to buy goods for lower prices on the gray market, which enables them to sell the goods for less. Exporting is the process of selling goods and services to businesses in other countries. Outlet stores usually sell overruns and irregular products. Discount stores sell regular merchandise at lower prices than those found in department stores.
500
When a memorandum format is used for a short report, it does not require this.
What is a Handwritten signature? Some memos are signed, but a memorandum usually has the name of the sender typed rather than written. The sender may write his/her initials next to the typed name. A date and a businesslike tone are appropriate in all memorandums. The subject is identified in the heading of the memo.
500
These are the official languages of India.
What are English and Hindi? The official languages of India are English and Hindi. Czech is the official language of the Czech Republic, and French is the official language of France.