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Business Management

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1) A business should be managed ethically to do the right thing for all stakeholders.

A. True

B. False

2) A business should be managed ethically to reduce employee turnover.

A. True

B. False

3) "Do what I say, not what I do" can be an effective code of conduct to instill corporate values.

A. True

B. False

4) Corporate management decisions are influenced by the desire to keep stockholders happy.

A. True

B. False

5) Accountants do most of the work involved in recording financial events and transactions, but the actual classifying and interpreting of this data is left to financial managers.

A. True

B. False

6) The sole purpose of accounting is to help managers evaluate the financial condition of the firm so that they may make better decisions.

A. True

B. False

7) Integrated marketing communication combines all the promotional tools into one comprehensive, unified promotional strategy.

A. True

B. False

8) The purpose of the SEC's circuit breakers rule is to:

A. D) prevent individuals from profiting from information not available to the general public.

B. A) prevent market disruption caused by a communication malfunction.

C. C) allow floor traders to specialize in trading the securities of specific industries.

D. B) halt trading for a short time following a dramatic drop in stock prices.

9) An effective channel of distribution does more than simply ensure that goods are transported efficiently from producer to buyer.

A. True

B. False

10) As a salesperson in the B2B market, Patty regularly calls on clients to stay informed of their needs or problems. Her objective is to develop solutions to meet their needs and resolve their problems. The Internet allows Patty to track products in the supply chain and to learn about pricing and promotions that would be of interest to her clients. When Patty works with her existing clients there is no need for the __________ step of the B2B selling process.

A. close sale

B. prospect and qualify

C. answer objections

D. approach

11) A small business management course at a community college may offer entrepreneurs an opportunity to:

A. listen to a qualified instructor solve all of the problems of small business owners.

B. meet with experienced entrepreneurs and learn from their advice.

C. try out ideas on a computer simulation before risking real time and money.

12) A group of experienced people from different areas of a business joined together to develop, produce, and market a new product is known as a(n):

A. managerial task force.

B. entrepreneurial team.

C. self-directed functional team.

D. joint venture.

13) __________ is a problem solving technique that attempts to come up with as many solutions as possible in a short time without censoring the ideas.

A. PMI

B. Brainstorming

C. CAD/CAM

D. Game theory

14) The first step in the rational decision-making model is to:

A. define the situation.

B. recruit team members to work on the problem.

C. develop alternative responses.

D. gather data.

15) Amanda, a regional manager for Flairol Cosmetics, has just seen a report showing that sales in her region are lower than anticipated so far this quarter. Her next task is to determine the reason for the disappointing results and find a way to get sales up to their desired level. Amanda's efforts are part of the ____________ function of management.

A. planning

B. controlling

C. organizing

D. directing

16) ______________ was the dominant strategy for improving worker productivity during the early 1900s.

A. Job enrichment

B. Management by objective

C. Social Darwinism

D. Scientific management

17) Rewards that come from someone else in recognition of good work are _________ rewards.

A. secondary

B. conditional

C. extrinsic

D. self-actualized

18) So far, among all minority groups, only Asian-Americans have realized the need for networking.

A. True

B. False

19) Today's progressive managers:

A. can rely on a much higher level of worker loyalty to the organization than in the past.

B. tend to emphasize teamwork and cooperation rather than discipline and order-giving.

C. face fewer challenges and problems than managers in the past.

D. usually prefer to use the autocratic style of leadership.

20) Management is more progressive today. There is more emphasis on:

A. placing greater reliance on the government for financing.

B. working in teams.

C. striving to eliminate the control function of management.

D. individual work that can be successfully measured.

21) Which of the following statements comparing today's workers with those from earlier eras is most accurate? Compared to earlier workers, today's employees are:

A. more likely to need direct guidance and direction from their managers.

B. less educated and less self-directed.

C. more willing to leave the firm to seek better opportunities.

D. more loyal to the firm.

22) As a management consultant, Lamont knows that regardless of how good a firm's product might be, the firm has little chance of success without a(n):

A. warranty.

B. outside consultant.

C. auditor.

D. financial plan.

23) As a finance manager at AllSports Communication, Charlie worries about the firm's borrowing and debt repayment requirements for the next year. He knows the benefit of estimating AllSports' cash disbursements and short-term investment expectations. Facing these concerns, a(n) ________ would provide Charlie with valuable information.

A. line item budget

B. cash budget

C. capital budget

D. operating budget

24) To effectively run a business, it is necessary to:

A. know the differences between accounting and bookkeeping.

B. use a public accounting firm.

C. understand and use accounting information.

D. hire a full-time accountant.

25) You would be most likely to ask for the help of a forensic accountant if you:

A. wanted to determine the best depreciation and inventory valuation methods to use to minimize the income taxes paid by your organization.
B. believed that someone in your organization was employing unethical or illegal accounting methods.
C. faced severe financial hardship and needed to find the most effective way to cut costs quickly.
D. wanted to decide which accounting system to adopt for a new business.

26) Using information not available to the public to unfairly benefit in the stock market represents:

A. insider trading.

B. an unethical, but a legal activity.

C. blue-sky violations.

D. security fraud.

27) Adam Smith would suggest that the reason that businesses like Wal-Mart helped the disaster victims of Hurricane Katrina was:

A. it was a way to decrease Wal-Mart's productivity.

B. it was in Wal-Mart's best interest to help the victims.

C. the U.S. government paid Wal-Mart to help the victims.

D. it was the ethical thing to do.

28) Which of the following terms describes the set of values, beliefs, rules, language, and institutions held by a specific group of people?

A. culture

B. Social myopia

C. ethnocentricity.

D. institutional society.

29) Which of the following statements best describes McDonald's current involvement in global markets?

A. McDonald's focus is on the U.S. market, and it currently has no plans to participate in global markets.
B. McDonald's has been successful in Europe, but has failed to achieve consumer acceptance in other regions of the world.
C. McDonald's success in the global market has been achieved by offering the U.S. menu worldwide.
D. McDonald's global market success reflects their willingness to adapt their menu to local tastes and culture.

30) Behavior that is in conflict with your values and sense of right and wrong can damage your self esteem.

A. True

B. False

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https://brainmass.com/business/entrepreneurial-issues/business-management-399461

Solution Preview

1) A business should be managed ethically to do the right thing for all stakeholders.

A. True
( It should satisfy the interests of stakeholder)

2) A business should be managed ethically to reduce employee turnover.

A. True
(this will help in improving employee morale and will lead to reduction in emoloyee turnover)

3) "Do what I say, not what I do" can be an effective code of conduct to instill corporate values.

B. False

4) Corporate management decisions are influenced by the desire to keep stockholders happy.

A. True

5) Accountants do most of the work involved in recording financial events and transactions, but the actual classifying and interpreting of this data is left to financial managers.

A. True

6) The sole purpose of accounting is to help managers evaluate the financial condition of the firm so that they may make better decisions.

B. False
( It also helps the other stakeholders by providing information)

7) Integrated marketing communication combines all the promotional tools into one comprehensive, unified promotional strategy.

A. True

8) The purpose of the SEC's circuit breakers rule is to:

D. B) halt trading for a short time following a dramatic drop in stock prices.

9) An effective channel of distribution does more than simply ensure that goods are transported efficiently from producer to buyer.

A. True
( It provides convenience ...

Solution Summary

Solution discusses issues relating to Business Management

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Healthcare in Taiwan

Mert Atakan
Joey Brito
Damien Gonsavlez
Patricia Jimenez
Jeff Pucci

Our company will be a small niche medical company located in Taiwan. The company will employ about 60 people. These employees will consist of operations personnel and company staff such as Medical Doctors, Occupational Medical Director, Registered Nurses, Employee Health Safety staff, and Benefits Advisor. The building itself will have three floors with the main floor being for prescription drug storage, customer service, and offices, while bottom floor contains more offices is primarily for rehabilitation for the elderly and the upper floor will be used for laboratory research and development and diagnostics
The products that the company will hold are products that are affiliated with the ongoing health issues in Taiwan such as, heart disease, cancer, and rehabilitation. The product that will be held for heart disease will consist of Accupril, Inspra, and Norvasc. These medicines are the most prescribed brand name high blood pressure medicines worldwide. They help to treat high blood pressure, heart failure, and easy blood flow through arteries. Cancer products will consist of Aromasin, Camptosar, and Ellence. These medicines are used for the treatment of breast cancer, colon cancer, and the rid of any tumor cells in the body.
With the continuing health concerns in Taiwan the National Health Insurance program accounts for more than 60 percent of all health costs. Taiwan is also very advanced in technology and with that technology used for research and development our company seeks to make substantial profits.
The company will like to expand internationally for various reasons. Taiwan's economy is ranked among the 20 largest in the US. And at the same time, Taiwan also has an increasingly growing population which is spending a big amount of their income on healthcare. There is strong demand in Taiwan for numerous medial products and services. Some of which include those related to orthopedics, rehabilitation, cardiology, and diagnosis particularly pertaining to cancer. Additionally, due to increased male and female life expectancy in Taiwan, the demand for medial products for senior citizens continues to grow. In part, the United States has exported approximately USD 161 million in medial products to Taiwan in 2003 1. For this reason, a distributor in Taiwan can assist US exporters with the process.
Taiwan's market offers ample opportunities for US firms to profit from a strong and growing demand for advanced medical supplies. They have an aging population together combined with other factors such as high population density. In 2004, the average per capita expenditure on healthcare was US$847 of a total per capita GDP of $13,529 2.
Our company will profit from the sales of medial products for the elderly, more specifically for heart disease and cancer patients, two of the leading causes of death in Taiwan. In Taiwan, the overall medical device market is projected to grow at a rate of 3-5 percent per year while implantable devices grow at an annual rate of 6-10 percent2.
The Taiwan market for implantable devices has been growing rapidly as a result of their growing elderly population and patients increased awareness of new implant technologies. One of our company's major forces for improving the healthcare of Taiwan's population are the new innovations in medial devices. Cardiovascular and hear diseases are the two leading causes of death in Taiwan that have highly contributed for the demand of heart implants. The Taiwan market's demand for implantable medical devices was forecasted to reach approximately US$123.4 million in 2005. The market demand grew 29.5 percent from its previous years2. For years the US supplies 90% of Taiwan's vascular grafts, 80% of ACID and artificial heart valves and 70% of intraocular lenses2. Taiwan's economy continues to grow steadily and our company is looking forward to expanding internationally to Taiwan.
Taiwan is the seventh largest trading partner of the US with over US$50 billion in two-way trade . The region is an excellent market for many types of products and services and our company will take advantage of this opportunity. In conclusion, we will provide medical products that will improve the healthcare technologies sector.

(See attached files for full problem description)

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