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Exam 1: Business in the United States

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Question 51

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________ refers to a company's choice to relocate its production facilities overseas or subcontract at least some of the components to foreign companies at low costs.

A) Globalization
B) Offshoring
C) Downsizing
D) Contracting

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Question 52

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In what ways is a multinational corporation, like Google, similar to a local business, such as a Chinese restaurant? In what ways are these two businesses different?

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Both Google and a local Chinese restaura...

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Question 53

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Diversity initiatives in businesses are essential to a company's ability to be competitive.

In a general partnership, the company's debts are the responsibility of the ________.

Carla wants to start a new software company, but she lives in a remote community where few skilled software programmers live. Which of the following is the BEST cost-effective strategy for building her workforce?

Explain the similarities and differences between the different types of capital.

When businesses compete, products usually become more expensive.

Which of the following is an example of real capital?

Corporations blend characteristics of both sole proprietorships and partnerships.

Keeping up with technological advances is an inexpensive way for companies to remain competitive.

Ron plans to open his own café. He wants to offer a variety of coffees, sandwiches, and salads. He also plans to hire employees who will prepare food and serve customers. What type of product would Ron's customers be offered?

The WAWA chain of convenience stores has 500 locations in five states in the Mid-Atlantic region of the United States. WAWA is an example of ________.

Local businesses are more prone to bankruptcy than large businesses because they are more likely to be undercapitalized.

Mr. Hansen sued the Reilly Corporation in a dispute over a failed million-dollar deal. If he wins, he can ________.

Jose called an electrician to repair some appliances in his home. Which of the following terms BEST describes the electrician's repairs?

Which of these qualities BEST explains why a specialty shop is classified as a local business?

Stakeholders are rarely affected by the actions of a company's owner.

Which of the following would ensure that business owners would be responsible for losses only up to the amount they invested in the business?

Warren is about to file taxes for a company he owns. If Warren needs to file his company's taxes separately from his personal taxes, what kind of company does he own?

Jarvis runs a restaurant that has had a lot of complaints from customers lately. Jarvis is a strict manager and prefers to make all the decisions himself. A concerned friend recommends that Jarvis delegate more decision-making responsibility to his employees. Which of the following would be the MOST likely result of Jarvis' delegating responsibility?