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Business Management Practice Test with Complete Solutions.

Name: Business Management Practice Test with Complete Solutions.
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Business Management Practice Test with Complete Solutions. Culture set of values, beliefs, rules, and institutions held by a specific group of people ... [Show More] Nation-States -support and promote the concept of national culture by building museums and erecting monuments Subculture A group of people who share a unique way of life within a larger, dominant culture Ethnocentricity the belief that one's own ethnic group or culture is superior to that of others Cultural Literacy detailed knowledge about a culture that enables a person to work happily and effectively within it Values Ideas, beliefs, and customs to which people are emotionally attached Attitudes positive or negative evaluations, feelings, and tendencies that individuals harbor toward objects or concepts -reflect people's underlying values Aesthetics the imagery evoked by certain expressions, and the symbolism of certain colors Manners Appropriate ways of behaving, speaking, and dressing in a culture Customs habits or ways of behaving in specific circumstances are passed down through generations Folk Custom behavior, often dating back several generations, that is practiced by a homogeneous group of people Popular Custom behavior shared by a heterogeneous group or by several groups US Foreign Corrupt Practices Act prohibits companies from giving large gifts to government officials in order to win business favors Social Structure embodies a culture's fundamental organization, including its groups and institutions, its system of social positions and their relationships, and the process by which its resources are distributed -Three important elements of social structure that differ across cultures are social group associations, social status, and social mobility Social Group collections of two or more people who identify and interact with each other Nuclear Family consists of a person's immediate relatives, including parents, brothers, and sisters Extended Family broadens the nuclear family and adds grandparents, aunts and uncles, cousins, and relatives through marriage Nepotism In extended-family cultures, managers and other employees often try to find jobs for relatives inside their own companies Gender refers to socially learned habits associated with, and expected of, men or women Social Stratification The process of ranking people into social layers or classes -heritage, income, and occupation Social Mobility the ease with which individuals can move up or down a culture's "social ladder." -caste or class system Caste System a system of social stratification in which people are born into a social ranking, or caste, with no opportunity for social mobility -India Class System a system of social stratification in which personal ability and actions determine social status and mobility -most common Brain Drain the departure of highly educated people from one profession, geographic region, or nation to another Communication system to convey thoughts, feelings, knowledge, and information through speech, writing, and actions Lingua Franca a third or "link" language understood by two parties who speak different native languages Body Language communicates through unspoken cues, including hand gestures, facial expressions, physical greetings, eye contact, and the manipulation of personal space Material Culture All the technology used in a culture to manufacture goods and provide services Cultural Trait anything that represents a culture's way of life, including gestures, material objects, traditions, and concepts Cultural Diffusion The process whereby cultural traits spread from one culture to another Cultural Imperialism the replacement of one culture's traditions, folk heroes, and artifacts with substitutes from another Situational Management a system in which a supervisor walks an employee through every step of an assignment or task and monitors the results at each stage Hofstede Framework -Individualism vs. Collectivism -Power distance -Uncertainty Avoidance -Masculinity vs. Femininity -Long-Term Orientation -Indulgence vs. Restraint Totalitarianism individuals govern without the support of the people, tightly control people's lives, and do not tolerate opposing viewpoints Theocratic Totalitarianism order is kept with laws based on religious and totalitarian beliefs Secular Totalitarianism political leaders rely on military and bureaucratic power for control Democratic System leaders are elected by the people or by their representatives Representative Democracy strive to provide freedom of expression, periodic elections, civil and property rights, minority rights, and nonpolitical bureaucracies Centrally Planned Economy the government owns land, factories, and other economic resources and plans nearly all economic activities. Economic and social equality are paramount and the needs of the group are above those of the individual Mixed Economy land, factories, and other economic resources are split between private and government ownership. Efficiency is strived for but society is protected from unchecked greed Market Economy private individuals or businesses own most of the land, factories, and other economic resources. The entire group is thought to benefit when individuals receive incentives and rewards. Government is subdued and prices are set by supply and demand Legal System a country's set of laws and regulations, including the processes by which its laws are enacted and enforced and how its courts hold parties accountable Common Law a legal system based on a country's legal history (tradition), past cases tried in the courts (precedent), and how laws are applied in specific situations (usage) Civil Law a system based on a detailed set of written rules and statutes that constitute a legal code, from which flows all obligations, responsibilities, and privileges Theocratic Law a system based on religious teachings Firms Must: work hard to protect their property rights (legal rights to resources and income generated) and intellectual property (that which results from intellectual talent and abilities) against violations of patents, trademarks, and copyrights Product Liability Laws (responsibility for damage, injury, or death caused by defective products) and taxation requirements wherever they operate Antitrust Laws (designed to stop companies from fixing prices, sharing markets, and gaining unfair monopoly advantages) influence operations Main Issues of Global Ethics and Social Responsibility -Managers often encounter different views toward bribery and corruption in a host country, and must abide by stringent accounting standards and reporting practices -Firms can guarantee good working conditions and protect human rights by monitoring the actions of their own employees and those of companies with whom they do business -Companies active in developing countries can foster social responsibility in those markets by encouraging fair-trade practices -Businesses can pursue "green" initiatives that reduce operating costs and boost profits while protecting the environment Berne Convention an international copyright treaty to which the United States is a member, and the 1954 Universal Copyright Convention Economic Development refers to an increase in the economic well-being, quality of life, and general welfare of a nation's people Confiscation The forced transfer of assets from a company to the government without compensation Expropriation The forced transfer of assets from a company to the government with compensation Nationalization government takeover of an entire industry Developed Country Countries that are highly industrialized and highly efficient, and whose people enjoy a high quality of life Newly Industrialized Countries Countries that have recently increased the portion of their national production and exports derived from industrial operations Developing Country Nations with the poorest infrastructures and lowest personal incomes Technological Dualism use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in others Emerging Markets When we combine newly industrialized countries with countries that have the potential to become newly industrialized Economic Transition changing a nation's fundamental economic organization and creating entirely new free-market institutions Foreign Corrupt Practices Act forbids US companies from bribing government officials or political candidates in other nations (except when a person's life is in danger) Lobbying the policy of hiring people to represent a company's views on political matters Human Development Index (HDI) the measure of the extent to which a government equitably provides its people with a long and healthy life, an education, and a decent standard of living Local Content Requirement Laws stipulating that a specified amount of a good or service be supplied by producers in the domestic market Political Risk the likelihood that a society will undergo political change that negatively affects local business activity Purchasing Power is the value of goods and services that can be purchased with one unit of a country's currency Purchasing Power Parity (PPP) the relative ability of two countries' currencies to buy the same "basket" of goods in those two countries How companies can manage Political Risk Managers: -adaptation (incorporating risk into business strategies) -information gathering (monitoring local political events) -political influence (such as by lobbying local political leaders). Firms: -ensuring that their actions do not harm international relations Supporting economic development efforts of international organizations Imports are goods and services purchased abroad and brought into a country. True Evidence suggests that technological change has had a bigger impact than globalization on the declining share of national income enjoyed by unskilled labor. True A current trend in international business is the decline of medium-sized and small multinationals, known as mini- multinationals. False Johann's business does not make consumer products; therefore, it would not be likely to participate in global markets. False According to supporters of debt relief, new democratic governments in poor nations should not be forced to honor debts incurred by corrupt and dictatorial predecessors. True The rules of the international monetary system are enforced by the World Bank. False Because Russia has shown signs of shifting back toward greater state involvement in economic activity and authoritarian government, doing business in Russia is considered risky. True Outsourcing is a process that is limited to manufacturing enterprises. False According to globalization critics, the decline in unskilled wage rates is due to the migration of low-wage manufacturing jobs offshore and a corresponding reduction in demand for unskilled workers. True The term "globalization of production" refers to convergence in buyer preferences in markets around the world. False Some nations encourage because of recent resistance to worldwide trade agreements. regional pacts Konesia is a country in which rising incomes are increasing the global demand for basic products and services. Which of the following is the type of market featured in this country? emerging market A special region in which companies can engage in tariff- free importing and exporting is called a(n) . export-processing zone The replaced the institution of GATT while retaining all of the former GATT agreements. World Trade Organization (WTO) The population of a(n) market is mostly rural and is characterized by poor infrastructure with little credit or collateral. traditional is an effective alternative to traditional distribution channels for firms that sell digitized products. Electronic distribution The term refers to entities cooperating across national boundaries. internalization Goods and services purchased abroad and brought into a country are called . imports Which of the following is NOT a likely reason to study international business? Business conducted outside the limits of any one country is inexplicably on the decline. Two major forces that underlie the expansion of globalization are falling barriers to trade and investment, and . technological innovation Gross Domestic Product (GDP) the value of all goods and services produced by a domestic economy during a one- year period Gross National Product (GNP) the value of all goods and services produced by a country's domestic and international activities during a one-year period General Agreement on Tariffs and Trade (GATT) a treaty designed to promote free trade by reducing tariffs and nontariff barriers to international trade -WTO Globalization trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies Denationalization national boundaries becoming less relevant Internationalization entities cooperating across national boundaries International Business any commercial transaction that crosses the borders of two or more nations International Monetary Fund (IMF) an agency created to regulate fixed exchange rates and to enforce the rules of the international monetary system World Bank an agency created to provide financing for national economic development efforts Multinational Corporation (MNC) a business that has direct investments (in the form of marketing or manufacturing subsidiaries) abroad in multiple countries World Trade Organization (WTO) the international organization that enforces the rules of international trade [Show Less]

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University of Toronto

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computer science

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business management

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English

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Business

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Mar 10,2026

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2025-2026

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Business Management Practice Test with Complete Solutions.