ETS MAJOR FIELD TEST IN BUSINESS EXAM QUESTIONS WITH VERIFIED ANSWERS
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ETS MAJOR FIELD
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ETS MAJOR FIELD
ETS MAJOR FIELD TEST IN BUSINESS EXAM QUESTIONS WITH VERIFIED ANSWERS
A department manager telephoned two managers in other departments to discuss a cost savings idea that would benefit their departments as well as her own. Which of the following most accurately defines the communication chann...
A department manager telephoned two managers in other departments to discuss a
cost savings idea that would benefit their departments as well as her own. Which of the
following most accurately defines the communication channel that the manager was
using?
A person (such as owner) delegating authority. - Answer-Conflicts between principals
and agents.
A project consists of 150 jobs. The expected completion time for each job is given in
days. The project has three critical paths with two jobs in common, J and K. In order to
finish the project one day early, the completion time should be reduced one day for
(A) each of the 150 jobs
(B) each of the jobs on the three critical paths
(C) either Job J or Job K
(D) both Job J and Job K - Answer-(C) either Job J or Job K
A small number of people with complementary skills who are committed to a common
purpose, a set of performance goals, and an approach for which they hold themselves
mutually accountable is referred to as a
(A) committee
(B) task force
(C) group
,(D) team - Answer-(D) team
Absolute advantage. - Answer-The economic advantage one nation enjoys that is
absolutely superior to other nations.
Absorptive capacity - Answer-The ability to recognize the value of new information,
assimilate it, and apply it.
Accommodative strategy. - Answer-A strategy characterized by some support from top
managers, who may increasingly view CSR as a worthwhile endeavor.
Acquisition premium. - Answer-The difference between the acquisition price and the
market value of target firms.
Acquisition. - Answer-A transfer of the control of operations and management from one
firm (target) to another (acquirer), the former be coming a unit of the latter.
Adaptability. - Answer-The ability to change supply chain configurations in response to
longer-term changes in the environment and technology.
Administrative policy. - Answer-Bureaucratic rules that make it harder to import foreign
goods.
Agency costs. - Answer-The costs associated with principal-agent relationships.
Agency relationship. - Answer-The relationship between principals (such as
shareholders) and agents (such as professional managers).
Agency theory. - Answer-A theory that focuses on principal-agent relationships (or in
short, agency relationships).
Agent. - Answer-A person (such as manager) to whom authority is delegated.
Agglomeration. - Answer-Clustering of economic activities in certain locations.
Agility. - Answer-The ability to react quickly to unexpected shifts in supply and demand.
Alignment. - Answer-Alignment of interests of various players.
All of the following are true regarding a seller's rights to reduce legal liability in the sale
of nonconsumer goods EXCEPT:
(A) The seller can disclaim consequential damages if it is done clearly and
conspicuously.
(B) The seller can limit the remedy available to the buyer if he or she does so clearly
and fairly.
,(C) The seller can place reasonable conditions on the warranty coverage and a shorter
time limit of warranty coverage.
(D) The seller can disclaim all implied warranties by simply stating that there are no
implied warranties. - Answer-(D) The seller can disclaim all implied warranties by simply
stating that there are no implied warranties.
An information system that enables all business departments in the same firm to share
relevant information and data is called
(A) an enterprise resource planning (ERP) system
(B) a material requirements planning (MRP) system
(C) a decision support system (DSS)
(D) a point-of-sale (POS) system - Answer-(A) an enterprise resource planning (ERP)
system
Andean Community. - Answer-A customs union in South America that was launched in
1969.
Antidumping duty. - Answer-Tariff s levied on imports that have been "dumped" (selling
below costs to "unfairly" drive domestic firms out of business).
Antidumping laws. - Answer-Laws that make it illegal for an exporter to sell goods below
cost abroad with the intent to raise prices after eliminating local rivals.
Antitrust laws. - Answer-Laws that outlaw cartels (trusts).
Antitrust policy. - Answer-Government policy designed to combat monopolies and
cartels.
Appreciation. - Answer-An increase in the value of the currency.
Asia-Pacific Economic Cooperation {APEC). - Answer-The official title for regional
economic integration involving 21 member economies around the Pacific.
Association of Southeast Asian Nations {ASEAN). - Answer-The organization
underpinning regional economic integration in Southeast Asia.
Attack. - Answer-An initial set of actions to gain competitive advantage.
Australia-New Zealand Closer Economic Relations Trade Agreement {ANZCERTA or
CER). - Answer-A free trade agreement between Australia and New Zealand that was
launched in 1983.
Balance of payments. - Answer-A country's international transaction statement, which
includes merchandise trade, service trade, and capital movement.
, Balance of trade. - Answer-The aggregation of importing and exporting that leads to the
country-level trade surplus or deficit.
Balance sheet approach. - Answer-A compensation approach that balances the cost of
living differences relative to parent country levels and adds a financial inducement to
make the package attractive.
Bandwagon effect. - Answer-The effect of investors moving in the same direction at the
same time, like a herd.
Bargaining power. - Answer-Ability to extract favorable outcome from negotiations due
to one party's strengths.
Base of the pyramid. - Answer-Economies where people make less than $2,000 per
capita per year.
Based on his scientific management theory, Frederick Taylor developed what pay
principle?
Beijing Consensus. - Answer-A view that questions Washington Consensus' belief in the
superiority of private ownership over state owner ship in economic policy making, which
is often associated with the position held by the Chinese government.
Benchmarking. - Answer-Examining whether a firm has resources and capabilities to
per form a particular activity in a manner superior to competitors.
Bid rate. - Answer-The price to buy a currency.
Blue ocean strategy. - Answer-Strategy that focuses on developing new markets ("blue
ocean") and avoids attacking core markets defended by rivals, which is likely to result in
a bloody price war or a "red ocean."
Bond. - Answer-Loan issued by the firm and held by creditors.
Bondholder. - Answer-Buyer of bonds.
Born global. - Answer-Start-up companies that attempt to do business abroad from
inception.
Bounded rationality. - Answer-The necessity of making rational decisions in the absence
of complete information.
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