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Principles of Business unit 2 > Unit 1 - Test prep > Flashcards

Unit 1 - Test prep Flashcards

1
Q

The most important quality for leadership is _____.

A

humility

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2
Q

An example of a workplace benefit is _____.

A

vision insurance

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3
Q

When HR makes sure an organization is upholding the various federal and state labor laws, it is known as what?

A

legal compliance

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4
Q

What is the term for when a problem arises that causes a conflict between a person or organization’s beliefs and values?

A

ethical dilemma

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5
Q

The term for one’s moral principles that impact the actions of your daily life is _____.
Correct

A

ethics

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6
Q

What are basic materials from which a product is made?

A

raw materials

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7
Q

A _____ is a fixed payment to an employee on an annual basis, and a _____ is a payment to an employee calculated on an hourly basis.

A

salary; wage

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8
Q

What is worldview?

A

the perception of the world from a specific viewpoint

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9
Q

when a plaintiff, or someone who has suffered financial or emotional injury of some kind, files an official “complaint” against a defendant, or the party responsible for the damages

A

filing suit

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10
Q

laws that regulate businesses from buying and investing in other business to encourage competition and prevent monopolies

A

antitrust law

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11
Q

investments such as stocks, bonds or mutual

A

securities

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12
Q

the ability to see and know the direction an organization is going and deciphering how to get there

A

vision

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13
Q

the process of caring for and managing employees

A

human resource management

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14
Q

when a contractual agreement is broken

A

breach of contract

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15
Q

the term for the division of business that primarily manages the employees of a company

A

human resources

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16
Q

a legally-binding agreement between two parties

A

contract

17
Q

when an organization holds exclusive control over a single commodity or service

A

monopoly

18
Q

the leadership quality of being honest and having strong moral principles; being morally upright

A

integrity

19
Q

the laws that dictate how businesses are formed and operate

A

business laws

20
Q

a vision written by a leader representing where the company wants to go and how to get there

A

vision statement

21
Q

the idea that a stronger team as a whole is the result of workers specializing in different tasks

A

division of labor

22
Q

when a seller spikes the prices of a good higher than is considered reasonable or fair

A

price gouging

23
Q

According to the text, a code of ethics is the most important quality in a leader.

A

false

24
Q

Paid vacation is an example of a workplace benefit.

A

true

25
Q

True leaders are more concerned about self-preservation and less about developing new leaders because there is “plenty of room at the top”.

A

false

26
Q

A wage is an annual payment paid to an employee and is not based on hours.

A

false

27
Q

The most important asset to any business is innovation.

A

false

28
Q

Proprietary information is content produced by employees on the job that then belongs to the organization.

A

true

29
Q

stable and risk averse

A

managers

30
Q

reactive

A

managers

31
Q

visionary

A

leaders

32
Q

inspiring

A

leaders

33
Q

high responsibility

A

both

34
Q

power and control

A

managers

35
Q

has subordinates

A

managers

36
Q

buying bulldozers to complete a construction project

A

purchasing

37
Q

involves the use of machines to produce the end product, such as cars or office furniture

A

manufacturing

38
Q

a printing company maintaining the quantity of ink in stock

A

inventory management

Principles of Business unit 2 (2 decks)

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