BA 101

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Which of the following statements is the most accurate about a Poisson random variable? It counts the number of successes in a specified time or space interval. Which of the following statements is the most accurate about a binomial random variable? It counts the number of successes in a given number of trials. Chauncey Billups, a current shooting guard for the Los Angeles Clippers, has a career free-throw percentage of 89.4%. Suppose he ...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Efficiency Toward the end of the 19th century, Frederick W. Taylor, an American mechanical engineer, became interested in improving the ______________ of individual workers. This interest, which stemmed from his own experiences in manufacturing plants, eventually led to the development of scientific management, the application of scientific principles to management of work and workers. Theory X _________ is a concept of employee motivation...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Which of the following is not a typical marketing task of an organization? purchasing a product or service At the heart of all business is the _____, the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas). exchange Marketing focuses on a complex set of activities that must be performed to accomplish objectives and generate exchanges. These activities include ______. -Selling ...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE production creation of finished goods and services using the factors- land, labor, capital, ect,. operations management A specialized area in management that converts or transforms resources (including human resources) into goods and services. the production process consists of taking the factors of production and using those inputs to produce goods (inputs, production control, outputs) form utility the value producers add to materials i...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Absolute advantage Country owned monopoly on recourses. comparative advantage Can produce goods cheaper but does not have a monopoly on an item. Outsourcing Tasking other countries with our labor because they do it cheaper. exporting Sales of goods to foreign markets. Importing Receiving of goods from foreign markets. Balance of trade the difference between a country's total exports and total imports. trade deficit An excess o...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Theory X employees dislike the work and function only in controlled work environment Theory Y (Taylor's Scientific Management) Theory Z The belief that some middle ground between type A and type J practices is the best for American Business Theory Z Focus on "we" rather than "us" vs "them" Fosters cooperation Encourages Transparency Values Employees Organization Chart A diagram that represents the positions and r...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Sole Proprietorship A business owned by one person Unlimited Liability The owner is personally and fully responsible for all losses and debts of the business Partnership a business owned by two or more people General Partnership partnership in which partners share equally in both responsibility and liability Limited Partnership A partnership with one or more general partners and one or more limited partners, where limited partners ha...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE LDCs lesser developed countries OPEC Organization of Petroleum Exporting Countries GATT General Agreement on Tariffs and Trade WTO World Trade Organization NAFTA North American Free Trade Agreement EU European Union APEC Asia-Pacific Economic Cooperation IPO Initial Public Offering absolute advantage a monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient produc...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Marketing the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, and society The Production Era Produce as much as you can, because there is a limitless market for it, limited production capability=high demand Selling Era business philosophy went from producing to selling, placing an emphasis on selling and advertising to persuade customers to b...

BA 101 TEST QUESTIONS AND ANSWERS LATEST UPDATE Accounting the recording, classifying, summarizing, and interpreting of financial events and transactions in an organization to provide management and other interested parties the financial information they need to make good decisions about its operations Accounting Cycle six step procedure that results in the preparation and analysis of the major financial statements Steps of the Accounting Cycle 1. analyze source documents 2. record tr...