Page 14 - Business Principles and Management

Integrated Assessment Puts
Integrated Assessment Puts

Practical Knowledge to the Test
Practical Knowledge to the Test

Xtra! Quiz Prep pro-
vides online chapter price of the goods it sells in the U.S. market competitive?
C HAPTER 2 A SSESSMENT 24. Explain how it is possible for the United States to have a deficit in
its current account year after year.
review, immediate thomsonedu.com/school/bpmxtra
CHAPTER CONCEPTS
feedback for stu- • The U.S. population has been growing largely because of immigration MAKE CONNECTIONS
25. Math The current accounts of the imaginary nation of Utopia for the
and because Americans are living longer. It is also becoming more past three years are given below in millions of dollars.
dents, and a report diverse. The trend has been for people and businesses to locate in Year 1 Year 2 Year 3
the southern part of the country.
Exports of goods $100 $120 $125
• Changes in American society and its values affect how businesses
on results to teachers. function. Changes can be seen in the growing number of women Imports of goods $175 $195 $205
$150
Exports of services
$100
$80
in the workforce, the changing nature of the family, and rising
job insecurity, stress, and violence. Poverty and discrimination Imports of services $40 $60 $80 $40
Other income from abroad
$30
$25
persist. Businesses are becoming more environmentally Other payments abroad $50 $70 $70
conscious.
• Businesses are responding to employee needs by redesigning jobs, Given the above information, answer the following questions:
improving workplace health and safety, and providing flexible Does Utopia have a deficit or surplus in its current account in
scheduling and family-friendly benefits. Year 1, Year 2, and Year 3? Calculate the balance on merchandise
• Ethical conduct in business requires doing more than the law pre- trade for Year 1, Year 2, and Year 3. If you were the president of
an American company, would you set up a business in Utopia?
scribes. Businesses establish codes of ethics to identify right and Why or why not? Suggest ways by which Utopia can reduce its
wrong behavior for employees. deficit or surplus.
• The goal of business extends beyond merely making profits to being 26. Technology An Australian sheep farmer who sells much of his wool Make Connections
socially responsible to various stakeholders. in the United States has seen the exchange rate for the Australian
dollar (AUD) change from U.S. $1 = AUD $1.20 to U.S. $1 = AUD
REVIEW TERMS AND CONCEPTS $1.45 over the past six months. Use spreadsheet software to answer cross-curricular as-
the following questions, assuming the farmer sells 1,000 AUDs
worth of wool:
Chapter Concepts Write the letter of the term that matches each definition. Some terms will a. Will this change in currency rates help or hurt his sales in the sessment activities
not be used.
United States?
1. High-birth-rate period between 1945 and 1965 b. What may be some of the reasons for the change in the currency
rates?
provides a brief 2. Low-birth-rate period that followed the boomer period c. Do American consumers gain or suffer with the change in the connect business
3. Group that includes most people 16 or over who are available for
currency rates?
work, whether employed or unemployed
a. baby boom 4. Percentage of the labor force that is either employed or actively
review of the b. baby bust seeking employment CASE IN POINT principles to math,
c. business ethics
d. code of ethics 5. Invisible barrier to job advancement CASE 2-1: Corporate Generosity or Tax Deduction?
e. comparable worth
key topics from g. Generation X 6. Inability of workers to move up from low-level jobs Greengrocers, a major food company in the United States, stores pack- 103 communication,
7. Paying workers equally for jobs with similar but not identical job
f. ethics
aged foods such as vegetables, fruits, cereal, and meats in its warehouses.
requirements
Therefore, an expiration date is stamped on each container, after which
h. glass ceiling 8. To work from home or on the road, staying in contact with employer The quality of the food in the cans, bottles, and boxes declines over time.
every lesson in i. labor force electronically the product cannot be sold, even though the food is not spoiled and is writing, reading,
j. labor participation
still edible. Were it not for strict rules laid down by the government, the
9. Duty of a business to contribute to the well-being of society
rate 10. Standards of moral conduct that individuals and groups set expiration date could easily be pushed to the future and the food would
the chapter. k. Net Generation for themselves, defining what behavior they value as right or still be fit for human consumption. technology, re-
Packages with expired dates are returned to Greengrocers, where they
l. recycling
m. social responsibility wrong are destroyed. Recently an opportunity appeared for Greengrocers to use
n. stakeholders 11. Collection of principles and rules that define right and wrong conduct the expired food packages. A hurricane had devastated parts of Mexico,
o. sticky floor syndrome for an organization leaving people homeless and without food. Greengrocers decided to search, and other
make a generous donation of free packaged food to the destitute Mexi-
p. telecommute 12. Individuals or groups affected by a firm’s actions, such as owners,
customers, suppliers, employees, creditors, government, and the cans, and this was announced with great fanfare. The U.S. military trans-
public ported the food on one of its relief flights. The donation was reported in academic subjects.
the national media, and Greengrocers received favorable publicity as a
socially responsible firm stepping in to lessen human misery in the high-
est tradition of American generosity.
46
Case in Point presents
Review Terms and Concepts
assesses knowledge of in-depth scenarios
related to the chap-
basic chapter content ter content and
and vocabulary.
then asks students
to analyze the
cases using critical-
thinking skills.
My Business, Inc. is an
project: MY BUSINESS , INC. ongoing project in which
students apply the con-
FIRST DECISIONS cepts they've learned
Throughout this course, you will participate in a continuing project in which
you will plan your own business—a juice bar. This project will require you
to gather and analyze information and make decisions about your new busi- while running a juice
ness. The section called “Project: My Business, Inc.” at the end of each chap-
ter will guide you through the next step in business planning, as you apply
what you learned in the chapter to a realistic new business venture. Develop
written answers to each of the Data Collection and Analysis activities identi- bar. In every chapter, stu-
fied by your teacher, using a computer if possible. After you have completed
each chapter’s activities, save your work in the notebook you have prepared.
Juice bars are a part of two industries—fast food and health foods. dents build on previous
Although juice bars are popular today, you will want your business to be
successful in the future. It is not practical to start a business that may not
be needed in a few years. In this project, you will study information to knowledge as they build
help you determine the future of your business and make the first specific
decisions about it.
DATA COLLECTION their business.
1. Gather information about the size and growth of the health and
fitness market as well as the fast-food industry from newspapers,
magazines, and other publications.
2. In your city or neighborhood, identify the types of businesses that
exist in the areas of fast food and health foods. (Try to include the
very small businesses that operate as part of a larger business such
as a supermarket or health club.) List the name of each business, a
brief description of the business, the type of products offered, and
the business location.
3. Find information that identifies the failure rate of new fast-food
businesses and health and fitness businesses.
4. Using the Internet and the library or by visiting businesses in your
area, identify the common types of products offered by juice bar
businesses.
ANALYSIS
1. What factors have led to the growth of juice bars? Is there any evi-
dence that this type of business may not be as successful in the future?
2. What are the advantages and disadvantages of starting a small
juice bar business in your community?
3. Create a name for your business. A good business name is short CHECKPOINT Checkpoints throughout
and easy to remember. It should relate to the type of business be-
ing operated, should be appealing to prospective customers, and
should be different from other similar businesses. You may want Why must companies be concerned about both effectiveness the chapter provide op-
to create an interesting design for your business name that could
be used on signs and in promotion. and efficiency?
4. Develop an initial business concept—a one- to two-paragraph portunities for informal
statement that describes the business and a possible location, the
most likely customers, and the primary products and services that
could be offered.
27 evaluation of learning.
1