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BUS 100
Chapters 1- 5
| Question | Answer |
|---|---|
| What is the difference between revenue and profit? | Revenue is the amount of money the business brings in. Profit is the amount of money a business earns above what it spends on expenses. |
| What is the difference between standard of living and quality of life? | Standard of living refers to the amount of goods and services people can afford. Quality of life refers to a society's general well being in terms of political freedom, education, health care, safety, amount of leisure, etc... |
| What is risk and how is it related to profit? | Taking a risk may cause a business to lose profits or make profits. |
| What do the terms stakeholders, outsourcing, and insourcing mean? | |
| What are some advantages of working for others? | |
| What benefits do you lose by being an entrepreneur and what do you gain? | |
| What are the five factors of production? | |
| What factors of production are most important for creating wealth? | |
| What are four ways government can foster entrepreneurship? | |
| What is the difference between effectiveness, efficiency, and productivity? | |
| What is empowerment? | |
| What are some of the major issues affecting the economy today? | |
| What major factor caused a move from farming to manufacturing and then to the service sector? | |
| What does the future look like for tomorrow’s college graduate? | |
| What is the difference between macroeconomics and microeconomics? | |
| What is better for an economy than teaching a man to fish? | |
| What does Adam Smith’s term invisible hand mean? | |
| How does the invisible hand create wealth for a country? | |
| What are the four basic rights that people have under free-market capitalism? | |
| How do businesspeople know what to produce and in what quantity? | |
| How are prices determined? | |
| What are the four degrees of competition, and give examples of each. | |
| What led to the emergence of socialism? | |
| What are the benefits and drawbacks of socialism? | |
| What countries still practice communism? | |
| What are the characteristics of a mixed economy? | |
| Name the 3 economic indicators. Describe how well the U.S. is doing based on each indicator. | |
| What’s the difference between a recession and a depression? | |
| How does the government manage the economy using fiscal policy? | |
| What does the term monetary policy mean? | |
| What organization is responsible for monetary policy? | |
| What are the 2 main arguments for favoring the expansion of U.S. businesses into global markets? | |
| What is comparative advantage, and what are some examples of this concept at work in the U.S.? | |
| How are a nation’s balance of trade and balance of payments determined? | |
| What is meant by the term dumping in global trade? | |
| What are the advantages to a firm of using licensing as a method of entry in global markets? | |
| What are the disadvantages to a firm of using licensing as a method of entry in global markets? | |
| What services are usually provided by an export-trading company? | |
| What is the key difference between a joint venture and a strategic alliance? | |
| What makes a company a multinational corporation? | |
| What are the four major hurdles to successful global trade? | |
| What does ethnocentricity mean, and how can it affect global success? | |
| How would a low value of the dollar affect U.S. exports? | |
| What does the Foreign Corrupt Practices Act prohibit? | |
| What are the advantages and disadvantages of trade protectionism and of tariffs? | |
| What is the primary purpose of the WTO? | |
| What is the key objective of a common market like the EU? | |
| What three nations comprise NAFTA? | |
| What are the major threats to doing business in global markets? | |
| What key challenges must India and Russia face before becoming global economic leaders? | |
| What does the acronym BRIC stand for? | |
| What are the two primary concerns associated with offshore outsourcing? | |
| What are ethics? | |
| How do ethics differ from legality? | |
| When faced with ethical dilemmas, what can you ask that might help you make ethical decisions? | |
| What are compliance-based and integrity-based ethics codes? | |
| What are the six steps to follow in establishing an effective ethics program in a business? | |
| What is corporate social responsibility? | |
| How does corporate social responsibility relate to each of a business’s major stakeholders? | |
| What is a social audit, and what kinds of activities does it monitor? | |
| How are U.S. businesses demanding socially responsible behavior frm their international suppliers? | |
| It’s unlikely there will be a single set of international rules governing multinational companies,why? | |
| Most people who start businesses in the U.S. are sole proprietors. Advantages and disadvantages? | |
| Why would unlimited liability be considered a major drawback to sole proprietorships? | |
| What is the difference between a limited partner and a general partner? | |
| What are some of the advantages and disadvantages of partnerships? | |
| What are the major advantages and disadvantages of incorporating a business? | |
| What is the role of owners (stockholders) in the corporate hierarchy? | |
| Why are so many new businesses choosing a limited liability company form of ownership? | |
| What are some of the factors to consider before buying a franchise? | |
| What opportunities are available for starting a global franchise? | |
| What is a cooperative? |
Created by:
vwoodward1
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