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BUS101Test1

QuestionAnswer
what term denotes a nation's basis for allocating it's resources among it's citizens? b.economic system
what is the price at which the quantity of goods demanded and the quantity of goods supplied are equal? a. the market price
which of the following exists when an industry or market has only one producer? e. monopoly
which of the following measures indicates the prices of typical products purchased by American consumers living in urban areas? e. consumer price index pg 22
what are profits? D. difference between revenue and expenses
Which of the following represents a potential ethical implication that the company should consider before beginning production? a.the country's existing labor laws and the factory working conditions
what marks the key difference between economic systems? dthe way they manage the factors of production
what term do economists use for the pattern of short term expansions and contractions in the economy? b. business cycle
ESSAY!!! What is measured by the consumer price index (CPI)? the prices of typical products purchased by American consumers living in urban areas
ESSAY!!! Differentiate between gross national product (GNP) gross domestic product (GDP). gnp is the total of what the company produces regardless of location and gdp is the factors of production produced domestically
How do top managers best demonstrate a commitment to ethical business practices? b. by adopting written codes of ethics
What term refers to the way in which a business tries to balance it's commitments to groups and individuals in it's social environment? a. social responsibility
What is the term given to groups, individuals and organizations that are directly affected by the practices of an organization? a. organizational stakeholders
Which of the following occurs when someone uses confidential information to gain from the purchase or sale of stocks? a. insider trading
What does the sarbanes-oxley act of 2002 require a chief financial officer to do? e. guarantee the accuracy of financial reporting
If a firm hides responsibility for wrong doing, what type of stance are they taking towards social responsibility? b. obstructionist
Dara's Dress Shop was honored last year for it's strong commitment to corporate social responsibility. Which of the following would most likely decrease her shops chances of being recognized again this year? d. many of the dresses are made from fabrics spun by unprotected child laborers
Which of the following organizations has as it's primary function the regulation of advertising and pricing practices? a. Federal Trade Commission
ESSAY!!! What is collusion? Two or more firms collaborate on wrongful acts such as price fixing
ESSAY!!! What would constitute a conflict of interest in a business setting? When an activity may benefit an individual do the detriment of his or her employer
Which of the following types of businesses is most common in the US? b. Sole Proprietorships
Which form of business ownership generates the most sales in the US? e. Corporation P 75
Which type of business is legally considered a separate entity from it's owners and it liable for it's own debts? c. corporation
Who are the owners of a corporation? a. Stockholders
The United States Department of Commerce considers a business small if it has fewer than how many employees? e. 50
Which of the following is the most significant disadvantage of franchising? b. high start up costs
Which of the following is the most significant recent trend in small business start ups? d. emergence of e-commerce
Which of the following legal forms of business is owned and usually operated by the person who is responsible for it's debts? c. sole proprietorship
ESSAY!!! What is an entrepreneur? Business person who accepts the risks and opportunities involved in creating and operating a new business venture
ESSAY!!! Why might an entrepreneur wish to purchase an existing business rather than start one from scratch? The odds of success are better because it's already proven it's ability to attract customers and produce profit and already has established relationships
Which of the following refers to the situation when a country's imports exceeds it's exports? a. Trade Deficit
Which of the following buys products in foreign markets and then sells them for resale in it's home country? b. importer
Which of the following denotes a government order for bidding exportation or importation of a particular product from a particular country? b. embargo
Many governments require that products sold in their country be at least partly made there. This policy involves what type of law? d. local content law
Which of the following refers to associations of producers that control supply and prices? d. cartels
Which of the following countries is the world's third largest economy behind the US and Japan? b. China
The value of the US dollar relative to the value of the British pound fluctuates with market conditions. What is this type of exchange rate? e. floating P96
Which of the following exists when a country can produce something more cheaply and higher quality than any other country can? a. absolute advantage
ESSAY!!! How has NAFTA (North American Free Trade Agreement) influenced international trade IT removes most tariffs and other trade barriers between the US Canada and Mexico
ESSAY!!! What is a cartel? Use an example to clarify your response. associations of producers that control supply and prices like OPEC
Which type of manager spends most of their time working with and supervising the employees who report to them? c. first line managers
Which type of manager is responsible for implementing the strategies, policies, and decisions made by top managers? a. middle manager
What type of skills are needed to understand and work well with people in the workplace? a. human relation skills
What type of skills require defining problems and selecting the best course of action to take? d. decision making skills
If Kodak sets out to increase it's share of the 35mm film market by 10% during the next 8 years, what kind of goal is the organization setting? d. long term goal
What does e-partnering involve? a. buying shares of small companies that provide technology that's unavailable to the purchasing company
Which element of an organization is defined by shared experiences, stories, beliefs, and norms? a. it's corporate culture
Steve motivates employees by rewarding them with additional vacation when standards are achieved. This is an example of which function in the management process? a. marketing b. planning c. leading d. strategizing e. organizing P117
ESSAY!!! What is a mission statement? Statement of how they will achieve their purpose and the environment in which they conduct their business
ESSAY!!! What is a SWOT analysis? Identification and analysis of organizational Strengths Weaknesses environmental opportunities and threats as part of strategy formulation
Created by: jenysis