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Intro to Business

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Responsibility
If a business is to be successful in the long run, it must treat its customers, employees, and community with social
manufacturing
In the history of the american economy, the period or stage following the industrial revolution was know for its emphasis on
managers
The functions of organizing, staffing, planning, and controlling are most closely associated with
socialism
has government ownership of the factors of production
computers
Is not associated with the industrial revolution
communist societies
appear to be efficient and equitable, at least in theory
spending declines
economic contraction occurs when
monopolistic competition
when businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably
pure capitalism there is less government regulation
the difference between pure capitalism and modified capitalism is that under
profit
businesses differ from nonprofit organizations in that a business's focus is on
False
nonprofit organizations such as habitat for humanity do not engage in management, marketing, or finance activities
true
economic expansion occurs when an economy is growing and people are spending more money
true
thomas edison was an american entrepreneur
false
monopolistic competition exists when there is only one producer of a product in a given market
true
a product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition
profit
the goal of business is to earn
business profit
Is not a product
true
the focus of all marketing activities is customer satisfaction
true
entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something
...
is not associated with the manufacturing economy
...
involves activities designed to provide goods and services that fulfill needs and desires of consumers
...
central government provide basic services
...
false about business ethics
trust
ethical violations destroy
...
the sarbanes-oxley act was passed to
all of the above
have been cited as incidents of unethical business activity recently
ethical issues are limited to for-profit organizations
which of the following statements is false
Using your cell phone to make a doctor's appointment during your lunch break
which of the following is not considered unethical behavior in the workplace
a bribe
in the united states, if a businessperson brought an elaborately wrapped gift to a prospective client on their first meeting, it might be viewed as
conflicts of interest
if a corporate manager makes a decision that results in personal financial benefit while the company's owners lose financially, this is an ethical issue related to
bribery
if the owner of a toy store seeking a price reduction givees the manager of a toy manufacturing company a new personal computer, the toy-store owner is using which approach to influence the manufacturer's decision making
. politely turn it down and discuss the offer with her boss
a supplier of a component part has offered karen's family a free two-week cruise if his firm gets a very large order from karen's company. the most ethical course of action for karen to take would be to
fairness and honesty
That businesspeople are expected not to harm customers, clients, and competitors knowingly through deception, misrepresentation, coercion, or discrimination is part of
fairness and honesty
When the video game marketer Nintendo was investigated for allegedly raising prices excessively during the Christmas buying season and thereby manipulating the supply of games available at that time, this was an ethical issue concerned primarily with
communications
When Kellogg changed the name of its Heartwise cereal to Fiberwise, it was in response to growing concern from the public and the government about unsubstantiated health claims. The primary area of ethical concern in this case was questionable
Communications
The Surgeon General's warning on cigarette packages about the health implications of smoking is an example of which of the following ethical issues
keeping company secrets
The following behavior is an example of ethical consideration within business relationships
business relationships
If a manager pressures a subordinate to engage in activities that he or she may otherwise view as unethical, such as accounting fraud or stealing a competitor's secrets, there exists an ethical issue related to
plagiarism
If an employee learned of a significant cost-saving idea from a coworker and then informed management of the idea without revealing its true source, then the employee would be involved in
code of ethics
A set of formalized rules and standards that describe what a company expects of its employees is called a
Whistleblowing
What occurs when an employee exposes an employer's wrongdoing to outsiders
limiting the opportunity to behave unethically by providing punishments for violations of the rules and standards
Codes of ethics foster ethical behavior by
depend totally on employees' personal ethics
Unethical behavior in business can be reduced if management does all of the following except
...
According to the text, ethical decisions in an organization are influenced by (1) individual moral standards, (2) the influence of managers and co-workers, and (3)
Understanding that individual moral standards, the influence of managers and coworkers, and opportunity influence ethical behavior
Which of the following should help reduce the incidence of unethical behavior in an organization
Economic
Being profitable relates to which social responsibility dimension
Altruistic
Which of the following is not one of the dimensions of social responsibility
All of the above
Which of the following began as a small business based on the entrepreneurial vision of its founders
500 people
Your textbook uses the term small business to refer to an owner-managed business that employs not more than
It employs more than 500 employees
Which of the following is not part of the definition of a small business
as an independent agency of the federal government to provide managerial and financial assistance to small businesses
The Small Business Administration was established
minorities such as Hispanics, African Americans, and Native Americans
Which of the following groups is most rapidly increasing their presence in the business world
small businesses
The majority of all new jobs created in the United States in recent years were generated by
their ability to innovate and bring significant changes and benefits to customers
Perhaps one of the most significant strengths of small businesses is
Retailing and wholesaling, services, manufacturing, and high technology
Which of the following fields are most attractive to small businesses
Retailing requires a large capital investment
Which of the following is not a reason why small businesses choose to become retailers
equipment and distribution systems
In the context of starting a new business, a retailer differs from a manufacturer in that the retailer is less likely to make a heavy investment in
sell their services to consumers
Many service businesses are considered retailers because they
service providers
One of the fastest growing sectors of the U.S. economy is represented by
be their own boss
One of the major reasons people want to own and operate their own business is to
flexibility
When market conditions change rapidly, a small business usually has fewer layers of management to work through in making decisions. This advantage of small business is
Lower cost of formation
Which of the following is an advantage of small-business ownership
Over-optimism
Which of the following is not an advantage of small-business ownership
are better able to focus on a few key customers
One advantage that small businesses have over large businesses is that they
an enviable reputation for quality and service
A small business's ability to focus on narrow niches can help it develop
a high stress level
Worries about new equipment, expanding inventory, rent increases, competition, changing market conditions, and the like may contribute to
very high
Although some businesses are less risky than others, overall the financial risks of running a small business are
High failure rate
Which of the following is a disadvantage of small-business ownership
reputation
All of the following concerns contribute to high stress levels for small-business owners except
is not guaranteed
Small business success
Entrepreneurial vision
Which of the following is not a common cause of small business failure
from the start
Few businesses make money