Isom 125 quiz questions
The unemployment rate is the percentage of the total work force that is not working but is
Actively looking for work ?????
A code of ethics
All of the above
What type of business organization generated the most total sales
Corporation
The purchaser of a franchise is called the
Franchisee
Code of ethics
May be influential in determining a persons decision making behavior
... refers to a government's programs for controlling the amount of money in circulation
Monetary policy
... move resources, goods, services, and skills across national boundaries without regard to the country in which they are headquartered
Multinational corporations
... is the sense of national consciousness that boosts the culture and interests of one country over those of all other countries
Nationalism
Strategic giving
Not all of the above or a subset of social investing
In a(n) ...., a few sellers can exert substantial control over prices.
Oligopoly
The fact that a corporation has limited liability means
Owners liabilities are limited to the amount invested
Demography is the study of
People's vital statistics
... is the concern of businesses for the welfare of a society as a whole
Social responsibility
... is the concern of businesses for the welfwre of society as a whole
Social responsibility
The most common form of business organization is the
Sole propreitorship
A form of business ownership that is easiest to dissolve is the
Sole proprietorship
Which type of business organization experiences the least governmental regulation
Sole proprietorship
... are al the individuals or groups to whom a business has a responsibility
Stakeholders
The ..... of any country is measured by the output of goods and services people can buy with the money they have
Standard of living
... is the practice of tying philanthropy closely to the corporate mission or goals and targeting donations to regions where a company operates
Strategic giving
Inputs such as natural resources, labor, and entrepreneurship
factors of production
What is the primary difference between a good and a service
A good is tangible, and a service is intangible
In perfect competition, there is
A large number of sellers producing nearly identical products
Which of the following is an example of a demographic factor
A persons age
When a single firm accounts for 100 percent of industry sales, it is an example of:
A pure monopoly
Which of the following is an example of a business?
All of the above
Which of the following is an example of an unethical business activity
All of the above
Which of the following statements about ethical training is true
All of the above
Which of the following would be stakeholders for a manufacturer of agricultural pesticides
All of the above
Which if the following is a characteristic of pure competition
All the firms in the market sell similar products
Free trade
Allows companies to conduct business without licenses
In the 21st century, we define justice as
An equitable distribution of the burdens and rewards that society has to offer
Which of the following demographic groups is having the greatest impact on the growth of the franchising industry
Baby boomers
The ... is the total amount of money that flows in and out of a country
Balance of payments
The difference between a countrys total payments to other countries and its total receipts from other countries is called its
Balance of payments
corporate philanthropy
Can either be a cash or non cash donation
Individual ownership of property is a key element in
Capitalism
In a ...., the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.
Communist economic system
A domestic firm may decide to contract for the production of its goods by an established foreign manufacture. Such private label manufacturing by a foreign company is called
Contract manufacturing
A countrys .... is the set of beliefs, values, and social norms shared by members of a society that determines what is social acceptable
Culture
... is the quantity of a good or service that people are willing to buy at various prices
Demand
active ownership of a foreign company with direct investors having either w controlling or a large minority interest in the firm is called a
Direct foreign investment
Which of the following words best describes the business environment?
Dynamic
tears of corporate responsibility pyramid (from bottom up)
Economic, legal, ethical, philanthropic
A total prohibition against importing certain products
Embargo
A retailer that allowed its employees to handle a customer complaint without having to ask for permission or direction from management would have
Empowered its employees to help customers
... combine the inputs in the production of goods and services for what are intended to be profitable ventures
Entrepreneurs
When demand and supply meet, the price of the product or service is established. This is the point of:
Equilibrium
Is the set of moral standards for judging whether something is right or wrong
Ethics
The ... prints money and controls its circulation
Federal reserve system
When the government raises taxes in consumers and businesses, it is dealing with ... policy
Fiscal
When the government raises taxes on consumers and businesses, it is dealing with ... policy.
Fiscal
The headquarters, seller, and supplier of the service or method of operation if a franchise is called the
Franchisor
A preferential tariff
Gives tariff advantages to one country over others
The most basic measure of economic growth is
Gross domestic product
World Trade Organization
Has emerged as the worlds most powerful institution for reducing trade barriers and opening markets
One of the keys to ethical business behavior is
How the company's top management conducts themselves
... are limits on the quantity of certain types of goods that can be imported over a period of time
Import quotas
The situation in which the average of all prices of a product is rising is called
Inflation
The situation in which the average of all prices of products is rising is called
Inflation
Utilitarianism
Is difficult to implement because it is hard to tell someone how on decision will impact a large number of people
Social investing
Is the practice of limiting investments to companies that have ethical policies that match those of the investor
A type of business entity that provides liability protection but is taxed like a partnership is a
Joint venture
An enterprise in which two or more firms or investors share ownership of a business and its property rights is called a
Joint venture
Another factor influencing business ethics is ..., or what is fair according to prevailing standards of society
Justice
The fifth factor of production identified by many managers and academicians is
Knowledge
... are workers who create, distribute, and apply knowledge
Knowledge workers
... are corporate takeovers financed by large amounts of borrowed money
Leveraged buyouts
The c corporation is another term for
Limited liability companies
A market in which there are a large number of firms that differentiate their products is called
Monopolistic competition
... is the amount of money remaining from a firm's sales revenue after it deducts production costs, interest costs, and taxes
Profit
... is the money a conpany earns from providing services or selling goods to customers.
Revenue
Which of the following is an example of a trend in ethics and social responsibility
Strategic giving
The quantity of a product or service that businesses will make available at various prices is called
Supply
Which of the following is the best example of a good
The birthday candles
Which of the following is an example of an ethical business activity
The employee reported to his supervisors that a coworker had misappropriated company funds
The quality of life is
The general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time
Which of the following statements about social responsibility is true
The obligation that a business has to act socially responsible extends beyond the investors in the company to include workers, suppliers, consumers, and communities
Which if the following is the best example of a service
The pleasure you derive from seeing a good play ???
How does the current boom in mergers and acquisitions differ from ones in earlier years
There is a greater number of US and foreign companies making cross-boarder acquisitions
Why do most large companies have outside directors on their boards
To bring a fresh view to all of the corporations activities
A country that imports more goods than it exports is said to have an
Unfavorable balance of trade
A term that means that business damages and/or debts can also be attached to the person assets of the owners is ... liability
Unlimited
.... is a philosophy that focuses on the consequences of an action to determine whether it is right or wrong. This philosophy holds that an action that affects the majority adversely is morally wrong.
Utilitarianism
Social Responsibility goes beyond obligations provided by law or union contract. Two important aspects of social responsibility are that the obligation is both
Voluntary and broad
A country that exports more goods than it imports is said to have a
favorable balance of trade
A corporation has
The ability to attract financing