Business 1301 Exam 1

In 1982, the total expenditure of the government of Kargenia, a European country, exceeded its revenue by a substantial amount. This forced the government of Kargenia to borrow funds to meet its legal obligations. In this scenario, the government of Kargenia incurred a _____ in 1982

budget deficit

Which of the following statements is true of an ethics code?

A written code is worthless if it does not reflect living principles.

The _____ was an $825 billion economic stimulus package, passed by Congress, designed to turn the economy by cutting taxes, building infrastructure, and investing in green energy

American Recovery and Reinvestment Act

Which of the following can be considered a business?

Davent, an online shopping portal that offers discounted prices on clothes

In the context of American culture, which of the following is one of the don'ts for better listening?

Don't get overly comfortable.

Larry is part of the Board of Governors that manages U.S. monetary policy. He has been elected by the President to serve a single 14-year term. In addition to setting the monetary policy, he is responsible for extending banking services to commercial banks. In this scenario, Larry is most likely part of the _____.

Federal Reserve

In the context of the various roles employees take up in an organization, who among the following are least likely to spend most of their time listening?

Hourly employees

_____ means buying products domestically that have been produced or grown in foreign nations.

Importing

_____ range from simple barter to a complex web of exchanges that end up meeting the needs of multiple parties.

Individual countertrade agreements

Which of the following statements is true of the Troubled Assets Relief Program (TARP)?

It ended up costing taxpayers far less than expected

Which of the following statements is true of profit in a business?

It is the financial reward that comes from starting and running a business.

Which of the following statements is true of international trade?

It offers companies an invaluable source of new ideas

_____ is a form of communication that does not involve the use words.

Nonverbal communication

Vertiaplume, a drug manufacturing company, exports its products to more than 15 countries around the world. Regardless of reduced sales in one of these countries, Vertiaplume is able to maintain its overall profits. In the given scenario, which of the following is a reason behind Vertiaplume's ability to maintain its overall profits?

Reduced risk

In the context of the history of American business, which of the following statements is true of the production era?

The assembly line became standard across major manufacturing industries.

Which of the following statements is true of effective business communication?

The speaker should seek and understand feedback from the speaker's audience.

Which of the following factors is likely to create a language barrier to communication?

The use of slang

In the context of the history of American business, which of the following statements is true of the industrial revolution?

There was a loss of individual ownership in the production process

Which of the following statements is true of organizational barriers to communication?

They are hard to change.

In the context of today's business environment, which of the following statements is true of millennials?

They can be trained and developed to fill the leadership gap that is being created by the retirement of baby boomers

Which of the following is a characteristic of entrepreneurs?

They risk their time, money, and other resources to start and manage their business.

The controversial $700 billion economic bailout plan passed by Congress in early October 2008 was called the _____.

Troubled Assets Relief Program

Which of the following is a difference between the millennial generation and Generation Z?

Unlike the millennial generation, Generation Z approaches adulthood planning to work for success.

Identify a true statement about the debt ceiling

Voting on the debt ceiling happens separately from voting on taxes and spending.

In the context of business ethics, _____ involves clear misconduct, unlike an ethical dilemma that involves a conflict of values.

an ethical lapse

A _____ refers to the overage that occurs when more money flows into a nation than out of that nation

balance of payments surplus

As globalization gains speed, intercultural communication will:

become increasingly pivotal to long-term business success.

The Fed directly stimulates spending by

buying government securities.

When the industries in a country tend to produce products that have the lowest opportunity cost relative to other countries, the country most likely has a _____.

comparative advantage

In its role as a banker for banks, the Fed:

coordinates the check-clearing process for checks on behalf of any banks that are willing to pay its fees.

Companies typically engage in _____ to meet the needs of customers that don't have access to hard currency or credit.

countertrade

In the context of the legal and ethical dimensions of business conduct, it is illegal and unethical to:

engage in sexual harassment.

Compared to the United States, China and India have:

higher gross domestic product growth rates.

In the context of the legal and ethical dimensions of business conduct, embezzling money is:

illegal and unethical.

Microeconomics focuses on:

individual businesses

In the context of the legal and ethical dimensions of business conduct, it is legal and ethical to:

lead by example.

In the context of the legal and ethical dimensions of business conduct, rewarding integrity is an example of _____.

legal and ethical behavior

Promoting high-calorie/low-nutrient foods with inadequate information about the risks is a(n) _____ practice.

legal but unethical

In the United States, people come from such diverse backgrounds that establishing broad agreement on specific ethical standards can be daunting. In this situation, a given country's _____ provides a solid starting point for examining ethical standards.

legal system

When a business brings in less money than it needs to cover expenses, it incurs a _____.

loss

In the context of challenges to effective communication, the term _____ refers to any interference that causes the message you send to be different from the message your audience understands.

noise

In its role as a regulator, the Fed

oversees mergers and acquisitions

Uncomfortable chairs at a conference can create a(n) _____ to communication.

physical barrier

In the context of communication barriers, _____ can range from a document that looks like a wall of type to a room that's freezing cold.

physical barriers

In the context of the history of American business, during the _____, jobs became more specialized, increasing productivity and lowering costs and prices

production era

In the _____, leading-edge firms look beyond each immediate transaction with a customer and aim to build long-term ties.

relationship era

Ethics refer to:

sets of beliefs about right and wrong.

The obligation of a business to contribute to society is referred to as _____.

social responsibility

The term _____ refers to the shortfall that occurs when the total value of a nation's imports is higher than the total value of its exports

trade deficit

When the total value of a nation's exports is higher than the total value of its imports, that country has a(n) _____.

trade surplus