Business exam

The benefits of a general partnership include its

Ability to pool financial resources

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

Collaborate with other medical clinics to guarantee low prices in low-income counties

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

Collaborate with other medical clinics to guarantee low prices in low-income countries

In the context of balance sheets, the accounting equation tells us that the value of a firm's assets must be

Equal to the amount of financing provided by owners plus the amount provided by credits to purchase those assets

Which of the following is a duty of socially responsible organization toward its customers

Following laws that prevent anticompetitive behavior such as predatory pricing

________perform a variety of accounting functions for local, state, or federal agencies, such as the Internal Revenue Service (IRS) and the Federal Deposit Insurance Corporation (FDIC)

Government accounts

Joshua and Hubert are the co-owners of a shoe manufacturing company. They have a disagreement over company policies and business methods. Following the discord, Joshua withdraws from the company and comes under the obligation to pay a sum of $10,000—the debts of the firm that are due at the time of his withdrawal. In the given scenario, Joshua and Hubert most likely________

Have a general partnership

Alfred, a human resource manager at an IT firm, reasons, "Although everyone should be given an equal opportunity, but for once it is fine to give my friend the first shot at the opening in my company because I know he really needs the job." In this context, which of the following statements is most likely true of Alfred?

He views ethics as relative.

In the context of a SWOT analysis (strengths, weaknesses, opportunities, and threats), which of the following is an example of a potential internal weakness

Inadequate financial resources

Which of the following statements is true of human skills

Managers with strong human skills can typically mobilize support for initiatives and find win-win solutions for conflicts.

In the context of Maslow's hierarchy of needs theory, the scenario that reflects the fulfillment of the self-actualization needs of an employee is him or her

Participating in a campaign to feed the poor

When people use the term "corporation" without specifying which type, they are generally referring to a

S corporation

Which of the following is true of balance sheets

The balance sheets of different firms vary in specifics.

According to Maslow's hierarchy of needs theory, social need refers to

The need to feel connected to others

In the context of strategic planning, which of the following is true of mission statements

They provide a clear, long-term focus for an organization.

The_______of a firm includes managers who set the overall direction of the firm, articulating a vision, establishing priorities, and allocating time, money, and other resources

Top management

In the context of financial accounting, the external stakeholders of a firm

are seldom interested in analyzing detailed accounting information about the individual departments within the firm.

In the context of balance sheets, resources owned by a firm are known as

assets

The three kinds of basic financial statements that are prepared in financial accounting are

balance sheet, income statement, statement of cash flows

In the context of management skills _______ refer to the ability of managers to grasp a big picture view of the overall organization and the relationship between its various parts

conceptual skills

The basic rules governing how a corporation is organized and how it conducts its business are known as

corporate bylaws

In the context of balance sheets, accounts receivable is an example of

current assets

Similar to a corporation, all owners of a limited liability company (LLC)

have restricted debts

A firm considers _____ to increase size and market power within the industry.

horizontal mergers

A typical partnership agreement includes details about

how partners will settle disagreements

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

illegal and unethical

The chairman of a welfare organization asks an employee to head a fundraising activity. The employee, however, embezzles $250,000 from the funds raised from the activity and falsifies financial records. In this scenario, the behavior of the employee is _____.

illegal and unethical

In the context of corporate restructuring, a common objective of a horizontal merger is to

improve efficiency by eliminating duplication of facilities and personnel.

In the context of balance sheets, patents, trademarks, and copyrights are examples of

intangible assets

Since sole proprietorships are extensions of their owners, they:

lack of permanence

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

legal but unethical

___________ provide analysis and prepare reports and financial statements for their organization

management accountants

Universal ethical standards can solve the problem of too many people viewing ethics as

relative

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

Albert is the owner of a car service center. As a sole proprietor, any profit that he earns is:

treated as Albert's personal income