Intro to business

List the 5 essential steps of the decision-making process

Identify the situation identify the possible courses of action pros and cons make a decision evaluate your decision

What is the difference between wants and needs? Give examples

Needs are things a person must have for survival, and wants are things you don't need to survive. Needs- water, food, shelter, and clothes wants- toys

To avoid failure of business can modify... a. It's business practices b. it's services c. it's products d. all the above

All the above

When you encounter an ethical dilemma, what are two of the three important questions you should ask yourself?

Am I breaking the law? Am I risking long term benefits for short term gains?

You are having your house remodeled. Are you paying goods, services, or both?

Both because you have to pay for the resources/materials and you have to pay for the labor.

In 1970 the US government created the______ which in forces rules that protect the environment and control pollution

EPA

All unethical behaviors are illegal. True or False

False

Competition among businesses hurts the consumer True or false?

False

Different cultures, businesses, and the industries have the same ethical standards for uniformity in international commerce. True or False

False

Explain the difference between a renewable natural resource and a nonrenewable natural resource. Give two examples of each.

Renewable resources can naturally replenish themselves while nonrenewable resources cannot. Nonrenewable- oil or steel Renewable- Plastic water bottles or solar energy

Every type of business needs labor resources to produce goods and provide services. True or false?

True

What are two of the three basic economic questions?

What goods and services should be produced? How should the goods and services be produced?

Some firms limit the damage they do to the environment by a. using recycled or recyclable paper b. using renewable energy sources c. installing filtration systems to reduce air pollution d. all the above

d. all the above

All of the following involve offering services EXCEPT a. DVDs b. construction c. banking d. tourism

a. DVDs

Scarcity occurs when? a. demand exceeds supply b. conservation is at an all time high c. consumers' needs exceed wants

a. Demand exceeds supply

An individual who undertakes the creation, organization, and ownership of a business a. Entrepreneur b. Economics c. Labor Resources

a. Entrepreneur

A conflict of interest is a conflict between self interest and a. professional obligation b. unfair practices c. another person's self interest

a. Professional obligation

The duty to do what is best for the good of society a. social responsibility b. business ethics c. benefit d. sweatshops e. ethics f. code of ethics

a. Social responsibility

Bribery occurs when gifts, money, or favors are offered. a. to encourage business deals b. as bonuses to managers c. in lieu of wages

a. To encourage business deals

Keeping an accurate accounting records is.... a. unethical and illegal b. deceptive but not illegal c. unethical and legal

a. Unethical and illegal

The __________ is the point at which the quantity demanded and quantity supplied meet. a. equilibrium price b. mixed economy c. scarcity

a. equilibrium price

In a command economy, recourses and businesses are owned and controlled a. privately b. by the government c. by groups of people in a co-op

b. By the government

When developing a product or service of business must do all of the following except a. keep records to satisfy government requirements b. create a need for the product or service c. obtain start up and operating capital (money) d. evaluate the demand for the product or service

b. Create a need for the product or service

The decision to stop Manufacturing products in often because there is a decreasing ______ for them. a. profit b. demand c. goals

b. Demand

In a market economy, resources are a. plentiful b. privately owned c. shared

b. Privately owned

Rules based on moral principles about how businesses and employees ought to conduct themselves a. social responsibility b. business ethics c. benefit d. sweatshops e. ethics f. code of ethics

b. business ethics

The federal agency that enforced the laws that protect consumers forms dangerous or falsely advertised is known by the acronym. a. OSHA b. FCC c. FDA

c. FDA

Competition forces businesses to... a. file for bankruptcy b. Drive their competitors out of business c. lower their prices

c. Lower their prices

OSHA stands for a. Occupational Safety and Health Agency b. Occupational Site and Health Administration c. Occupational Safety and Health Administration

c. Occupational safety and health administration

Something that does good to a person or thing a. social responsibility b. business ethics c. benefit d. sweatshops e. ethics f. code of ethics

c. benefit

In a market economy, resources are a. scarce b. plentiful c. privately owned d. shared

c. privately owned

Businesses supply goods and services a. to compete with each other b. to benefit the community c. to make a profit

c. to make a profit

The legislation that mandates truthful reporting and makes the CEO more accountable for the actions of the financial managers of a firm is the a. Feinstin-Frist Act b. Kennedy-DeLay Act c. Taft-Wheely Act d. Sarbanes-Oxley Act

d. Sarbanes-Oxley Act

For a business to stay successful, they must offer a. outstanding service b. quality products c. competitive prices d. all of the above

d. all of the above

For businesses to stay successful, they must offer a. quality products b. outstanding service c. competitive prices d. all the above

d. all the above

A shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions a. social responsibility b. business ethics c. benefit d. sweatshops e. ethics f. code of ethics

d. sweatshops

Businesses supply goods and services a. to compete with each other b. to satisfy their customers' wants c. to benefits the community d. to make a profit

d. to make a profit

Moral principles by which people conduct themselves personally, socially, or professionally a. social responsibility b. business ethics c. benefit d. sweatshops e. ethics f. code of ethics

e. ethics

A set of guidelines for maintaining ethics is a workplace. a. social responsibility b. business ethics c. benefit d. sweatshops e. ethics f. code of ethics

f. code of ethics