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