BAD10 STUDY GUIDE

From this week's video, what information can businesses obtain from market research does Steve Jobs mention?

What your customers think and want

Which of the following would NOT be an associated negative faced by a business that is focused on cheating the customer?

a desirable reputation in the community

Which of the following occurs when real GDP reaches its maximum, stops rising, and begins to decline?

a peak

Which of the following is NOT an acceptable use of surplus revenues generated by a non-profit?

distribution to shareholders

The difference between a firm's total revenue and all costs represents

economic profit

Fairness in trading practices, trading condition, sales practices, consultancy service, tax payments, internal audits, external audits, and executive compensation also fall under what field?

finance and accounting

Opponents of socialism see private ownership of the means of production and the market exchange as natural entities or moral rights which are central to their conceptions of

freedom and liberty

Which of the following does transparency imply?

All of these answers openness communication accountability

What is business ethics?

Written and unwritten codes of principles and values that govern decisions and actions within a company

From this week's video, what are the limitations of market research that Steve Jobs mentions?

a company can't predict something that a customer doesn't quite know they want yet

How many times should you decline a gift in China?

3 times

Which of the following is the best explanation of radical transparency?

A management method where nearly all decision making is carried out publicly

How is a stakeholder different from a shareholder?

A shareholder is an owner of the company, whereas a stakeholder is any individual or group with an interest in the company's operations and/or output.

From this week's video, what is opportunity cost?

whatever you give up to do something

What is theoretical ethics?

All of these answers A way of discovering and delineating right from wrong The consideration of how we develop the rules and principles by which to judge and guide meaningful decision-making The rational reflection on what is right, what is wrong, what is just, what is unjust, what is good, and what is bad in terms of human behavior

Which of the following is an element that makes ethical behavior conducive within an organization?

All of these answers A written code of ethics and standards Availability for advice on ethical situations Systems for confidential reporting

What can you do to improve your credit score?

EX. A good way to improve your credit card is to not have many credit cards, no more than 3. Make sure you do not go over 30% credit limit through all lines, I personally would recommend no more than 15%. Make sure you ask for credit card limit raises. Pay your credit card on time and have little to none before the end of the month. I used to have a credit score in the 600s and in 6 months I raised my score all the way up to 768. Student debt is a good debt to have because it helps raise your credit score. There is good debt and their is bad debt. An example of bad debt would be a car loan, however creditors do like to see a mix of credit when applying for a larger loan. Financing what is considered an asset helps increase your credit score. To keep your credit score high you must be able to determine if you can afford what you are to buy. If you cannot afford it, it is simple, do not put it on your credit card.

The reasoning behind the creation of the Euro can best be explained as a means to

Integrate the European countries

in terms of supply and demand, what is the quantity of a product that people are willing to buy most dependent upon?

Its price

Which of the following would constitute as a technological barrier to trade?

Product standards

What is the process managers use to transfer authority and responsibility to positions below them?

delegation

Complete the following sentence. Tariffs, as they relate to global trade, are

Taxes on imports

All workers benefit from international trade because

They have more options as consumers

Which of the following best explains why the equitable pay of workers may potentially lead to emotional unrest between them?

They may wish to be specifically recognized for their work.

Which of the following basic business processes has the Internet NOT been increasingly used for?

bookkeeping

What is the process in which a government dictates which goods or services are produced, how they are produced, and who will receive them?

central planning

Which of the following fields would be most concerned with the comparison of business ethical traditions from various religious perspectives?

international business ethics

IT is changing the basis of business from labor and manual skills to

knowledge management

According to economist Milton Friedman, the main purpose of a business is to

maximize profits for its owners

What is the primary tool of monetary policy?

open market operations

In a mixed economy, what remains as the fundamental driving force behind economic activity?

profit-seeking

What color is not associated with death in Chinese culture?

red

Issues such as dangerous products/services; transparency about environmental risks, product ingredients, or possible health risks; respect for consumer privacy and autonomy; and fairness in pricing and distribution arise in which field?

sales and marketing

What event occurred alongside the development of industrial capitalism in 19th Century Britain?

universal adult male suffrage

Which of the following characteristics of the service sector distinguish it from the product sector?

All of these answers Knowledge and information technology Ever-changing business processes Unique financial, regulatory, and investment structures

The World bank incorporates which of these studies in fighting poverty of developing countries?

All of these answers Local groups' actions Financial situation Economic situation

Tariffs are often viewed by economists to be bad for overall welfare because:

All of these answers Tariffs are anti-poor Tariffs hurt the developing world Tariffs limit choices for products

The theory of competitive advantage can best be explained as suggesting that

Businesses create high-quality goods to sell at high prices in the market

Based on what you learned from this week's video, think of an example of a benefit and cost analysis that pertains to your own life.

EX. I go to college full time and it costs me money to do it. I do it because I will benefit from it and I can advance in my career. The cost is that I have spend time doing schoolwork and studying when I could be doing hobbies. I chose that school is important to me and chose it over what I rather be doing.

Assuming the US is efficient in growing corn and therefore sells it to other countries. We call this

Exporting