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
