EGCC - BUS101 Intro to Business - Ch. 1-2 - Quiz
What is the primary difference between a good and a service?
A good is tangible, and a service is intangible.
Summer Dean was walking through the mall and found a gym bag lying on the ground. The decision Dean must make as to whether to keep the gym bag and its contents for herself or turn it into the mall's lost and found department involves:
Ethics
_____ is the set of moral standards for judging whether something is right or wrong.
Ethics
T/F: All businesses approach ethics the same way.
False
T/F: As a factor of production, capital includes money.
False
T/F: Ethical decision making begins in the marketing department.
False
T/F: Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior.
False
T/F: If the company wants employees to take ethical training seriously, the training should not include games.
False
T/F: Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.
False
T/F: Not-for-profit organizations have the same goals as for-profit organizations.
False
T/F: Some global corporations are large enough to create major changes in the external environment.
False
T/F: The major difference between a good and a service is how the producer uses the factors of production to create each.
False
T/F: The philosophy of utilitarianism is used to explain why restaurants, theaters, and hotels should make themselves handicapped accessible.
False
T/F: To be a useful code of ethics, the code should offer broad policies and procedures rather than detailed rules.
False
T/F: A business is an organization that strives for a profit by providing goods and services desired by its customers.
True
T/F: Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions.
True
T/F: Factors of production are common to all productive activities, regardless of the economic system.
True
T/F: Human rights include an individual's right to life, to freedom, and to the pursuit of happiness.
True
T/F: Many people consider knowledge to be a fifth factor of production.
True
T/F: People who combine natural resources, labor, and capital in a profitable venture are called entrepreneurs.
True
T/F: Social responsibility is a voluntary obligation.
True
T/F: The distributive process by which the burdens and rewards that society has to offer are shared varies from society to society.
True
T/F: The most basic responsibility of all businesses is its economic responsibility.
True
Which of the following businesses provides its customers with a good?
bicycle manufacturer
Utilitarianism:
is difficult to implement because it is hard to tell how one decision will impact a large number of people
Mamma's Diner was a small restaurant that was a popular hangout for many Bedford College students, but because of the owner's inability to make the bathroom stalls handicapped accessible for the one wheel-chair student on campus, it was forced to close down. The belief that this it was morally wrong to deprive the majority of the people of this experience is an expression of the philosophy associated with:
utilitarianism
Another factor influencing business ethics is _____, or what is fair according to prevailing standards of society.
Justice
_____ 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
Which of the following statements about utilitarianism is true?
Utilitarianism holds that an action that affects the majority adversely is morally wrong.
Which of the following statements about utilitarianism is true?
Utilitarianism is designed to create both winners and losers.
Which of the following businesses provides its customers with a service?
a law office
Which of the following is an example of a business?
all of the above - Ford Motor Company, Wal-Mart, Lawson & Tyler Law Offices, Jack & Jill, as specialty clothing store for young children
In the 21st century, we define justice as
an equitable distribution of the burdens and rewards that society has to offer
The standard of living in any country is:
measured by the output of goods and services people can buy with the money they have
The _____ of any country is measured by the output of goods and services people can buy with the money they have.
standard of living
Which of the following countries has a high standard of living?
the United States
Which of the following is NOT an example of a good that would be sold in a department store?
the advice of a wedding planner
Which of the following is the best example of a good?
the birthday candles you purchased to go on your sister's birthday cake
Which of the following is the best example of a service?
the pleasure you derive from seeing a good play
Criticism of South Africa's post-apartheid government contends that the new government has not extended liberties to its black majority population, but has instead concentrated on proving to a white minority that a black-run administration can govern a reasonably sophisticated economy and society. The belief that the new South African government is behaving unethically is an expression of the philosophy associated with:
utilitarianism