BUSI 100 QUESTIONS AND ANSWERS
Mark Twain has the famous quote of: "a classic is a book that people praise and don't
read". Would Henry David Thoreau agree with this statement? - Answers - Yes
Which of the following phrases is from Thoreau? - Answers - "The works of the great
poets have never yet been read by mankind, for only great poets can read them"
Thoreau notes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise -
Answers - false - most men have learned to keep accounts and not be cheated in trade
but of reading as a noble intellectual exercise they know little or nothing.
What are Thoreau's answers to the questions implicit in the title "Where I lived and
What I lived For"? - Answers - He lived in a cabin in the woods, he lived fully and
deliberately as possible for the sake of understanding the meaning of life.
What arguments does Thoreau present in "Solitude" to demonstrate that he is not lonely
in his isolated situation? - Answers - He is part of the Milky Way. He is surrounded by
countless living creatures. He feels close to the natural sources of life.
What does Thoreau mean by "Simplify, Simplify" ? Do you think he has a valid point? -
Answers - Thoreau feels that busyness and clutter stop people from deliberating
(thinking.)
Thoreau would agree with the statement that people forfeit their lives doing what society
tells them
T OR F - Answers - True
Thoreau's attitude toward individuality and conformity - Answers - people must follow
their inner voice so as not to be tyrannized by conformity
Thoreau's opinions about life - Answers - a simple life is a happy life
Pacioli indicates that the purpose of every merchant is to ______ - Answers - make a
profit
What does Pacioli indicate as being the most important factor in carrying on business? -
Answers - cash
"For as we know, there are three things needed by any one who wishes to carry on
business carefully." What are these three things? - Answers - Cash, arrange all
transactions in a systematic way, & be a good bookkeeper and ready mathematician
, Daniel Defoe tells a story about a tradesman who could neither read nor write. What
lesson does he intend to teach by telling this story? - Answers - accounting must be
systematic/ must be done with exactness
statement from Plato: the division of labor results in all things being produced more
plentifully and easily and of a better quality. - Answers - true
The story of Gyes, as written by Plato, is given as a proof that individuals believe justice
to be more profitable than injustice - Answers - false
What activity is Thoreau discussing when noting that we should do it by standing on
tiptoe and devoting our most alert and wakeful hours to it? - Answers - reading
What does Thoreau argue we have become as a society? - Answers - Underbred, low-
lived, and Illiterate
One plausible explanation for Du Bois's observation that the value of farms in Dougherty
County, GA decreasing from $3 million in 1860 to $2 million in 1870 is that
Emancipation of the slaves led the present value of cash flows for those farms to -
Answers - decrease because the cost of labor increased
According to Du Bois, which of the following statements about debt in the Black Belt is
false?
A. Debt refers to the population's struggle covering expenses with income
B. Debt was mostly in the form of commercial credit
C. Debt came to a greater crisis due to the emancipation of slaves
D. Debt can be linked to the inefficient economies of the "slave regime" - Answers -
False answer:
B. Debt was mostly in the form of commercial credit
Which of the following elements does John Stuart Mill not cite as something the gross
profits from capital must cover?
A. Compensation for the necessaries of life
B. Compensation for abstinence
C. Compensation for managerial expertise
D. Compensation for risk - Answers - A. Compensation for the necessaries of life
Adam Smith believed that the individuals act in their own self-interest because they
know that this will lead to the greatest good for society as a whole - Answers - false - it's
unintentional, they do it for their own advantage
Adam Smith would be unlikely to agree with the idea expressed in this Milton Friedman
quote, "The hardest thing in the world to understand is that people operating separately,
through their joint relations with one another, through market transactions, can achieve
a greater degree of efficiency and of output than can a single central planner."
Mark Twain has the famous quote of: "a classic is a book that people praise and don't
read". Would Henry David Thoreau agree with this statement? - Answers - Yes
Which of the following phrases is from Thoreau? - Answers - "The works of the great
poets have never yet been read by mankind, for only great poets can read them"
Thoreau notes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise -
Answers - false - most men have learned to keep accounts and not be cheated in trade
but of reading as a noble intellectual exercise they know little or nothing.
What are Thoreau's answers to the questions implicit in the title "Where I lived and
What I lived For"? - Answers - He lived in a cabin in the woods, he lived fully and
deliberately as possible for the sake of understanding the meaning of life.
What arguments does Thoreau present in "Solitude" to demonstrate that he is not lonely
in his isolated situation? - Answers - He is part of the Milky Way. He is surrounded by
countless living creatures. He feels close to the natural sources of life.
What does Thoreau mean by "Simplify, Simplify" ? Do you think he has a valid point? -
Answers - Thoreau feels that busyness and clutter stop people from deliberating
(thinking.)
Thoreau would agree with the statement that people forfeit their lives doing what society
tells them
T OR F - Answers - True
Thoreau's attitude toward individuality and conformity - Answers - people must follow
their inner voice so as not to be tyrannized by conformity
Thoreau's opinions about life - Answers - a simple life is a happy life
Pacioli indicates that the purpose of every merchant is to ______ - Answers - make a
profit
What does Pacioli indicate as being the most important factor in carrying on business? -
Answers - cash
"For as we know, there are three things needed by any one who wishes to carry on
business carefully." What are these three things? - Answers - Cash, arrange all
transactions in a systematic way, & be a good bookkeeper and ready mathematician
, Daniel Defoe tells a story about a tradesman who could neither read nor write. What
lesson does he intend to teach by telling this story? - Answers - accounting must be
systematic/ must be done with exactness
statement from Plato: the division of labor results in all things being produced more
plentifully and easily and of a better quality. - Answers - true
The story of Gyes, as written by Plato, is given as a proof that individuals believe justice
to be more profitable than injustice - Answers - false
What activity is Thoreau discussing when noting that we should do it by standing on
tiptoe and devoting our most alert and wakeful hours to it? - Answers - reading
What does Thoreau argue we have become as a society? - Answers - Underbred, low-
lived, and Illiterate
One plausible explanation for Du Bois's observation that the value of farms in Dougherty
County, GA decreasing from $3 million in 1860 to $2 million in 1870 is that
Emancipation of the slaves led the present value of cash flows for those farms to -
Answers - decrease because the cost of labor increased
According to Du Bois, which of the following statements about debt in the Black Belt is
false?
A. Debt refers to the population's struggle covering expenses with income
B. Debt was mostly in the form of commercial credit
C. Debt came to a greater crisis due to the emancipation of slaves
D. Debt can be linked to the inefficient economies of the "slave regime" - Answers -
False answer:
B. Debt was mostly in the form of commercial credit
Which of the following elements does John Stuart Mill not cite as something the gross
profits from capital must cover?
A. Compensation for the necessaries of life
B. Compensation for abstinence
C. Compensation for managerial expertise
D. Compensation for risk - Answers - A. Compensation for the necessaries of life
Adam Smith believed that the individuals act in their own self-interest because they
know that this will lead to the greatest good for society as a whole - Answers - false - it's
unintentional, they do it for their own advantage
Adam Smith would be unlikely to agree with the idea expressed in this Milton Friedman
quote, "The hardest thing in the world to understand is that people operating separately,
through their joint relations with one another, through market transactions, can achieve
a greater degree of efficiency and of output than can a single central planner."
