BUSI 1301 QUESTIONS WITH VERIFIED ANSWERS
What factors include laws passed by the U.S. Congress affecting business? - Answers -
Political and legal factors
When one firm controls 100% of industry sales, what is it called? - Answers - Pure
monopoly
What are natural resources, labor, capital, and entrepreneurship called? - Answers -
Factors of production
What is a general increase in prices called? - Answers - Inflation
Which business provides a service? - Answers - Law office
What is the money earned from selling goods or services? - Answers - Revenue
What market has a few sellers that can control prices? - Answers - Oligopoly
Which GDP is adjusted for inflation? - Answers - Real GDP
What is the quantity consumers are willing to buy at different prices? - Answers -
Demand
What is the quantity businesses are willing to sell at different prices? - Answers - Supply
Which CSR responsibility includes making profits, obeying laws, and treating suppliers
fairly? - Answers - Ethical responsibility
Which philosophy says actions are judged by their consequences for the majority? -
Answers - Utilitarianism
According to Peter Drucker, companies should be evaluated by what two dimensions? -
Answers - Customer satisfaction and profitability
Keeping or returning a lost gym bag is an example of what? - Answers - Ethics
Who should social responsibility include? - Answers - Employees, suppliers,
consumers, and the community
Social responsibility is what two things? - Answers - Voluntary and broad
Which option is an example of unethical business activity? - Answers - All of the above
, What is charitable giving by corporations called? - Answers - Corporate philanthropy
What is the base of the CSR pyramid? - Answers - Economic responsibilities
Who are all the individuals or groups to whom a business has responsibilities? -
Answers - Stakeholders
What created the world's largest free-trade zone? - Answers - North American Free
Trade Agreement (NAFTA)
Producing goods more easily and cheaply than other countries is called what? -
Answers - Absolute advantage
What is the difference between exports and imports? - Answers - Balance of trade
Roads, airports, and railroads are examples of what? - Answers - Infrastructure
What is the value of one currency compared to another? - Answers - Exchange rate
Goods sold to another country are called what? - Answers - Exports
Selling products abroad below the home-market price is called what? - Answers -
Dumping
Hiring another company to perform work is called what? - Answers - Outsourcing
When two companies combine resources to do business together, it is called what? -
Answers - Joint venture
Allowing another company to use patents or trademarks is called what? - Answers -
Licensing
Who owns a corporation? - Answers - Shareholders (Stockholders)
Which business organization has no size limitation? - Answers - Corporation
Buying another company is called what? - Answers - Acquisition
Which agency must corporations register with before selling stock? - Answers -
Securities and Exchange Commission (SEC)
A partner who invests but does not manage is called what? - Answers - Limited partner
What provides the legal and managerial guidelines for operating a corporation? -
Answers - Bylaws
What factors include laws passed by the U.S. Congress affecting business? - Answers -
Political and legal factors
When one firm controls 100% of industry sales, what is it called? - Answers - Pure
monopoly
What are natural resources, labor, capital, and entrepreneurship called? - Answers -
Factors of production
What is a general increase in prices called? - Answers - Inflation
Which business provides a service? - Answers - Law office
What is the money earned from selling goods or services? - Answers - Revenue
What market has a few sellers that can control prices? - Answers - Oligopoly
Which GDP is adjusted for inflation? - Answers - Real GDP
What is the quantity consumers are willing to buy at different prices? - Answers -
Demand
What is the quantity businesses are willing to sell at different prices? - Answers - Supply
Which CSR responsibility includes making profits, obeying laws, and treating suppliers
fairly? - Answers - Ethical responsibility
Which philosophy says actions are judged by their consequences for the majority? -
Answers - Utilitarianism
According to Peter Drucker, companies should be evaluated by what two dimensions? -
Answers - Customer satisfaction and profitability
Keeping or returning a lost gym bag is an example of what? - Answers - Ethics
Who should social responsibility include? - Answers - Employees, suppliers,
consumers, and the community
Social responsibility is what two things? - Answers - Voluntary and broad
Which option is an example of unethical business activity? - Answers - All of the above
, What is charitable giving by corporations called? - Answers - Corporate philanthropy
What is the base of the CSR pyramid? - Answers - Economic responsibilities
Who are all the individuals or groups to whom a business has responsibilities? -
Answers - Stakeholders
What created the world's largest free-trade zone? - Answers - North American Free
Trade Agreement (NAFTA)
Producing goods more easily and cheaply than other countries is called what? -
Answers - Absolute advantage
What is the difference between exports and imports? - Answers - Balance of trade
Roads, airports, and railroads are examples of what? - Answers - Infrastructure
What is the value of one currency compared to another? - Answers - Exchange rate
Goods sold to another country are called what? - Answers - Exports
Selling products abroad below the home-market price is called what? - Answers -
Dumping
Hiring another company to perform work is called what? - Answers - Outsourcing
When two companies combine resources to do business together, it is called what? -
Answers - Joint venture
Allowing another company to use patents or trademarks is called what? - Answers -
Licensing
Who owns a corporation? - Answers - Shareholders (Stockholders)
Which business organization has no size limitation? - Answers - Corporation
Buying another company is called what? - Answers - Acquisition
Which agency must corporations register with before selling stock? - Answers -
Securities and Exchange Commission (SEC)
A partner who invests but does not manage is called what? - Answers - Limited partner
What provides the legal and managerial guidelines for operating a corporation? -
Answers - Bylaws
