BUS 115 QUIZ CHAPTERS 1-4 CORRECT
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Acquisition - ANSWER Occurs when one company purchases another, generally by
buying most of its stock.
Balance of Payments - ANSWER The difference between the flow of money into and
out of a country.
Balance of Trade - ANSWER The difference in value between its exports and imports.
Budget Deficit - ANSWER When a nations spends more than it takes in from taxes.
Business Ethics - ANSWER The principles and standards that determine acceptable
conduct in business organizations.
Capitalism, or Free Enterprise - ANSWER Individuals own and operate the majority of
business that provide goods and services.
Modified vs. Pure Capitalism = Laws and Regulations vs. Invisible Hand.
Codes of Ethics - ANSWER Formalized rules and standards that describe what the
company expects of its employees
Communism - ANSWER A society in which the people own all the nation's resources
Low standards of living, shortages of goods, high prices, and littler freedom.
Contract Manufacturing - ANSWER Occurs when a company hires a foreign company
to produce a specified volume of the firm's product to specification.
Corporate Citizenship - ANSWER The extent to which businesses meet the legal,
ethical, economic, and voluntary responsibilities placed on them by their various
stakeholders.
Equilibrium Price - ANSWER The price at which quantity supplied and quantity
demanded meet at a a specific point in time.
Exporting - ANSWER The sale of goods and services to foreign markets.
Free-Market System - ANSWER Pure capitalism, in which all economic decisions are
made without government intervention.
Importing - ANSWER The purchase of goods and services from foreign sources.
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Acquisition - ANSWER Occurs when one company purchases another, generally by
buying most of its stock.
Balance of Payments - ANSWER The difference between the flow of money into and
out of a country.
Balance of Trade - ANSWER The difference in value between its exports and imports.
Budget Deficit - ANSWER When a nations spends more than it takes in from taxes.
Business Ethics - ANSWER The principles and standards that determine acceptable
conduct in business organizations.
Capitalism, or Free Enterprise - ANSWER Individuals own and operate the majority of
business that provide goods and services.
Modified vs. Pure Capitalism = Laws and Regulations vs. Invisible Hand.
Codes of Ethics - ANSWER Formalized rules and standards that describe what the
company expects of its employees
Communism - ANSWER A society in which the people own all the nation's resources
Low standards of living, shortages of goods, high prices, and littler freedom.
Contract Manufacturing - ANSWER Occurs when a company hires a foreign company
to produce a specified volume of the firm's product to specification.
Corporate Citizenship - ANSWER The extent to which businesses meet the legal,
ethical, economic, and voluntary responsibilities placed on them by their various
stakeholders.
Equilibrium Price - ANSWER The price at which quantity supplied and quantity
demanded meet at a a specific point in time.
Exporting - ANSWER The sale of goods and services to foreign markets.
Free-Market System - ANSWER Pure capitalism, in which all economic decisions are
made without government intervention.
Importing - ANSWER The purchase of goods and services from foreign sources.
