Business Essentials Final Exam
Review Questions with Accurate
Answers
integrity - ANSWERSTayshaun acts with honesty in all situations. He is demonstrating:
Which is a way to show transparency? - ANSWERSXYZ Company is always upfront
about the financial situation of the company.
a bad role model - ANSWERSPiper looks up to her new boss and tries to learn from her
behavior as much as possible. However, Piper knows that some of her boss's actions
are unethical. Piper is uncertain whether she should follow her boss's example. Which
ethical dilemma is Piper facing?
Could someone be hurt by the actions? - ANSWERSWhich question should one ask
himself/herself to determine whether one is facing a true ethical dilemma?
Trustworthiness - ANSWERSJasmine thinks it is OK to steal a few things from work.
Which ethical principle would help her realize that the long-term repercussions of her
actions could create an ethical dilemma?
Because doing what is legal can also be considered unethical. - ANSWERSShayla is
not breaking any laws, but her behavior still is unethical. How is this possible?
integrity - ANSWERSWhen Tori considers taking something that belongs to someone
else, which ethical principle could help her recognize that she is facing an ethical
dilemma?
respect - ANSWERSLiam always says "please" and "thank you". He demonstrates:
retailer - ANSWERSA business that buys goods or services and sells them to the
ultimate consumer is a:
Intangible goods/services - ANSWERSWhat do service businesses sell?
Social Responsibility - ANSWERSA large retailer wants to contribute to the well-being of
society. It donates 10% of its proceeds to a charity that helps the environment. The
retailer is demonstrating:
wholesalers and retailers - ANSWERSThe two main divisions of the trade industry are:
, trade industry - ANSWERSMonte works for a grocery store that buys food from
producers and then sells it to customers. The grocery store is an example of a:
sold to consumers or the ultimate customer. - ANSWERSRetailing occurs wherever
goods are:
Users - ANSWERSAll businesses should be socially responsible to whom?
Government - ANSWERSIn a socialist economy, what determines how basic economic
questions are answered?
traditional - ANSWERSThe economic system that adopts the fewest new ideas or
improvements is:
Socialist - ANSWERSWhat economy is based on public or governmental ownership of
the production and distribution of goods?
Socialism - ANSWERSUnder which type of economy does the government own the
basic means of production, but with some private ownership of businesses?
the motive of profit - ANSWERSWhat is the economic basis for the private enterprise
economic system?
poor management - ANSWERSWhich factor is a barrier to small-business and
entrepreneurial success?
500 - ANSWERSA small business is defined as a business employing fewer than how
many people?
Oligopolies - ANSWERSWhat is the name for markets with only a few sellers, such as
the markets for automobiles, pharmaceuticals, or oil?
creating new jobs - ANSWERSCompetition helps create a healthy society by:
Avoidance - ANSWERSA business decides against opening a store in the next town
because its research shows the location will be unprofitable. What form of risk
management is this?
Sherman Antitrust Act - ANSWERSIn 1890, Congress passed a law that prevents
monopolies from forming and hinders price fixing. What law is this?
a regulated monopoly - ANSWERSIn some places, a company can have exclusive
control of the supply of a good or service such as the trash service. This is an example
of:
Review Questions with Accurate
Answers
integrity - ANSWERSTayshaun acts with honesty in all situations. He is demonstrating:
Which is a way to show transparency? - ANSWERSXYZ Company is always upfront
about the financial situation of the company.
a bad role model - ANSWERSPiper looks up to her new boss and tries to learn from her
behavior as much as possible. However, Piper knows that some of her boss's actions
are unethical. Piper is uncertain whether she should follow her boss's example. Which
ethical dilemma is Piper facing?
Could someone be hurt by the actions? - ANSWERSWhich question should one ask
himself/herself to determine whether one is facing a true ethical dilemma?
Trustworthiness - ANSWERSJasmine thinks it is OK to steal a few things from work.
Which ethical principle would help her realize that the long-term repercussions of her
actions could create an ethical dilemma?
Because doing what is legal can also be considered unethical. - ANSWERSShayla is
not breaking any laws, but her behavior still is unethical. How is this possible?
integrity - ANSWERSWhen Tori considers taking something that belongs to someone
else, which ethical principle could help her recognize that she is facing an ethical
dilemma?
respect - ANSWERSLiam always says "please" and "thank you". He demonstrates:
retailer - ANSWERSA business that buys goods or services and sells them to the
ultimate consumer is a:
Intangible goods/services - ANSWERSWhat do service businesses sell?
Social Responsibility - ANSWERSA large retailer wants to contribute to the well-being of
society. It donates 10% of its proceeds to a charity that helps the environment. The
retailer is demonstrating:
wholesalers and retailers - ANSWERSThe two main divisions of the trade industry are:
, trade industry - ANSWERSMonte works for a grocery store that buys food from
producers and then sells it to customers. The grocery store is an example of a:
sold to consumers or the ultimate customer. - ANSWERSRetailing occurs wherever
goods are:
Users - ANSWERSAll businesses should be socially responsible to whom?
Government - ANSWERSIn a socialist economy, what determines how basic economic
questions are answered?
traditional - ANSWERSThe economic system that adopts the fewest new ideas or
improvements is:
Socialist - ANSWERSWhat economy is based on public or governmental ownership of
the production and distribution of goods?
Socialism - ANSWERSUnder which type of economy does the government own the
basic means of production, but with some private ownership of businesses?
the motive of profit - ANSWERSWhat is the economic basis for the private enterprise
economic system?
poor management - ANSWERSWhich factor is a barrier to small-business and
entrepreneurial success?
500 - ANSWERSA small business is defined as a business employing fewer than how
many people?
Oligopolies - ANSWERSWhat is the name for markets with only a few sellers, such as
the markets for automobiles, pharmaceuticals, or oil?
creating new jobs - ANSWERSCompetition helps create a healthy society by:
Avoidance - ANSWERSA business decides against opening a store in the next town
because its research shows the location will be unprofitable. What form of risk
management is this?
Sherman Antitrust Act - ANSWERSIn 1890, Congress passed a law that prevents
monopolies from forming and hinders price fixing. What law is this?
a regulated monopoly - ANSWERSIn some places, a company can have exclusive
control of the supply of a good or service such as the trash service. This is an example
of:
