BUSI 1301 EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
A person who risks time, effort, and money to start and operate a business is
___________. - Answers - entrepreneur
Different people or groups of people who are affected by an organization's policies,
decisions, and activities are called ______. - Answers - Stakeholders
There are four resources that a business must organize. Which of the following is not
one of them? - Answers - Competitor Resources
___________ is an economic system in which individuals own and operate the majority
of businesses that provide goods and services. - Answers - Capitalism
_________ is the study of how wealth is created and distributed. - Answers - Economics
Which of the following is not a way to measure economic performance? - Answers - All
of the above are ways we can measure economic performance.
Which of the following is not one of the four types of competition in a capitalist system? -
Answers - All of the above are types of competition in a capitalist system.
_______ is what remains after all business expenses have been deducted from sales
revenue. - Answers - Profit
The organized effort of individuals to produce and sell, for a profit, the goods and
services that satisfy society's needs is the definition of ______. - Answers - Business
The US would be considered what kind of economy? - Answers - Mixed
Which of the following is true regarding the Sarbanes-Oxley Act of 2002 - Answers - All
of the above are true regarding Sarbanes-Oxley.
A written guide to acceptable and ethical behavior as defined by an organization is
__________. - Answers - code of ethics
How can individual companies encourage ethical behavior in their organization? -
Answers - All of the above are ways organizations can encourage ethical behavior.
The study of right and wrong and the morality of the choices individuals make is
__________. - Answers - Ethics
, All activities undertaken to protect the rights of consumers is known as __________. -
Answers - Consumerism
Which of the following is not one of the basic rights of consumers? - Answers - All of the
above are basic rights of consumers.
Which of the following is not an individual factor affecting ethics? - Answers - The goals
of others in the organization
A government agency with the power to investigate complaints of employment
discrimination and the power to sue firms that practice it is __________. - Answers -
Equal Employment Opportunity Commission
The recognition that business activities have an impact on society and the consideration
of that impact in business decision making is known as __________. - Answers - Social
Responsibility
The application of moral standards to business situations is __________. - Answers -
business ethics
A plan designed to increase the number of minority employees at all levels within an
organization is known as __________. - Answers - Affirmative Action Program
One way the government has encouraged ethical behavior is by making more stringent
regulations, such as passing the Sarbanes-Oxley Act of 2002 - Answers - T
Informing the press or government officials about unethical practices within ones
organization is __________. - Answers - Whistle-blowing
__________________ encompasses all business activities that involve exchanges
across national boundaries. - Answers - International Business
Which of the following can be immediate and long-term economic consequences of
restricting trade? - Answers - All of the above can cause immediate and long-term
economic consequences
The __________ was established by GATT to oversee the provisions of the Uruguay
Round and resolve any resulting trade disputes. It has judicial powers to mediate
among members disputing new rules. It incorporates trade in goods, services, and ideas
and exerts more binding authority than GATT. Its main function is to ensure that trade
flows as smoothly, predictably, and freely as possibly. - Answers - World Trade Org
(WTO)
ANSWERS
A person who risks time, effort, and money to start and operate a business is
___________. - Answers - entrepreneur
Different people or groups of people who are affected by an organization's policies,
decisions, and activities are called ______. - Answers - Stakeholders
There are four resources that a business must organize. Which of the following is not
one of them? - Answers - Competitor Resources
___________ is an economic system in which individuals own and operate the majority
of businesses that provide goods and services. - Answers - Capitalism
_________ is the study of how wealth is created and distributed. - Answers - Economics
Which of the following is not a way to measure economic performance? - Answers - All
of the above are ways we can measure economic performance.
Which of the following is not one of the four types of competition in a capitalist system? -
Answers - All of the above are types of competition in a capitalist system.
_______ is what remains after all business expenses have been deducted from sales
revenue. - Answers - Profit
The organized effort of individuals to produce and sell, for a profit, the goods and
services that satisfy society's needs is the definition of ______. - Answers - Business
The US would be considered what kind of economy? - Answers - Mixed
Which of the following is true regarding the Sarbanes-Oxley Act of 2002 - Answers - All
of the above are true regarding Sarbanes-Oxley.
A written guide to acceptable and ethical behavior as defined by an organization is
__________. - Answers - code of ethics
How can individual companies encourage ethical behavior in their organization? -
Answers - All of the above are ways organizations can encourage ethical behavior.
The study of right and wrong and the morality of the choices individuals make is
__________. - Answers - Ethics
, All activities undertaken to protect the rights of consumers is known as __________. -
Answers - Consumerism
Which of the following is not one of the basic rights of consumers? - Answers - All of the
above are basic rights of consumers.
Which of the following is not an individual factor affecting ethics? - Answers - The goals
of others in the organization
A government agency with the power to investigate complaints of employment
discrimination and the power to sue firms that practice it is __________. - Answers -
Equal Employment Opportunity Commission
The recognition that business activities have an impact on society and the consideration
of that impact in business decision making is known as __________. - Answers - Social
Responsibility
The application of moral standards to business situations is __________. - Answers -
business ethics
A plan designed to increase the number of minority employees at all levels within an
organization is known as __________. - Answers - Affirmative Action Program
One way the government has encouraged ethical behavior is by making more stringent
regulations, such as passing the Sarbanes-Oxley Act of 2002 - Answers - T
Informing the press or government officials about unethical practices within ones
organization is __________. - Answers - Whistle-blowing
__________________ encompasses all business activities that involve exchanges
across national boundaries. - Answers - International Business
Which of the following can be immediate and long-term economic consequences of
restricting trade? - Answers - All of the above can cause immediate and long-term
economic consequences
The __________ was established by GATT to oversee the provisions of the Uruguay
Round and resolve any resulting trade disputes. It has judicial powers to mediate
among members disputing new rules. It incorporates trade in goods, services, and ideas
and exerts more binding authority than GATT. Its main function is to ensure that trade
flows as smoothly, predictably, and freely as possibly. - Answers - World Trade Org
(WTO)
