BUSI 1301 FINAL REVIEW UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. A person who risks time, effort, and money to start and
operate a business is ___________.
Answer:
entrepreneur
Question:
2. Different people or groups of people who are affected
by an organization's policies, decisions, and activities are
called ______.
Answer:
Stakeholders
Question:
3. There are four resources that a business must organize.
Which of the following is not one of them?
Answer:
Competitor Resources
Question:
4. ___________ is an economic system in which individuals own
and operate the majority of businesses that provide
goods and services.
Answer:
Capitalism
Question:
5. _________ is the study of how wealth is created and
distributed.
Answer:
Economics
Question:
6. Which of the following is not a way to measure economic
performance?
Answer:
All of the above are ways we can measure economic performance.
,Question:
7. Which of the following is not one of the four types of
competition in a capitalist system?
Answer:
All of the above are types of competition in a capitalist system.
Question:
8. _______ is what remains after all business expenses have
been deducted from sales revenue.
Answer:
Profit
Question:
9. 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 ______.
Answer:
Business
Question:
10. The US would be considered what kind of economy?
Answer:
Mixed
Question:
11. Which of the following is true regarding the Sarbanes-
Oxley Act of 2002
Answer:
All of the above are true regarding Sarbanes-Oxley.
Question:
12. A written guide to acceptable and ethical behavior as
defined by an organization is __________.
Answer:
code of ethics
Question:
13. How can individual companies encourage ethical
behavior in their organization?
Answer:
All of the above are ways organizations can encourage ethical behavior.
, Question:
14. The study of right and wrong and the morality of the
choices individuals make is __________.
Answer:
Ethics
Question:
15. All activities undertaken to protect the rights of
consumers is known as __________.
Answer:
Consumerism
Question:
16. Which of the following is not one of the basic rights of
consumers?
Answer:
All of the above are basic rights of consumers.
Question:
17. Which of the following is not an individual factor affecting
ethics?
Answer:
The goals of others in the organization
Question:
18. A government agency with the power to investigate
complaints of employment discrimination and the power
to sue firms that practice it is __________.
Answer:
Equal Employment Opportunity Commission
Question:
19. The recognition that business activities have an impact on
society and the consideration of that impact in business
decision making is known as __________.
Answer:
Social Responsibility
QUESTIONS AND CORRECT ANSWERS
Question:
1. A person who risks time, effort, and money to start and
operate a business is ___________.
Answer:
entrepreneur
Question:
2. Different people or groups of people who are affected
by an organization's policies, decisions, and activities are
called ______.
Answer:
Stakeholders
Question:
3. There are four resources that a business must organize.
Which of the following is not one of them?
Answer:
Competitor Resources
Question:
4. ___________ is an economic system in which individuals own
and operate the majority of businesses that provide
goods and services.
Answer:
Capitalism
Question:
5. _________ is the study of how wealth is created and
distributed.
Answer:
Economics
Question:
6. Which of the following is not a way to measure economic
performance?
Answer:
All of the above are ways we can measure economic performance.
,Question:
7. Which of the following is not one of the four types of
competition in a capitalist system?
Answer:
All of the above are types of competition in a capitalist system.
Question:
8. _______ is what remains after all business expenses have
been deducted from sales revenue.
Answer:
Profit
Question:
9. 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 ______.
Answer:
Business
Question:
10. The US would be considered what kind of economy?
Answer:
Mixed
Question:
11. Which of the following is true regarding the Sarbanes-
Oxley Act of 2002
Answer:
All of the above are true regarding Sarbanes-Oxley.
Question:
12. A written guide to acceptable and ethical behavior as
defined by an organization is __________.
Answer:
code of ethics
Question:
13. How can individual companies encourage ethical
behavior in their organization?
Answer:
All of the above are ways organizations can encourage ethical behavior.
, Question:
14. The study of right and wrong and the morality of the
choices individuals make is __________.
Answer:
Ethics
Question:
15. All activities undertaken to protect the rights of
consumers is known as __________.
Answer:
Consumerism
Question:
16. Which of the following is not one of the basic rights of
consumers?
Answer:
All of the above are basic rights of consumers.
Question:
17. Which of the following is not an individual factor affecting
ethics?
Answer:
The goals of others in the organization
Question:
18. A government agency with the power to investigate
complaints of employment discrimination and the power
to sue firms that practice it is __________.
Answer:
Equal Employment Opportunity Commission
Question:
19. The recognition that business activities have an impact on
society and the consideration of that impact in business
decision making is known as __________.
Answer:
Social Responsibility
