BUS 100 Chapter 1-7 Midterm
1. Human: A firm's resources are also known as labor.
2. There are very few businesses selling the product.: The market for a product
would be considered to be an oligopoly if:
3. Demand: relates to the number of goods and services that
consumers are willing to buy at different prices at a specific time.
4. Individuals have the right to choose what career to pursue in a free-enter-
prise system.: What is true about a free-enterprise system?
5. Land, capital, natural resources, and labor: What are the factors of production
for a firm?
6. Profit: Businesses differ from nonprofit organizations in that a business' focus is
on:
7. Pure competition: The market for corn in Brazil has a large number of sellers,
and there is no difference in the products sold by each seller. As there are also a
large number of buyers for the corn, the actions of a single seller or buyer cannot
affect the price. The market for corn can be described as
8. Employees: What is a force within an organization's control that has an impact
on the business' daily operations?
9. Equilibrium: The price at which the number of products that businesses are
willing to supply equals the amount of products that consumers are willing to buy at
a specific point in time is known as the price.
10. Profit: is the primary goal of business.
11. individuals or organizations who try to earn a profit by providing products
that satisfy people's needs.: What is business?
12. a good or service with tangible and intangible characteristics that provide
satisfaction and benefits.: What is a product?
13. The difference between what it costs to make and sell a product and what
a customer pays for it.: What is a profit?
14. Organizations that may provide goods or services but do not have the
fundamental purpose of earning profits.: What is a nonprofit organization?
15. Groups that have a stake in the success and outcomes of a business.: What
is a stakeholder?
16. Developing plans, coordinating employees' actions to achieve the firm's
goals, organizing people to work efficiently, and motivating them to achieve
the business' goals.: What is management?
17. All the activities designed to provide goods and services that satisfy
consumers' needs and wants.: What is marketing?
18. All the activities concerned with obtaining money and using it effectively.-
: What is finance?
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, BUS 100 Chapter 1-7 Midterm
19. The study of how resources are distributed for the production of goods
and services within a social system.: What is economics?
20. Land, forests, minerals, water, and other things that are not made by
people.: Natural resources
21. The physical and mental abilities that people use to produce goods and
services.: Labor
22. The funds used to acquire the natural and human resources needed to
provide products.: Capital
23. a description of how a particular society distributes its resources to pro-
duce goods and services.: Economic System
24. Legal responsibility: Obeying the law is a business'
25. Sustainability issues: Water and soil pollution from oil and gas drilling is
primarily related to
26. Imposes costs on both businesses and the public.: The fact that environ-
mental responsibility requires trade-offs means that it:
27. Ethical conflict increases when employees feel that their company is ex-
erting pressure on them to engage in unethical conduct.: What is true about
ethics?
28. Misuse of company time.: According to the National Business Ethics Survey,
is the number one area of misconduct observed in the workplace.
29. Legal, ethical, economic, voluntary and philanthropic.: What are the dimen-
sions of social responsibility?
30. Voluntary: Being a good "good corporate citizen" is an example of the
social responsibility dimension.
31. Plagiarism: If an employee learned of a significant cost-saving idea from a
coworker and then informed management of the idea without revealing its true
source, then the employee would be involved in:
32. Voluntary: Philanthropic contributions made by a business to a charitable orga-
nization represent the dimension of social responsibility.
33. Plagiarism: involves taking someone else's work and presenting
it as your own.
34. Whistleblowing: A large number cases result in retaliation
against the employee, even though the government has tried to take steps to protect
workers and to encourage reporting of misconduct.
35. Business relationships: If a manager pressures a subordinate to engage in
activities that he or she may otherwise view as unethical, such as engaging in
accounting fraud or stealing a competitor's secrets, this would be an ethical issue
related to:
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1. Human: A firm's resources are also known as labor.
2. There are very few businesses selling the product.: The market for a product
would be considered to be an oligopoly if:
3. Demand: relates to the number of goods and services that
consumers are willing to buy at different prices at a specific time.
4. Individuals have the right to choose what career to pursue in a free-enter-
prise system.: What is true about a free-enterprise system?
5. Land, capital, natural resources, and labor: What are the factors of production
for a firm?
6. Profit: Businesses differ from nonprofit organizations in that a business' focus is
on:
7. Pure competition: The market for corn in Brazil has a large number of sellers,
and there is no difference in the products sold by each seller. As there are also a
large number of buyers for the corn, the actions of a single seller or buyer cannot
affect the price. The market for corn can be described as
8. Employees: What is a force within an organization's control that has an impact
on the business' daily operations?
9. Equilibrium: The price at which the number of products that businesses are
willing to supply equals the amount of products that consumers are willing to buy at
a specific point in time is known as the price.
10. Profit: is the primary goal of business.
11. individuals or organizations who try to earn a profit by providing products
that satisfy people's needs.: What is business?
12. a good or service with tangible and intangible characteristics that provide
satisfaction and benefits.: What is a product?
13. The difference between what it costs to make and sell a product and what
a customer pays for it.: What is a profit?
14. Organizations that may provide goods or services but do not have the
fundamental purpose of earning profits.: What is a nonprofit organization?
15. Groups that have a stake in the success and outcomes of a business.: What
is a stakeholder?
16. Developing plans, coordinating employees' actions to achieve the firm's
goals, organizing people to work efficiently, and motivating them to achieve
the business' goals.: What is management?
17. All the activities designed to provide goods and services that satisfy
consumers' needs and wants.: What is marketing?
18. All the activities concerned with obtaining money and using it effectively.-
: What is finance?
1/8
, BUS 100 Chapter 1-7 Midterm
19. The study of how resources are distributed for the production of goods
and services within a social system.: What is economics?
20. Land, forests, minerals, water, and other things that are not made by
people.: Natural resources
21. The physical and mental abilities that people use to produce goods and
services.: Labor
22. The funds used to acquire the natural and human resources needed to
provide products.: Capital
23. a description of how a particular society distributes its resources to pro-
duce goods and services.: Economic System
24. Legal responsibility: Obeying the law is a business'
25. Sustainability issues: Water and soil pollution from oil and gas drilling is
primarily related to
26. Imposes costs on both businesses and the public.: The fact that environ-
mental responsibility requires trade-offs means that it:
27. Ethical conflict increases when employees feel that their company is ex-
erting pressure on them to engage in unethical conduct.: What is true about
ethics?
28. Misuse of company time.: According to the National Business Ethics Survey,
is the number one area of misconduct observed in the workplace.
29. Legal, ethical, economic, voluntary and philanthropic.: What are the dimen-
sions of social responsibility?
30. Voluntary: Being a good "good corporate citizen" is an example of the
social responsibility dimension.
31. Plagiarism: If an employee learned of a significant cost-saving idea from a
coworker and then informed management of the idea without revealing its true
source, then the employee would be involved in:
32. Voluntary: Philanthropic contributions made by a business to a charitable orga-
nization represent the dimension of social responsibility.
33. Plagiarism: involves taking someone else's work and presenting
it as your own.
34. Whistleblowing: A large number cases result in retaliation
against the employee, even though the government has tried to take steps to protect
workers and to encourage reporting of misconduct.
35. Business relationships: If a manager pressures a subordinate to engage in
activities that he or she may otherwise view as unethical, such as engaging in
accounting fraud or stealing a competitor's secrets, this would be an ethical issue
related to:
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