HFT4224 Exam 1 FSU UPDATED ACTUAL
Exam Questions and CORRECT Answers
The Purpose of Business - CORRECT ANSWER - The social responsibility of business is
to increase its profits -milton friedman, which can lead to crony capitalism
The Merits of Capitalism - CORRECT ANSWER - 1. Increasing the world's standard of
living
2. Free markets lead to free people
3. Innovative encouragement
4. Generates Wealth
Conscious Capitalism - CORRECT ANSWER - A way to bring back the heroic spirit of
free enterprise
First Awakening - CORRECT ANSWER - Founder of whole foods, business is based on
voluntary exchange, used to think business worked through exploitation and coercion, business
can provide win-win outcomes with benefits to all parties involved
Co-op Movement - CORRECT ANSWER - Best way to reform capitalism because it is
based on cooperation instead of compassion, less expensive and more socially just, little room
for entrepreneurial creativity, less focus on how to improve quality of products and services
Second Awakening - CORRECT ANSWER - The flood at wholefoods, the stakeholders
have potential to form close relationships, reopen due to commitment in loyalty
Stakeholders - CORRECT ANSWER - 1. Customers
2. Employees
3. Suppliers
4. Shareholders
, More Awakenings - CORRECT ANSWER - Business is a tool to find a higher purpose and
can contribute to the greater good of society, time is too short, find guides for life
Karl Marx Video - CORRECT ANSWER - Alienation at work, system of valued
judgements, we are really materialistic and wasteful, no perfect system, capitalists get rich, profit
is a fancy word for exploitation
Alienation - CORRECT ANSWER - A feeling of disconnection of what you do all day and
who you really are and what you feel you can really contribute to existence
Capitalism - CORRECT ANSWER - A system of free enterprise and free people
20th century extended intellectual war between - CORRECT ANSWER - 1. free enterprise
capitalism
2. Communism
Free Enterprise Capitalism - CORRECT ANSWER - Free markets and free people, which
success led to improving quality of our lives and created prosperity for billions of people
Human Creatvity - CORRECT ANSWER - Root of all economic progress
Ethics - CORRECT ANSWER - System of determining what is right or wrong
Morals - CORRECT ANSWER - Subjective self, understanding of what is right or wrong,
along with personal affiliations (religion)
Capitalism Under Attack - CORRECT ANSWER - Many businesses have operated with a
low level of consciousness (wholistic), and have become overly concerned with profit
maximazation
Exam Questions and CORRECT Answers
The Purpose of Business - CORRECT ANSWER - The social responsibility of business is
to increase its profits -milton friedman, which can lead to crony capitalism
The Merits of Capitalism - CORRECT ANSWER - 1. Increasing the world's standard of
living
2. Free markets lead to free people
3. Innovative encouragement
4. Generates Wealth
Conscious Capitalism - CORRECT ANSWER - A way to bring back the heroic spirit of
free enterprise
First Awakening - CORRECT ANSWER - Founder of whole foods, business is based on
voluntary exchange, used to think business worked through exploitation and coercion, business
can provide win-win outcomes with benefits to all parties involved
Co-op Movement - CORRECT ANSWER - Best way to reform capitalism because it is
based on cooperation instead of compassion, less expensive and more socially just, little room
for entrepreneurial creativity, less focus on how to improve quality of products and services
Second Awakening - CORRECT ANSWER - The flood at wholefoods, the stakeholders
have potential to form close relationships, reopen due to commitment in loyalty
Stakeholders - CORRECT ANSWER - 1. Customers
2. Employees
3. Suppliers
4. Shareholders
, More Awakenings - CORRECT ANSWER - Business is a tool to find a higher purpose and
can contribute to the greater good of society, time is too short, find guides for life
Karl Marx Video - CORRECT ANSWER - Alienation at work, system of valued
judgements, we are really materialistic and wasteful, no perfect system, capitalists get rich, profit
is a fancy word for exploitation
Alienation - CORRECT ANSWER - A feeling of disconnection of what you do all day and
who you really are and what you feel you can really contribute to existence
Capitalism - CORRECT ANSWER - A system of free enterprise and free people
20th century extended intellectual war between - CORRECT ANSWER - 1. free enterprise
capitalism
2. Communism
Free Enterprise Capitalism - CORRECT ANSWER - Free markets and free people, which
success led to improving quality of our lives and created prosperity for billions of people
Human Creatvity - CORRECT ANSWER - Root of all economic progress
Ethics - CORRECT ANSWER - System of determining what is right or wrong
Morals - CORRECT ANSWER - Subjective self, understanding of what is right or wrong,
along with personal affiliations (religion)
Capitalism Under Attack - CORRECT ANSWER - Many businesses have operated with a
low level of consciousness (wholistic), and have become overly concerned with profit
maximazation
