FSU HFT 4224 Hospitality Leadership and
Ethics Exam 1 UPDATED ACTUAL Exam
Questions and CORRECT Answers
"The social responsibility of business is to increase profits" - CORRECT ANSWER -
Milton Friedman
Business can provide what kind of outcome? - CORRECT ANSWER - win (x5) which
benefits everybody involved
Who are the various stakeholders? - CORRECT ANSWER - 1. Customers
2. Employees
3. Suppliers
4. Shareholders
Modern work is... - CORRECT ANSWER - alienating, specialized jobs are the problem
Modern work makes people... - CORRECT ANSWER - insecure, people are scared of
losing their jobs
Modern work makes people... - CORRECT ANSWER - insecure, people are scared of
losing their jobs
Pay gap in Capitalism - CORRECT ANSWER - Workers get paid little as capitalists get
rich
Crises of abundance causes capitalism to be... - CORRECT ANSWER - unstable
, Who are the true heroes of free-enterprise capitalism? - CORRECT ANSWER -
Entrepreneurs
What is the purpose of business? - CORRECT ANSWER - Improve our lives and create
value for stakeholders
Capitalism is a system of? - CORRECT ANSWER - Free people and free enterprise;
freedom to choose the products you buy and to start and run your own business
Capitalism has deteriorated due to... - CORRECT ANSWER - Failure of business to act
ethically
Many businesses have acted with a low level of "consciousness"
Governments and businesses have colluded, creating "crony capitalism"
What is the difference between morals and ethics? - CORRECT ANSWER - Morals =
subjective and personal, what is fair/unfair
Ethics = more objective reasoning, what is just/unjust
Examples of low level of consciousness - CORRECT ANSWER - Not caring about how
your actions impact others
becoming overly focused on profit maximization
Free enterprise capitalism is ethical because it is... - CORRECT ANSWER - Noble -
elevates existance
Good - Creates value
Ethical - voluntary exchange
Heroic - lifts people out of poverty
Why do consumers need to be educated? - CORRECT ANSWER - To want better quality
products, and to be willing to pay a fair price for them
Ethics Exam 1 UPDATED ACTUAL Exam
Questions and CORRECT Answers
"The social responsibility of business is to increase profits" - CORRECT ANSWER -
Milton Friedman
Business can provide what kind of outcome? - CORRECT ANSWER - win (x5) which
benefits everybody involved
Who are the various stakeholders? - CORRECT ANSWER - 1. Customers
2. Employees
3. Suppliers
4. Shareholders
Modern work is... - CORRECT ANSWER - alienating, specialized jobs are the problem
Modern work makes people... - CORRECT ANSWER - insecure, people are scared of
losing their jobs
Modern work makes people... - CORRECT ANSWER - insecure, people are scared of
losing their jobs
Pay gap in Capitalism - CORRECT ANSWER - Workers get paid little as capitalists get
rich
Crises of abundance causes capitalism to be... - CORRECT ANSWER - unstable
, Who are the true heroes of free-enterprise capitalism? - CORRECT ANSWER -
Entrepreneurs
What is the purpose of business? - CORRECT ANSWER - Improve our lives and create
value for stakeholders
Capitalism is a system of? - CORRECT ANSWER - Free people and free enterprise;
freedom to choose the products you buy and to start and run your own business
Capitalism has deteriorated due to... - CORRECT ANSWER - Failure of business to act
ethically
Many businesses have acted with a low level of "consciousness"
Governments and businesses have colluded, creating "crony capitalism"
What is the difference between morals and ethics? - CORRECT ANSWER - Morals =
subjective and personal, what is fair/unfair
Ethics = more objective reasoning, what is just/unjust
Examples of low level of consciousness - CORRECT ANSWER - Not caring about how
your actions impact others
becoming overly focused on profit maximization
Free enterprise capitalism is ethical because it is... - CORRECT ANSWER - Noble -
elevates existance
Good - Creates value
Ethical - voluntary exchange
Heroic - lifts people out of poverty
Why do consumers need to be educated? - CORRECT ANSWER - To want better quality
products, and to be willing to pay a fair price for them
