BUS 101 EXAM #1 QUESTIONS FULLY
REVIEWED WITH COMPLETE UPGRADED
ANSWERS
any organization that is engaged in making a product or providing a service for profit - answer ✔✔-
business
human beings and the social structure they create - answer ✔✔-society
business + society= - answer ✔✔-interactive social system
argues that all organisms are open to, and interact with, their external environments - answer ✔✔-
general systems theory
the firm is seen as property of its owners - answer ✔✔-ownership theory of the firm
argues that corporations serve a broad public purpose: to create value for society - answer ✔✔-
stakeholder theory of the firm
persons and groups that affect, or are, affected by, an organizations decisions, policies, and operations -
answer ✔✔-stakeholder
individuals or organizations that own shares of a company's stock - answer ✔✔-stockholder
those that engage in economic transactions with the company as it carries out its purpose of providing
society with goods and services - answer ✔✔-market stakeholders
, people and groups- although they do not engage in direct economic exchange with the firm- are
nonetheless affected by or can affect its actions - answer ✔✔-nonmarket stakeholders
employees and managers, who are employed by the firm - answer ✔✔-internal stakeholders
those who are not directly employed by the firm, but still have important interactions with it. (ex:
stockholders, customers, suppliers) - answer ✔✔-external stakeholders
identify relevant stakeholders and to understand both their interests and the power they may have to
assert these interests - answer ✔✔-stakeholder analysis
the nature of each groups stake. what are their concerns and what do they want from their relationship
with the firm - answer ✔✔-stakeholder interests
the ability to use resources to make an event happen or to secure a desired outcome
5 different powers:
1. voting
2. economic
3. political
4. legal
5. informational - answer ✔✔-stakeholder power
temporary alliances to pursue a common interest - answer ✔✔-stakeholder coalitions
something is said to be this when it stands out from a background, is seen as important, or draws
attention - answer ✔✔-salice
a graphical representation of the relationship of stakeholder salience to a particular issue - answer ✔✔-
stakeholder map
REVIEWED WITH COMPLETE UPGRADED
ANSWERS
any organization that is engaged in making a product or providing a service for profit - answer ✔✔-
business
human beings and the social structure they create - answer ✔✔-society
business + society= - answer ✔✔-interactive social system
argues that all organisms are open to, and interact with, their external environments - answer ✔✔-
general systems theory
the firm is seen as property of its owners - answer ✔✔-ownership theory of the firm
argues that corporations serve a broad public purpose: to create value for society - answer ✔✔-
stakeholder theory of the firm
persons and groups that affect, or are, affected by, an organizations decisions, policies, and operations -
answer ✔✔-stakeholder
individuals or organizations that own shares of a company's stock - answer ✔✔-stockholder
those that engage in economic transactions with the company as it carries out its purpose of providing
society with goods and services - answer ✔✔-market stakeholders
, people and groups- although they do not engage in direct economic exchange with the firm- are
nonetheless affected by or can affect its actions - answer ✔✔-nonmarket stakeholders
employees and managers, who are employed by the firm - answer ✔✔-internal stakeholders
those who are not directly employed by the firm, but still have important interactions with it. (ex:
stockholders, customers, suppliers) - answer ✔✔-external stakeholders
identify relevant stakeholders and to understand both their interests and the power they may have to
assert these interests - answer ✔✔-stakeholder analysis
the nature of each groups stake. what are their concerns and what do they want from their relationship
with the firm - answer ✔✔-stakeholder interests
the ability to use resources to make an event happen or to secure a desired outcome
5 different powers:
1. voting
2. economic
3. political
4. legal
5. informational - answer ✔✔-stakeholder power
temporary alliances to pursue a common interest - answer ✔✔-stakeholder coalitions
something is said to be this when it stands out from a background, is seen as important, or draws
attention - answer ✔✔-salice
a graphical representation of the relationship of stakeholder salience to a particular issue - answer ✔✔-
stakeholder map
