BUS101 Unit Exams Questions With Accurate
Answers Latest Update 2024-2025
Ethics - Answer the set of moral standards for judging whether something is right or
wrong
Which of the following statements about utilitarianism is true? - Answer Utilitarianism
holds that an action that affects the majority adversely is morally wrong.
True or False: As a factor of production, capital includes money. - Answer False
Which of the following is a true statement about utilitarianism? - Answer Utilitarianism is
designed to create both winners and losers.
True or False: Labor, as a factor of production, relates only to the production of
manufactured goods; services are not included. - Answer False
The standard of living in any country is: - Answer measured by the output of goods and
services people can buy with the money they have
True or False: The philosophy of utilitarianism is used to explain why restaurants,
theaters, and hotels should make themselves handicapped accessible. - Answer False
True or False: The major difference between a good and a service is how the producer
uses the factors of production to create it. - Answer False
Redefine in your own words what justice means in the 21st century: - Answer an
appropriate division of burdens and rewards doled out by society
,True or False: Business owners and managers have significant control over the internal
environment of business, which encompasses the day-to-day business decisions. -
Answer True
Criticism of South Africa's post-apartheid government asserts that the new government
has not worked to extend liberties to its black majority population, but has focused on
proving to a white minority that a black-run administration can govern a reasonably
sophisticated economy and society. The belief that the new South African government is
behaving unethically is an expression of the philosophy associated with: - Answer
utilitarianism
True or False: If a code of ethics is to be a useful one, it needs to give general policies
and procedures, not detailed rules. -Answer False
True or False: Many analysts think that knowledge is in fact the fifth factor of production.
-Answer True
Utilitarianism -Answer difficult to apply since it is hard to predict how a decision will
affect a great many people
Summer Dean was walking through the mall and found a gym bag laying on the floor.
The decision Dean must make as to whether to keep the gym bag and its contents for
herself or turn it into the mall's lost and found department involves: - Answer ethics
True or False: Ethics training programs usually teach how to cloak unethical behavior
and not how to avoid unethical behavior. -Answer False
True or False: Some global corporations are huge enough to create significant changes
in the external environment. -Answer False
Utilitarianism - Answer is a philosophy whose focus is the consequences of an action, to
establish whether it is wrong or right. This philosophy holds that an action that affects
the majority adversely is morally wrong.
,True or False: People who combine natural resources, labor, and capital in a profitable
venture are called entrepreneurs. - Answer True
The _____ of any country is measured by the output of goods and services people can
buy with the money they have. - Answer standard of living
True or False: Not-for-profit organizations have the same goals as for-profit
organizations. - Answer False
True or False: Factors of production are common to all productive activities, regardless
of the economic system. - Answer True
True or False: If the company does not want employees to take the ethical training as a
game, then games should not be included in the training. -Answer False
Mamma's Diner was a small restaurant that was actually a hangout for many of Bedford
College's students, but because the owner of the establishment could not accommodate
making the bathroom stalls wheel-chair accessible for their one wheel-chair student on
campus, they were forced to close down. This is an expression of the philosophy
associated with: - Answer utilitarianism
Another factor influencing business ethics is ____, or what is fair according to prevailing
standards of society. - Answer justice
True or False: The distributive process by which the burdens and rewards that society
has to offer are shared varies from society to society. - Answer True
What does distinguish a good from a service? - Answer A good is tangible, and a service
is intangible.
True or False: Social responsibility is a voluntary obligation. - True
, True or False: Ethical decision making begins in the marketing department. - False
True or False: Human rights include an individual's right to life, to freedom, and to the
pursuit of happiness. - True
True or False: The most basic responsibility of all businesses is its economic
responsibility. - True
Jules Sylvester had always loved reptiles. When he was asked by a movie producer if he
could locate some anaconda snakes for a movie, a business was born. Sylvester is the
proud owner and operator of Reptile Rentals. The California-based business, which he
started with no financial help from anyone, is often called on to provide "creepy, crawly"
moments in the movies. Jules Sylvester is an example of a: - Answer sole proprietorship
True or False: One of the disadvantages of the sole proprietorship is that the owner has
unlimited liability. -Answer True
True or False: The opposite of free trade is protectionism. -Answer True
True or False: The exchange rate is the interest rate that foreign banks receive when
borrowing money from the United States. -Answer False
When Linda McAnem founded Stirya, a New York-based computer services firm, she
operated it as a sole proprietorship. As a sole proprietor, McAnem: - Answer found the
business to be easy and inexpensive to form
True or False: In a limited partnership, all of the partners have limited liability. - Answer
False
True or False: Dissolving a partnership is easier than dissolving a sole proprietorship. -
Answer False
Answers Latest Update 2024-2025
Ethics - Answer the set of moral standards for judging whether something is right or
wrong
Which of the following statements about utilitarianism is true? - Answer Utilitarianism
holds that an action that affects the majority adversely is morally wrong.
True or False: As a factor of production, capital includes money. - Answer False
Which of the following is a true statement about utilitarianism? - Answer Utilitarianism is
designed to create both winners and losers.
True or False: Labor, as a factor of production, relates only to the production of
manufactured goods; services are not included. - Answer False
The standard of living in any country is: - Answer measured by the output of goods and
services people can buy with the money they have
True or False: The philosophy of utilitarianism is used to explain why restaurants,
theaters, and hotels should make themselves handicapped accessible. - Answer False
True or False: The major difference between a good and a service is how the producer
uses the factors of production to create it. - Answer False
Redefine in your own words what justice means in the 21st century: - Answer an
appropriate division of burdens and rewards doled out by society
,True or False: Business owners and managers have significant control over the internal
environment of business, which encompasses the day-to-day business decisions. -
Answer True
Criticism of South Africa's post-apartheid government asserts that the new government
has not worked to extend liberties to its black majority population, but has focused on
proving to a white minority that a black-run administration can govern a reasonably
sophisticated economy and society. The belief that the new South African government is
behaving unethically is an expression of the philosophy associated with: - Answer
utilitarianism
True or False: If a code of ethics is to be a useful one, it needs to give general policies
and procedures, not detailed rules. -Answer False
True or False: Many analysts think that knowledge is in fact the fifth factor of production.
-Answer True
Utilitarianism -Answer difficult to apply since it is hard to predict how a decision will
affect a great many people
Summer Dean was walking through the mall and found a gym bag laying on the floor.
The decision Dean must make as to whether to keep the gym bag and its contents for
herself or turn it into the mall's lost and found department involves: - Answer ethics
True or False: Ethics training programs usually teach how to cloak unethical behavior
and not how to avoid unethical behavior. -Answer False
True or False: Some global corporations are huge enough to create significant changes
in the external environment. -Answer False
Utilitarianism - Answer is a philosophy whose focus is the consequences of an action, to
establish whether it is wrong or right. This philosophy holds that an action that affects
the majority adversely is morally wrong.
,True or False: People who combine natural resources, labor, and capital in a profitable
venture are called entrepreneurs. - Answer True
The _____ of any country is measured by the output of goods and services people can
buy with the money they have. - Answer standard of living
True or False: Not-for-profit organizations have the same goals as for-profit
organizations. - Answer False
True or False: Factors of production are common to all productive activities, regardless
of the economic system. - Answer True
True or False: If the company does not want employees to take the ethical training as a
game, then games should not be included in the training. -Answer False
Mamma's Diner was a small restaurant that was actually a hangout for many of Bedford
College's students, but because the owner of the establishment could not accommodate
making the bathroom stalls wheel-chair accessible for their one wheel-chair student on
campus, they were forced to close down. This is an expression of the philosophy
associated with: - Answer utilitarianism
Another factor influencing business ethics is ____, or what is fair according to prevailing
standards of society. - Answer justice
True or False: The distributive process by which the burdens and rewards that society
has to offer are shared varies from society to society. - Answer True
What does distinguish a good from a service? - Answer A good is tangible, and a service
is intangible.
True or False: Social responsibility is a voluntary obligation. - True
, True or False: Ethical decision making begins in the marketing department. - False
True or False: Human rights include an individual's right to life, to freedom, and to the
pursuit of happiness. - True
True or False: The most basic responsibility of all businesses is its economic
responsibility. - True
Jules Sylvester had always loved reptiles. When he was asked by a movie producer if he
could locate some anaconda snakes for a movie, a business was born. Sylvester is the
proud owner and operator of Reptile Rentals. The California-based business, which he
started with no financial help from anyone, is often called on to provide "creepy, crawly"
moments in the movies. Jules Sylvester is an example of a: - Answer sole proprietorship
True or False: One of the disadvantages of the sole proprietorship is that the owner has
unlimited liability. -Answer True
True or False: The opposite of free trade is protectionism. -Answer True
True or False: The exchange rate is the interest rate that foreign banks receive when
borrowing money from the United States. -Answer False
When Linda McAnem founded Stirya, a New York-based computer services firm, she
operated it as a sole proprietorship. As a sole proprietor, McAnem: - Answer found the
business to be easy and inexpensive to form
True or False: In a limited partnership, all of the partners have limited liability. - Answer
False
True or False: Dissolving a partnership is easier than dissolving a sole proprietorship. -
Answer False
