MGT 1030 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Stakeholder - Answers All those affect or are affected by the actions of the firm
business - Answers any organization that is engaged in making a product or providing a service for a
profit
Society - Answers Human beings and the social structures they collectively create
General System Theory - Answers all organisms are open to and interact with their external
environments
interactive social system - Answers the closely intertwined relationships between business and
society; needs the other and each influence the other
shareholder theory of the firm - Answers Sees the firm as property of owners (shareholders).
Owners' interests take precedence over interests of others.
The purpose of the firm is to maximize its long-term market value and money for its shareholders.
Stakeholder theory of the firm - Answers A theory that holds that the purpose of the firm is to create
value for society.
Descriptive argument - Answers The stakeholder view is simply a more realistic description of how
companies really work.
instrumental argument - Answers stakeholder management is more effective as a corporate strategy
normative argument - Answers stakeholder management is simply the right thing to do
Market Stakeholders - Answers those that engage in economic transactions with the company as it
carries out its purpose of providing society with goods and services
Nonmarket Stakeholders - Answers people and groups who - although they do not engage in direct
economic exchange with the firm - are nonetheless affected by or can affect its actions
internal stakeholders - Answers employees, owners, board of directors
external stakeholders - Answers are those who- although they may have important transactions with
the firm- are not directly employed by it
Stakeholder Analysis - Answers identify relevant stakeholders and to understand both their interests
and the power they may have to assert these interests
focal organization - Answers The organization from whose perspective a stakeholder analysis is
conducted
Stakeholder interests - Answers the nature of each stakeholder group, its concerns, and what it wants
from its relationship with the firm
stakeholder power - Answers the ability to use resources to make an event happen or to secure a
desired outcome
Voting Power - Answers stakeholder has a legitimate right to cast a vote
political power - Answers
legal power - Answers lawsuits filed against the focal company for harm caused by the firm
informational power - Answers they have access to valuable data
Embracing Discomfort Can: - Answers Lead to more motivation, growth, and wellbeing
Motivate one to learn about opposing views
Make one more likely to take creative risks in problem-solving
Help one find meaning in difficulty
relationship conflict - Answers personal and emotional, this type of conflict tends to focus on
disagreements and personality traits, values, and communication styles
Task Conflict - Answers focused on the problem at hand, this type of conflict tends to focus on
disagreement about how to approach a specific project or achieve a certain goal
Tetlock's 3 Problematic Approaches to Disagreement - Answers Preaching
Prosecuting
Politician-ing
Shareholder - Answers profit when the business profits
Freeman's 3 Flaws: - Answers Think shareholder profits is purpose of business
Think business and ethics are in contradiction- can't profit if ethical
Think humans are simple beings of pure economic self-interest
Freeman's 3 New Ideas - Answers Business is not just about profit, about purpose
Business and ethics are interrelated and help support each other
, Humans are complexities like challenge, conflict, and critique are sources of value creation
Ethics - Answers conception of right and wrong
Ethical Principles - Answers Guides to moral behavior, such as honesty, keeping promises, helping
others, and respecting others' rights.
Laws - Answers societies formal rules about what constitutes right and wrong conduct in various
spheres of life
Business Ethics - Answers principles and standards that determine acceptable conduct in business
Virtue Ethics - Answers Focuses on character traits to define a good person, theorizing that values will
direct a person toward good behavior.
Utilitarian Ethics - Answers emphasizes the "overall amount of good that can be produced by an
action or decision"
Human Right Ethics - Answers A human right means that a person or group is entitled to something
or is entitled to be treated in a certain way
Justice Ethics - Answers Justice exists when benefits and burdens are distributed equitably and
according to some accepted rule
An Ethical Decision Making Process - Answers Determine the facts
Identify the ethical issues involved
Identify stakeholders and consider the situation from their point of view
Consider the available alternatives - moral imagination
Compare and weigh the alternatives
Make a decision
Monitor and learn from the outcome
Ethics Officer - Answers Individuals within an organization charged with managerial oversight of
ethical compliance and enforcement
Code of Conduct - Answers Principles that guide decision making and behavior in an organization.
Mission Statement - Answers Formal summary statement that describes the goals, values and
institutional aim of an organization
Whistle-blowing - Answers an individual within an organization reports wrong-doing to the public or
others in position of authority
United States Sentencing Commission (USSC) - Answers Independent agency in the US judiciary
created in 1984 to regulate sentencing policy in federal courts
Federal Sentencing Guidelines for Organizations (FSGO) - Answers offers specifics in nature and offer
some specifics for organizations about ways to mitigate eventual fines and sentences
Organizational Culture - Answers the communal expectations, norms, beliefs and values that guide
behavior within that organization
Observable Artifacts - Answers parts of culture that we can see visibly and are responsible for
transmitting culture (Symbols, physical structures, language, stories, rituals, ceremonies)
Culture Cycles - Answers The process by which different cultures create different ways of being a
person: create a different culture
4 I's of Culture Cycle - Answers I's, Interactions, Institutions, Idea
Business Culture Cycle - Answers Employees, Interactions/Artifacts, Policies, Values/Dimensions
Tight Cultures - Answers A culture with strong social norms. Often caused by higher levels of threat
Loose Cultures - Answers A culture with weak social norms. Often caused by lower level of threat
Compliance-based Culture - Answers Corporate culture in which obedience to laws/regulations is the
prevailing model of ethical behavior
Values-Based Culture - Answers A corporate culture with conformity to a statement of
values/principles is the prevailing model of ethical behavior
4 Ways to Change Organizational Cultures - Answers Transition the time at the top (Change
employees)
Change the interactions (Alter artifacts in the environment)
Create new policies (An ethics program)
Set new values
How chatbots work - Answers Natural Language Processing (NLP)
Machine Learning (ML)
Large Language Models (LLMs)
Sentiment Analysis
Chatbot Prompt Requires - Answers Persona
Stakeholder - Answers All those affect or are affected by the actions of the firm
business - Answers any organization that is engaged in making a product or providing a service for a
profit
Society - Answers Human beings and the social structures they collectively create
General System Theory - Answers all organisms are open to and interact with their external
environments
interactive social system - Answers the closely intertwined relationships between business and
society; needs the other and each influence the other
shareholder theory of the firm - Answers Sees the firm as property of owners (shareholders).
Owners' interests take precedence over interests of others.
The purpose of the firm is to maximize its long-term market value and money for its shareholders.
Stakeholder theory of the firm - Answers A theory that holds that the purpose of the firm is to create
value for society.
Descriptive argument - Answers The stakeholder view is simply a more realistic description of how
companies really work.
instrumental argument - Answers stakeholder management is more effective as a corporate strategy
normative argument - Answers stakeholder management is simply the right thing to do
Market Stakeholders - Answers those that engage in economic transactions with the company as it
carries out its purpose of providing society with goods and services
Nonmarket Stakeholders - Answers people and groups who - although they do not engage in direct
economic exchange with the firm - are nonetheless affected by or can affect its actions
internal stakeholders - Answers employees, owners, board of directors
external stakeholders - Answers are those who- although they may have important transactions with
the firm- are not directly employed by it
Stakeholder Analysis - Answers identify relevant stakeholders and to understand both their interests
and the power they may have to assert these interests
focal organization - Answers The organization from whose perspective a stakeholder analysis is
conducted
Stakeholder interests - Answers the nature of each stakeholder group, its concerns, and what it wants
from its relationship with the firm
stakeholder power - Answers the ability to use resources to make an event happen or to secure a
desired outcome
Voting Power - Answers stakeholder has a legitimate right to cast a vote
political power - Answers
legal power - Answers lawsuits filed against the focal company for harm caused by the firm
informational power - Answers they have access to valuable data
Embracing Discomfort Can: - Answers Lead to more motivation, growth, and wellbeing
Motivate one to learn about opposing views
Make one more likely to take creative risks in problem-solving
Help one find meaning in difficulty
relationship conflict - Answers personal and emotional, this type of conflict tends to focus on
disagreements and personality traits, values, and communication styles
Task Conflict - Answers focused on the problem at hand, this type of conflict tends to focus on
disagreement about how to approach a specific project or achieve a certain goal
Tetlock's 3 Problematic Approaches to Disagreement - Answers Preaching
Prosecuting
Politician-ing
Shareholder - Answers profit when the business profits
Freeman's 3 Flaws: - Answers Think shareholder profits is purpose of business
Think business and ethics are in contradiction- can't profit if ethical
Think humans are simple beings of pure economic self-interest
Freeman's 3 New Ideas - Answers Business is not just about profit, about purpose
Business and ethics are interrelated and help support each other
, Humans are complexities like challenge, conflict, and critique are sources of value creation
Ethics - Answers conception of right and wrong
Ethical Principles - Answers Guides to moral behavior, such as honesty, keeping promises, helping
others, and respecting others' rights.
Laws - Answers societies formal rules about what constitutes right and wrong conduct in various
spheres of life
Business Ethics - Answers principles and standards that determine acceptable conduct in business
Virtue Ethics - Answers Focuses on character traits to define a good person, theorizing that values will
direct a person toward good behavior.
Utilitarian Ethics - Answers emphasizes the "overall amount of good that can be produced by an
action or decision"
Human Right Ethics - Answers A human right means that a person or group is entitled to something
or is entitled to be treated in a certain way
Justice Ethics - Answers Justice exists when benefits and burdens are distributed equitably and
according to some accepted rule
An Ethical Decision Making Process - Answers Determine the facts
Identify the ethical issues involved
Identify stakeholders and consider the situation from their point of view
Consider the available alternatives - moral imagination
Compare and weigh the alternatives
Make a decision
Monitor and learn from the outcome
Ethics Officer - Answers Individuals within an organization charged with managerial oversight of
ethical compliance and enforcement
Code of Conduct - Answers Principles that guide decision making and behavior in an organization.
Mission Statement - Answers Formal summary statement that describes the goals, values and
institutional aim of an organization
Whistle-blowing - Answers an individual within an organization reports wrong-doing to the public or
others in position of authority
United States Sentencing Commission (USSC) - Answers Independent agency in the US judiciary
created in 1984 to regulate sentencing policy in federal courts
Federal Sentencing Guidelines for Organizations (FSGO) - Answers offers specifics in nature and offer
some specifics for organizations about ways to mitigate eventual fines and sentences
Organizational Culture - Answers the communal expectations, norms, beliefs and values that guide
behavior within that organization
Observable Artifacts - Answers parts of culture that we can see visibly and are responsible for
transmitting culture (Symbols, physical structures, language, stories, rituals, ceremonies)
Culture Cycles - Answers The process by which different cultures create different ways of being a
person: create a different culture
4 I's of Culture Cycle - Answers I's, Interactions, Institutions, Idea
Business Culture Cycle - Answers Employees, Interactions/Artifacts, Policies, Values/Dimensions
Tight Cultures - Answers A culture with strong social norms. Often caused by higher levels of threat
Loose Cultures - Answers A culture with weak social norms. Often caused by lower level of threat
Compliance-based Culture - Answers Corporate culture in which obedience to laws/regulations is the
prevailing model of ethical behavior
Values-Based Culture - Answers A corporate culture with conformity to a statement of
values/principles is the prevailing model of ethical behavior
4 Ways to Change Organizational Cultures - Answers Transition the time at the top (Change
employees)
Change the interactions (Alter artifacts in the environment)
Create new policies (An ethics program)
Set new values
How chatbots work - Answers Natural Language Processing (NLP)
Machine Learning (ML)
Large Language Models (LLMs)
Sentiment Analysis
Chatbot Prompt Requires - Answers Persona
