MGMT 1000 MIDTERM 2 QUESTIONS AND ANSWERS
Ethics - CORRECT ANSWER✅✅Individual standards or moral values regarding what is right and wrong or
good and bad
Business Ethics - CORRECT ANSWER✅✅Ethical or unethical behaviours by a manager or employee of an
organization.
Managerial Ethics - CORRECT ANSWER✅✅Standards of behavior that guide individual managers in their
work
Conflict of Interest - CORRECT ANSWER✅✅Occurs when an activity benefits the employee at the
expense of the employer
Corporate Social Responsibility - CORRECT ANSWER✅✅The idea that a business should balance its
commitments to individuals and groups that are directly affected by the organization's activities
Fair-Trade Movement - CORRECT ANSWER✅✅A movement designed to help workers in developing
countries receive fair payments for their work
Organizational Stakeholders - CORRECT ANSWER✅✅Groups, individuals, and organizations that are
directly affected by the practices of an organization and that therefore have a stake in its performance
Consumerism - CORRECT ANSWER✅✅A social movement that seeks to protect and expand the rights of
consumers in their dealings with businesses
Whistle-Blower - CORRECT ANSWER✅✅An individual who calls attention to an unethical, illegal, and/or
socially irresponsible practice on the part of a business or other organization
Insider Trading - CORRECT ANSWER✅✅The use of confidential information to gain from the purchase
or sale of stock
, Pollution - CORRECT ANSWER✅✅The introduction of harmful substances into the environment
Recycling - CORRECT ANSWER✅✅The reconversion of waste materials into useful products
Service Operations - CORRECT ANSWER✅✅Production activities that yield tangible and intangible
service products
Goods Production - CORRECT ANSWER✅✅Production activities that yield tangible products
Utility - CORRECT ANSWER✅✅The power of a product to satisfy human want; something of value
Operations Process - CORRECT ANSWER✅✅A set of methods and technologies used to produce a good
or a service
Operations (or Production) Management - CORRECT ANSWER✅✅The systematic direction and control
of the processes that transform resources into finished goods and services
High-Contact System - CORRECT ANSWER✅✅A system in which the service cannot be provided without
the customer being physically in the system (e.g., transit systems)
Low-Contact System - CORRECT ANSWER✅✅A system in which the service can be provided without the
customer being physically in the system (e.g., lawn-care services)
Capacity - CORRECT ANSWER✅✅The amount of a good a firm can produce under normal working
conditions
Process Layout (Custom-Product Layout) - CORRECT ANSWER✅✅A way of organizing production
activities such that equipment and people are grouped together according to their function
Product Layout - CORRECT ANSWER✅✅A way of organizing production activities such that equipment
and people are set up to produce only one type of good
Ethics - CORRECT ANSWER✅✅Individual standards or moral values regarding what is right and wrong or
good and bad
Business Ethics - CORRECT ANSWER✅✅Ethical or unethical behaviours by a manager or employee of an
organization.
Managerial Ethics - CORRECT ANSWER✅✅Standards of behavior that guide individual managers in their
work
Conflict of Interest - CORRECT ANSWER✅✅Occurs when an activity benefits the employee at the
expense of the employer
Corporate Social Responsibility - CORRECT ANSWER✅✅The idea that a business should balance its
commitments to individuals and groups that are directly affected by the organization's activities
Fair-Trade Movement - CORRECT ANSWER✅✅A movement designed to help workers in developing
countries receive fair payments for their work
Organizational Stakeholders - CORRECT ANSWER✅✅Groups, individuals, and organizations that are
directly affected by the practices of an organization and that therefore have a stake in its performance
Consumerism - CORRECT ANSWER✅✅A social movement that seeks to protect and expand the rights of
consumers in their dealings with businesses
Whistle-Blower - CORRECT ANSWER✅✅An individual who calls attention to an unethical, illegal, and/or
socially irresponsible practice on the part of a business or other organization
Insider Trading - CORRECT ANSWER✅✅The use of confidential information to gain from the purchase
or sale of stock
, Pollution - CORRECT ANSWER✅✅The introduction of harmful substances into the environment
Recycling - CORRECT ANSWER✅✅The reconversion of waste materials into useful products
Service Operations - CORRECT ANSWER✅✅Production activities that yield tangible and intangible
service products
Goods Production - CORRECT ANSWER✅✅Production activities that yield tangible products
Utility - CORRECT ANSWER✅✅The power of a product to satisfy human want; something of value
Operations Process - CORRECT ANSWER✅✅A set of methods and technologies used to produce a good
or a service
Operations (or Production) Management - CORRECT ANSWER✅✅The systematic direction and control
of the processes that transform resources into finished goods and services
High-Contact System - CORRECT ANSWER✅✅A system in which the service cannot be provided without
the customer being physically in the system (e.g., transit systems)
Low-Contact System - CORRECT ANSWER✅✅A system in which the service can be provided without the
customer being physically in the system (e.g., lawn-care services)
Capacity - CORRECT ANSWER✅✅The amount of a good a firm can produce under normal working
conditions
Process Layout (Custom-Product Layout) - CORRECT ANSWER✅✅A way of organizing production
activities such that equipment and people are grouped together according to their function
Product Layout - CORRECT ANSWER✅✅A way of organizing production activities such that equipment
and people are set up to produce only one type of good
