BA 101|315 Review Midterm Questions
And Answers|2024
________ warranty is legally imposed on seller/disclaimed. - ✔ ✔ Implied
__________ is a dispute between the government and an individual and is punished by fines and / or
imprisonment. - ✔ ✔ Criminal Law
__________ is a form of partnerships in which some partners may be subjected to limited liability. - ✔
✔ Limited Partnership
__________ is the act of obtaining needed services, ideas, or content by soliciting contributions of a
large group of people, and especially from an online community, rather than traditional employees or
suppliers. - ✔ ✔ Crowdsourcing
__________ is when a firm provides the rights to sell its products and use its trademark to an another
firm. - ✔ ✔ licensing
__________ refers to the integration and free movement of people, goods, services, and capital across
national borders - ✔ ✔ Globalization
__________ refers to the movement of goods and services among nations without political or economic
barriers. - ✔ ✔ Free Trade
__________ represents the standards of moral behavior. Behaviors that are accepted by society as right
versus wrong. - ✔ ✔ Ethics
___________ de-emphasizes ethics and considers primarily economic consequences. - ✔ ✔
Organization's culture
___________ is a billionaire who donated $2.5 billion to philanthropy. - ✔ ✔ Bill Gates
___________ is considered a disadvantage of a partnership because it exposes all other partners to a
risk of poor business decision by a single partner. - ✔ ✔ mutual agency
___________ make(s) hiring decisions on supervisory positions. - ✔ ✔ middle management
______________ can be defined as a violation of a valid contract where the injured party goes to court
to enforce the contract and (sometimes) collect damages. - ✔ ✔ Breach of Contract
A __________ grants an author exclusive rights to documents. - ✔ ✔ copyright
A ___________ has the best parts of corporations and partnerships. - ✔ ✔ LLC
,A (n) __________ is a regional group of countries with a common external tariff, no internal tariffs, and
coordinated laws to facilitate exchanges among members. - ✔ ✔ Common Market
A business plan - ✔ ✔ -is a reflecting of its creators
-sometimes the primary benefit of preparing a plan is the realization that a business idea just won't
work
-the real value in preparing a plan is not as much in the plan itself as it is the process of creating it
A business plan is a "road map" for a venture.
T/F - ✔ ✔ true
A business plan serves two essential functions, attracting lenders and investors, and guiding the
company by charting its future course and defining its strategy.
T/F - ✔ ✔ true
A business that has a philanthropy program engages in this activity because - ✔ ✔ it wants to in
order to give back
A business's concern for the welfare of society is called - ✔ ✔ corporate social responsibility
A company focusing on the key activities it is best at and outsourcing the rest is described in the lecture
as a:
-value chain
-global initiative
-revenue model
-no answer text provided - ✔ ✔ value chain
a definition of ethics - ✔ ✔ ethics- the standards of moral behavior. behaviors that are accepted by
society as right versus wring
A feasibility analysis is a(n) __________ tool. - ✔ ✔ investigative
A feasibility analysis is not the same as __________. Instead it serves as a __________, screening out
ideas that lack the potential for building a successful business __________ an entrepreneur commits the
necessary resources to building a business plan. - ✔ ✔ a business plan
filter
before
,a new look at management - ✔ ✔ -new ideas in business management
-corporate social responsibility (CSR)
A(n) __________ is a hybrid of a quota and a tariff which imposes lower tariffs within the quota and
higher tariffs over the quota. - ✔ ✔ Tariff rate quota
According to ____________ as long as the business increases profits and stays within the law, it is acting
socially responsible. - ✔ ✔ The Friedman Doctrine
According to the Global Entrepreneurship Monitor (GEM) 2016 U.S Report, there is an estimate of how
many entrepreneurs in the United States?
-25 million
-10 million
-15 million
-20 million - ✔ ✔ 25 million
According to the survey from the video, what percent of adults in the U.S have considered starting their
own businesses?
-50%
-64%
-81%
-72% - ✔ ✔ 72%
Alien Corporation - ✔ ✔ are organized in one country and operate in another
All of the following are causes of the Enron scandal, EXCEPT
-all of the above
-lack of education
-conflict of interest
-lack of truthfulness
-enron's culture - ✔ ✔ lack of education
All of the following are characteristics of Leaders except:
-leaders create a vision
, -leaders are change agents
-leaders take risks
-leaders direct - ✔ ✔ leaders direct
All of the following are effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
EXCEPT
-Higher taxes on all Fortune 500 corporations
-Comprehensive regulation of financial markets
-Consumer protection reforms
-Tightened regulation of Credit Rating Agencies - ✔ ✔ Higher taxes on all Fortune 500 corporations
All of the following are examples of a Tort except
-fraud
-assault
-all answers are correct
-slander - ✔ ✔ all answers are correct
All of the following are part of the "How to Write a Business Plan" 5 top tips except
-keep it brief
get rid of the fluff
-be creative
-all answers are part of the 5 top tips
-be realistic - ✔ ✔ all answers are part of the 5 top tips
All of the following are ways to avoid the pitfalls of failure except
-prepare a business plan
-copy exactly other successful businesses
-understand financial statements
-know your business in depth - ✔ ✔ copy exactly other successful businesses
Alternative Dispute Resolution - ✔ ✔ arbitration
And Answers|2024
________ warranty is legally imposed on seller/disclaimed. - ✔ ✔ Implied
__________ is a dispute between the government and an individual and is punished by fines and / or
imprisonment. - ✔ ✔ Criminal Law
__________ is a form of partnerships in which some partners may be subjected to limited liability. - ✔
✔ Limited Partnership
__________ is the act of obtaining needed services, ideas, or content by soliciting contributions of a
large group of people, and especially from an online community, rather than traditional employees or
suppliers. - ✔ ✔ Crowdsourcing
__________ is when a firm provides the rights to sell its products and use its trademark to an another
firm. - ✔ ✔ licensing
__________ refers to the integration and free movement of people, goods, services, and capital across
national borders - ✔ ✔ Globalization
__________ refers to the movement of goods and services among nations without political or economic
barriers. - ✔ ✔ Free Trade
__________ represents the standards of moral behavior. Behaviors that are accepted by society as right
versus wrong. - ✔ ✔ Ethics
___________ de-emphasizes ethics and considers primarily economic consequences. - ✔ ✔
Organization's culture
___________ is a billionaire who donated $2.5 billion to philanthropy. - ✔ ✔ Bill Gates
___________ is considered a disadvantage of a partnership because it exposes all other partners to a
risk of poor business decision by a single partner. - ✔ ✔ mutual agency
___________ make(s) hiring decisions on supervisory positions. - ✔ ✔ middle management
______________ can be defined as a violation of a valid contract where the injured party goes to court
to enforce the contract and (sometimes) collect damages. - ✔ ✔ Breach of Contract
A __________ grants an author exclusive rights to documents. - ✔ ✔ copyright
A ___________ has the best parts of corporations and partnerships. - ✔ ✔ LLC
,A (n) __________ is a regional group of countries with a common external tariff, no internal tariffs, and
coordinated laws to facilitate exchanges among members. - ✔ ✔ Common Market
A business plan - ✔ ✔ -is a reflecting of its creators
-sometimes the primary benefit of preparing a plan is the realization that a business idea just won't
work
-the real value in preparing a plan is not as much in the plan itself as it is the process of creating it
A business plan is a "road map" for a venture.
T/F - ✔ ✔ true
A business plan serves two essential functions, attracting lenders and investors, and guiding the
company by charting its future course and defining its strategy.
T/F - ✔ ✔ true
A business that has a philanthropy program engages in this activity because - ✔ ✔ it wants to in
order to give back
A business's concern for the welfare of society is called - ✔ ✔ corporate social responsibility
A company focusing on the key activities it is best at and outsourcing the rest is described in the lecture
as a:
-value chain
-global initiative
-revenue model
-no answer text provided - ✔ ✔ value chain
a definition of ethics - ✔ ✔ ethics- the standards of moral behavior. behaviors that are accepted by
society as right versus wring
A feasibility analysis is a(n) __________ tool. - ✔ ✔ investigative
A feasibility analysis is not the same as __________. Instead it serves as a __________, screening out
ideas that lack the potential for building a successful business __________ an entrepreneur commits the
necessary resources to building a business plan. - ✔ ✔ a business plan
filter
before
,a new look at management - ✔ ✔ -new ideas in business management
-corporate social responsibility (CSR)
A(n) __________ is a hybrid of a quota and a tariff which imposes lower tariffs within the quota and
higher tariffs over the quota. - ✔ ✔ Tariff rate quota
According to ____________ as long as the business increases profits and stays within the law, it is acting
socially responsible. - ✔ ✔ The Friedman Doctrine
According to the Global Entrepreneurship Monitor (GEM) 2016 U.S Report, there is an estimate of how
many entrepreneurs in the United States?
-25 million
-10 million
-15 million
-20 million - ✔ ✔ 25 million
According to the survey from the video, what percent of adults in the U.S have considered starting their
own businesses?
-50%
-64%
-81%
-72% - ✔ ✔ 72%
Alien Corporation - ✔ ✔ are organized in one country and operate in another
All of the following are causes of the Enron scandal, EXCEPT
-all of the above
-lack of education
-conflict of interest
-lack of truthfulness
-enron's culture - ✔ ✔ lack of education
All of the following are characteristics of Leaders except:
-leaders create a vision
, -leaders are change agents
-leaders take risks
-leaders direct - ✔ ✔ leaders direct
All of the following are effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
EXCEPT
-Higher taxes on all Fortune 500 corporations
-Comprehensive regulation of financial markets
-Consumer protection reforms
-Tightened regulation of Credit Rating Agencies - ✔ ✔ Higher taxes on all Fortune 500 corporations
All of the following are examples of a Tort except
-fraud
-assault
-all answers are correct
-slander - ✔ ✔ all answers are correct
All of the following are part of the "How to Write a Business Plan" 5 top tips except
-keep it brief
get rid of the fluff
-be creative
-all answers are part of the 5 top tips
-be realistic - ✔ ✔ all answers are part of the 5 top tips
All of the following are ways to avoid the pitfalls of failure except
-prepare a business plan
-copy exactly other successful businesses
-understand financial statements
-know your business in depth - ✔ ✔ copy exactly other successful businesses
Alternative Dispute Resolution - ✔ ✔ arbitration
