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Study Resources (Business Management)

  114.The Sarbanes-Oxley Act aims to punish corporate fraud and corruption. 115.Individual employees have a major influence over ethical expectations and behavior. 116.An individual employee acting ethically will have little influence on his or her coworkers. 117.The U.S. Sentencing Commission was created to protect employees who claim that they were unaware of ethical violations.
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  94.According to ________ standards, when a drug company purchases a television ad, the company is required to describe potential side effects of the drug, or at least provide a phone number or Web site address for additional information. a.Occupational Safety and Health Administration (OSHA) b.Food and Drug Administration (FDA) c.Consumer Compliance d.Securities and Exchange.
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  100.Capital includes money, machines, tools, buildings, and human resources. 101.Natural resources are linked to the factor payment of rent. 102.Technology is considered to be capital. 103.Technology and capital are considered two separate factors of production. 104.When farmers rent land in order to increase crop production, they are acquiring capital. 105.Entrepreneurship is synonymous with ‘risk-taking.’ 106.The private.
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  44.Which of the following is not a minimum requirement for ethics compliance programs? a.high-level personnel responsible for compliance b.government regulation c.consistent enforcement d.consistent improvement 45.Which of the following is not an example of unethical or illegal acts in the workplace? a.misreporting time on the job b.Internet abuse c.whistle-blowing d.safety violations 46.Technology has ________ ethical issues. a.expanded the range of b.reduced the range.
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  21.Describe how changes in household income affect demand. 22.List the four factors of production and provide an example of each factor. 23.Describe how worker incentives vary in each of the four economic systems. 24.Define pure competition. 25.Describe the major differences between socialism and a mixed economic system.     .
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  70.Apple iPods sold on Amazon’s Web site signify the formation of a ________ to increase profits. a.transaction alliance b.brand partnership c.strategic alliance d.marketing agreement 71.Which of the following statements is NOT correct? a.Workers change jobs less frequently today. b.The size of the labor pool is decreasing. c.The U.S. population is getting older. d.The U.S. population is becoming more diverse. 72.The number of.
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  40.Donovan Corporation’s sources of capital can include all of the following EXCEPT ________. a.cash dividends declared by Donovan’s board of directors and paid to the stockholders b.investments from stockholders c.reinvested profits d.investments from venture capitalists 41.Technology, tools, information, and physical facilities for the operation of a business are examples of ________. a.profits b.wages c.capital d.interest 42.A company that values employees as sources.
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  31.Explain how the Food and Drug Administration (FDA) promotes the consumers’ right to be informed. 32.Why do investors expect a firm to act ethically and exhibit social responsibility? 33.Explain how state and federal agencies carry out their responsibilities of protecting investors from financial misdeeds. Include examples of specific organizations and agencies.     .
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  93.________ is caused by increases in the prices of raw materials and other factors of production. a.The Consumer Price Index (CPI) b.Demand-pull inflation c.Cost-push inflation d.A recession 94.Assume that the number of people wanting to buy homes increases sharply in your local area. The price of homes will likely ________, which is an example of.
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  54.Linda does not make personal long-distance phone calls at work because it will cost her employer money. Which stage of ethical development is Linda in? a.conventional b.traditional c.postconventional d.preconventional 55.Al makes a point of turning off the lights in his office when he is not using it because it saves his company money and saves.
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  134.Employers expect employees to generally act in the best interests of the organization. 135.Loyalty and honest often conflict with one another in the business world. 136.Employees should always be loyal, regardless of the situation. 137.An employee who “goes public” with evidence of improper actions by his or her employer is known as a.
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  130.Relationship management concentrates on short-term interactions with customers. 131.The number of companies forming partnerships and strategic alliances has grown in recent years. 132.Amazon is an example of a successful e-business. 133.Assume Motorola and Microsoft work on developing a new cell phone that also is a PDA. This is an example of a strategic.
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  103.Business borrowing becomes more difficult when ________. a.the federal government increases spending b.the federal government decreases spending c.the Federal Reserve decreases the money supply d.the Federal Reserve increases the money supply 104.The purpose of a restrictive monetary policy is to: a.stimulate spending b.reduce the cost of borrowing c.stimulate employment d.curb rising prices and overexpansion 105.The two major policy tools available.
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  21.Explain how e-business has created a new type of strategic alliance among companies. 22.Describe how the aging population in the United States and abroad directly affects changes in the workforce. 23.What are the advantages of a diverse workforce? 24.Describe offshoring and related trends. 25.Explain the new employer-employee relationship in business.     .
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  63.The three major types of economic systems are ________. a.capitalism, oligopoly, and planned economies b.capitalism, pure competition, and planned economies c.capitalism, monopoly, and mixed economies d.capitalism, planned economies, and mixed economies 64.Most industrialized nations operate economies based on ________. a.planned economies b.private enterprise systems c.communist systems d.socialist systems 65.Entrepreneurs have the most economic freedom in which type of economy? a.socialism b.capitalism c.communism d.mixed economy 66.Incentives.
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  MULTIPLE CHOICE 34.A company removes a profitable product from the market because it may be dangerous. This company is demonstrating ________. a.ethical behavior b.green marketing c.conflict of interest d.social welfare 35.Business ethics begins with ________. a.a firm’s investors b.the individual employee c.the government d.a firm’s customers 36.When management considers social and economic issues in decision making, the company is practicing ________. a.business.
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  18.Explain how business owners enhance productivity by building connections with their customers in the relationship era. 19.Explain the difference between transaction management and relationship management. 20.Briefly describe the Industrial Revolution and its contribution to the evolution of business.     .
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  154.Mangers who practice social responsibility still realize the larger importance in considering profits. 155.The primary social responsibility of a company is to its customers. 156.Corporations often neglect to consider that electric products are extremely recyclable. 157.Social audits measure the level of volunteer work conducted in communities. 158.External groups often conduct their own evaluations of.
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  ESSAY 13.Define profit. Explain why you agree or disagree with the following statement: “The success of a business is measured only by the profit it earns.” 14.Describe technology as a capital source. 15.Explain how consumers benefit from business competition. 16.List and describe the four basic rights in the private enterprise system. 17.List the six eras.
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  ESSAY 16.What are business ethics and why are they important? 17.List and describe three possible guidelines for business etiquette. 18.List and briefly describe the three stages of moral and ethical development. 19.Describe the factors that influence business ethics. 20.Describe examples of honesty and integrity violations in the workforce.     .
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  ESSAY 16.What is economics? Why is understanding economics important in your life? 17.Differentiate between macroeconomics and microeconomics. What types of economic activities might be included in each category? 18.Describe what drives demand. 19.List the factors that should cause a demand curve to shift to the right. 20.List the factors that should cause a supply curve.
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  84.In addition to financial assessments, Dominic has arranged for his company to conduct a(n) ________ to evaluate activities that relate to social issues, such as employment practices, environmental protection, and philanthropy. a.EEOC evaluation b.code of conduct c.social audit d.social responsibility inventory 85.The Wright Tire Co. uses a company-wide team of employees to identify company activities.
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MATCHING Complete the following using the terms listed. a.     Securities and Exchange Commission (SEC) b.     Occupational Safety and Health Administration (OSHA) c.     False Claims Act d.     integrity e.     social audit f.      social responsibility g.     business ethics h.     sexual harassment i.      code of conduct j.      conflict of interest k.     product liability l.      postconventional stage m.     Regulation FD n.     whistle-blowing o.     green marketing 1.A formal statement that defines how an organization expects and requires employees to resolve ethical questions is a(n) _____. 2.Some companies measure.
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  90.“Newman’s Own” is a food product line that gives 100 percent of its after-tax profits to charity. This company is practicing ________. a.business ethics b.social responsibility c.customer satisfaction d.creativity 91.When management adheres to a set of standards involving the right and wrong actions arising in the work environment, management is practicing ________. a.social responsibility b.business ethics c.social welfare d.creativity 92.When.
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  110.Private property is considered the most important right in the private enterprise system. 111.When customers enter a supermarket and select their favorite brand of laundry detergent, they are exercising their right to freedom of choice. 112.When the government sets ground rules for competitive activity, the intent is to increase freedom of choice.
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  26.Define the term vision. Why is vision an important skill today? 27.What are some examples of external and internal forces that would require a manager to lead organizational change? 28.Describe critical thinking and creativity and why they are important qualities for the 21st century manager. 29.Explain how business ethics differs from social responsibility.     .
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  140.Research indicates that work teams consisting of a diverse group of individuals often are more productive than less diverse work teams. 141.Even with advances in management and communications, manufacturing still accounts for most of the annual output in the United States. 142.Outsourcing is the use of outside vendors to produce goods or.
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  60.Inventors such as Robert McCormick and Eli Whitney were part of the ___________. a.marketing era b.colonial era c.relationship era d.age of industrial entrepreneurs 61.Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the ________. a.relationship era b.marketing era c.Industrial.
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  MULTIPLE CHOICE 30.Which of the following are organized for profit and provide goods and services? a.businesses b.public schools c.government d.churches 31.All of the following statements are correct EXCEPT: a.Successful businesses seek to meet their social and ethical responsibilities. b.Business provides goods and services necessary to an economic system. c.Business is the economic pulse of a nation. d.Business includes nonprofit organizations that.
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  73.Which of the following market structures best describes the U.S. auto industry? a.monopolistic competition b.pure competition c.oligopoly d.monopoly 74.There is no direct competition in a particular industry, yet the firms have almost no control over pricing. This industry is an example of ________. a.monopolistic competition b.a regulated monopoly c.an oligopoly d.a pure monopoly 75.Control over price by individual firms is.
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  MATCHING Complete the following using these terms. a.outsourcing b.diversity c.entrepreneur d.competitive differentiation e.strategic alliance f.capital g.vision h.factors of production i.brand j.relationship management k.not-for-profit organizations l.business ethics   1._____ involves blending different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm’s chances of success. 2._____ refers to technology, tools, information, and physical facilities. 3._____ is the unique combination of organizational.
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  21.How could loyalty versus truth create an ethical dilemma for a businessperson? 22.Explain how state and federal laws protect whistle-blowers. 23.What might a company’s code of conduct include? 24.The development of a corporate culture to support business ethics happens on four levels. Explain each of the four levels. 25.Why is ethical leadership so important?     .
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  124.Sara refrains from “padding” her expense account because it will hurt the company. Sara is at the preconventional stage of moral and ethical development. 125.Jorge is a lawyer whose work habits help his company, as well as society in general. Jorge is at the postconventional stage of moral and ethical development. 126.Successful.
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  174.There are more male victims of sexual harassment than females. 175.Sexual harassment is divided into two categories: pressure to comply with unwelcome advances for job security and a hostile work environment. 176.Under the Security and Exchange Commission (SEC), publicly traded companies are required to announce major information to the general public, rather.
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  53.According to a supply curve, ________. a.as prices rise, quantity of a product supplied falls b.as prices fall, quantity of a product supplied increases c. d.as prices rise, consumers will buy in larger quantities 54.If the cost of producing a good or service increases, the supply curve will shift to the ________ and the price.
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  83.In a particular country, the government owns all the transportation companies, the utilities, the energy suppliers, and major manufacturing firms. Small businesses are privately owned. What type of economic system does this country have? a.capitalism b.communism c.socialism d.mixed economy 84.________ has a blend of both planned and free enterprise system. a.Capitalism b.Communism c.A mixed market economy d.A private government.
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  80.For today’s managers, which of the following is LEAST important? a.the ability to work by strict rules b.vision c.critical thinking skills d.creativity 81.________ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs. a.critical thinking b.social responsibility c.vision d.creativity 82.Emily works for a pharmaceutical company and gives a presentation on the need to expand the.
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  50.Namesh recently sold his Ford Taurus to a personal friend. Namesh’s sale of his automobile illustrates the right to ________. a.freedom of choice b.private property c.profit d.set ground rules for competitive activity 51.All of the following are basic rights within a private enterprise system EXCEPT ________. a.private property b.guaranteed profits c.freedom of choice of investment d.freedom of choice of employment 52.The right.
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  74.Online simulation training such as the Ethics Challenge can help to improve ethical ________. a.awareness b.reasoning c.leadership d.action 75.Macrohard, Inc. provides support for employees faced with ethical dilemmas. An ethics officer is available in the Human Resources office or through an employee hotline. This is an example of ethical ________. a.reasoning b.awareness c.whistle-blowing d.action 76.After meeting with employees, a manager.
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  29.Describe the four categories of unemployment. a.frictional workers who are temporarily out of work but are looking for a job. b.seasonal workers laid off from a seasonal job. c.cyclical workers who are laid off due to an economic contraction (recession). d.structural workers who have been out of work for a long period of time.
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  120.One factor that led to the Industrial Revolution was the mechanization of agriculture. 121.A key element of the production era was the use of consumer research. 122.Assembly lines were introduced during the production era. 123.In consumer orientation, a company creates a product first, and then determines if the consumer will likely purchase the.
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MATCHING Complete the following using the terms listed. a.Consumer Price Index (CPI) b.inflation c.gross domestic product (GDP) d.fiscal policy e.monetary policy f.equilibrium price g.budget deficit h.pure competition i.supply j.demand k.productivity l.recession m.microeconomics n.oligopoly o.monopoly 1.Attempting to bring about changes in economic activity through changes in the size of the nation’s money supply is called _____. 2.Price increases that reduce the amount of goods and services people can purchase.
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  43.If buyers’ incomes increase, the demand curve will shift to the ________ and the price will ________. a.right; rise b.left; fall c.right; fall d.left; rise 44.If the prices of substitute goods decrease, the demand curve will shift to the ________ and the price will ________. a.right; fall b.left; fall c.right; rise d.left; rise 45.A demand curve will shift to the.
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  64.Embellishing your résumé shows a lack of ______ and ______. a.honesty and loyalty b.honesty and integrity c.integrity and loyalty d.competence and loyalty 65.________ goes beyond truthfulness. a.Honesty b.Loyalty c.Integrity d.Competence 66.Harold knows of a defect in a product his company sells. He will disclose the defect but only if the customer specifically asks about it. Harold’s ________ could be called.
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  104.At the federal level, the _________________ investigates suspicions of unethical or illegal behavior by publicly traded firms. I a.SEC b.EEOC c.FDA d.OSHA TRUE/FALSE 105.Social and ethical issues are a bigger concern in smaller companies than larger companies 106.Social responsibility is a concept that pertains only to small businesses. 107.The Sarbanes-Oxley Act requires companies that have a code of.
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  MULTIPLE CHOICE 33.Which of the following fields is concerned with understanding the choices people make in using scarce resources? a.economy b.statistics c.economics d.psychology 34.________ is the study of the economic choices of individual consumers, families, or businesses. a.Macroeconomics b.Microeconomics c.Entrepreneurship d.Consumer behavior 35.The study of macroeconomics is ________. a.concerned with studying the overall economy b.primarily concerned with individual businesses and decisions c.not related to.
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  144.One of the first steps in the establishment of sound business ethics is to help employees identify ethical problems when they occur. 145.Formally stating that employees must not discriminate on the basis of race, gender, or age in their dealings with customers is something that could be found in a company.
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  164.Environmental issues are more of a social concern for government organizations. 165.Hewlett-Packard’s use of new and recycled plastics in the manufacture of its scanners is an example of acting responsibly to satisfy societal demands. 166.A “green” product that claims to be environmentally friendly must be substantiated in accordance with guidelines presented by.
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  26.Explain how Full Circle Coupon practices social responsibility. 27.What is a social audit? Who conducts one? 28.What is green marketing? 29.What are the objectives of the consumerism movement? 30.Explain product liability and briefly describe what this means in terms of social responsibility.     .
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