Question
1) The total amount of money that a business takes in by selling goods or services is called ______________. profit retained earnings loss revenue 2)
1) The total amount of money that a business takes in by selling goods or services is called ______________.
profit
retained earnings
loss
revenue
2) A(n) _____________________ is a person who assumes the risk of starting abusiness.
entrepreneur
manager
private investor
stakeholder
3) Starting a business always invovles ____________.
profit
loss
revenue
risk
4)Often in business the greater the risk, the _______________.
lower the expected revenue
greater the number of stakeholders
lower the value provided to society
greater the potential reward
5) is a measure of the general well-being and satisfaction derived from a variety of factors including, safety, education, political freedom and clean environment
Standard of living
Quality of life
Gross national income
Social satisfaction index
6) The amount of goods and services people can buy with the money they have is called their ____________.
nominal income
consumer price index
profit margin
standard of living
7)Jane's income has remained stable over the past few years while the prices of the things she buys have gone up. Nevertheless, Jane feels better off because the environment is cleaner, the crime rate fallen, she has more leisure time, and the access to medical care has improved. For Jane we can conclude that her standard of living has _______________.
increased, but the quality of life has decreased
increased, and so has the quality of life
8) The resources or inputs that contribute to the creation of wealth and success of business are called ________________.
the factors of profitability
production coefficients
production aggregates
9) Which of the following is a benefit of owning your own business?
Government provided health insurance
Freedom to keep the profits (after taxes) from your business
More camaraderie with your employees
Shorter work hours
factors of production
declined, but the quality of life has increased
declined and so has the quality of life.
10) is the study of how a society employs its limited resources to produce goods and services and how it distributes them among competing groups and individuals.
Socialism
Marketing
Economics
Capitalism
11) studies the operation of a nation's economy as a whole.
Macroeconomcs
Socioeconomics
Econometrics
12 When managers disregard ethical concerns, the likely result is ___________.
a reduction in employee turnover
an improvement in management morale
an increase in mistrust between workers and management
a reduction in lawsuits against the company
13-Which of the following actions would most likely raise ethical concerns?
Improving working conditions
Forecasting sales for the next year
Developing a marketing plan
Overstating an expense report.
14 A company removes a profitable product from the market because they find it might be dangerous. This company is demnonstrating ___________.
ethical behavior
short-run thinking
how not to run a business
anti-competitive behavior
15-All else held equal, socially responsible companies _____________.
are viewed more favorably by consumers
have higher turnover among employees
often experience customer loyalty problems
fail to earn sufficient profits for their owners
16-corporate charitable donations to non-profit organizations are referred to as ______________.
corporate bonding
corporate philanthropy
corporate commitment
corporate coddling
17-Insider trading involves ______________.
an Internet activity that establishes barter exchange systems between businesses
investors using private company information to further their own fortunes
the exchange of assets between companies in the same industry
a payment or reward for socially conscious behavior
18-Which of the following is an advantage of offshore outsourcing?
Companies can create efficiencies by hiring lower wage employees
Wages increase in the home country
Product quality improves permitting the company to charge more for their products
Communication between the company and its customer improves
19-Language will never be a barrier to trade.
True
False
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started