BUSI 1301 Exam 1 Review Practice Test.
A person who risks time, effort, and money to start and operate a business is ___________. - CORRECT ANSWER entrepreneur
Different people or groups of people who are affected by an organization's policies, decisions, and activities are called ______. - ...
BUSI 1301 Exam 1 Review Practice Test.
A person who risks time, effort, and money to start and operate a business is ___________. - CORRECT
ANSWER entrepreneur
Different people or groups of people who are affected by an organization's policies, decisions, and
activities are called ______. - CORRECT ANSWER Stakeholders
There are four resources that a business must organize. Which of the following is not one of them? -
CORRECT ANSWER Competitor Resources
___________ is an economic system in which individuals own and operate the majority of businesses
that provide goods and services. - CORRECT ANSWER Capitalism
_________ is the study of how wealth is created and distributed. - CORRECT ANSWER Economics
Which of the following is not a way to measure economic performance? - CORRECT ANSWER All of the
above are ways we can measure economic performance.
Which of the following is not one of the four types of competition in a capitalist system? - CORRECT
ANSWER All of the above are types of competition in a capitalist system.
_______ is what remains after all business expenses have been deducted from sales revenue. - CORRECT
ANSWER Profit
The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy
society's needs is the definition of ______. - CORRECT ANSWER Business
The US would be considered what kind of economy? - CORRECT ANSWER Mixed
Which of the following is true regarding the Sarbanes-Oxley Act of 2002 - CORRECT ANSWER All of the
above are true regarding Sarbanes-Oxley.
, A written guide to acceptable and ethical behavior as defined by an organization is __________. -
CORRECT ANSWER code of ethics
How can individual companies encourage ethical behavior in their organization? - CORRECT ANSWER All
of the above are ways organizations can encourage ethical behavior.
The study of right and wrong and the morality of the choices individuals make is __________. - CORRECT
ANSWER Ethics
All activities undertaken to protect the rights of consumers is known as __________. - CORRECT
ANSWER Consumerism
Which of the following is not one of the basic rights of consumers? - CORRECT ANSWER All of the above
are basic rights of consumers.
Which of the following is not an individual factor affecting ethics? - CORRECT ANSWER The goals of
others in the organization
A government agency with the power to investigate complaints of employment discrimination and the
power to sue firms that practice it is __________. - CORRECT ANSWER Equal Employment Opportunity
Commission
The recognition that business activities have an impact on society and the consideration of that impact
in business decision making is known as __________. - CORRECT ANSWER Social Responsibility
The application of moral standards to business situations is __________. - CORRECT ANSWER business
ethics
A plan designed to increase the number of minority employees at all levels within an organization is
known as __________. - CORRECT ANSWER Affirmative Action Program
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