Business 101 Midterm - Quiz Questions
What is true about businesses and profits? - ANS-earning profits contributes to society
by providing employment
- earning profits contribute to society by providing employment, which in turn provides
money that is reinvested in the economy
businesses differ from nonprofit organizations in that a business's focus is on: -
ANS-profit
- businesses strive to earn profits; nonprofit organizations do not.
nonprofit organizations do not have the fundamental purpose of earning profits,
although they may provide goods or services and engage in fundraising
what is a similarity between businesses and nonprofit organizations? - ANS-both of
them engage in management and finance activities
- nonprofit organizations engage in management, marketing, and finance activities to
help reach their goals
all of the groups that have interest in an organization's success and outcomes are
known as the organization's _________ - ANS-stakeholders
what is a force within an organization's control that has an impact on the business's
daily operations? - ANS-regulatory environment
_________ is an element of the management activity in a business - ANS-production
what is an example of an intangible product? - ANS-a music concert
what is true of the responsibilities of the people involved in a business? - ANS-the
primary responsibility of providing financial resources for the operation of the business
lies with the business owners
the functions of organizing, staffing, planing, and con trolling are most closely
associated with: - ANS-managers
- managers plan, organize, staff, and control the tasks required to carry out the work of
the company or nonprofit organization
the principles and standards that determine acceptable conduct in business
organizations are referred to as: - ANS-business ethics
, true or false?: besides making a profit, businesses should consider the social
implications of their activities - ANS-true
- many consumers and social advocates believe that businesses should not only make
a profit but also consider the social implications of their activities
- socially responsible businesses win the trust and respect of their employees,
customers, and society, in the long, increase profits
the term _________ refers to a business's obligation to maximize its positive impact and
minimize its negative impact on society - ANS-social responsibility
true or false?: social responsibility = business ethics - ANS-false.
- although many people use the terms interchangeably, they do not mean the same
thing
- business ethics relates to an individual's or a work group's decisions that society
evaluates as right or wrong
one of the most difficult things for a business to restore after an ethics scandal is: -
ANS-ethical conduct
- ethical conduct builds trust and credibility
- establishing trust and confidence is much more difficult in organizations that have
reputations for acting unethically
true or false?: ethical issues are limited to for-profit organizations - ANS-false
- ethical issues are not limited to for-profit organizations but also affect government,
non-profits such as universities, sports, and individuals
what is a key step in evaluating ethical decisions in business? - ANS-learning how to
recognize and resolve ethical issues
why is abusive behavior difficult to assess and manage? - ANS-because of diversity in
culture and lifestyle
_________ in particular have the opportunity to influence employees' actions -
ANS-managers
- it's because of the authority of their position
- for example, a manager might influence employees to use pirated computer software
to save costs
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