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BUSI 1301 FINAL REVIEW updated already passed
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BUSI 1301 FINAL REVIEWA 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
,One way the government has encouraged ethical behavior is by making more stringent regulations, such
as passing the Sarbanes-Oxley Act of 2002 - correct answer ✔✔T
Informing the press or government officials about unethical practices within ones organization is
__________. - correct answer ✔✔Whistle-blowing
__________________ encompasses all business activities that involve exchanges across national
boundaries. - correct answer ✔✔International Business
Which of the following can be immediate and long-term economic consequences of restricting trade? -
correct answer ✔✔All of the above can cause immediate and long-term economic consequences
The __________ was established by GATT to oversee the provisions of the Uruguay Round and resolve
any resulting trade disputes. It has judicial powers to mediate among members disputing new rules. It
incorporates trade in goods, services, and ideas and exerts more binding authority than GATT. Its main
function is to ensure that trade flows as smoothly, predictably, and freely as possibly. - correct answer
✔✔World Trade Org (WTO)
Which of the following is not one of the ways a business could enter international markets? - correct
answer ✔✔All of the above are ways that a business could enter international markets
An international bank with 188 member nations that makes short-term loans to developing countries
experiencing balance-of-payment deficits is the _____________. - correct answer ✔✔International
Monetary Fund (IMF)
___________ is a contractual agreement in which one firm permits another to produce and market its
product and use its brand name in return for a royalty or other compensation. - correct answer
✔✔Licensing
An international organization of 159 nations dedicated to reducing or eliminating tariffs and other
barriers to world trade is __________. - correct answer ✔✔General Agreement on Tariffs and Trade
(GATT)
, The total value of a nation's exports minus the total value of its imports over some period of time is
known as ______________. - correct answer ✔✔Balance of Trade
The purchasing of raw materials or products in other nations and bringing them into one's own country
is __________. - correct answer ✔✔importing
The total flow of money into a country minus the total flow of money out of that country over some
period of time is known as _____________. - correct answer ✔✔balance of payments
___________ is a partnership formed to create competitive advantage on a worldwide basis. - correct
answer ✔✔Strategic alliance
A limit on the amount of a particular good that may be imported into a country during a given period of
time is _________. - correct answer ✔✔an import quota
__________ is a partnership formed to achieve a specific goal or to operate for a specific period of time.
- correct answer ✔✔Joint venture
Currently, the US has a ___________. - correct answer ✔✔A&C
Tariffs that are imposed solely to generate income for the government are called __________. - correct
answer ✔✔revenue tariffs
The ability to produce a specific product more efficiently than any other nation is known as
______________. - correct answer ✔✔absolute advantage
Using the web link provided, which of the following is not one of the top 3 countries that the US imports
goods from? - correct answer ✔✔Japan
The ability to produce a specific product more efficiently than any other product is known as
______________. - correct answer ✔✔comparative advantage
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