BMGT Midterm Review Exam Questions with Correct Answers
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Course
BMGT
Institution
BMGT
Goods/Products vs Services - Answer-Goods are items you buy (tangible) while services are actions you do for others (intangible)
What does revenue - costs =? - Answer-Revenue - costs = The profit or loss of a company
What do entrepreneurs risk? - Answer-They risk time and money
What is qua...
BMGT Midterm Review Exam Questions
with Correct Answers
Goods/Products vs Services - Answer-Goods are items you buy (tangible) while
services are actions you do for others (intangible)
What does revenue - costs =? - Answer-Revenue - costs = The profit or loss of a
company
What do entrepreneurs risk? - Answer-They risk time and money
What is quality of life vs standard of living? - Answer-Quality of life is general well being,
political freedom, health care etc while standard of living is the amount of
goods/services that people can buy
What are the 5 factors of production - Answer-1) Land
2) Labor
3) Capital - machines, tools, buildings etc
4) Entrepreneurship
5) Knowledge
What are the 5 components of a business environment? - Answer-1)Economic/legal
environment
2)Technological Environment
3) Competitive Environment
4) Social environment
5) Global business environment
What was the sequence of technology based revolutions? - Answer-Agriculture ->
Manufacturing -> Services -> Information based
Macro vs Micro economics - Answer-Micro is small scale, individual companies. Macro
is large scale, global economies
Capitalism vs. Socialism - Answer-public vs private ownership of the means of
production
4 basic rights in capitalism - Answer-1. The right to own private property
2. The right to own a business and keep all that business's profits
3. The right to freedom of competition
4. The right to freedom of choice
Define GDP - Answer-Gross Domestic Product- total value of all domestically produced
goods and services
, Pros and cons of socialism - Answer-Pros: "Free" social services like healthcare etc
Cons: Higher taxes/ less profits retained
Unemployment Rate - Answer-% of 16+ year olds who are unemployed and have
searched for a job in the last 4 weeks.
Consumer Price Index (CPI) - Answer-monthly statistics that measure the pace of
inflation or deflation
Fiscal vs. Monetary Policy - Answer-Fiscal = Govt taxes/spending;
Monetary = Management of $ supply and reserve; Fed reserve; interest rates/ total
amount of $ in circulation
Laws vs. Ethics - Answer-Ethics deal with personal and moral principles whereas laws
are society's values and are enforceable in the courts
3 gut check questions when asking if something is ethical - Answer-1) Is my proposed
action legal?
2) Is it balanced? (Would I want to be treated this way)
3) How will it make me feel about myself?
compliance vs. integrity based ethics codes - Answer-Compliance = Preventing unlawful
behavior by increasing control and penalizing wrongdoing
Integrity = Define organization's guiding values, support ethical behavior
6 steps to set up corp. ethics codes - Answer-1)Top management must adopt and fully
support explicit ethics code
2) Employees must understand that expectations for ethical behavior begin at top and
mgmt expects all employees to follow the code
3) Managers and others must be trained to consider ethical implications of all decisions
4) Ethics office must be set up and whistleblowers must feel protected
5) Outsiders such as suppliers, subcontractors etc. must be told about the ethics
program
6) Ethics code must be enforced with timely action
What is CSR and what are arguments for/ against? - Answer-Corporate social
responsibility - The responsibility of corps to donate/ help society in some way.
For: Its the right thing to do/many corps have the funds to help solve societal problems
Against: Corps should focus on profits
4 types of CSR - Answer-Philanthropy - Donating to charity/non profit
Social initiatives - "Enhanced philanthropy" - Freight company uses their established
business to help by delivering resources to an area after a natural disaster
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