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BA 101|315 Review Midterm Questions And Answers|2024 |55 Pages

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________ warranty is legally imposed on seller/disclaimed. - ️️Implied __________ is a dispute between the government and an individual and is punished by fines and / or imprisonment. - ️️Criminal Law __________ is a form of partnerships in which some partners may be subjected to limited ...

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BA 101|315 Review Midterm Questions
And Answers|2024
________ warranty is legally imposed on seller/disclaimed. - ✔ ✔ Implied

__________ is a dispute between the government and an individual and is punished by fines and / or
imprisonment. - ✔ ✔ Criminal Law

__________ is a form of partnerships in which some partners may be subjected to limited liability. - ✔
✔ Limited Partnership

__________ is the act of obtaining needed services, ideas, or content by soliciting contributions of a
large group of people, and especially from an online community, rather than traditional employees or
suppliers. - ✔ ✔ Crowdsourcing

__________ is when a firm provides the rights to sell its products and use its trademark to an another
firm. - ✔ ✔ licensing

__________ refers to the integration and free movement of people, goods, services, and capital across
national borders - ✔ ✔ Globalization

__________ refers to the movement of goods and services among nations without political or economic
barriers. - ✔ ✔ Free Trade

__________ represents the standards of moral behavior. Behaviors that are accepted by society as right
versus wrong. - ✔ ✔ Ethics

___________ de-emphasizes ethics and considers primarily economic consequences. - ✔ ✔
Organization's culture

___________ is a billionaire who donated $2.5 billion to philanthropy. - ✔ ✔ Bill Gates

___________ is considered a disadvantage of a partnership because it exposes all other partners to a
risk of poor business decision by a single partner. - ✔ ✔ mutual agency

___________ make(s) hiring decisions on supervisory positions. - ✔ ✔ middle management

______________ can be defined as a violation of a valid contract where the injured party goes to court
to enforce the contract and (sometimes) collect damages. - ✔ ✔ Breach of Contract

A __________ grants an author exclusive rights to documents. - ✔ ✔ copyright

A ___________ has the best parts of corporations and partnerships. - ✔ ✔ LLC

,A (n) __________ is a regional group of countries with a common external tariff, no internal tariffs, and
coordinated laws to facilitate exchanges among members. - ✔ ✔ Common Market

A business plan - ✔ ✔ -is a reflecting of its creators

-sometimes the primary benefit of preparing a plan is the realization that a business idea just won't
work

-the real value in preparing a plan is not as much in the plan itself as it is the process of creating it

A business plan is a "road map" for a venture.

T/F - ✔ ✔ true

A business plan serves two essential functions, attracting lenders and investors, and guiding the
company by charting its future course and defining its strategy.

T/F - ✔ ✔ true

A business that has a philanthropy program engages in this activity because - ✔ ✔ it wants to in
order to give back

A business's concern for the welfare of society is called - ✔ ✔ corporate social responsibility

A company focusing on the key activities it is best at and outsourcing the rest is described in the lecture
as a:

-value chain

-global initiative

-revenue model

-no answer text provided - ✔ ✔ value chain

a definition of ethics - ✔ ✔ ethics- the standards of moral behavior. behaviors that are accepted by
society as right versus wring

A feasibility analysis is a(n) __________ tool. - ✔ ✔ investigative

A feasibility analysis is not the same as __________. Instead it serves as a __________, screening out
ideas that lack the potential for building a successful business __________ an entrepreneur commits the
necessary resources to building a business plan. - ✔ ✔ a business plan

filter

before

,a new look at management - ✔ ✔ -new ideas in business management

-corporate social responsibility (CSR)

A(n) __________ is a hybrid of a quota and a tariff which imposes lower tariffs within the quota and
higher tariffs over the quota. - ✔ ✔ Tariff rate quota

According to ____________ as long as the business increases profits and stays within the law, it is acting
socially responsible. - ✔ ✔ The Friedman Doctrine

According to the Global Entrepreneurship Monitor (GEM) 2016 U.S Report, there is an estimate of how
many entrepreneurs in the United States?

-25 million

-10 million

-15 million

-20 million - ✔ ✔ 25 million

According to the survey from the video, what percent of adults in the U.S have considered starting their
own businesses?

-50%

-64%

-81%

-72% - ✔ ✔ 72%

Alien Corporation - ✔ ✔ are organized in one country and operate in another

All of the following are causes of the Enron scandal, EXCEPT

-all of the above

-lack of education

-conflict of interest

-lack of truthfulness

-enron's culture - ✔ ✔ lack of education

All of the following are characteristics of Leaders except:

-leaders create a vision

, -leaders are change agents

-leaders take risks

-leaders direct - ✔ ✔ leaders direct

All of the following are effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
EXCEPT

-Higher taxes on all Fortune 500 corporations

-Comprehensive regulation of financial markets

-Consumer protection reforms

-Tightened regulation of Credit Rating Agencies - ✔ ✔ Higher taxes on all Fortune 500 corporations

All of the following are examples of a Tort except

-fraud

-assault

-all answers are correct

-slander - ✔ ✔ all answers are correct

All of the following are part of the "How to Write a Business Plan" 5 top tips except

-keep it brief

get rid of the fluff

-be creative

-all answers are part of the 5 top tips

-be realistic - ✔ ✔ all answers are part of the 5 top tips

All of the following are ways to avoid the pitfalls of failure except

-prepare a business plan

-copy exactly other successful businesses

-understand financial statements

-know your business in depth - ✔ ✔ copy exactly other successful businesses

Alternative Dispute Resolution - ✔ ✔ arbitration

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