Question 1
(TCO 1) A(n) _____ is a framework of how a business intends
to generate revenue.
business model
strategic management tool
profitability analysis
competitive advantage
entrepreneurialmindset
Question 2
(TCO 1) Which of the following statements is true regarding
business mindset?
It involves seeing
the business from the outside in.
It is incompatible
with corporate responsibility.
It involves
appreciating the challenges a company faces in satisfying customer needs.
It involves
acknowledging that businesses always benefit society.
It involves ignoring
one’s customer experiences.
Question 3
(TCO 1) _____ audit the financial reports of public
companies as required by law.
Internal accountants
External auditors
Credit managers
Management
accountants
Forensic accountants
Question 4
(TCO 1) When the number of competitors in a market is quite
small, a situation known as _____ is created.
monopoly
monopsony
oligopoly
monopolistic competition
pure competition
Question 5
(TCO 1) _____ unemployment is the natural movement of
workers into and out of jobs, such as when a person quits one job without first
lining up a new job.
Structural
Intrinsic
Frictional
Cyclical
Seasonal
Question 6
(TCO 1) ________ taxes, levied on the earnings of
individuals and businesses, are the government’s largest single source of
revenue.
Income
Property
Sales
Excise
Payroll
Question 7
(TCO 1) _____ is the process of influencing and motivating
people to work willingly and effectively toward common goals.
Organizing
Leading
Planning
Directing
Controlling
Question 8
(TCO 1) The overall plan might be supported at the next
level down by such plans as a research and development plan, a manufacturing
plan, and a marketing plan. Such functional plans are called _____ plans.
appraisal
strategic
contingency
tactical
corporate
Question 9
(TCO 1) _____ leaders act as advisors and supporters and
generally let subordinates chart and adjust their own course toward meeting
agreed-upon goals and objectives.
Participative
Consultative
Autocratic
Transactional
Laissez-faire
Question 10
(TCO 2) An embargo is a _____.
quantity restriction on the import of particular goods or
services
surcharge imposed on the import of certain products
subsidy offered to products exported from a country
complete ban on the import or export of certain products
form of financial assistance extended to domestic producers
Question 11
(TCO 2) The North American Free Trade Agreement (NAFTA) was
formed by the United States, Canada, and _____.
Costa Rica
Jamaica
Cuba
Mexico
Honduras
Question 12
(TCO 2) _____ refers to buying goods or services from a
supplier in another country.
Franchising
Importing
Licensing
Partnering
Intermediating
Question 13
(TCO 2) The use of unpublicized information that an
individual gains from the course of his or her job to benefit from fluctuations
in the stock market is called _____.
a code of ethics
whistle-blowing
insider trading
utilitarianism
strategic CSR
Question 14
(TCO 2) Which of the following statements is true regarding
whistle-blowing?
Whistle-blowing is
the normal channel through which employees can address issues involving
unethical or illegal behavior within their companies.
Whistle-blowing
refers to the use of unpublicized information that an individual gains from the
course of his or her job to benefit from fluctuations in the stock market.
Whistle-blowing
occurs when employees share confidential company information with external
agents for personal gain.
The federal and
state laws governing whistle-blowing are simple and clear, so that they can be
easily used by employees and employers to navigate through.
Although
whistle-blowing is sometimes characterized as “ratting on” colleagues
or managers, it has an essential function.
Question 15
(TCO 2) The manager of a golf course awards a landscaping
contract to his brother-in-law’s company, even though another company was willing
to do the same work for less money. This is an example of a(n) _____.
defensive CSR
code of ethics
conflict of interest
strategic CSR
ethical dilemma
