BUS 211 Week 2 Quiz

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BUS 211 Week 2 Quiz
BUS 211 Week 2 Quiz
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Year: 2016
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BUS 211 Week 2 Quiz

  • Correct answerquestion1

When an entrepreneur uses advancing technology to find a new way to make or supply a product, the entrepreneur utilizes which of the following opportunities?

Occupational

Commercial

Organizational

Capitalistic

  • Correct answerquestion2

Which two types of laws have been enacted to promote a company’s continued existence and profitability?

Occupational qualifications and diversity

Occupational health and safety

Business and environmental stewards

Incorporation and bankruptcy

  • Correct answerquestion3

This is a process of dissolution of a business through which its assets are sold to repay its creditors.

Chapter 13 bankruptcy

Chapter 11 bankruptcy

Chapter 7 bankruptcy

Chapter 9 bankruptcy

  • Correct answerquestion4

When is a business plan developed?

When proposing a new business venture

Annually

When reporting profit and loss

Shareholder meetings discussing past performance

  • Correct answerquestion5

This type of law exists to ensure that people have the skills they need to properly serve the public interest.

Laws promoting employee health and safety

Laws regulating occupational qualifications

Laws relating to the public interest

Laws governing business diversity

  • Correct answerquestion6

Which of the following best defines the entrepreneurship process?

Using IT to assemble materials into the final product

Providing both direct and indirect services to customers

Exchanging or selling services to other companies

Acquiring and combining resources to create goods or services for customers to buy.

  • Correct answerquestion7

Which law was enacted to force companies to more fully disclose their financial results and to protect stockholders of the company?

Sarbanes-Oxley Act

Investment Company Act

Dodd-Frank Wall Street Reform and Consumer Protection Act

Securities Exchange Act

  • Correct answerquestion8

There are several advantages a company can gain over its competition by behaving in an ethical way. The main advantage is

improved reputation

decreased costs

employee loyalty

increased sales

  • Correct answerquestion9

The utilitarian rule bases a business decision on which of the following?

What produces the greatest good for the greatest number of people.

What distributes benefits and harm among people in equitable and impartial manner.

What maintains and protects the fundamental rights and privileges of people.

What a manager has no hesitation to communicate to people outside the company, because the typical person in a society would think the decision is acceptable.

  • Correct answerquestion10

What is the definition of a business plan?

An outline of the way a company will use its resources to create products that give it a competitive advantage

A highly-detailed, written statement that explains the purpose of creating a new venture

A summary of a company’s profit and loss for a specified period of time and its plan for future growth

A general overview explaining the purpose of creating a new venture

  • Correct answerquestion11

What are the four elements of a SWOT analysis?

Systems, weaknesses, opportunities, and targets

Strengths, weaknesses, obstacles, and targets

Systems, weaknesses, obstacles, and threats

Strengths, weaknesses, opportunities, and threats

  • Correct answerquestion12

What is the primary role of a non-managerial employee?

To evaluate the performance of other employees

To assign resources and timelines to tasks

To perform the day–to-day tasks assigned to them as directed

To hire, coach, discipline, and fire employees as appropriate

  • Correct answerquestion13

A detailed SWOT analysis would classify a poorly designed marketing plan as a

weakness

strength

threat

opportunity

  • Correct answerquestion14

Which of the following impact ethical practices in business at home and abroad?

Cultural ethics, occupational ethics, legal ethics, and organizational ethics

Societal ethics, occupational ethics, individual ethics, and organizational ethics

Societal ethics, occupational ethics, legal ethics, and environmental ethics

Legal ethics, environmental ethics, individual ethics, and organizational ethics

  • Correct answerquestion15

Which ACT prohibits U.S. companies from paying bribes in order to win contracts abroad?

Securities Exchange Act

Investment Company Act

U.S. Foreign Corrupt Practices Act

Sarbanes-Oxley Act

  • correct answerquestion16

What rules can managers employ as guidelines to analyze the effects of their business decisions on stakeholders?

Utilitarian, social contracts, virtue, and practical rules

Relativism, moral rights, justice, and social contracts rules

Pragmatism, moral rights, justice, and practical rules

Utilitarian, moral rights, justice, and practical rules

  • Correct answerquestion17

Who has a claim on a company because they own shares?

Customers

Stockholders

Employees

Managers

  • Correct answerquestion18

Jones (2007) describes a three-stage business plan used by managers. Which of the following is one of the stages?

Answering questions about products from customers

Assembling raw materials into finished products

Calling customers to sell products

Selecting goals and targets for team members

  • Correct answerquestion19

Anti-trust legislation exists

because it is the government’s job to regulate business

because it is the express aim of the U.S. government to foster competition

to make it illegal for companies to conspire with one another to limit supply

to protect consumers from shortages

  • Correct answerquestion20

Which of the following best describes how an employee can increase his or her chances of being promoted inside an organization?

By being routinely confrontational with other employees and questioning the status quo

By doing what he or she is asked to do and by meeting job requirements

By being proactive and looking for new ways to improve his or her skills

By ensuring performance remains within the  boundaries of the job expectations

  • Correct answerquestion21

Laws governing diversity endeavor to motivate employers to

specify the skills, qualifications, and experience people must possess to be hired for government occupations

help promote their survival and increase the profitability of business enterprises

govern how a company should behave to further the public interest

consider the skills, experience, and ability to do the job versus employee ethnicity, religion, gender, age, and so forth

  • Correct answerquestion22

This Act was passed by congress to protect air quality and motivate companies to pollute less.

Pollution Prevention Act

Clean Air Act

Energy Policy Act

Comprehensive Environmental Response, Compensation, and Liability Act

  • Correct answerquestion23

A detailed SWOT analysis would classify a well developed and informed business model as a

threat

opportunity

weakness

strength

  • Correct answerquestion24

What type of information is within a business plan?

Past performance and stock price

Revenue, profit, and loss

New products, how the organization will compete, and how the organization will organize resources

Tax penalties, number of personnel, and location of organization

  • Correct answerquestion25

A detailed SWOT analysis would classify competition in the industry or market as a

threat

opportunity

weakness

strength

  • Correct answerquestion26

This is the effect of unethical behavior on business commerce.

Less capital and wealth are created in society.

Unethical behavior becomes a social norm.

Stakeholders internalize the unethical values.

Less capital and wealth are accrued in the government sector.

  • Correct answerquestion27

Which example best describes an organizational opportunity?

Business identifies and creates a new product.

A business creates new, more effective ways to increase profitability.

A business sells their products to new customers.

A business launches and markets a 36-hour sale.

  • Correct answerquestion28

Which of the following best describes the employee “role”?

The experience and minimum skills required for a specific job

The nature of employment conditions, pay, and benefits

The set of tasks a person is expected to perform

The set of guidelines that govern organizational behavior

  • Correct answerquestion29

What is a copyright?

It is the grant of a property right that is issued to its inventor.

It is the creations of the mind including inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.

It is a word, name, symbol, or device which is used in trade with goods to indicate the source of the goods and to distinguish them from the goods of others.

It is a form of protection provided to the authors of books, videogames, poems, and songs produced by authors, poets, software experts, and musicians.

  • Correct answerquestion30

The U.S. Department of Labor Occupational Safety and Health Organization (OSHA) is the government agency primarily responsible for

how companies protect their employees from harm while on the job

how companies recruit, promote, and retain people for employment

how companies determine the occupational requirements needed by employees to protect the well-being of society

how the rights of consumers are protected in the marketplace

  • Correct answerquestion31

Which of the following people or groups supply a company with productive resources and are affected by the way a company does business?

Stakeholders

Employees

Customers

Managers

  • Correct answerquestion32

Which answer contains the three types of entrepreneurial activities?

Business, sales, and training

Commercial, occupational, and organizational

Financing, selling, and purchasing

Evaluating, monitoring, and selling

  • Correct answerquestion33

What is a difference between an employee and a manager?

Employees hold each other accountable for success of the business

Employees have decision making authority over the organization’s resources

Employees are responsible for providing vision and leadership

Employees perform the many jobs to make, facilitate,  and sell a product

  • Correct answerquestion34

Important issues can arise concerning how and when payments are made to this group of stakeholders?

Employees

Customers

Suppliers and distributors

Stockholders

  • Correct answerquestion35

How do managers help the company’s stakeholders?

Assembling materials into finished products

Creating profitable goods and services

Assisting customers with their purchases

Providing financing to grow the business