- Description
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