BUS 211 Week 2 quiz

Instructions

Your answers : 35/35 (100%)

• 1

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

Laws relating to the public interest

Laws regulating occupational qualifications

Laws governing business diversity

Laws promoting employee health and safety

• 2

What type of information is within a business plan?

Tax penalties, number of personnel, and location of organization

Revenue, profit, and loss

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

Past performance and stock price

• 3

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

Chapter 13 bankruptcy

Chapter 9 bankruptcy

Chapter 11 bankruptcy

Chapter 7 bankruptcy

• 4

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

Pragmatism, moral rights, justice, and practical rules

Utilitarian, moral rights, justice, and practical rules

Utilitarian, social contracts, virtue, and practical rules

Relativism, moral rights, justice, and social contracts rules

• 5

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

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

To assign resources and timelines to tasks

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

To evaluate the performance of other employees

• 6

Laws governing diversity endeavor to motivate employers to

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

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

help promote their survival and increase the profitability of business enterprises

govern how a company should behave to further the public interest

• 7

What is a copyright?

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

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 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.

• 8

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

Calling customers to sell products

Assembling raw materials into finished products

Selecting goals and targets for team members

• 9

What are the four elements of a SWOT analysis?

Strengths, weaknesses, opportunities, and threats

Systems, weaknesses, obstacles, and threats

Systems, weaknesses, opportunities, and targets

Strengths, weaknesses, obstacles, and targets

• 10

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

strength

threat

weakness

opportunity

• 11

This is the effect of unethical behavior on business commerce.

Unethical behavior becomes a social norm.

Stakeholders internalize the unethical values.

Less capital and wealth are created in society.

Less capital and wealth are accrued in the government sector.

• 12

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

how the rights of consumers are protected in the marketplace

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

how companies recruit, promote, and retain people for employment

how companies protect their employees from harm while on the job

• 13

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?

Organizational

Capitalistic

Commercial

Occupational

• 14

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

strength

threat

weakness

opportunity

• 15

Which example best describes an organizational opportunity?

A business sells their products to new customers.

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

Business identifies and creates a new product.

A business launches and markets a 36-hour sale.

• 16

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

Customers

Stakeholders

Employees

Managers

• 17

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

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

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

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

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

• 18

When is a business plan developed?

Annually

When reporting profit and loss

Shareholder meetings discussing past performance

When proposing a new business venture

• 19

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

The set of guidelines that govern organizational behavior

The set of tasks a person is expected to perform

The nature of employment conditions, pay, and benefits

The experience and minimum skills required for a specific job

• 20

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

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

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.

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

• 21

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

Pollution Prevention Act

Energy Policy Act

Comprehensive Environmental Response, Compensation, and Liability Act

Clean Air Act

• 22

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

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

A general overview explaining the purpose of creating a new venture

• 23

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

By ensuring performance remains within the  boundaries of the job expectations

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

• 24

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

Employees

Stockholders

Customers

Managers

• 25

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

Dodd-Frank Wall Street Reform and Consumer Protection Act

Securities Exchange Act

Sarbanes-Oxley Act

Investment Company Act

• 26

What is a difference between an employee and a manager?

Employees hold each other accountable for success of the business

Employees are responsible for providing vision and leadership

Employees have decision making authority over the organization’s resources

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

• 27

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

weakness

threat

opportunity

strength

• 28

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

Incorporation and bankruptcy

Occupational health and safety

Occupational qualifications and diversity

Business and environmental stewards

• 29

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

Securities Exchange Act

U.S. Foreign Corrupt Practices Act

Sarbanes-Oxley Act

Investment Company Act

• 30

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

Employees

Customers

Suppliers and distributors

Stockholders

• 31

Which answer contains the three types of entrepreneurial activities?

Financing, selling, and purchasing

Commercial, occupational, and organizational

Business, sales, and training

Evaluating, monitoring, and selling

• 32

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.

• 33

Anti-trust legislation exists

because it is the government’s job to regulate business

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

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

to protect consumers from shortages

• 34

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

increased sales

employee loyalty

• 35

How do managers help the company’s stakeholders?

Assembling materials into finished products

Assisting customers with their purchases

Creating profitable goods and services

Providing financing to grow the business