question

Nations trade _____________

answer

because no nations economy can produce all the goods and services.

question

A ________ is an activity that provides goods or services for the purpose of making a profit.

answer

Business

question

Ethics refer to _________

answer

Rules for right and wrong behavior

question

Trademarks a are form of intellectual property that protect _________

answer

brands

question

The difference between the revenue that a company brings in from selling goods and services and the cost of generating this revenue is called _________

answer

profit

question

according the the principle of ______ a country that decides to specialize in the production of a particular product must sacrifice the production of another product.

answer

opportunity cost

question

a business can benefit from being owned by a diverse group of people because they can share and use their many ___________.

answer

skill and talents

question

what is the major liability exposure a sole proprietor will face?

answer

risk of losing personal assets

question

in challenging business decisions true ethical dilemmas are when _________.

answer

someone is forced to choice among bad options

question

the largest factor in a countries balance of payments is its ___________.

answer

import export balance

question

a _______ blank proprietor ship business has one owner.

answer

sole

question

the cost of labor, the availability of natural resources, and the level of know how __________

answer

vary greatly around the world

question

a written code of ethics is the

answer

cornerstone of any ethics program

question

in a sole proprietorship profits earned are taxed as

answer

personal income

question

a partnership is owned by

answer

two or more people

question

the difference between a countries total outflows and inflows of money over a period of time is its _________

answer

balance of payments

question

which of the following is not a category of torts

answer

punitive damages

question

the distribution of income to shareholders in the form of cash payments is called _________.

answer

dividends

question

the united states economy exhibits elements of both capitalism and socialism and is known as a ______ economy.

answer

mixed

question

a corporation pays taxes the first time on profits and the shareholders pay the taxes the second time on dividends. this is generally called ________

answer

double taxation

question

in order to holder dennis liable for assault and battery, mr. and mrs. wilson must prove that he used his slingshot.

answer

with a purpose to produce harm and with knowledge that harm would result.

question

generally speaking economic systems can be divided into _______ and _________ systems.

answer

planned and free-market

question

when nations continue to experience large and ever-growing trade deficits _________

answer

creditor nations will eventually stop taking IOUs and trade will cease.

question

a felony is punishable

answer

by loss of rights such as voting and by fines and imprisonment for 1 or more years.

question

perfect competition is characterized by

answer

many buyers and many sellers

question

a __________ is the systematic evaluation of how well a firm is meeting the goals of ethics and social responsibility.

answer

a social audit

question

monopoly is characterized by _______

answer

a single buyer

question

janet reasons "its wrong too lie, but its okay to over state my expense account because i really need the money and the company hasn't given me a raise this past year", she is applying ______ to fit her situation.

answer

relative ethical standards

question

socially responsible companies should establish codes of conduct for their _______ that set clear policies for human rights, wages, safety, and environmental impact.

answer

vendors

question

the impact of disputes can be lessoned if the partners have executed well planned _______ that specifies everyones rights and responsibilities.

answer

partnership agreement

question

the earnings of an LC are subject to ______ taxation

answer

either partnership or corporate

question

stockholders are

answer

groups of individuals with a personal interest in the performance and actions of a business

question

under strict products liability ______ can be a liable for injuries caused by a defective product.

answer

the manufacturer, the retailer, and the distributer

question

in criminal prosecution the state must prove its case

answer

beyond a reasonable doubt

question

a code of ethics should include

answer

execute buy in and top management communication and leading by example

question

a person who reports illegal or unethical behavior within an organization is known as

answer

a whistle blower

question

in a business, ____ is equal to sales minus expenses

answer

profit

question

the core goal of business is to generate long -term _____ by delivering ______ to their customers.

answer

profits; values

question

nonprofit organizations are commonly known for supporting:

answer

the arts industry

question

timber, water, coal deposits, and solar energy are classified as:

answer

natural resources

question

to be successful, entrepreneurs must be comfortable risking their money and _________ to start and manage a business.

answer

time

question

a supply curve shows that as prices rise the

answer

quantity of products produced rises

question

fiscal policy is:

answer

government efforts to influence the economy through taxation and spending decisions

question

an economic system is a structure for

answer

allocating limited resources

question

________ measures the total value of all final goods and services produced within a nations borders over a given period of time.

answer

gross domestic product

question

one reason pure market economies are nonexistent is because they

answer

are too expensive to maintain

question

when solar tech, inc, of tacos, new mexico, sells thin film solar panels to a firm in tokyo, japan, solar tech

answer

is exporting the panels

question

a favorable balance of trade exists when a country

answer

exports more than it imports

question

the us has a trade deficit because

answer

america imports more products than it exports

question

which countries were merged into one market by NAFTA?

answer

canada, us, mexico

question

_______ refers to sets of beliefs about right and wrong behavior.

answer

ethics

question

in the business world,social responsibility refers to

answer

the obligation of an organization to contribute to society

question

a ________ is the systematic evaluation of how well a firm is meeting its goals of ethics and social responsibility.

answer

social audit

question

__________ establishes expectations for ethical behavior at all levels of the organization.

answer

a code of ethics

question

one of the reasons people tend to have a hard time listening effectively is that they

answer

can think at a much faster rate than they can listen

question

active listening means the listener

answer

completely focuses on the speaker during the delivery of the message

question

excellent communication skills

answer

can dramatically improve your chances for business success

question

______ is the transfer of relevant meaning from the sender to the receiver.

answer

communication

question

in communication, the term _____ refers to any interference that causes the message received by the audience to be different from the senders intended message.

answer

noise

question

one drawback for a publicly traded corporation is that it is required to

answer

disclose operating and financial information to the public, including competitors.

question

a major drawback to a sole proprietorship is that the owner has

answer

unlimited liability

question

a C corporation has an unlimited number of shareholders whose liability is

answer

limited by the amount of their investments

question

a ________ is a business owned by one person (although it may have many employees), and it is the easiest and least expensive form of business to start.

answer

Sole proprietorship

question

sam and ed form a general partnership; sam took out liability insurance and ed wondered why. sam knew that ________

answer

general partners have unlimited liability for the debts and obligations of the business.

question

timber, water, coal deposits, and solar energy are classified as:

answer

natural resources

question

in a business, ____ is equal to sales minus expenses

answer

profit

Bus 100 -test 1 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards