Business Practice Quiz Ch 1-3 Essay

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Business Ethics
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The application of moral standards to business situations.
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Sarbanes-Oxley Act of 2002
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Provides legal protections for employees who report corporate misconduct.
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Code of Ethics
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A guide to acceptable and ethical behavior as defined by the organization.
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Consumerism
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All activities undertaken to protect the rights of the consumer.
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Whistle-blowing
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Informing the press or government officials about unethical practices within one’s/”a” business/organization.
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Caveat Emptor
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A latin phrase meaning, “let the buyer beware”.
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Minority
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A racial, religious, political, national, or other group regarded as different from the larger group which it is a part (of).
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Affirmative Action Program
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A plan designed to increase the number of minority employees at all levels in an organization.
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Code of Ethics
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A guide to acceptable and ethical behavior as defined by an organization.
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Economic Model of Social Responsibility
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Model that emphasizes the effect OF business decisions ON society; Believes society is best when business is left alone and is free to produce and market profitable products that society needs.
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National Alliance of Business (NAB)
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A joint business-government program that “trains” the hard-core unemployed.
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TRUE
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True or False: Manufacturers ARE required by law to inform consumers of/about the potential dangers of using their products?
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Affirmative Action Plands
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These type of plans “encompass” all areas of human resources managements including recruiting, hiring, training, promotion, and pay.
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FALSE
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True or False: The EPA was created by the government to develop new and improved ways to clean and improve/better the environment.
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TRUE
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TRUE OR FALSE: Consumers will probably pay in large part for the cleaning up of our environment through increased taxes or increased product cost/(result of increased production costs).
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Social Audit
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A comprehensive report of what an organization has done and is doing with regard to scial issues that affect it.
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Hard-core Unemployed
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Workers with little education or vocational training and a long history of unemployment.
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Socioeconomic Model of Social Responsability
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Model that suggests business emphasizes on profits AND the effect/impact of it’s business decision on society.
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Safe, reliable, and reasonably priced.
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Customers expect a firm/company’s product to be…
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Management
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Where does social responsibility of business have to begin?
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Financial factors, opportunity, morals.
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What are three sets of factors that influence the standards of behavior in an organization?
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Social Responsability
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Though costly, this provides tremendous benefits to society and the business.
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Factory System
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(When) Materials, machinery, and workers are assembled in one place
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Federal Deficit
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When the government spends more than it receives…
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Barter
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System of Exchange
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Product Differentiation
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The process of distinguishing Colgate from Crest Toothpaste.
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Productivity
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The average level of output per worker per hour.
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Economics
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The study of how wealth is created and distributed.
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Business
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An organized effort to produce and sell goods and services for a profit.
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Capitalism
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A system where individuals own and operate the majority of businesses.
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Entrepreneur
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A person who takes the risk and invests in a business.
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Gross Domestic Product
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Value of all goods and services produced within (ONE) a country during a one-year period.
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Demand
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The relationship between prices and the quantities purchased by buyers.
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Specialization
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The process of separating work into distinct tasks is called…
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Laissez-Faire
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What term implies/(suggests) that there shall be no government interference in the economy?
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Inflation
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When the level of prices in the economy rise, it’s called…
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National Debt
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The total of all federal deficits.
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TRUE
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TRUE OR FALSE: The equilibrium price means that the supply and demand for a product are in balance
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Peak, Recession, Trough, and Recovery
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What are the four states/[levels or parts] of the Business Cycle?
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Main Objective of Business Firms
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To satisfy the needs of their customers should always be the…
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Profit
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The difference between a firm’s sales revenues and it’s expenses, is the firm’s…
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Socialism and Communism
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Two examples of command economies in the present day are…
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Fiscal Policy
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The act of when the government influences the amount of savings and expenditures by altering the tax structures and changing the levels of government spending.
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Recession
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Monetary and Fiscal Policies are used by the government to offset the effects of a…
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Perfect Competition
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The Market situation in which there are many buyers and sellers of a product and no single buyer or seller is powerful enough to effect the price of that product; Balance of power amogst the buyers and sellers.
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Perfect, Monopolistic, Oligopoly, and Monopoly
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The 4 different types of competition within an industry are:
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Monetary Policies
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Federal Reserve decisions that determine the size of the supply of money in the nation and the level of interest rates.
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Recession
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Two or more consecutive three month periods of decline in a county’s GDP
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Depression
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A sevree recession lasting longer than a normal/typical one (longer than 6 months).

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