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BUS 508 Week 4 Exam 1

BUS 508 Week 4 Exam 1

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BUS 508 Week 4 Exam 1 -

Question 1

 When an individual moves beyond his or her own needs and desires and takes the needs of society into consideration when making decisions, in which stage of ethical development is this individual?


  • preconventional
  • conventional
  • postconventional
  • traditional


Question 2

The public demand that businesses give proper consideration to consumer wants and needs in making its decisions is known as ________.


  • conservation
  • political activism
  • ethics
  • consumerism


Question 3

A formal procedure that identifies and evaluates all company activities relating to social issues is known as a(n) ________.


  • ethical profile
  • social audit
  • social inventory
  • mission analysis


Question 4

 Individuals who focus only on their own interests when making decisions are at the ________ stage of ethical development.


  • preconventional
  • conventional
  • postconventional
  • concentrations


Question 5

Businesses have responsibilities to ________.


  • investors and customers
  • investors, customers, employees, and society
  • investors, customers, and employees
  • investors only


Question 6

Bob takes responsibility for an error made by his assistant on a project. Bob has shown ________.


  • loyalty
  • honesty
  • integrity
  • truthfulness


Question 7

________ goes beyond truthfulness.


  • Honesty
  • Loyalty
  • Integrity
  • Competence

Question 8

________ are responsible for conducting employee training programs that help spot potential fraud and abuse within a firm.


  • Department supervisors.
  • Ethics compliance officers
  • Human Resource managers
  • Social behaviorists


Question 9

Most industrialized nations operate economies based on ________.


  • planned economies
  • private enterprise systems
  • communist systems
  • socialist systems


Question 10

Monetary policy ________.


  • frequently causes taxes to rise
  • is of limited use in controlling inflation
  • is of little use in expanding business spending
  • uses interest rate variations and availability of funds to influence the nation’s economy


Question 11

________ is an economic system in which private property is eliminated.


  • socialism
  • capitalism
  • monopoly
  • communism


Question 12

A supply curve is a(n) ________.


  • upward sloping curve
  • downward sloping curve
  • vertical line
  • horizontal line


Question 13

According to a supply curve, ________.


  • as prices rise, quantity of a product supplied falls
  • as prices fall, quantity of a product supplied increases
  • as prices rise, the quantity of a product that is supplied also rises
  • as prices rise, consumers will buy in larger quantities


Question 14

Monopolistic competition has ________.


  • many buyers and sellers, and the sellers have some control over price
  • many buyers and sellers, none of whom can control prices
  • only one seller
  • only a few sellers


Question 15

Control over price by individual firms is highest in a(n) ________.


  • pure monopoly
  • regulated monopoly
  • oligopoly
  • monopolistically competitive industry


Question 16

Incentives to motivate employees to perform at their highest level are strongest in ________ systems.


  • capitalist
  • communist
  • socialist
  • monopolistic


Question 17

 A demand curve is the schedule that shows the relationship between the price of a product and ________.


  • overhead costs
  • the costs of marketing the product
  • the quantity of that product that buyers demand at that price
  • the quantity supplied at each price


Question 18

 The human resources of a firm refer to ________.


  • everyone over 18 years of age
  • everyone who works for the business
  • full-time employees
  • top management


Question 19

By offering a lifetime warranty on its products, Warner Electronics has set itself apart from its competition. This difference is known as Warner Electronics’ ___________.


  • private enterprise system
  • competitive differentiation
  • capitalism
  • natural resources


Question 20

Technology, tools, information, and physical facilities for the operation of a business are examples of ________.


  • profits
  • wages
  • capital
  • interest


Question 21

All of the following are businesses EXCEPT ________.


  • U.S. Postal Service
  • UPS
  • FedEx
  • AOL Time Warner


Question 22

In business, ________ refers to the ability to see better and different ways of doing business.


  • critical thinking
  • social responsibility
  • creativity
  • vision


Question 23

Capitalism is founded on ________.


  • the social changes that followed the Industrial Revolution
  • the idea that 80 percent of the nation’s wealth should be owned by no more than 20 percent of the people
  • the belief that competition among business firms best serves the needs of society
  • the idea that the government must own all factors of production


Question 24

The business philosophy that advocates determining what consumers want and need, and then designing products to satisfy those needs, is known as ________.


  • consumer orientation
  • self-sufficiency concept
  • work ethic
  • production concept


Question 25

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as ________.


  • relationship management
  • transaction management
  • a strategic alliance
  • marketing management


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