BUS 211 Week 2 Quiz

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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?
o    
Occupational
o    
Commercial
o    
Organizational
o    
Capitalistic
· Correct answerquestion2
Which two types of laws have been enacted to promote a company’s continued existence and profitability?
o    
Occupational qualifications and diversity
o    
Occupational health and safety
o    
Business and environmental stewards
o    
Incorporation and bankruptcy
· Correct answerquestion3
This is a process of dissolution of a business through which its assets are sold to repay its creditors. 
o    
Chapter 13 bankruptcy
o    
Chapter 11 bankruptcy
o    
Chapter 7 bankruptcy
o    
Chapter 9 bankruptcy
· Correct answerquestion4
When is a business plan developed?
o    
When proposing a new business venture
o    
Annually
o    
When reporting profit and loss
o    
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.
o    
Laws promoting employee health and safety
o    
Laws regulating occupational qualifications
o    
Laws relating to the public interest
o    
Laws governing business diversity
· Correct answerquestion6
Which of the following best defines the entrepreneurship process?
o    
Using IT to assemble materials into the final product
o    
Providing both direct and indirect services to customers
o    
Exchanging or selling services to other companies
o    
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? 
o    
Sarbanes-Oxley Act
o    
Investment Company Act
o    
Dodd-Frank Wall Street Reform and Consumer Protection Act
o    
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   
o    
improved reputation
o    
decreased costs
o    
employee loyalty
o    
increased sales
· Correct answerquestion9
The utilitarian rule bases a business decision on which of the following?
o    
What produces the greatest good for the greatest number of people.
o    
What distributes benefits and harm among people in equitable and impartial manner.
o    
What maintains and protects the fundamental rights and privileges of people.
o    
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?
o    
An outline of the way a company will use its resources to create products that give it a competitive advantage
o    
A highly-detailed, written statement that explains the purpose of creating a new venture
o    
A summary of a company’s profit and loss for a specified period of time and its plan for future growth
o    
A general overview explaining the purpose of creating a new venture
· Correct answerquestion11
What are the four elements of a SWOT analysis? 
o    
Systems, weaknesses, opportunities, and targets
o    
Strengths, weaknesses, obstacles, and targets
o    
Systems, weaknesses, obstacles, and threats
o    
Strengths, weaknesses, opportunities, and threats
· Correct answerquestion12
What is the primary role of a non-managerial employee?
o    
To evaluate the performance of other employees
o    
To assign resources and timelines to tasks
o    
To perform the day–to-day tasks assigned to them as directed
o    
To hire, coach, discipline, and fire employees as appropriate
· Correct answerquestion13
A detailed SWOT analysis would classify a poorly designed marketing plan as a    
o    
weakness
o    
strength
o    
threat
o    
opportunity
· Correct answerquestion14
Which of the following impact ethical practices in business at home and abroad?
o    
Cultural ethics, occupational ethics, legal ethics, and organizational ethics
o    
Societal ethics, occupational ethics, individual ethics, and organizational ethics
o    
Societal ethics, occupational ethics, legal ethics, and environmental ethics
o    
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?
o    
Securities Exchange Act
o    
Investment Company Act
o    
U.S. Foreign Corrupt Practices Act
o    
Sarbanes-Oxley Act
· correct answerquestion16
What rules can managers employ as guidelines to analyze the effects of their business decisions on stakeholders?
o    
Utilitarian, social contracts, virtue, and practical rules
o    
Relativism, moral rights, justice, and social contracts rules
o    
Pragmatism, moral rights, justice, and practical rules
o    
Utilitarian, moral rights, justice, and practical rules
· Correct answerquestion17
Who has a claim on a company because they own shares?
o    
Customers
o    
Stockholders
o    
Employees
o    
Managers
· Correct answerquestion18
Jones (2007) describes a three-stage business plan used by managers. Which of the following is one of the stages?
o    
Answering questions about products from customers
o    
Assembling raw materials into finished products
o    
Calling customers to sell products
o    
Selecting goals and targets for team members
· Correct answerquestion19
Anti-trust legislation exists
o    
because it is the government’s job to regulate business
o    
because it is the express aim of the U.S. government to foster competition
o    
to make it illegal for companies to conspire with one another to limit supply
o    
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?
o    
By being routinely confrontational with other employees and questioning the status quo
o    
By doing what he or she is asked to do and by meeting job requirements
o    
By being proactive and looking for new ways to improve his or her skills
o    
By ensuring performance remains within the  boundaries of the job expectations
· Correct answerquestion21
Laws governing diversity endeavor to motivate employers to
o    
specify the skills, qualifications, and experience people must possess to be hired for government occupations
o    
help promote their survival and increase the profitability of business enterprises
o    
govern how a company should behave to further the public interest
o    
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.
o    
Pollution Prevention Act
o    
Clean Air Act
o    
Energy Policy Act
o    
Comprehensive Environmental Response, Compensation, and Liability Act
· Correct answerquestion23
A detailed SWOT analysis would classify a well developed and informed business model as a    
o    
threat
o    
opportunity
o    
 weakness
o    
strength
· Correct answerquestion24
What type of information is within a business plan?
o    
Past performance and stock price
o    
Revenue, profit, and loss
o    
New products, how the organization will compete, and how the organization will organize resources
o    
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    
o    
 threat
o    
opportunity
o    
weakness
o    
strength
· Correct answerquestion26
This is the effect of unethical behavior on business commerce.
o    
Less capital and wealth are created in society.
o    
Unethical behavior becomes a social norm.
o    
Stakeholders internalize the unethical values.
o    
Less capital and wealth are accrued in the government sector.
· Correct answerquestion27
Which example best describes an organizational opportunity?
o    
Business identifies and creates a new product.
o    
A business creates new, more effective ways to increase profitability.
o    
A business sells their products to new customers.
o    
A business launches and markets a 36-hour sale.
· Correct answerquestion28
Which of the following best describes the employee “role”?
o    
The experience and minimum skills required for a specific job
o    
The nature of employment conditions, pay, and benefits
o    
The set of tasks a person is expected to perform
o    
The set of guidelines that govern organizational behavior
· Correct answerquestion29
What is a copyright?
o    
It is the grant of a property right that is issued to its inventor.
o    
It is the creations of the mind including inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.
o    
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.
o    
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
o    
how companies protect their employees from harm while on the job
o    
how companies recruit, promote, and retain people for employment
o    
how companies determine the occupational requirements needed by employees to protect the well-being of society
o    
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?
o    
Stakeholders
o    
Employees
o    
Customers
o    
Managers
· Correct answerquestion32
Which answer contains the three types of entrepreneurial activities?
o    
Business, sales, and training
o    
Commercial, occupational, and organizational
o    
Financing, selling, and purchasing
o    
Evaluating, monitoring, and selling
· Correct answerquestion33
What is a difference between an employee and a manager? 
o    
Employees hold each other accountable for success of the business
o    
Employees have decision making authority over the organization’s resources
o    
Employees are responsible for providing vision and leadership
o    
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?
o    
Employees
o    
Customers
o    
Suppliers and distributors
o    
Stockholders
· Correct answerquestion35
How do managers help the company’s stakeholders?
o    
Assembling materials into finished products
o    
Creating profitable goods and services
o    
Assisting customers with their purchases
o    
Providing financing to grow the business
 
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