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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