BUSI 1301 Business Principles
FINAL EXAM REVIEW (262
questions and answers to consider)
University of Houston
,A person who risks time, effort, and money to start and operate a business is ___________. - --
entrepreneur
Different people or groups of people who are affected by an organization's policies, decisions, and
activities are called ______. - --Stakeholders
There are four resources that a business must organize. Which of the following is not one of them? - --
Competitor Resources
___________ is an economic system in which individuals own and operate the majority of businesses
that provide goods and services. - --Capitalism
_________ is the study of how wealth is created and distributed. - --Economics
Which of the following is not a way to measure economic performance? - --All of the above are ways
we can measure economic performance.
Which of the following is not one of the four types of competition in a capitalist system? - --All of the
above are types of competition in a capitalist system.
_______ is what remains after all business expenses have been deducted from sales revenue. - --Profit
The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy
society's needs is the definition of ______. - --Business
The US would be considered what kind of economy? - --Mixed
,Which of the following is true regarding the Sarbanes-Oxley Act of 2002 - --All of the above are true
regarding Sarbanes-Oxley.
A written guide to acceptable and ethical behavior as defined by an organization is __________. - --
code of ethics
How can individual companies encourage ethical behavior in their organization? - --All of the above
are ways organizations can encourage ethical behavior.
The study of right and wrong and the morality of the choices individuals make is __________. - --Ethics
All activities undertaken to protect the rights of consumers is known as __________. - --Consumerism
Which of the following is not one of the basic rights of consumers? - --All of the above are basic rights
of consumers.
Which of the following is not an individual factor affecting ethics? - --The goals of others in the
organization
A government agency with the power to investigate complaints of employment discrimination and
the power to sue firms that practice it is __________. - --Equal Employment Opportunity Commission
The recognition that business activities have an impact on society and the consideration of that
impact in business decision making is known as __________. - --Social Responsibility
The application of moral standards to business situations is __________. - --business ethics
, A plan designed to increase the number of minority employees at all levels within an organization is
known as __________. - --Affirmative Action Program
One way the government has encouraged ethical behavior is by making more stringent regulations,
such as passing the Sarbanes-Oxley Act of 2002 - --T
Informing the press or government officials about unethical practices within ones organization is
__________. - --Whistle-blowing
__________________ encompasses all business activities that involve exchanges across national
boundaries. - --International Business
Which of the following can be immediate and long-term economic consequences of restricting trade? -
--All of the above can cause immediate and long-term economic consequences
The __________ was established by GATT to oversee the provisions of the Uruguay Round and resolve
any resulting trade disputes. It has judicial powers to mediate among members disputing new rules. It
incorporates trade in goods, services, and ideas and exerts more binding authority than GATT. Its
main function is to ensure that trade flows as smoothly, predictably, and freely as possibly. - --World
Trade Org (WTO)
Which of the following is not one of the ways a business could enter international markets? - --All of
the above are ways that a business could enter international markets
An international bank with 188 member nations that makes short-term loans to developing countries
experiencing balance-of-payment deficits is the _____________. - --International Monetary Fund (IMF)
___________ is a contractual agreement in which one firm permits another to produce and market its
product and use its brand name in return for a royalty or other compensation. - --Licensing
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