BUS 100 Introduction to Business Unit 1 Milestone Sophia Course

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1 Which of the following is NOT a key characteristic of a business?  A business tries to measure its macroeconomic impact.  A business attempts to satisfy consumer needs.  A business attempts to earn a profit by providing a product or service.  A business often tries to provide choices and opportunity.

CONCEPT What Is Business?

2 Which of the following should guide ethical behavior in a business?  Moral judgments  Scientific theories  Personal goals  Cultural standards CONCEPT Ethics as a Lifestyle 3

Kowabunga was a US based beach clothing and gear company. The owner of the company wanted to expand into markets in Mexico, Australia and Fiji. The company compared the emerging markets to see which had the highest growth rates.

Which external business environment did the company evaluate for its expansion?  Domestic  Sociocultural  Global  Political-legal CONCEPT Business Environments 4 Sarah owned a small business that made custom handbags and totes for women, but her business failed.

If Sarah was constantly shopping for supplies, stocking the work room and sewing bags— instead of overseeing business operations—her failure can be attributed to which type of mismanagement?  Lack of focus  Uncontrolled resources  Financial miscalculation CONCEPT Small Business Success or Failure?

5 Selena wrote a popular blog for a well-known cooking magazine. She used the success of her blog to write her own series of books and create a companion line of food products.

Which factor of production below does Selena illustrate?

 Capital  Entrepreneur  Information resource  Physical resource CONCEPT Economic Systems 6 How is a business plan used by the management of a business?  To evaluate the results of social responsibility programs  To list the responsibilities of managers and employees  To monitor and track performance goals for the business  To define the current management structure of the business CONCEPT The 3 Part Business Plan 7 In which type of business below does the owner have the highest liability risk?  Sole proprietor  Corporation  Cooperative

 Partnership CONCEPT Non-Corporate Business 8 Martin started a custom frame shop after retiring as an engineer. He was a skilled craftsman and knew there was a market in his small town for this business. He focused on serving his customers and maintaining the daily operations of his business.

Which of the following would Martin be considered?  Business partner  Entrepreneur  Small business owner  Corporate owner CONCEPT Small Business and the Entrepreneur 9 Henri owned a company that made gourmet cookies in New York. The chocolate he used was made in Belgium. The pecans he used were grown in Georgia and the Macadamia nuts were grown in Australia. The dried fruits he used were made in California. He used eggs and butter produced by local farmers.

Select the item(s) below that had to be exported in order for Henri to use it in his recipes.  Dried fruits  Pecans  Eggs and butter 

Chocolate CONCEPT Global Economy 10 A large cable company is the only provider of cable TV and Internet for a small community.

As a result, consumers in the community who want either of these services must purchase from this company.

In which of the following economic markets is the cable company operating?  Monopolistic  Oligopoly  Monopoly  Perfect CONCEPT Supply and Demand Economics 11 Which of the following best illustrates the socioeconomic model of social responsibility?  The owners of an automobile manufacturing company feel the company benefits society by making decisions that result in earning a higher net income.  The owner of a farm feels the farm benefits society by making a profit while providing healthy and fresh produce to its customers.  The management of an oil production company feels the company benefits society when it makes a profit for its stockholders.  The owner of a toy manufacturing company feels the company benefits society by making toys its customers will want to purchase.

CONCEPT Models of Social Responsibility and Considering the Stakeholder 12 Sophie led a team developing a social responsibility program for her company. The team created a program to raise money for a local food bank charity.

Which of the following activities would NOT have been performed during the planning step for the program?  Determine the fundraising goals  Set the budget for marketing the program  Manage performance of the program team  Gain support from upper management CONCEPT Steps to Creating a Social Responsibility Program 13 Warren and Liza were drafting the partnership agreement for their new home design and construction company.

Select the item below that Warren and Liza should include in their partnership agreement.  The amount of money each partner invests  Short- and long-term sales forecasts  Rights of the stockholders of the business  Formal code of conduct for employees CONCEPT Non-Corporate Business

14 A maker of soaps and lotions noticed a blind person having difficulty comparing products while shopping in one of her stores. She launched an initiative to include Braille on the packaging of all products her company produced.

Which social responsibility stance below did the business owner demonstrate?  Proactive  Obstructionist  Accommodating  Defensive CONCEPT Stances to Social Responsibility Issues 15 Which of the following is the purpose of the World Bank?  To loan consumers in different countries money  To loan businesses in different countries money  To support the development of poorer countries  To support the development of all countries CONCEPT Global Markets 16 Lindsey decided to open a franchise fitness center instead of starting her own business from scratch.

Which of the following is an advantage to Lindsey purchasing the franchise?

 Lindsey can get help with marketing and advertising the new business.  Lindsey can create the logo and company slogan for the fitness center.  Lindsey can determine what fitness options she will provide her customers.  Lindsey can select the suppliers for purchasing the workout equipment.

CONCEPT The Small Business Franchise 17 Which of the following is true regarding a mixed market economy?  Prices and production of goods are based on supply and demand.  Central government authority owns and operates certain types of businesses.  Some pricing fluctuates while other pricing is controlled by the government  Prices and production of goods are determined by a central planning authority.

CONCEPT Economic Systems 18 Which of the following best describes corporate governance?  The structure of rights and processes for a corporation  The input provided by stockholders of a corporation  The rights assigned to the stockholders of a corporation

 The leadership provided by officers and directors for a corporation CONCEPT Types of Corporations 19 The US government limited the amount of raw sugar that could be brought into the country to three billion pounds.

Which of the following trade restrictions is illustrated in this scenario?  Import quota  Tariff  Embargo  Export quota CONCEPT Interactions within the Global Economy 1 In which economy below are private owners most concerned with developing wealth?  Communism  Mixed market  Capitalism  Socialism CONCEPT Economic Systems 2

Which of the following best describes corporate governance?  The structure of rights and processes for a corporation  The input provided by stockholders of a corporation  The rights assigned to the stockholders of a corporation  The leadership provided by officers and directors for a corporation CONCEPT Types of Corporations 3 Which of the following factors could contribute to the success of a small business venture?  A business owner paid himself a high salary.  A business owner had a business plan but no budget.  A business owner put off tasks he did not enjoy completing.  A business owner put in long hours and took few days off.

CONCEPT Small Business Success or Failure?

4 In which of the following are investors most interested?  They are concerned with the company paying employees a fair wage.  They are concerned with the company safely increasing profitability. 

They are concerned with the company making environmentally friendly products.  They are concerned with the company creating value for its customers.

CONCEPT Models of Social Responsibility and Considering the Stakeholder 5 Which of the following should guide ethical behavior in a business?  Personal goals  Moral judgments  Cultural standards  Scientific theories CONCEPT Ethics as a Lifestyle 6 The US government limited the amount of raw sugar that could be brought into the country to three billion pounds.

Which of the following trade restrictions is illustrated in this scenario?  Import quota  Tariff  Export quota  Embargo CONCEPT Interactions within the Global Economy

7 A maker of soaps and lotions noticed a blind person having difficulty comparing products while shopping in one of her stores. She launched an initiative to include Braille on the packaging of all products her company produced.

Which social responsibility stance below did the business owner demonstrate?  Obstructionist  Accommodating  Defensive  Proactive CONCEPT Stances to Social Responsibility Issues 8 Lindsey decided to open a franchise fitness center instead of starting her own business from scratch.

Which of the following is an advantage to Lindsey purchasing the franchise?  Lindsey can create the logo and company slogan for the fitness center.  Lindsey can get help with marketing and advertising the new business.  Lindsey can select the suppliers for purchasing the workout equipment.  Lindsey can determine what fitness options she will provide her customers.

CONCEPT The Small Business Franchise 9

Jill owned a small business in California. The state passed new legislation that required all small businesses to use new measures to protect the personal, financial and health information of both customers and employees.

Jill's business will be impacted by which external business environment below?  Sociocultural  Global  Economic  Political-legal CONCEPT Business Environments 10 In which type of business below does the owner have the highest liability risk?  Partnership  Corporation  Sole proprietor  Cooperative CONCEPT Non-Corporate Business 11 A country had a per capita income of $2,000.

Which of the following would the World Bank categorize this country as being?  A lower-middle income country

 A developing country  A low-income country  A developed country CONCEPT Global Markets 12 How is a business plan used by the management of a business?  To list the responsibilities of managers and employees  To evaluate the results of social responsibility programs  To define the current management structure of the business  To monitor and track performance goals for the business CONCEPT The 3 Part Business Plan 13 Richard worked at a software company, and he learned many youth in the local community did not have access to technology to help them succeed in school. Richard told his supervisor he thought this might be a good way to give back to the community.

Which step to creating a social responsibility program below does this illustrate?  Action  Ongoing leadership  Follow through

 Need recognition CONCEPT Steps to Creating a Social Responsibility Program 14 A US based company manufactures and sells custom motor homes. All engine parts are made in Michigan, and the tires are made in Virginia. The computer system is made in China. The leather for all seating is made in Italy. The carpet and wood flooring are made in Pennsylvania.

Select the item below that is an import to the US.  Computer system  Tires  Carpet and wood flooring  Engine parts CONCEPT Global Economy 15 Which of the following describes an entrepreneur rather than a small business owner?  More concerned with running day-to-day operations  More likely to develop innovations and business expansions  More focused on making decisions where the outcome is clear  More satisfied with a consistently profitable business CONCEPT

Small Business and the Entrepreneur 16 Joel, Evan and Chase partnered to own and operate a microbrewery that produced craft beers.

After reviewing the numbers for the fourth quarter, Chase thought the amount he was paid from the company's earnings was way too low. He called a meeting to discuss the issue with Joel and Evan.

With which element of a partnership agreement below would Chase have an issue?  How profit or loss would be divided  What risks could impact their decisions  How much each person would invest  What activities each person would perform CONCEPT Non-Corporate Business 17 Kyle owned a small business that sold and repaired several styles of bicycles. Last month, Kyle had sales of $15,000 and the costs of operating his business were $12,300.

Which of the following is true about Kyle's business?  The business earned a profit.  The business should focus on expansion.  The business experienced a loss.  The business is not capitalizing on a need.

CONCEPT What Is Business?

18

A toy company created a new truck to offer to consumers.

Based on the graph shown above, which of the following is the equilibrium quantity and price at which the company should sell the truck?  200 trucks at $4 per truck  200 trucks at $8 per truck  400 trucks at $8 per truck  300 trucks at $6 per truck  400 trucks at $4 per truck CONCEPT Supply and Demand Economics 19 Which of the following controls production in a planned economy?  Producers of products and services  Centralized government  Monopolistic corporations  Consumers of products and services CONCEPT Economic Systems A business owner decides to only use products that do not test on animals.

Which social responsibility stance below did the business owner demonstrate?

 Defensive  Obstructionist  Proactive  Accommodating Which of the following is an advantage of buying a franchise as an existing business, instead of starting from scratch?  Able to use own ideas for running the business  The ability to operate without pre-existing expectations from customers  The ability to use a well-known brand  The ability to choose suppliers for the business Penelope worked for several years at an art gallery after graduating college. She had always imagined she would own her own studio one day, where she could showcase her own works as well as provide private art lessons and classes. She had saved money toward this goal but had little experience running any type of business.

Based on Penelope's situation, which of the following is a disadvantage to her becoming a sole proprietor?  Penelope lacks significant expertise and experience in the art field.  Penelope may have difficulty managing all aspects of a small business alone.  Penelope is worried about who will be responsible for making final business decisions.  Penelope has few contacts she could use to obtain startup funding.

Carole was an avid investor. She purchased 500 shares of common stock for GH Inc. based on an article she read about the publicly traded company.

Which of the following would Carole be considered?  A partner in GH Inc.  A member of the Board of Directors of GH Inc.  A stockholder of GH Inc.  A corporate officer of GH Inc. Which of the following is an example of a trade deficit?  The United States imports more goods from China than China imports from the US.  China can produce clothing more efficiently than the United States.  China and the United States both import and export the same amount of goods to one another.  China exports more goods to the United States than the US exports to China.

The US government decided to enforce a trade restriction to no longer trade any goods with Mexico.

Which of the following does this scenario describe?  Foreign-exchange control  Tariff  Quota  Embargo

Which of the following would cause a person starting a small business to choose a sole proprietorship over a partnership?  The person wants to retain complete control over the entire business.  The person is willing to share responsibilities for running the business.  The person has minimal experience managing a small business.  The person lacks sufficient funding for business operations.

Greg's team developed a social responsibility program to have employees participate in an annual clothing drive. The employees donated and then delivered clothes and shoes to needy families.

Which of the following activities would be performed in the Follow Through step?  The team determined the number of employees who participated and the number of families assisted.  The team obtained lists of names and addresses of families in need of clothes and shoes.  The team determined how employees would be rewarded for their participation.  The team and participating employees brought gently used clothing and shoes to the collection location.

Max wanted to open a pizza and sub restaurant. He compared purchasing a well-known franchise to opening his own restaurant as a small business.

Which of the following would be a disadvantage to the franchise option?  Max will be able to use the business model provided by the franchise.  Max will have many competitors that offer pizzas and similar Italian fast food. 

Max will have to use his savings and borrow some money to start his business.  Max will have to use the franchise's pizza sauce instead of his family recipe.

Which of the following would be included in the financial plan section of a business plan?  Methods for measuring if specified targets are met  Analysis of competitors in the marketplace  Projected profit and loss for the business  Description of the target market for the business Which of the following is true regarding ethics in business?  Ethical decisions are not always a clear cut case.  Ethical violations always involve breaking laws.  Ethical values can change based on circumstances.  Ethical decisions have little impact on customer relationships.