Question 1

5 / 5 pts

(TCO 1) A(n) _____ is a framework of how a business intends to generate revenue.

business model

strategic management tool

profitability analysis

competitive advantage

entrepreneurial mindset

Question 2

5 / 5 pts

(TCO 1) Which of the following statements is true regarding business mindset?

It involves seeing the business from the outside in.

It is incompatible with corporate responsibility.

It involves appreciating the challenges a company faces in satisfying customer needs.

It involves acknowledging that businesses always benefit society.

It involves ignoring one’s customer experiences.

Question 3

5 / 5 pts

(TCO 1) _____ audit the financial reports of public companies as required by law.

Internal accountants

External auditors

Credit managers

Management accountants

Forensic accountants

Question 4

5 / 5 pts

(TCO 1) When the number of competitors in a market is quite small, a situation known as _____ is created.

monopoly

monopsony

oligopoly

monopolistic competition

pure competition

Question 5

5 / 5 pts

(TCO 1) _____ unemployment is the natural movement of workers into and out of jobs, such as when a person quits one job without first lining up a new job.

Structural

Intrinsic

Frictional

Cyclical

Seasonal

Question 6

5 / 5 pts

(TCO 1) ________ taxes, levied on the earnings of individuals and businesses, are the government’s largest single source of revenue.

Income

Property

Sales

Excise

Payroll

Question 7

5 / 5 pts

(TCO 1) _____ is the process of influencing and motivating people to work willingly and effectively toward common goals.

Organizing

Leading

Planning

Directing

Controlling

Question 8

5 / 5 pts

(TCO 1) The overall plan might be supported at the next level down by such plans as a research and development plan, a manufacturing plan, and a marketing plan. Such functional plans are called _____ plans.

appraisal

strategic

contingency

tactical

corporate

Question 9

5 / 5 pts

(TCO 1) _____ leaders act as advisors and supporters and generally let subordinates chart and adjust their own course toward meeting agreed-upon goals and objectives.

Participative

Consultative

Autocratic

Transactional

Laissez-faire

Question 10

5 / 5 pts

(TCO 2) An embargo is a _____.

quantity restriction on the import of particular goods or services

surcharge imposed on the import of certain products

subsidy offered to products exported from a country

complete ban on the import or export of certain products

form of financial assistance extended to domestic producers

Question 11

5 / 5 pts

(TCO 2) The North American Free Trade Agreement (NAFTA) was formed by the United States, Canada, and _____.

Costa Rica

Jamaica

Cuba

Mexico

Honduras

Question 12

5 / 5 pts

(TCO 2) _____ refers to buying goods or services from a supplier in another country.

Franchising

Importing

Licensing

Partnering

Intermediating

Question 13

5 / 5 pts

(TCO 2) The use of unpublicized information that an individual gains from the course of his or her job to benefit from fluctuations in the stock market is called _____.

a code of ethics

whistle-blowing

insider trading

utilitarianism

strategic CSR

Question 14

5 / 5 pts

(TCO 2) Which of the following statements is true regarding whistle-blowing?

Whistle-blowing is the normal channel through which employees can address issues involving unethical or illegal behavior within their companies.

Whistle-blowing refers to the use of unpublicized information that an individual gains from the course of his or her job to benefit from fluctuations in the stock market.

Whistle-blowing occurs when employees share confidential company information with external agents for personal gain.

The federal and state laws governing whistle-blowing are simple and clear, so that they can be easily used by employees and employers to navigate through.

Although whistle-blowing is sometimes characterized as “ratting on” colleagues or managers, it has an essential function.

Question 15

5 / 5 pts

(TCO 2) The manager of a golf course awards a landscaping contract to his brother-in-law’s company, even though another company was willing to do the same work for less money. This is an example of a(n) _____.

defensive CSR

code of ethics

conflict of interest

strategic CSR

ethical dilemma