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Intro to Business Quiz Questions for Exam 1

Business will incur a _____ when expenses are higher than revenue
Loss
Business transactions that occur online are examples of:
e-commerce
Doing business today without harming the ability of future generations to meet their needs is referred to as:
sustainability
Nonprofit organizations are not in the business of:
financial gain
A product has value when its benefits to the customer are equal to or greater than the price that the customer pays.
True
An economic system is a structure for:
allocating limited resources.
A market structure with pure competition has all of the following characteristics EXCEPT:
the firms use product differentiation allowing consumers to easily identify their favorite brands.
A federal agency called the _____ was established to protect customer deposits in banks and thrift institutions for up to $100,000 per customer, per bank.
Federal Deposit Insurance Corporation (FDIC)
A basic characteristic of _____ is that both producers and consumers are free to make their own economic decisions on many basic issues.
capitalism
_____ is a period of robust economic growth and high employment indicating that businesses are capitalizing on new market opportunities.
expansion
A trade _____ occurs when a country imports more goods and services than it exports.
deficit
Foreign _____ involves a firm buying the rights to produce, promote, and use the domestic firm’s trademark/patents in a defined geographical area as long as there is an agreement on specific operating procedures.
licensing
What is meant by the balance of trade?
It is a measure of the difference between exports and imports.
When a country lacks hard currency it must use _____ to complete international trade.
countertrade
Which of the following would be an appropriate reason for a country to eliminate trade restrictions?
To increase domestic jobs in industries with a comparative advantage versus other countries
Socially responsible employers:
ensure that hard work, commitment, and talent pay off.
A _____ is the systematic evaluation of how well a firm is meeting its goals of ethics and social responsibility.
social audit
A person who reports illegal or unethical behavior within an organization is known as a:
whistle-blower.
Stakeholders are:
groups or individuals with a personal interest in the performance and actions of a business.
Which of the following illustrates a true ethical dilemma?
Jack has to cover for his manager who has been stealing from the cash register or else he will lose his job.
_____ are by far the most common type of business organization in the United States.
Sole proprietorships
A “spin-off” is a common type of _____.
divestiture
Cathy and Denise open a business as a limited liability partnership in a state that offers partial-shield protection. From Cathy’s perspective, this means that she:
has unlimited liability for most types of debts the firm incurs, but she is protected from any debts that result from Denise’s negligence or malpractice.
Stockholders are _____ of a corporation. Common stockholders have the right to vote on issues affecting the operation of the business.
owners
The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the _____.
franchisee
_____ are wealthy individuals who invest in new and growing firms.
Angel investors
A possible drawback when buying an existing business is that:
you may inherit the mistakes made by the previous owner.
Entrepreneurs tend to be tolerant of:
uncertainty; they view business uncertainty as something they can turn to their advantage.
People with a(n) _____ have a strong sense of personal responsibility for what happens in their lives.
internal locus of control
A(n) _____ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timelines for achieving those objectives.
business plan

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