Business Ethics
______ _______ is when people behave in a bad,
immoral, unfair, or inappropriate way.
Unethical behavior
When the U.S. was created, the government's role in business was to act as a ______ only. This role is hands off in nature.
Liability
True or False?
Entrepreneurs work "in" their businesses more than small business owners.
False.
Name 1 way entrepreneurship helps our society:
Creates jobs, innovative products, etc.
A company's ______________ can help define ethical behavior for the company.
Mission
Raising taxes on businesses stimulates the economy. True or False?
False.
Jason would like to start a small business which he could operate from his home. His business would not cost a great deal to start, and he has experience and interest in that type of business. What form of ownership should he consider?
Sole proprietorship
Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of
Money
When government sets safety standards for the workplace, it is attempting to minimize:
Risk in the workplace for employees.
A __________ __ _________ arises when an individual’s
professional duties conflict with personal
interests and could affect their decision
and make it seem unfair.
Conflict of interest
Name 2 public goods that are provided by the government.
National defense, law enforcement, street lamps/signs, interstate highways, fire protection
Illegally run organizations that emphasize the collection of high fees from potential product distributors are often referred to as
Pyramid scheme
While managers help to make entrepreneurs’ visions a reality, they aren’t required to assume the _____ involved.
Risk
Quantex is organized as a partnership with eight equal partners. The partners would like to expand their business but limit the amount of money they could personally lose if the business were to fail. What form of ownership should Quantex consider?
Corporation.
Carlos begins using a company's trademarked name as his business's operating brand name. This type of unethical behavior involves which area of business?
Intellectual property
The two main sources of revenue used to pay the expenses of government come from:
Taxes and borrowing
ABC Specialty Wear is the only company that has written permission to use a national football team’s logo on its sportswear. This is an example of a
Name 3 challenges that come with being an entrepreneur in the early stages of developing your business?
Uncertain income, all risk incurred, long hours, insufficient capital, variant sales, management of business, etc.
Jane is the owner of a pizza shop associated with a national chain of pizza restaurants. She established her business in a regional supermarket. The pizza shop is referred to as a
Piggyback franchise
Deceptive and unfair business advertising is unethical and illegal because it can be misleading to consumers. This area of unethical behavior is tied to what area of business?
Marketing and sales
The government provides protection to business owners’ property through the use of
Zoning laws
Jake wanted to run his own business but was unsure that he had adequate business skills to be successful. Which type of business would give Jake the help he needs?
Business format franchise
Entrepreneurs often discover business start-up ideas by looking for:
Specific need in the market
What is the government doing when it buys wheat to keep the price high enough for farmers to make a profit?
Offering price supports