Chapter 4: Social Responsibility of Business and Government
Chapter 5: Business Organization
100
The U.S. is considered a market economy because people own and control businesses and make economic decisions.
a. True b. False
a. True
100
The U.S. labor force consists of all people above the age ____ that are available for work.
a. 21
b. 18
c. 16
d. 14
c. 16
100
International business is the making, buying, and selling of goods and services within a country.
a. True b. False
b. False
100
An example of ethical behavior at the workplace is to book a vacation online at work when there is down time during the day.
a. True b. False
b. False
100
Corporations are small in percentage; however, they earn the most revenue among U.S. businesses.
a. True b. False
a. True
200
Which of the following is not an economic-political system?
a. capitalism
b. socialism
c. communism
d. pluralism
d. pluralism
200
Which economic problem occurs when there is a decline in the GDP for six months or more?
a. Inflation
b. Stagflation
c. Depression
d. Recession
d. Recession
200
It is illegal for American companies to sell nuclear technology to different countries. This is an example of a(n)
a. embargo
b. importing
c. exporting
d. tariffs
a. embargo
200
Andrew and Jane will receive a loan for $100,000 from the Small Business Association (SBA) to open a business. The SBA is considered a
a. partner
b. banker
c. entrepreneur
d. creditor
d. creditor
200
For those interested in business careers, college is unnecessary in most cases.
a. True b. False
b. False
300
The incentive for producing goods and services is
a. demand
b. supply
c. profit
d. capital
c. profit
300
Stockholders of a corporation help to make the decisions of the corporation by using their rights to
a. vote
b. dividends
c. charter
d. invest
a. vote
300
The value of one country’s currency converted into another country’s currency is the
a. annual percentage rate
b. rate of return
c. exchange rate
d. interest rate
c. exchange rate
300
A collection of values and principles for the proper behavior within a business is called
a. business ethics
b. business laws
c. business vision
d. business plan
a. business ethics
300
People born between the years 1945-1965 are considered what generation?
a. Millenial
b. Net Generation
c. Generation X
d. Baby Boomers
d. Baby Boomers
400
In which of the following economic systems is the government's role most limited?
a. mixed
b. traditional
c. market
d. communism
c. market
400
___________is the total value of all goods and services produced in a country in one year. It is used to measure the health of an economy.
a. gross domestic product GDP
b. recession
c. business cycle
a. gross domestic product GDP
400
The European currency which can be used in 11 countries is called a(n)
a. Peso
b. Euro
c. Dollar
d. Pound
b. Euro
400
A code of ethics is designed to
a. meet government regulations
b. reduce operating costs of a company
c. provide guidelines for proper behavior
c. improve employee productivity
c. provide guidelines for proper behavior
400
A business owned by its members to serve their needs and interests is called a
a. joint venture
b. virtual corporation
c. cooperative
d. franchise
c. cooperative
500
As competition increases, prices
a. usually increase as well
b. are not affected so will usually not change
c. usually will decrease
d. There is no way to predict what will happen to prices
c. usually will decrease
500
The movement of the economy from one phase to another is called the _____________.
a. gross domestic product GDP
b. recession
c. business cycle
c. business cycle
500
The international organization tht settles trade disagreements and enforces free-trade agreements is the
a. WTO
b. United Nations
c. IMF
d. World Bank
a. WTO
500
A _____ would protect the composer's musical score.
a. patent
b. trademark
c. copyright
d. contract
c. copyright
500
The largest number of U.S. businesses employ
a. over 100 people
b. between 50 and 100 people
c. between 10 and 20 people
d. no employees other than the owner