1. Question : (TCO 1) The war on terrorism will: Student Answer: improve the confidence level of most consumers. hurt the profitability of every business operating in the U.S.A. help some businesses and hurt others. stabilize the business sector. 2. Question : (TCO 1) As a factor of production, the term capital includes Student Answer: stocks and bonds issued by corporations natural resources such as land and water tools, machinery, and buildings services provided by the government that enable businesses to be more productive. 3. Question : (TCO1)____________ is the amount a business earns over and above what it spends for salaries and other expenses. Student Answer: Profit Revenue Interest Dividends 4. Question : (TCO 1) An increase in __________ means that a given number of workers can produce more output than before. Student Answer: the CPI structural unemployment productivity GDP 5. Question : (TCO 4) A difference between partnerships and sole proprietorships is that partnerships Student Answer: are easier to form are managed by an elected board of directors have a greater chance of long term survival have the advantage of limited liability 6. Question : (TCO 4) One of the major disadvantages of a sole proprietorship is the: Student Answer: possibility of disagreements between owners. unlimited liability the owner has for the debts of the firm. fact that any income earned by this type of business is taxed twice. high cost of starting or ending the company. 7. Question : (TCO 2) All of the following are reasons why a business should be managed ethically except Student Answer: because it is the right thing to do because strict global regulations require it to attract new customers and retain existing customers. to please customers, employees, and society 8. Question : (TCO 2) Three questions often help individuals and organizations in deciding whether their decisions are ethical. All of the following are ethics check questions except Student Answer: Is it legal? Is it balanced? Has it been done before? How will it make me feel about myself? 9. Question : (TCO 4) One result of taking a firm private is: Student Answer: the firm’s stock is no longer available for purchase on the open market. managers lose some control as the number of stockholders increases. the public image of the firm will suffer. the firm will have access to more capital. 10. Question : (TCO 4) Homer and Marge have decided to open a floral design shop, which they intend to run as co-owners. Both intend to take an active role in the management of their new business, and each will accept unlimited liability. Homer and Marge are planning to operate a: Student Answer: joint venture. general partnership. limited partnership. cooperative. 1. Question : (TCO 2) One problem of conducting a social audit is: Student Answer: that most businesses are really not very concerned with these issues. determining what should be measured and how to calculate the effect on society. the primary focus of management is on the interests of stakeholders. governmental “red-tape.” 2. Question : (TCO 3) Under the floating exchange rate system, the value of a country’s currency is determined by: Student Answer: the monetary authorities of that country. the United Nations Committee on Floating Currencies. the currency’s supply and demand in the global market. countertrading. 3. Question : (TCO 3) Which of the following represents the value of one nation’s currency relative to the currencies of another country? Student Answer: Euro rate Currency rate Exchange rate Standard of living 4. Question : (TCO 3) A key feature of a(n) _________ is that it has manufacturing capacity or some other physical presence in different nations. Student Answer: trade cartel import trading company export forwarding company multinational corporation 5. Question : (TCO 4) As a high net worth individual, Allison searches for growth firms in need of additional funding to…
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