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Business > Final review > Flashcards

Final review Flashcards

1
Q

Behaving ethically means doing?
only what’s legal.
the right thing
what your friends do
what benefits you the most

A

the right thing

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2
Q

What is one benefit of following ethical principles?
hey eliminate the need for decisions
They are restrictive.
They change often
They simplify your decision-making process

A

They simplify your decision-making process

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3
Q

Ethical issues deal with __________ choices?
beneficial and non-beneficial
right and wrong
realistic and unrealistic
enjoyable and unpleasant

A

right and wrong

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4
Q

Integrity means acting with?
a sense of humor
humility
leadership skills
honesty.

A

honesty.

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5
Q

If one of your coworkers is treating another coworker unfairly, what is the ethical thing to do?
Look for another job
Be aggressive
Ignore it
Speak up

A

Speak up

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6
Q

You are trying to decide whether or not to plagiarize a paper for school. This is an example of an ethical?
dilemma.
moral.
principle.
value

A

dilemma.

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7
Q

Ethical dilemmas involve choosing between what is?
easy or hard.
opinion or fact.
wanted or needed
right or wrong

A

right or wrong

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8
Q

In a(n) __________, someone could be harmed?
ethical dilemma
situation
dilemma
problem

A

ethical dilemma

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9
Q

Which of the following is an ethical dilemma?
Deciding whether or not to cheat
Choosing which movie to see
Choosing between two winter coats
Deciding what to have for lunch

A

Deciding whether or not to cheat

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10
Q

Your classmates are bullying you to try to convince you to behave unethically. You’re facing?
pressure from others.
the desire to prove yourself.
a lack of consequences
greed.

A

pressure from others.

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11
Q

You just started a new job and want to impress your coworkers and your boss. Your __________ could lead to an ethical dilemma?
lack of consequences
conflicting values
desire to prove yourself.
greed

A

Desire to prove yourself.

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12
Q

Malcolm is facing an ethical dilemma, but instead of responding to it, he avoids it and pretends it doesn’t exist. The problem will most likely?
get worse
solve itself.
go away.
get better

A

Get worse

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13
Q

Thaddeus feels that his job doesn’t pay him enough, so he feels like he deserves to take money out of the register occasionally. Thaddeus is motivated by?
greed.
the desire to prove himself.
bad role models.
conflicting values

A

greed.

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14
Q

What is the first step you should take when resolving an ethical dilemma?
Identify the dilemma
Reflect on the outcome
Figure out who’s affected
Consider all your potential actions.

A

Identify the dilemma

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15
Q

Zoey isn’t sure which decision to make, so she decides to follow her intuition when responding to an ethical dilemma. Which step of the ethical dilemma response process is Zoey taking part in?
Consider all your potential actions.
Figure out who’s affected
Check your gut feeling
Get the facts

A

Check your gut feeling

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16
Q

Into what two categories can wants be divided?
Economic and noneconomic
Unlimited and economics
Unlimited and noneconomic
Unlimited and limited

A

Economic and noneconomic

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17
Q

In economics, capital goods include?
mental and physical work.
labor and management
buildings and equipment.
trees and water.

A

buildings and equipment.

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18
Q

John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
New pair of jeans
Trip to amusement park
$40
No opportunity cost was involved

A

New pair of jeans

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19
Q

What are the three basic economic questions?
When will products be produced, how will products be produced, and how will products be allocated?
Where will products be produced, when will products be produced, and what products will be produced?
What products will be produced, how will products be produced, and how will products be allocated?
When will products be produced, what products will be produced, and how will products be allocated?

A

What products will be produced, how will products be produced, and how will products be allocated?

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20
Q

The heart of economics is?
resources.
decision making.
wants.
trade-offs.

A

decision making.

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21
Q

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is?
quantity sold
supply.
demand.
quantity demanded.

A

supply.

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22
Q

A local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?
Inelastic
Seller’s
Buyer’s
Discretionary

A

Buyer’s

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23
Q

A team of employees is responsible for researching potential demand for a business’s brand-new product. The factor that is most likely to affect demand for this product is the?
costs of production.
government’s policy.
number of producers
product’s utility.

A

Product’s utility.

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24
Q

Which of the following determines whether consumers can purchase goods or services?
Competition
Production costs
Buying power
Labor costs

A

Buying power

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25
Q

People often buy goods and services in order to maintain the quality of life and general living conditions to which they are accustomed. This influence on demand is referred to as?
standard of living.
quality standards
quality control
personal selling.

A

standard of living.

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26
Q

How much a consumer is willing to pay for a product depends partly on the consumer’s opinion of the product’s?
value.
target market.
efficiency.
production costs.

A

value.

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27
Q

Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks?
Incentives
Inflated price
Relative price
Excess demand

A

Relative price

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28
Q

To be able to charge competitive prices in our economy, producers must combine resources and technologies to produce?
limited quantities of goods
items at the lowest cost possible.
more than consumers will buy.
items at the highest cost possible.

A

items at the lowest cost possible.

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29
Q

A store sells T-shirts for $10. Which of the following would be the most likely to occur if all other factors remain the same, and there is a demand for the T-shirts at $10?
If the price is raised, business profits will go up.
If the price is lowered, business profits will go down
If the price is raised, the volume of sales will go up
If the price is lowered, the volume of sales will go up

A

If the price is lowered, the volume of sales will go up

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30
Q

Who answers the basic economic questions in a private enterprise economic system?
Entrepreneurs and producers
Influential citizens
Businesses and individuals
Government agencies

A

Businesses and individuals

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31
Q

Which of the following is a benefit of the freedom to own private property?
It helps limit our economic choices.
It encourages people to save and invest.
It allows people to do anything they want to do.
It encourages businesses to be cooperative.

A

It encourages people to save and invest.

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32
Q

Which of the following statements best describes the way that the U.S. economic system
functions?
Individuals and businesses are the primary decision makers, and there is no regulator
The government is the primary decision maker, and occasionally it becomes the regulator.
Individuals and businesses are the primary decision makers, while the government is the regulator.
Individuals are the primary decision makers, while businesses are the regulators

A

Individuals and businesses are the primary decision makers, while the government is the regulator.

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33
Q

In a private enterprise economic system, consumers can choose from a variety of products as a result of?
limited government control.
competition
inflation
the collection of taxes.

A

competition

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34
Q

Private enterprise is based on the idea that everyone is better served when?
individuals are free to set their own goals
economic resources are controlled by the government
businesses regularly increase their prices
government determines where individuals will work

A

individuals are free to set their own goals

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35
Q

One of the factors that directly limits the economic freedom of individuals in a private
enterprise system is government?
taxation.
services
indecision
production.

A

taxation.

36
Q

Which of the following items is found in all economic systems?
Dollars
Technology
Subsistence
Participants

A

Participants

37
Q

Which of the following types of economic systems adopts the fewest new ideas or
improvements?
Traditional
Command
Market
Socialist command

A

Traditional

38
Q

Government owns the basic means of production, but there is some private ownership of businesses under?
entrepreneurship
capitalism.
communism
socialism

A

socialism

39
Q

The way in which an economic system answers the basic economic questions depends upon the country’s?
products.
government.
supply
demand.

A

government.

40
Q

Communist command economies are most likely to experience which of the following problems?
Poor quality products
Shortage of capital investment
Surplus of consumer goods
High income taxes

A

Poor quality products

41
Q

Which of the following is a potential problem in market economies?
Financial loss
No competition
Production quotas for businesses
Total government control

A

Financial loss

42
Q

Farms, mines, and lumber companies are examples of?
raw-goods producers
manufacturers.
trade industries
builders.

A

Raw-goods producers

43
Q

Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?
A trade industry
A raw-goods producer
A builder
A manufacturer

A

A builder

44
Q

The two main divisions of the trade industry are?
wholesalers and retailers.
wholesalers and producers
producers and retailers.
manufacturers and wholesalers.

A

wholesalers and retailers.

45
Q

What do service businesses sell?
Wholesale merchandise
Raw goods
Retail merchandise
Intangible activities

A

Intangible activities

46
Q

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating?
social responsibility.
e-tailing
voluntary chains
wholesaling

A

social responsibility.

47
Q

A socially responsible business will attempt to give customers?
the best products no matter what they cost
the best products at the best prices
lower quality products at reduced prices
high-quality products at high prices.

A

the best products at the best prices

48
Q

A business that produces a product should be socially responsible to the __________ of the product?
users
producers
providers
endorsers

A

users

49
Q

One way in which many businesses demonstrate their social responsibility toward employees is by providing them with?
a safe working environment.
a stress-free atmosphere
regular entertainment
free meals.

A

a safe working environment.

50
Q

Which of the following statements about wholesale trade businesses is true?
They operate from a variety of business premises
They operate only from distribution centers
They operate only from mail-order warehouses
They operate in areas convenient to ultimate consumers

A

They operate from a variety of business premises

51
Q

Cloud storage?

A

Online storage that enables users to upload, store, and access their files via the Internet; users’ files are maintained by a third-party at a remote database storage facility

52
Q

Cookies?

A

Text files that are put on a website visitor’s hard disk and then later retrieved during subsequent visits to the site in order to track internet behavior. Mechanisms used by websites to track users’ browsing histories.

53
Q

Data migration?

A

the process of transferring data between storage types, formats, or computer system

54
Q

Data processing?

A

Handling information, especially facts. Converting facts and figures into useful information. Analyzing collected facts and figures and putting them into formats useful to a business.

55
Q

Data?

A

Facts and figures.

55
Q

Database?

A

Computerized storage for information and facts

56
Q

Hardware?

A

The physical components of a computer system

57
Q

Information system?

A

set of coordinated network of components, which act together towards producing, distributing and or processing information.

58
Q

Information technology?

A

Integration of computer with telecommunication equipment for storing, retrieving, manipulating and storage of data.

59
Q

Intranet?

A

An internal network similar to the Internet that is accessible only by authorized personnel; used to access information and communicate with others within an organization. A computer network that is restricted to the organization it serves; an internal Internet.

60
Q

Software?

A

Programs that instruct computers to perform specific operations

61
Q

Computer-aided design?

A

The use of computer technology to plan, design, test, and alter products

62
Q

Computer-aided manufacturing?

A

The use of computer software to control machines, tools, and processes involved in manufacturing products

63
Q

Database?

A

Computerized storage for information and facts

64
Q

Expert system?

A

Computer software designed to mimic the knowledge of a human expert

65
Q

Global positioning system?

A

A navigational system that uses satellite technology to determine location and provide directions

66
Q

Hardware?

A

The physical components of a computer system (e.g., the central processing unit, hard drive, modem)

67
Q

Internet telephony?

A

Technology that allows users to communicate over the Internet rather than through traditional public networks

68
Q

Network?

A

A system of computers connected together by telephone wires, cable wires, or other means

69
Q

Personal identification number?

A

A number you choose to gain access to an account

70
Q

Satellite?

A

An object placed into orbit by humans; most are used for communications purposes

71
Q

Smartphone?

A

A mobile phone with advanced capabilities, such as accessing the Internet

72
Q

Software?

A

Programs that instruct computers to perform specific operations

73
Q

Voice over Internet Protocol?

A

Technology that allows users to make telephone calls over the Internet

74
Q

Telecommuting?

A

Working from home or a remote location

75
Q

Queries?

A

requests for data

76
Q

Presentation Software?

A

software used to create a sequence of text and graphics, and often audio and video, to accompany a speech or public presentation

77
Q

Address book?

A

store your contacts, which makes it easy to correspond and share contact information with others

78
Q

Attachments?

A

files included with emails

79
Q

Browsers?

A

software programs that allow you to view webpages, such as Internet Explorer, Safari, Firefox, or Google Chrome

80
Q

Cells?

A

a rectangular area formed by the intersection of a column and a row

81
Q

Columns?

A

contain definitions of each field

82
Q

Database?

A

designed to create databases and to store, manage, search, and extract the information contained within them

83
Q

Distribution lists?

A

help you email multiple people at once

84
Q

Keyword?

A

ideas and topics that define what your content is about

85
Q

Distribution

A

The economic process or activity by which income is divided among
resource owners and producers

86
Q

Small business requirements

A

A business that employs 500 or fewer people

Business (11 decks)

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