MIDTERMS

Question 1

part or parcel of human society

Answer 1

business

Question 2

entity in which economic resources or inputs are put together and processed to provide to consumers

Answer 2

business organization

Question 3

difference between amount earned and amount spent

Answer 3

profit

Question 4

provides services rather than products

Answer 4

service business

Question 5

sell products bought from other businesses

Answer 5

merchandising business

Question 6

basic inputs to products that are sold to customers

Answer 6

manufacturing business

Question 7

business owned by one person

Answer 7

sole proprietorship

Question 8

association of 2 or more people

Answer 8

partnership

Question 9

entity created by law that is separate from owners; shareholders

Answer 9

corporation

Question 10

business owned and run by the members who share profits

Answer 10

cooperative

Question 11

reason: accurate and validity

Answer 11

legal reasons

Question 12

reason: publicity

Answer 12

public image reasons

Question 13

reason: practical consideration

Answer 13

pragmatic reasons

Question 14

reason: right or wrong

Answer 14

moral reasons

Question 15

continuing commitment by businesses to behave ethically

Answer 15

corporate social responsibility

Question 16

prevention and detection of corruption

Answer 16

accountability

Question 17

balancing interests in decision-making

Answer 17

fairness

Question 18

authentic and genuine to express their point of view

Answer 18

transparency

Question 19

skill: specialized knowledge

Answer 19

technical skills

Question 20

skill: ability to understand, communicate, motivate, and support both individual and groups

Answer 20

human skills

Question 21

skill: mental ability to analyze and diagnose complex situations

Answer 21

conceptual skills