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Business > Unit One Test > Flashcards

Unit One Test Flashcards

1
Q

The study of right and wrong and of the morality of the choices individuals make.

A

Ethics

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2
Q

The application of moral standards to business situations.

A

Business ethics

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3
Q

Provides sweeping new legal protection for employees who report corporate misconduct.

A

Sarbanes-Oxley Act of 2002

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4
Q

A guide to acceptable and ethical behavior as defined by the organization.

A

Code of ethics

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5
Q

Informing the press or government officials about unethical practices within one’s organization.

A

Whistle-Blowing

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6
Q

The recognition that business activities have an impact on society and the consideration of that impact in business decision making.

A

Social responsibility

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7
Q

A Latin phrase meaning “let the buyer beware”

A

Caveat emptor

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8
Q

The view that society will benefit most when business is left alone to produce and market profitable products that society needs.

A

Economic model of social responsibility

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9
Q

The concept that business should emphasize not only profits but also the impact of its decisions on society.

A

Socioeconomic model of social responsibility

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10
Q

A plan designed to increase the number of minority employees at all levels within an organization.

A

Affirmative action program

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11
Q

A government agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it.

A

EEOC

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12
Q

All activities undertaken to protect the rights of consumers

A

Consumerism

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13
Q

A racial, religious, political, national, or other group regarded as different from the larger group of which it is a part and that is often singled out for unfavorable treatment.

A

Minority

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14
Q

Workers with little education or vocational training and a long history of unemployment.

A

Hard-core unemployment

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15
Q

A comprehensive report of what an organization has done and is doing with regard to social issues that affect it.

A

Social Audit

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16
Q

Green Marketing is the process of creating, making, delivering, and promoting products that are green.

A

False

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17
Q

Recycling is the converting of used materials into new products or components.

A

True

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18
Q

The EPA is a federal agency that was created to enforce laws designed to protect the environment.

A

True

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19
Q

Legislation and regulations play a crucial role in pollution control.

A

True

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20
Q

Businesses and corporations do not have any pollution today.

A

False

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21
Q

Unlike bullying, sexual harassment is illegal.

A

True

22
Q

People are not entitled to be fully informed about their rights as consumers.

A

False

23
Q

Consumers are entitled to convenience, courtesy, and responsiveness from manufactures and sellers of consumer products.

A

True

24
Q

Consumers have access to complete information about a product before they buy it.

A

True

25
Q

False and misleading advertising is illegal and unethical.

A

True

26
Q

All business activities that involve exchanges across national boundaries.

A

International Business

27
Q

Selling and shipping raw materials or products to other nations

A

Exporting

28
Q

Purchasing raw materials or products other nations and bringing them into one’s own country

A

Importing

29
Q

The total value of a nation’s exports minus the total value of its imports over some period of time

A

Balance of trade

30
Q

A negative balance of trade

A

Trade deficit

31
Q

A limit on the amount of a particular good that may be imported into a country during a given period of time

A

Import quota

32
Q

A tax levied on a particular foreign product entering a country

A

Import duty (TARIFF)

33
Q

Exportation of large quantities of a product at a price lower than that of the same product in the home market

A

Dumping

34
Q

A nontax measure imposed by a government to favor domestic over foreign suppliers

A

Nontariff barrier

35
Q

A complete halt to trading with a particular nation or in a particular product

A

Embargo

36
Q

A restriction on the amount of a particular foreign currency that can be purchased or sold

A

Foreign-exchange control

37
Q

A contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation

A

Licensing

38
Q

An international organization of 159 nations dedicated to reducing or eliminating tariffs and other barriers to world trade

A

General Agreement on Tariffs and Trade (GATT)

39
Q

An organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies.

A

Economic Community

40
Q

An international organization of 159 nations dedicated to reducing or eliminating tariffs and other barriers to world trade

A

General Agreement on Tariffs and Trade (GATT)

41
Q

A partnership formed to create competitive advantage on a worldwide basis

A

Strategic Alliance

42
Q

A firm that operates on a worldwide scale without ties to any specific nation or region

A

Multinational enterprise

43
Q

An independent agency of the U.S government whose function is to assist in financing the exports of American firms

A

Export-Import Bank of the United States

44
Q

An internationally supported bank that provides loans to developing countries to help them grow

A

Multilateral development bank (MDB)

45
Q

An international bank with 188-member nations that makes short-term loans to developing countries experiencing balance of payment deficits

A

International Monetary Fund

46
Q

Joint ventures are a partnership formed to achieve a specific goal or to operate for a specific period of time.

A

True

47
Q

Trading companies provide a link between buyers and sellers in different countries.

A

True

48
Q

Multinational enterprises are firms that only state with in national borders.

A

False

49
Q

Tariffs are a type of tax.

A

True

50
Q

Cultural barriers can impede acceptance of products in foreign countries.

A

True

Business (2 decks)

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