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Chapter 7 Econ. - Business Flashcards | StudBud
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Chapter 7 Econ. - Business
Chapter 7 Econ. - Business
28 terms
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#Economics #SanitJoeHighSchool #Mr.Reynolds #Chester
Flashcards
28 cards
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Questions
28
Answers
1
term for being individually responsible & risking personal assets when operateing a business is
incorporation.
unlimited liability.
Entrepreneurship.
limited liability,
2
What New U.S. Gov. agency was created in response to the 2008 Recession?
Ethics and Compliance Officer Association
Federal Reserve
Consumer Financial Protection Bureau
Occupational Safety and Health Administration
3
The type of business organization that is most numerous is a
Sole proprietorship.
Private Corporation.
partnership.
public corporation.
4
Tom invested his savings to open a sports-bar, Which quality of entrepreneurs did this display
innovative
innovative
organized
willing to take risks
5
_ consists of a parent Company and numerous associated businesses that sell a Standardized good
Sole proprietorship.
business franchise.
partnership.
Corporation.
6
Going global and becoming an___ offers new opportunities for growth for even the largest firms.
franchise
multinational corporation
(LLC)
conglomerate
7
_____________ refers to the duties and obligations corporations have to different Stakeholders.
Corporate Social responsibility
Business franchising
Profit maximizing
Globalization
8
What was the main unethical business practice behind the 2008 financial crisis?
polluting protected areas
avoiding Corporate taxes
treating employees unfairly
taking excessive risks
9
All of the following are benefits of using ethical business practices for corporations EXCEPT
attracting and retaining honest employees
avoiding costly litigation and fines
receiving permission to open offices overseas
developing positive reputations with consumers
10
What is a likely negative consequence of corporate behavior that is unethical but not illegal?
being forced to pay additional taxes on corporate profits
losing the right to do business in the United States
receiving negative publicity to consumers and investors
facing fines and jail time from the government
11
something can be not _____ but still ethically wrong.
Chester
illegal
morally
legal
12
Companies, like GE and Unilever, that produce a wide variety of products would be examples of
Cooperatives.
horizontal mergers.
conglomerates
vertical mergers.
13
A ____ is a business owned by its members
Corporation
partnership
Sole proprietorship
Cooperative
14
While the U.S. Government Supports business firms, it least likes this type of firm
limited liability company
partnership
corporation.
not-for-profits
15
What is the main job of (OSHA)?
to protect workers from specific dangers
to ensure that workers are paid fairly
to prosecute corporate executives who commit corrupt acts
to encourage ethical business practice among employees
16
A (an) __________ combines firms that operate at different stages in the production of a good.
Cooperative Difficulty
Conglomerate
vertical merger
horizontal merger
17
What is the most significant challenge facing entrepreneurs who start small businesses?
creating a business plan
naming the small business
overcoming the high risk of failure
finding people to work for the business
18
The World of this, the practice of making one's living by engaging in commerce.
Sociology
Business Ethics
Business
Economics
19
A (an) ________________ occurs when two firms join together to form a single, larger firm.
franchise
acquisition
Cooperative
merger
20
This is an innovator and risk taker who creates new products, or starts a business for profit.
entrepreneur
business firm
firm
employee
21
How were views on business ethics different in the past?
People believed that gov. should have a larger role
People mostly believed that the only goal was to make money
People were more interested in environmental protection
People were interested in business practices worldwide
22
A (an) __________ occurs when one firm purchases a controlling interest in another firm.
merger
acquisition
franchise
Cooperative
23
In the U.S. this type of business organization accounts for the largest share of total revenue.
non-profits
sole proprietorships
partnerships
corporations
24
An entrepreneur who is realistic but confident of business success is
a visionary
Self-motivated
optimistic
willing to take risks
25
An entrepreneur who sees a business opportunity when others may not is
Self-motivated.
innovative
organized
a visionary.
26
The examination of standards for "right" and "wrong" behavior by firms is known as:
business ethics
profit maximizing.
globalization
corporate social responsibility.
27
A for-profit business firm owned by two people, each of whom has a financial interest is a:
sole proprietorship.
limited liability company
partnership.
corporation.
28
A business firm owned by one person is a:
corporation.
partnership
limited liability company.
sole proprietorship.
