stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
BUS 100 Test 1 Review Flashcards | StudBud
Explore
/
BUS 100 Test 1 Review
BUS 100 Test 1 Review
30 terms
·
StudBud Administration
·
196 plays
Chapters 1-4 fall 2019
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
A corporation is a legal entity.
True
False
2
The word stakeholder means stockholder.
False
True
3
Moraine Valley Community College is a business.
True
False
4
Which economic system allows private ownership of almost all factors of production?
federalism
socialism
communisn
capitalism
5
What is whistle-blowing?
reporting unethical behavior to management or media
using inside knowledge to buy or sell stock
cooking the books
6
What is a major advantage of a corporation?
Low start-up costs
Double taxation
Limited life of corporation
Limited liability of owners
7
According to the law of demand, customers want more products as prices increase.
True
False
8
What is balance of trade if, exports = 1000 Imports = 600 foreign aid received = 100
400
500
9
When did the great recession begin?
2007
2001
2003
2005
10
What is the term for widespread price increases in an economy?
unemployment
recession
inflation
deflation
11
How do firms calculate profit?
Expenses - Assets
Equity - Liabilities
Assets - Liabilities
Revenues - Expenses
12
Which economic system allows citizens to own some, but not all, factors of production?
communism
free-market economy
socialism
capitalism
13
What products are created domestically and sold abroad?
exports
imports
protected goods
embargoed goods
14
What is national debt?
GDP ÷ total population
exports - Imports
federal taxes and spending
The amount the US government owes
15
Most businesses in the US are large businesses.
True
False
16
Who are the owners of a corporation?
stakeholders
top management
the board of directors
stockholders
17
Labor and capital are two of the five factors of production.
True
False
18
Where do the supply and demand curve meet?
shortage point
equilibrium point
surplus point
decision point
19
What is the highest level of social responsibility a firm can show?
obstructionist
proactive
accommodative
defensive
20
Cuba has a planned economic system.
False
True
21
According to the utility model, when is a decision ethical?
when it creates the greatest good
when it is caring
when it protects the rights of individuals
when it is fair
22
What is the term for the flow of all currency into and out of a country?
balance of trade
trade deficit
trade surplus
balance of payments
23
Freedom of choice is one feature of a private enterprise system.
False
True
24
What type of competition exists when a few large firms control most of the market?
monopoly
oligopoly
monopolistic competition
perfect competiton
25
What are ethics?
always doing the right thing
following the law
beliefs about what is right or wrong
26
Coca-Cola's products made in China are included in the GDP of the US
.
False
True
27
What type of competition exists where there is only one producer?
communism
monopoly
oligopoly
socialsim
28
Several Asian countries are part of the EU.
False
True
29
What is the major disadvantage of a sole proprietorship?
unlimited liability
low start-up costs
limited liability
flexibility
30
Entrepreneurship is one type of economic resource.
False
True
