ME11 Unit 1 Review

Question 1

To find a career that’s best suited for your strengths, it’s important to be ______ about your strengths and weaknesses.

Accepted Answer

realistic

Question 2

You decide not to take a certain action because you know it’s the wrong thing to do. You made this decision based on

Accepted Answer

ethics

Question 3

Innovation means the improvement of an existing technological product, system, or method of doing something.

Accepted Answer

True

Question 4

One difference between business ethics and the law is that business ethics

Accepted Answer

are often unwritten.

Question 5

Risk means the degree of uncertainty of return on an asset; in business, the likelihood of loss or reduced profit.

Accepted Answer

True

Question 6

What is a disadvantage of entrepreneurship?

Accepted Answer

Uncertain income

Question 7

A hypothetical process involving the gradual conversion of information into durable memory stored in long-term memory.

Accepted Answer

Consolidation

Question 8

What do business owners consider when they select a business ownership structure?

Accepted Answer

Personal circumstances, financial needs, and type of business

Question 9

a broad franchise agreement in which the franchisee pays for the right to use the name, trademark etc.

Accepted Answer

Business-format franchise

Question 10

A company goes bankrupt because of its unethical accounting practices. The reason for its unethical behavior might be

Accepted Answer

committed by unethical employees.

Question 11

Employees should seek positions that

Accepted Answer

capitalize on their strengths.

Question 12

rules governing the operation of all government programs that have the force of law

Accepted Answer

Regulations

Question 13

In which businesses or other organizations develop international influence or start operating on an international scale.

Accepted Answer

globalization

Question 14

In the early stages of a startup business, entrepreneurs assume sole responsibility for

Accepted Answer

all aspects of their businesses.

Question 15

A person who organizes, manages, and takes on the risks of a business.

Accepted Answer

entrepreneur

Question 16

Knowing your strengths and weaknesses can help contribute to improved group performance because

Accepted Answer

groups need members with different strengths to succeed

Question 17

Assessing personal strengths and weaknesses is a(n) __________ process.

Accepted Answer

ongoing

Question 18

How can observing a role model help you assess your strengths and weaknesses?

Accepted Answer

You can ask him/her to identify your weaknesses.

Question 19

ABC Specialty is the only company that has written permission to use a national football team’s logo on its sportswear.

Accepted Answer

licensing agreement.

Question 20

A Corp. developed to help small businesses by taxing them as individuals in a partnership is a(n) __________ corporat

Accepted Answer

"S"

Question 21

The most likely reason an individual might turn a woodworking hobby into a business is because of

Accepted Answer

personal satisfaction.

Question 22

A person who organizes, manages, and takes on the risks of a business is a Entrepreneurship

Accepted Answer

True

Question 23

Which of the following quotes encourages you to evaluate yourself as a person:

Accepted Answer

“Know thyself.”

Question 24

Which of the following is a way that entrepreneurship helps our society:

Accepted Answer

create new jobs

Question 25

Understanding business ethics can be difficult since

Accepted Answer

many people aren’t sure how to behave ethically.

Question 26

someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the Co.

Accepted Answer

intrapreneur

Question 27

A business moves its operations to a new town, leaving its current employees jobless. Some see this unethical but

Accepted Answer

is not illegal.

Question 28

Ethics is the customary code of polite behavior in society or among members of a particular profession or group.

Accepted Answer

False

Question 29

Morals are the principles of right and wrong that guide an individual in making decisions

Accepted Answer

False

Question 30

Which of the following statements is true regarding joint ventures:

Accepted Answer

Joint venture arrangements are usually short-term relationships.

ME11 Unit 1 Review

Questions 30

ME11 Unit 1 Review

Questions 30