stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Exam 1 BUSN101 Flashcards | StudBud
Explore
/
Exam 1 BUSN101
Define profits:
What does EEOC stand for?
Exam 1 BUSN101
15 terms
·
StudBud Administration
·
5 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
What does EEOC stand for?
Ethical Employment Opportunity Commission
Equal Employment Opportunity Commission
2
Define profits:
Amount of money existing after expenses have been subtracted from revenue
Amount of money existing before expenses have been subtracted from revenue
The amount of money that exists after you pay for factors of production
The deduction to the revenue of a business
3
Define trade deficit:
a positive balance of trade
an equal balance of trade
a negative balance of trade
a consistently lower than average balance of trade
4
Define GDP
Measures total $ value of goods and services produced within two years
Measures total $ value of all goods produced within a random period
Measures total $ value of some goods and services produced within a year
Measures total $ value of all goods and services produced within a year
5
What does the Sarbanes Oxley Act provide?
legal protection for those who report corporate misconduct
paid protection for those who report corporate misconduct
6
What is the purpose of the Environmental Protection Agency (EPA)?
It is responsible for enforcing laws designed to protect the environment
It is responsible for enforcing laws designed to protect the business
7
What are the three activities that a business must perform?
Be organized, satisfy needs and earn a profit
Have trustworthy employees, be organized, and earn a profit
Listen to customers, make a profit, and expand the business
Make a profit, look for future opportunities, have trustworthy employees
8
Define Code of Ethics:
Written guide to wrong behaviors as defined an organization
Written guide to behaviors that will lead to termination defined by company
A published guide for stakeholders/shareholders to view
Written guide to acceptable and ethical behavior as defined an organization
9
What is the formula for calculating profit?
Total Revenue + Total Expenses = Profit
Total Revenue - Total Expenses = Profit
10
What does NAFTA stand for?
North American Federal Trade Agreement
North American Free Trade Agreement
11
Define economics:
The study of how our country creates funds called "wealth"
The study of how time, effort and money are used within a nation
The study of how business profits affect the factors of production
The study of how wealth is created and distributed
12
What is whistle-blowing?
employee leaking legal private information to the press about their company
employee informing the press of unethical practices within an organization
13
What are the four factors of production?
The highest four cost factors determined by the business producing
Limited resources, labor, capital, and entrepreneurship
Individual, Social, Opportunity, and Personal costs
Land and natural resources, labor, capital, and entrepreneurship
14
Shareholds AND stakeholders are all of the people who are affected by an organization’s policies, decisions & activities
True
False
15
What is the significance on a graph where the supply curve and the demand curve intersect?
The demand curve and supply curve intersect at what we call max profits
The demand curve and supply curve intersect at the demand
The demand curve and supply curve intersect at what we call market price
The demand curve and supply curve intersect at production price
