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