BUS101 Midterm Review

Front

_____ are best described as goods or services with both tangible and intangible characteristics that provide satisfaction and benefits.

Back

Products

Front

The focus of all marketing activities is to:

Back

Satisfy customer needs

Front

Which of the following statements is true of the people and activities involved in business? Managers control the tasks required to carry out the work of a company or nonprofit organization.

Back

Managers control the tasks required to carry out the work of a company or nonprofit organization.

Front

The doctrine of egalitarianism, which is professed by socialist economies, refers to:

Back

equal distribution of income and social services.

Front

Which of the following statements is true of a free-enterprise system? Individuals have the right to choose what career to pursue. Businesses succeed or fail on the basis of central government planning. Businesses are independent of market demand and competition. Businesses do not have the right to earn profit.

Back

Individuals have the right to choose what career to pursue.

Front

Which of the following statements is true of the early American economy before the Industrial Revolution? Options: Money for the colonies' burgeoning industries was supplied exclusively from within the American territory. Farmers began to move to cities to find jobs in factories and have a higher standard of living. Factories began to spring up along the railways to manufacture farm equipment and a variety of other goods to be shipped by rail. Abundant natural resources and a moderate climate nourished industries such as fishing, shipping, and fur trading.

Back

Abundant natural resources and a moderate climate nourished industries such as fishing, shipping, and fur trading.

Front

An ethical issue is an identifiable problem, situation, or opportunity that requires a person or organization to choose from among several actions that may be evaluated as ethical or unethical.

Back

True

Front

The principles and standards that determine acceptable conduct in business organizations are referred to as:

Back

business ethics.

Front

Which of the following statements is true?  
The concerns of what is legal and ethical do not change over time. 
All actions deemed unethical by society are also illegal. 
Companies can be both profitable and socially responsible. 
The terms social responsibility and ethics should be used interchangeably. 

Back

Companies can be both profitable and socially responsible.

Front

The _____ Act criminalized securities fraud and toughened penalties for corporate fraud.

Back

Sarbanes-Oxley