Business Fundamentals Ch 2 Terms

What is the purpose of an affirmative action program?

• To increase the number of employees from underrepresented groups

• To reduce taxes for businesses

• To promote international trade

• To enhance product quality

What does the term "business ethics" refer to?

• The study of ancient trade routes

• The analysis of financial statements

• The development of new marketing strategies

• The application of moral standards to business situations

What does the Latin phrase "caveat emptor" mean?

• Buyer beware

• Seller beware

• Trust the seller

• Guaranteed satisfaction

What is a code of ethics?

• A list of company rules

• A financial report

• A guide to acceptable and ethical behavior

• A marketing strategy

What is a conflict of interest?

• A situation where personal interest conflicts with employer's interest

• A disagreement between two companies

• A legal dispute over patents

• A negotiation between employees

What is consumerism?

• The promotion of new products

• Activities to protect the rights of consumers

• The study of consumer behavior

• The analysis of market trends

What does the economic model of social responsibility emphasize?

• Maximizing profits at all costs

• Increasing employee benefits

• Reducing environmental impact

• Producing and marketing profitable products

What is the role of the Equal Employment Opportunity Commission (EEOC)?

• To regulate international trade

• To oversee product safety

• To manage corporate taxes

• To investigate complaints of employment discrimination

What is the focus of ethics?

• The study of ancient cultures

• The development of new technologies

• The study of right and wrong

• The analysis of economic trends

What is green marketing?

• The development of new advertising techniques

• The promotion of organic food

• Creating and promoting environmentally safe products

• The analysis of consumer preferences