Business Management Concepts and Ethics

Business ethics refer to the moral principles a company must follow. What are four components?

• Employee and Consumer Transparency, Workplace Diversity, Environmental Awareness, and Corporate Accountability

• Workplace Diversity, Environmental Awareness, Human Rights, and Corporate Accountability

• Corporate Accountability, Environmental Awareness, Workplace Diversity, and Company Decision Making

• Company Decision Making, Transparency and Integrity, Workplace Diversity, and Corporate Accountability

Types of businesses include sole proprietorships, corporations, limited liability companies, and partnerships. What is the purpose?

• Every business is unique, varying in structure, scale, and strategy, so each entity must choose which business to establish based on knowledge, history, and ideas.

• Every business is unique, varying in structure, scale, and strategy, so each entity must choose which business to establish based on location, products, and expenses.

• Every business is unique, varying in structure, scale, and strategy, so each entity must choose which business to establish based on taxes, control, and flexibility.

• Every business is unique, varying in structure, scale, and strategy, so each entity must choose which business to establish based on goals, vision, and mission.

What are the four Ps of marketing?

• Product, Place, Price, People

• Product, Place, Price, Promotion 

• Product, Promotion, Performance, People

• Product, Promotion, People, Priorities

1.     Operations management refers to the management of functions that a business needs to run effectively day-to-day. This includes everything except __________.

• Developing strategic plans

• Balancing revenue and costs

• Production, logistics, and supply chain

• Asset control

In business finance, budgeting, cash flow analysis, and forecasting are important Because ______________________________.

• it provides understanding into the total health and performance of a business.

• it helps with changing business conditions.

• It is an effective way to manage a business.

• It helps leaders understand the financial landscape.

Human Resources is not responsible for staying current with laws affecting the company and its employees.

• True

• False

Before the advancement of technology, marketing might have been geared toward interstate billboard campaigns, word-of-mouth campaigns, television commercials, and newspaper advertisements. Now, marketing includes social media, e-mail marketing, and inbound marketing to attract web trafficking. 

• True

• False

What is the difference between microeconomics and macroeconomics?

• Microeconomics focuses on the decisions of countries and governments, and macroeconomics focuses on individuals and business decisions.

• Microeconomics focuses on minor world problems, and macroeconomics focuses on major world problems.

• Microeconomics focuses on individuals and business decisions, and macroeconomics focuses on the decisions of countries and governments.

• Macroeconomics focuses on minor world problems, and microeconomics focuses on major world problems.

Financial analysts analyze an organization’s __________ financial data to spot trends and assess risks, which helps them predict outcomes for business decisions, identify sale or purchase opportunities and make investment recommendations.

• Past

• Current

• Post

• Pre

The following terms will match with examples (select all to get right)

Security- Protect financial data, confidential executive decisions.

Communication- Travel virtually into new markets for research.

Innovation- Fast shipments and returns

Decision-Making- Managing storage costs, understanding cashflow needs                 

• Security- Protect financial data, confidential executive decisions.

• Communication- Travel virtually into new markets for research.

• Innovation- Fast shipments and returns

• Decision-Making- Managing storage costs, understanding cashflow needs