BUS 508 Midterm Exam, 02 Sets

BUS 508 Midterm Exam 1

1. When management’s
decisions align with social and economic issues, the company is practicing
________.

2. Which of the
following is a benefit of entrepreneurship?

3. The business
philosophy that advocates determining what consumers want and need, and then
designing products to satisfy those needs, is known as ________.
4. In accounting
terms, profits are ________.
5. ________ is the
ability to perceive marketplace needs and what an organization must do to
satisfy these needs.
6. In his book The
Wealth of Nations, the Scottish economist Adam Smith was the first person to
describe ________.
7. Which of the
following is considered to be the most fundamental right of the private
enterprise system?
8. All of the
following are businesses EXCEPT ________.
9. Which of the
following can improve ethical reasoning in a company?
10. Individuals who
focus only on their own interests when making decisions are at the ________
stage of ethical development.
11. Which federal
agency is responsible for setting workplace health and safety standards?
12. Technology has
________ ethical issues.
13. Embellishing your
résumé shows a lack of ______ and ______.
14. Despite the
recession, the ethical climate seems to be ___________.
15. Online simulation
training such as the Ethics Challenge can help to improve ethical ________.
16. In today’s
business environment, who can make the difference in ethical expectations and
behavior?
17. Most
industrialized nations operate economies based on ________.
18. Many of the gains
in U.S. productivity can be attributed to ________.
19. A demand curve is
the schedule that shows the relationship between the price of a product and
________.
20. Which of the
following fields is concerned with understanding the choices people make in
using scarce resources?
21. ________ provides
a running measure of consumer price changes.
22.According
to a supply curve, ________.
23. Control over
price by individual firms is highest in a(n) ________.
24. Monopolistic
competition has ________.
25. ________ is the
relationship between the goods and services produced in a nation each year and
workers, raw materials, and other inputs necessary to produce them.

BUS
508 Midterm Exam 2
1. An absolute advantage occurs when a country can maintain
________.
2. Los Angeles-based PMI Telecom purchases cell phones
manufactured in Asia and sells them in the United States. PMI is engaging in
the international business activity known as ________.
3. A country with a
balance of payments surplus means ________.
4. An understanding
of religious holidays is essential in order to overcome ________ international
trade barriers.
5. The European Union
(EU) ________.
6. By allowing a
company to purchase another existing firm in the host country, a(n) ________
permits a largely domestic business to gain an international presence very
quickly.
7.When a company
operates in other countries, it ________ risk
8. A large part of
the U.S. economy’s growth comes from ________.
9. A country’s
exchange rate is based on ________.
10.The majority of
all U.S. firms employ
11. ________ of small
businesses are considered home-based businesses.
12. ___________ use
their own capital supplemented with government loans to invest in small
businesses.
13. The board of
directors of a corporation is elected by the ________.
14. A restaurant
franchisee purchases which of the following from the franchisor?
15. If you are
considering starting your own business, a key priority for you should be to:
16. When a government
unit owns and operates an organization, the arrangement is known as ________.
17.Owners
of small businesses can increase their chances of success if they:
18. Franz and Arlene
had an idea for a different type of ice cream. They struggled to open their own
small business, and later, to expand production and distribution. Their
products are distributed nationwide and their sales continue to increase. Franz
and Arlene are examples of ________.
19. Logan is an
entrepreneur who takes personal responsibility for the success or failure of
his actions rather than believing in luck or fate. Which characteristic best
describes Logan’s entrepreneurial philosophy?
20. Studies indicate
that most entrepreneurs spend ______ on their new business.
21. Collin works for
a large bank that recently merged with another financial institution. Word of
layoffs has been discussed. Collin is most likely to become an entrepreneur in
order to ________.
22. Concerning
education and entrepreneurs, all of the following statements are correct
EXCEPT:
23. Financial success
________.
24. Which of the
following is a major consideration in selecting a business idea?
25. An entrepreneur