BUSN 115 Midterm Exam

BUSN 115 MIDTERM EXAM

Question 1.(TCO 1) The
amount of money a business takes in during a given time period by selling goods
and/or selling services.

Question 2.(TCO 1) That
part of economics that studies the operations of a nation’s economy as a whole.

Question 3.(TCO 1) That
part of economics that studies the behavior of people and organizations in
particular markets.

Question 4.(TCO
2) An unethical activity in which insiders use private company information to
further their own fortunes or those of their family and friends.
Question 5.(TCO
3) A complete ban on the import or export of a certain product; or the stopping
of all trade with a country.
Question 6.(TCO
3) An unfavorable balance of trade occurs when the value of a country’s imports
exceeds that of its exports
Question 7.(TCO
4) Investors who provide money to finance new businesses or turnarounds in
exchange for a portion of ownership, with the objective of reselling the
business at a profit.

1.(TCO
1) Describe and explain capitalism and how it functions in a free market
economy.

2. (TCO 2) Describe and explain corporate
responsibility using an ethical perspective. Your stakeholder group for your
answer is parents of high school students. Your company designs, produces, and
sells video game apps for the mobile market. A concern has been raised in the
community where your company is located about the violence portrayed in your
mobile video game apps. What do you say to the parents? Why?

3.
(TCO 3) Describe and explain the fundamentals
of the international market. Why do nations trade and how trade measured.

4. (TCO 4) Outline the three ways an entrepreneur
can start the business discussing the advantages and disadvantages of the
three.