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DEVRY BUSN115 MIDTERM EXAM

(TCO 1) The amount of money a business takes in during a given time period by selling goods and/or selling services. Student Answer: Business Goods Services Entrepreneur Revenue Question 2.…

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

Student Answer: Business

Goods

Services

Entrepreneur

Revenue

Question 2. Question
: (TCO 1) A behavioral science
that studies how society chooses to employ resources to produce goods and
services and distribute them.

Student Answer: Economics

Microeconomics

Macroeconomics

Resource development

Invisible Hand

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

Student Answer: Economics

Microeconomics

Macroeconomics

Resource development

Invisible Hand

Question 4. Question
: (TCO 2) An unethical activity
in which insiders use private company information to further their own fortunes
or those of their family and friends.

Student Answer: Insider trading

Social audit

Socially conscious investors

Environmentalists

Union officials

Question 5. Question
: (TCO 3) The difference between
money flowing into a country and money flowing out of a country.

Student Answer: Balance of payments

Balance of trade

Common Market

Countertrading

Devaluation

Question 6. Question
: (TCO 3) An unfavorable balance
of trade occurs when the value of a countryҀ™s imports exceeds that of its
exports.

Student Answer: Trade surplus

Trade deficit

Tariffs

Strategic alliance

Multinational corporation

Question 7. Question
: (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 proft.

Student Answer: Venture Capitalists

Extrapreneurs

Intrapreneurs

Angel Investors

None of the above

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

Question 2. Question
: (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?

Question 3. Question
: (TCO 3) Describe the
importance of understanding cultural and legal differences in the global
business environment.

Question 4. Question
: (TCO 4) Describe the
importance of small business and entrepreneurship in the U.S. Economy.

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