It will cover Chapters 1-4 offered in the text Foundations of Business, (6th edition) and lecture notes. The twenty questions are short and offered in three mixed formats – Multiple Choice, Fill-Ins, and Short Answers.
To be successful, a business must perform three activities. Name them.
Name the six factors of production discussed during our recent lecture, both in the textbook, and as a result of our dialogue.
Adam Smith conceived our Capitalistic economic system as a result of the “invisible hand.” Explain what he meant.
Name the four external environments in our competitive business world.
Which is not one of the four degrees of competition?
Define what ethics are.
Besides obeying all laws and regulations, businesspeople are expected to refrain from _________________________________________________________________________.
A wise rule to remember is that anything given to a person that might influence that person’s decision is a:
Under the veil of social responsibility, companies large, and small, are striving to be recognized as ___________________________________________.
Some managers believe that they have a responsibility not only to stockholders, but also to customers, employees, suppliers, and the general public. What is this view known as?
What is the difference between absolute advantage and comparative advantage?
Explain the difference between an export and an import.
Define what a balance of trade is.
What is the difference between a tariff and a quota?
Which was the first major International Trade Agreement after the Second World War?
What is the difference between a Sole Proprietor and a Partnership?
A typical partnership agreement will include five important items. Name them.
Who is responsible for a corporation’s overall operation?
Which is more disadvantaged in terms of the number of stockholders?
Which of the four below identifies the merger where a company merges with another from a completely different industry?