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text Foundations of Business, (6th edition) The twenty questions are short and offered in three mixed formats – Multiple Choice, Fill-Ins, and Short Answers.

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?
  • Perfect competition
  • Oligopoly
  • Monopoly
  • Supply and demand
  • Scam
  • Miscalculation
  • Bribe
  • Conflict of interest
  • WTO
  • GATT
  • EU
  • Board of Directors
  • Stockholders
  • Corporate Officers
  • A Government Regulatory Agency
  • A corporation
  • An LLC
  • An S-Corporation
  • None of the above
  • Conglomerate merger
  • Horizontal merger
  • Vertical merger
  • Domestic merger

EXTRA CREDIT QUESTIONS (worth 2 points each)

  • Define what an economic community is.
  • What are the six basic consumer rights?

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