Tutorial 4 Quiz

Which of the following best describes profit?

• Total money taken in by a corporation

• Increases in income from year to year

• Increases in a corporation's stock price

• Revenue generated by goods and services

• Difference between revenues and expenses

Who is described as the person who accepts the risks and opportunities inherent in a new business opportunity?

• Capital managers

• Entrepreneurs

• Human resources

• Home country economic systems managers

• Information technology managers

When making decisions about production and allocation, which type of system depends on individual producers and consumers to create a combination of supply and demand?

• Planned economy

• Communism

• Private economy

• Market economy

• Socialism

The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?

• Market economy

• Socialist based economy

• Mixed market economy

• Capitalist market economy

• Communist based economy

Which of the following does a market economy depend on?

• Profits

• Freedom of choice

• Economic restrictions

• Competition

• Privatization

Which of the following occurs when two or more business compete for the same resources or customers?

• Shortage

• Competition

• Demand fluctuation

• Perfect competition

• Decreased aggregate output

Which type of competition includes relatively few but large sellers who have the power to influence the prices of their products and significantly affect the sales of every other firm in the industry?

• Perfect competition

• Parity

• Balance of trade

• Natural monopoly

• Oligopoly

What are the individual beliefs about what is right and wrong or good and bad referred to as?

• Motivators

• Rules

• Cultures

• Ethics

• Laws

Which of the following is likely the single MOST effective step that a company can take to set ethical standards?

• Offer large cash awards for whistle-blowing.

• Suggest that employees take ethics training.

• Post ethical rules on bulletin boards.

• State that the workplace values diversity.

• Demonstrate support from top management.

How do top managers BEST demonstrate a commitment to ethical business practices?

• By adopting and enforcing written codes of ethics

• By reading employees' e-mails

• By decentralized decision-making practices

• By cooperating with other companies

• By monitoring employees' web searches