BUS 212 WEEK 5 FINAL EXAM QUIZ
1. A major premise of a socialist system is: To reduce the inequality in the
distribution of wealth.
2. The limited liability provided to limited partners means that they are not
responsible for the debts of the business beyond: the amount they have
invested in the company
3. A nation has a comparative advantage in the production of a good or service
if it can produce that good or service more effectively or efficiently than it
can produce other goods.
4. For-profit businesses and nonprofit organizations are similar in that they
both: provide goods and services that satisfy the needs of society.
5. A sole proprietorship is a form of business that is owned, and usually
managed, by one person.
6. Obeying the law is the first step toward ethical behavior.
7. Laws represent the standards of socially responsible behavior.
, 8. The most important difference between for-profit and nonprofit
organizations is that: nonprofit organizations do not seek a profit for its
owners or organizers.
9. Risk is the chance a business owner will lose the time and money invested in
a business that proves to be unprofitable.
10.An advantage of forming a joint venture is: allow each participating
company an opportunity to scale its resources to complete a specific project
or goal while reducing total cost and spreading out the risk and liabilities
inherent to the task.
11.Taxes and government regulations are part of the economic and legal
environment of business.
12.An activity which seeks to earn a profit by providing a good or service is
known as a(N): a business
13.A separation between ownership and management is most likely to occur in
a: corporation
1. A major premise of a socialist system is: To reduce the inequality in the
distribution of wealth.
2. The limited liability provided to limited partners means that they are not
responsible for the debts of the business beyond: the amount they have
invested in the company
3. A nation has a comparative advantage in the production of a good or service
if it can produce that good or service more effectively or efficiently than it
can produce other goods.
4. For-profit businesses and nonprofit organizations are similar in that they
both: provide goods and services that satisfy the needs of society.
5. A sole proprietorship is a form of business that is owned, and usually
managed, by one person.
6. Obeying the law is the first step toward ethical behavior.
7. Laws represent the standards of socially responsible behavior.
, 8. The most important difference between for-profit and nonprofit
organizations is that: nonprofit organizations do not seek a profit for its
owners or organizers.
9. Risk is the chance a business owner will lose the time and money invested in
a business that proves to be unprofitable.
10.An advantage of forming a joint venture is: allow each participating
company an opportunity to scale its resources to complete a specific project
or goal while reducing total cost and spreading out the risk and liabilities
inherent to the task.
11.Taxes and government regulations are part of the economic and legal
environment of business.
12.An activity which seeks to earn a profit by providing a good or service is
known as a(N): a business
13.A separation between ownership and management is most likely to occur in
a: corporation
