BUSINESS 101 - FINAL REVIEW EXAM
QUESTIONS WITH VERIFIED SOLUTIONS
1.According to one study, all of the following are common rationalizations for justifying
misconduct except ________.
"My action provides financial security for my family."
2.Pembroke Native Flower Seeds has a unique ________ or ways of doing things that evolve
through shared values and beliefs.
Culture
3.Under a system characterized by _____ competition, there are many consumers buying a
standardized product from numerous small businesses.
Perfect
4.Businesses are more willing to sell a product when the price _____ and less willing to sell
it when prices _____.
Rises/ Fall
5.Every business must have one ____, whose primary role is to infuse money into the
business.
Owner
6.The federal minimum wage is set by the ________.
US Government
7. Choosing a highly risky investment means _________.
there is the potential of a higher return than a less risky investment
8.Executives at Big Book Inc. had uncovered an internal problem involving embezzlement
in the royalty department. In having to decide whether to go to the police or handle the
problem themselves, they were faced with the possibility of a(n) ________.
Ethical Lapse
9.A small business that buys flowers from a local grower and sells them to a grocery store is
an example of ____________.
A wholesaler
10.One way that economists measure the performance of an economy is by looking at a
widely used measure of total output know as the _____.
Gross domestic product
, 11.In order to energize a sluggish economy, the Fed may:
Lower interest rates
12.According to Business Ethics Magazine the socially responsible company serves seven
groups of "stakeholders", including:
community, minorities and women, and the environment
13.All of the following are true about Betty Vinson's decisions at WorldCom except
________.
her decision to come forth was prompted by national media attention.
14.When people have more discretionary money to eat out at restaurants and cafeterias,
it's a sign that the ______________ is strong.
Economy
15.Entrepreneurs usually start _____, beginning with _____ resources.
Small and limited.
16.Which of the following is the best definition of business ethics?
the practice of competing fairly and declining to put your own interests above those of your
company or its stakeholders
17.The "Fed" is short for Federal Reserve System
True
18.If I want to start a business and limit my liability as an owner, the simplest choice for me
would be to choose the ____________ form of ownership.
Limited Liability Company, or LLC
19.The purpose of "shopping green" is to _______________ .
harness economic power to create a socially just and environmentally sustainable society.
20.Which of the following is the most common but riskiest option in becomiong a small
business owner?
Starting from scratch
21.When too many dollars are chasing too few goods, __________ usually results.
Inflation
22.In theory, a __________ economy is one in which the government owns all or most
enterprises.
Communist
QUESTIONS WITH VERIFIED SOLUTIONS
1.According to one study, all of the following are common rationalizations for justifying
misconduct except ________.
"My action provides financial security for my family."
2.Pembroke Native Flower Seeds has a unique ________ or ways of doing things that evolve
through shared values and beliefs.
Culture
3.Under a system characterized by _____ competition, there are many consumers buying a
standardized product from numerous small businesses.
Perfect
4.Businesses are more willing to sell a product when the price _____ and less willing to sell
it when prices _____.
Rises/ Fall
5.Every business must have one ____, whose primary role is to infuse money into the
business.
Owner
6.The federal minimum wage is set by the ________.
US Government
7. Choosing a highly risky investment means _________.
there is the potential of a higher return than a less risky investment
8.Executives at Big Book Inc. had uncovered an internal problem involving embezzlement
in the royalty department. In having to decide whether to go to the police or handle the
problem themselves, they were faced with the possibility of a(n) ________.
Ethical Lapse
9.A small business that buys flowers from a local grower and sells them to a grocery store is
an example of ____________.
A wholesaler
10.One way that economists measure the performance of an economy is by looking at a
widely used measure of total output know as the _____.
Gross domestic product
, 11.In order to energize a sluggish economy, the Fed may:
Lower interest rates
12.According to Business Ethics Magazine the socially responsible company serves seven
groups of "stakeholders", including:
community, minorities and women, and the environment
13.All of the following are true about Betty Vinson's decisions at WorldCom except
________.
her decision to come forth was prompted by national media attention.
14.When people have more discretionary money to eat out at restaurants and cafeterias,
it's a sign that the ______________ is strong.
Economy
15.Entrepreneurs usually start _____, beginning with _____ resources.
Small and limited.
16.Which of the following is the best definition of business ethics?
the practice of competing fairly and declining to put your own interests above those of your
company or its stakeholders
17.The "Fed" is short for Federal Reserve System
True
18.If I want to start a business and limit my liability as an owner, the simplest choice for me
would be to choose the ____________ form of ownership.
Limited Liability Company, or LLC
19.The purpose of "shopping green" is to _______________ .
harness economic power to create a socially just and environmentally sustainable society.
20.Which of the following is the most common but riskiest option in becomiong a small
business owner?
Starting from scratch
21.When too many dollars are chasing too few goods, __________ usually results.
Inflation
22.In theory, a __________ economy is one in which the government owns all or most
enterprises.
Communist
