UNC BUSI100 FINAL EXAM QUESTIONS & ANSWERS
According to Thoreau, which of the following is the choicest of relics? - Answers - Books
According to Plato, creativity is the mother of invention, capable of giving rise to a new
state. - Answers - False
Alexander Hamilton said: "the quick-sighted guidance of private interest, will, if left to
itself, infallibly find its own way to the most profitable employment; and it is by such
employment that the public prosperity will be most effectually promoted." This statement
aligns most closely with the author of course reading? - Answers - Adam Smith
Carnegie argues that the law of equity and inclusion is to what we owe our wonderful
material development, which brings improved conditions in its train - Answers - False
Carnegie describes the historical mode of manufacture as producing: - Answers - crude
articles at high prices
Which of the following is a phrase from Thoreau? - Answers - "The works of the great
poets have never been read by mankind for only great poets can read them"
In Smith's Wealth of Nations, he makes the argument that given equal profits between
domestic and foreign trade, a merchant is likely to put his greatest support into
developing the foreign market. - Answers - False
Pacioli would agree that every merchant's main purpose is to arrange all business
transactions in such a systematic way that one may understand each one of them at
glance - Answers - False
In Atlas Shrugged, Ayn Rand writes that money is a living power that dies without its
root, and that money will not serve the mind that cannot match it. Which other author of
a course reading express similar thoughts? - Answers - Andrew Carnegie
Which of the following writers suggested that money is symbolic of society's moral
values? - Answers - Rand
During class, Professor Hendricks highlighted a distribution from a research study that
showed abnormal distribution as it pertains to the reported amount of company profits.
What statement best describes the abnormality that was shown in the distribution? -
Answers - There are too many firms that report profits just above 0
When coaching at Rutgers, 21-year old Jim Valvano told his student-athletes before
their first game that they would be successful if they "focus on three things, and three
things only." Which of the following is on his list? - Answers - Family
,During lecture, Professor Hendricks highlighted a recent report from the United Nations
that indicated there are fifty million people stuck in modern slavery, a significant
increase from the last reported number. - Answers - True
Professor Hendricks watches too much sports on TV. What sport was highlighted in the
clip that he showed during one lecture? - Answers - Tennis
During lecture, Professor Hendricks highlighted his research from a Harvard Business
Review article that showed solo founders are able to perform as well as co-founded
ventures, even though the solo founder is operating the firm without the help of any
other individuals - Answers - False
Plato writes, "The natural advantages which one country has over another, in producing
particular commodities, are sometimes so great, that it is acknowledged by all the world
to be in vain to struggle with them." - Answers - False
In The Souls of Black Folk, W.E.B. Du Bois writes, "The keynote of the Black Belt is
debt." What does he describe this debt to be? - Answers - The continued inability for the
population to have their income cover their expenses
Daniel Defoe is believes that there is a connection between the exactness of a
tradeperson's bookkeeping and the tradeperson's prosperity. - Answers - True
During lecture, we highlighted that an ironic component of Defoe's death was that he: -
Answers - died while in hiding from his creditors
In 1970, Andrew Carnegie wrote an influential article in the New York Times arguing
"there is one and only one social responsibility of business - to increase its profits
without deception or fraud." - Answers - False
Which of the following would Milton Friedman be most likely to disagree with? - Answers
- Big corporations are responsible for the large wealth disparity, and managers should
thus use the excess profits to mediate disparity
Without ______________, Pacioli indicates that it is impossible for merchants "to
conduct their business, for they would have no rest and their minds would always be
troubled." - Answers - Systematically arranging all transactions
Thoreau notes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise. -
Answers - False
Friedman believed that it is appropriate for a publicly held corporation to reduce the
wages of its employees in order for it to invest in an activity of general social interest. -
Answers - False
,Under which of the following circumstances would Milton Friedman be most likely to
tolerate the manager of a publicly-owned corporation making a charitable contribution
using the corporation's money? - Answers - The intent of the contribution is to improve
the corporation's image so that more people desire to purchase the company's products
and services
Which course reading provides the least support to this idea that business exists to
facilitate exchanges that are mutually beneficial between two parties? - Answers - Milton
Friedman
Defoe indicates that if it is too tedious to keep books exactly, partial book-keeping still
provides many benefits to the merchant. - Answers - False
Du Bois writes that that the Emancipation of the slaves was a factor in helping to
resolve the debt problem that plagued the Black Belt throughout the 19th century. -
Answers - False
Which of the following phrases is from Thoreau? - Answers - "The works of the great
poets have never yet been read by mankind, for only great poets can read them"
Adam Smith would not likely agree with the idea expressed in this Milton Friedman
quote, "The hardest thing in the world to understand is that people operating separately,
through their joint relations with one another, through market transactions, can achieve
a greater degree of efficiency and of output than can a single central planner." -
Answers - False
Adam Smith writes that "The general industry of the society can never exceed
_______." - Answers - what the capital of the society can employ
Pacioli indicates that, "as we know", there are multiple things needed by any one who
wishes to carry on business carefully." Which item does he exclude? - Answers - A
business partner, or co-founder
Which author of one of our course readings is most likely to agree with Benjamin
Franklin's quote that "money has never made man happy, nor will it, there is nothing in
its nature to produce happiness. The more of it one has, the more one wants." -
Answers - Ayn Rand
According to Rand, when men live by trade with force as the final judge, the best
product/performance will win. - Answers - False
In considering the number of individuals to include in each team for this course,
Professor Hendricks brought attention to a rule popularized by Amazon that refers to
which item of food? - Answers - Pizza
, During class, we watched some video clips of Martin Shkreli, founder and ex-CEO of
Turing Pharmaceuticals. Shkreli's responses about why he raised the price of the
antiparasitic drug Daraprim most closely resemble the arguments laid out by which
author of one of our course readings? - Answers - Milton Friedman
In The Republic, Plato surmises that the number of physicians needed for a society will
decrease as it moves from its original state to a more luxurious one. - Answers - False
In Plato's The Republic, injustice arises naturally from political disagreement and not
from the interpersonal dealings of citizens. - Answers - False
Du Bois argued that the keynote of the Black Belt is debt; in the sense that the mass of
the population earn incomes that exceed their expenses. - Answers - False
During lecture, Professor Hendricks noted that Martin Shkreli, founder and ex-CEO of
Turing Pharmaceuticals, was voted the most hated person in America for several years
in a row. - Answers - True
Which of the following statements is Defoe least likely to agree with? - Answers -
Financial forecasting acts as a substitute for exact bookkeeping
Which of the following statements is Defoe least likely to agree with? - Answers - At the
end of each month, a tradesperson should make a record of every transaction that
occurred during the month
Milton Friedman is likely to agree with the statement that a virtue of private competitive
enterprise is that it forces people to be responsible for their own actions and makes it
difficult for them to exploit other people for either selfish or unselfish purposes. -
Answers - True
Adam Smith believed that the individuals act in their own self-interest because they
know that this will lead to the greatest good for society as a whole. - Answers - False
Ayn Rand, in Atlas Shrugged, believed that the problem with society is the love of
money, not money itself. - Answers - False
Plato felt that the fundamental key in the development of an economy was: - Answers -
More things are produced, and better and more easily, when one man performs one
task according to nature, at the right moment, and at leisure from other occupations
What exercise does Thoreau indicate will task the reader more than any other exercise
which the customs of the day esteem? - Answers - To read true books in true spirit
Andrew Carnegie noted the drawbacks of open competition, but he also noted some of
the benefits. Which one of the following was not one of the benefits: - Answers - It
promotes the concentration of business in the hands of a few
According to Thoreau, which of the following is the choicest of relics? - Answers - Books
According to Plato, creativity is the mother of invention, capable of giving rise to a new
state. - Answers - False
Alexander Hamilton said: "the quick-sighted guidance of private interest, will, if left to
itself, infallibly find its own way to the most profitable employment; and it is by such
employment that the public prosperity will be most effectually promoted." This statement
aligns most closely with the author of course reading? - Answers - Adam Smith
Carnegie argues that the law of equity and inclusion is to what we owe our wonderful
material development, which brings improved conditions in its train - Answers - False
Carnegie describes the historical mode of manufacture as producing: - Answers - crude
articles at high prices
Which of the following is a phrase from Thoreau? - Answers - "The works of the great
poets have never been read by mankind for only great poets can read them"
In Smith's Wealth of Nations, he makes the argument that given equal profits between
domestic and foreign trade, a merchant is likely to put his greatest support into
developing the foreign market. - Answers - False
Pacioli would agree that every merchant's main purpose is to arrange all business
transactions in such a systematic way that one may understand each one of them at
glance - Answers - False
In Atlas Shrugged, Ayn Rand writes that money is a living power that dies without its
root, and that money will not serve the mind that cannot match it. Which other author of
a course reading express similar thoughts? - Answers - Andrew Carnegie
Which of the following writers suggested that money is symbolic of society's moral
values? - Answers - Rand
During class, Professor Hendricks highlighted a distribution from a research study that
showed abnormal distribution as it pertains to the reported amount of company profits.
What statement best describes the abnormality that was shown in the distribution? -
Answers - There are too many firms that report profits just above 0
When coaching at Rutgers, 21-year old Jim Valvano told his student-athletes before
their first game that they would be successful if they "focus on three things, and three
things only." Which of the following is on his list? - Answers - Family
,During lecture, Professor Hendricks highlighted a recent report from the United Nations
that indicated there are fifty million people stuck in modern slavery, a significant
increase from the last reported number. - Answers - True
Professor Hendricks watches too much sports on TV. What sport was highlighted in the
clip that he showed during one lecture? - Answers - Tennis
During lecture, Professor Hendricks highlighted his research from a Harvard Business
Review article that showed solo founders are able to perform as well as co-founded
ventures, even though the solo founder is operating the firm without the help of any
other individuals - Answers - False
Plato writes, "The natural advantages which one country has over another, in producing
particular commodities, are sometimes so great, that it is acknowledged by all the world
to be in vain to struggle with them." - Answers - False
In The Souls of Black Folk, W.E.B. Du Bois writes, "The keynote of the Black Belt is
debt." What does he describe this debt to be? - Answers - The continued inability for the
population to have their income cover their expenses
Daniel Defoe is believes that there is a connection between the exactness of a
tradeperson's bookkeeping and the tradeperson's prosperity. - Answers - True
During lecture, we highlighted that an ironic component of Defoe's death was that he: -
Answers - died while in hiding from his creditors
In 1970, Andrew Carnegie wrote an influential article in the New York Times arguing
"there is one and only one social responsibility of business - to increase its profits
without deception or fraud." - Answers - False
Which of the following would Milton Friedman be most likely to disagree with? - Answers
- Big corporations are responsible for the large wealth disparity, and managers should
thus use the excess profits to mediate disparity
Without ______________, Pacioli indicates that it is impossible for merchants "to
conduct their business, for they would have no rest and their minds would always be
troubled." - Answers - Systematically arranging all transactions
Thoreau notes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise. -
Answers - False
Friedman believed that it is appropriate for a publicly held corporation to reduce the
wages of its employees in order for it to invest in an activity of general social interest. -
Answers - False
,Under which of the following circumstances would Milton Friedman be most likely to
tolerate the manager of a publicly-owned corporation making a charitable contribution
using the corporation's money? - Answers - The intent of the contribution is to improve
the corporation's image so that more people desire to purchase the company's products
and services
Which course reading provides the least support to this idea that business exists to
facilitate exchanges that are mutually beneficial between two parties? - Answers - Milton
Friedman
Defoe indicates that if it is too tedious to keep books exactly, partial book-keeping still
provides many benefits to the merchant. - Answers - False
Du Bois writes that that the Emancipation of the slaves was a factor in helping to
resolve the debt problem that plagued the Black Belt throughout the 19th century. -
Answers - False
Which of the following phrases is from Thoreau? - Answers - "The works of the great
poets have never yet been read by mankind, for only great poets can read them"
Adam Smith would not likely agree with the idea expressed in this Milton Friedman
quote, "The hardest thing in the world to understand is that people operating separately,
through their joint relations with one another, through market transactions, can achieve
a greater degree of efficiency and of output than can a single central planner." -
Answers - False
Adam Smith writes that "The general industry of the society can never exceed
_______." - Answers - what the capital of the society can employ
Pacioli indicates that, "as we know", there are multiple things needed by any one who
wishes to carry on business carefully." Which item does he exclude? - Answers - A
business partner, or co-founder
Which author of one of our course readings is most likely to agree with Benjamin
Franklin's quote that "money has never made man happy, nor will it, there is nothing in
its nature to produce happiness. The more of it one has, the more one wants." -
Answers - Ayn Rand
According to Rand, when men live by trade with force as the final judge, the best
product/performance will win. - Answers - False
In considering the number of individuals to include in each team for this course,
Professor Hendricks brought attention to a rule popularized by Amazon that refers to
which item of food? - Answers - Pizza
, During class, we watched some video clips of Martin Shkreli, founder and ex-CEO of
Turing Pharmaceuticals. Shkreli's responses about why he raised the price of the
antiparasitic drug Daraprim most closely resemble the arguments laid out by which
author of one of our course readings? - Answers - Milton Friedman
In The Republic, Plato surmises that the number of physicians needed for a society will
decrease as it moves from its original state to a more luxurious one. - Answers - False
In Plato's The Republic, injustice arises naturally from political disagreement and not
from the interpersonal dealings of citizens. - Answers - False
Du Bois argued that the keynote of the Black Belt is debt; in the sense that the mass of
the population earn incomes that exceed their expenses. - Answers - False
During lecture, Professor Hendricks noted that Martin Shkreli, founder and ex-CEO of
Turing Pharmaceuticals, was voted the most hated person in America for several years
in a row. - Answers - True
Which of the following statements is Defoe least likely to agree with? - Answers -
Financial forecasting acts as a substitute for exact bookkeeping
Which of the following statements is Defoe least likely to agree with? - Answers - At the
end of each month, a tradesperson should make a record of every transaction that
occurred during the month
Milton Friedman is likely to agree with the statement that a virtue of private competitive
enterprise is that it forces people to be responsible for their own actions and makes it
difficult for them to exploit other people for either selfish or unselfish purposes. -
Answers - True
Adam Smith believed that the individuals act in their own self-interest because they
know that this will lead to the greatest good for society as a whole. - Answers - False
Ayn Rand, in Atlas Shrugged, believed that the problem with society is the love of
money, not money itself. - Answers - False
Plato felt that the fundamental key in the development of an economy was: - Answers -
More things are produced, and better and more easily, when one man performs one
task according to nature, at the right moment, and at leisure from other occupations
What exercise does Thoreau indicate will task the reader more than any other exercise
which the customs of the day esteem? - Answers - To read true books in true spirit
Andrew Carnegie noted the drawbacks of open competition, but he also noted some of
the benefits. Which one of the following was not one of the benefits: - Answers - It
promotes the concentration of business in the hands of a few
