BUS001 Quiz

Questions
1

Samantha’s Dilemma

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Samantha graduated from college and needed to decide where she wanted to work. She had several options. Heraunt Julie owned and operated a small business that she started about twenty years ago. Julie, an individual ownerof her business, informed Samantha that she could work for her. On one hand, Samantha thought it would be a greatopportunity to be able to work for her aunt, learn the business, and then run the business when her aunt retires. Onthe other hand, she also felt that she wanted something a little more challenging; a job where she could really useher education. Her other option would be to work for a company that a friend and her husband had
started and jointly owned. It was a rapidly growing company with plenty of opportunity for advancement. However,Samantha had some reservations about this choice because she was not sure she wanted to work for friends. Herlast option was to work for a large retail company, headquartered in Maryland, which had stores across the UnitedStates.

After much consideration, Samantha decided she didn’t want an opportunity and a job because someone knew her.She wanted to prove how motivated and hardworking she was. Once she weighed all the advantages anddisadvantages of her different options, she decided to work for the large retail company so that she could gain themost experience for herself.

Question2 – Refer to Samantha’s Dilemma. Based on the information provided, what type of business does Samantha’saunt operate?

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A.Partnership

B.Sole proprietorship

C.Franchise

D.Corporation

E.Incorporation
3
Strategic alliances and              are very similar.

A.most-favored-nation status

B.joint ventures

C.corporate mergers

D.licensing agreements

E.trading companies

4
Ted’s partnership agreement with two other men was a bit unsound. One of the problems the men were encountering was uneven productivity among thepartners. The agreement required each partner to contribute to every aspect of the business to receive an equal portion of the profits. This agreement didnot reflect the idea that
A.limited partners are required to be active in day-to-day business operations
B.each partner must agree to contracts entered into on behalf of all the others
C.customers and creditors of a limited partnership need not be protected
D.all partners need not be equal; that is, there are different types of partners. Some may be fully active in
running the business, whereas others may have a more limited role.
E.the Uniform Partnership Act requires every general partnership to have at least one limited partner

5
The major forces in consumerism are

A.consumer education programs

B.all of the above

C.individual consumer advocates

D.consumer laws

E.consumer organizations

6
The United States wishes to import no more than 100 million tons of sugar from India in any given year. The type of import restriction it should impose isa(n)

A.import duty

B.foreign exchange control

C.export duty

D.embargo

E.import quota

7

The World Trade Organization was created by the

A.Tokyo Round

B.United Nations

C.Uruguay Round

D.Kennedy Round

E.League of Nations

8

When Herbert took a new position at Galbrook Manufacturing Company, the firm was near insolvency. One of Herbert’s first acts was to establishspecific goals for sales growth and a strategy for achieving them. He also changed the organizational structure and developed an elaborate controlsystem for keeping the company on track. Herbert is functioning in a(n)        position at Galbrook Manufacturing.

A.technical

B.operative

C.managerial

D.clerical

E.sales
9
When Johnson & Johnson Vision Care, Inc., located in Jacksonville, Florida, sells its ACUVUE contact lenses to people inLondon, England, the company

A.is importing the lenses

B.has an absolute advantage

C.is exporting the lenses

D.is increasing the balance-of-trade deficit

E.is making a big mistake

10

Which of the following best defines balance of trade?
A.Purchasing products in other countries and bringing them into one’s own country
B.The ability to produce a certain product more efficiently than any other nation
C.The total value of a nation’s exports minus the total value of its imports over some period of time.
D.The ability to specialize in the production of a specific product and trade it for other needed products
E.The total flow of money into the country minus the total flow of money out of the country over some period of time
11
Which of the following functions is not performed by a trading company?

A.Linking buyers and sellers in different countries

B.Manufacturing products for foreign trading

C.Performing activities necessary to move goods to the foreign country

D.Taking title to products

E.Buying products at the lowest price consistent with quality
12
Which of the following is a potential drawback of licensing?
A.If quality is compromised, it may reflect poorly on the company providing the license.
B.Licensing will provide the original producer with much foreign marketing experience.
C.It is a relatively inexpensive way to market your product internationally.
D.It provides no compensation for the original company.
E.It is an extremely expensive and highly involved method of international expansion.

13

Which of the following is an example of a vertical merger?
A.The purchase of Gulf Oil by Standard Oil Company of California
B.The purchase of Kentucky Fried Chicken by PepsiCo
C.The purchase of Marathon Oil Company by U.S. Steel
D.The purchase of TWA by American Airlines
E.The purchase of Malone’s Cost-Plus Supermarkets by the Kroger supermarket chain
14

Which of the following is uncharacteristic of a socialist economy?

A.What to produce and how to produce it are based on national goals.

B.Distribution of goods and services is controlled by the state.

C.Land and raw materials may be the property of the state.

D.The government owns and controls key industries.

E.All capital and capital goods are privately owned.
15
Which of the following organizations would be considered a small business?

A.Producer of semiconductors with 2,000 employees

B.Wholesaler with 50 employees

C.Construction company with average annual receipts of $32 million

D.Farmer with annual receipts of $10 million

E.Retail clothing store chain with annual sales of $26 million

16
Which of the following statements is true?
A.Takeovers always increase a firm’s productivity
B.Mergers in the first part of the twenty-first century will be driven by cash-rich companies looking toacquire businesses that will enhance their position in the marketplace.
C.Mergers in the first part of the twenty-first century will see an increase in debt financing.
D.Economists and financial analysts agree that mergers are good for the economy
E.There will be fewer mergers that involve investors from other countr

17
Which of the following statements reflects the socioeconomic model of social responsibility?
A.”It’s an absolutely preposterous proposal. The idea that any corporation has the right to reach beyondcompany gates to what you could even describe as the bedroom of the employee is ridiculous.” —a
spokesperson for the Tobacco Institute
B.”We will not allow our motion pictures to be shown in any movie house in South Africa unless it is fully integrated.” —the president of UnitedInternational Pictures Corporation
C.”It’s easier and better to ban smoking than to risk multimillion-dollar lawsuits.” —a university professor
D.”I did it my way!” —Frank Sinatra
E.”In the private sector, employers can get away with quite a bit.” —an attorney
18

With regard to taxation of partnerships, which of the following statements is correct?
A.Each partner is taxed in the same way as a sole proprietor
B.Taxes are paid on a partnership’s profits, after which each partner pays taxes on his or her share of the profits.
C.The partnership is taxed as a separate entity
D.A partnership is exempt from taxes
E.Profits are taxed twice

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