2023 Sophia Intro to business Milestones 1, 2, 3, 4 and Final, 5 Combined Revision Study Guides Questions and Answers with Explanations. 1UNIT 1 —
... [Show More] MILESTONE 1 question was answered incorrectly. 1 Which of the following should guide ethical behavior in a business? Moral judgments Personal goals Scientific theories Cultural standards CONCEPT Ethics as a Lifestyle 2 Kyle owned a small business that sold and repaired several styles of bicycles. Last month, Kyle had sales of $15,000 and the costs of operating his business were $12,300. Which of the following is true about Kyle's business? The business experienced a loss. The business should focus on expansion. S - The Marketplace to Buy and Sell your Study Material The business earned a profit. The business is not capitalizing on a need. CONCEPT What Is Business? 3 A business owner decides to give all her employees a living wage and benefits, including any new employees. Which social responsibility stance did the business owner demonstrate? Proactive Defensive Obstructionist Accommodating CONCEPT Stances to Social Responsibility Issues 4 In modern times, companies need to be socially responsible toward various stakeholders. When a company ensures that its products will not cause personal injury when used, the company is demonstrating particular consideration to which stakeholder? Employees Customers Investors Environment CONCEPT Models of Social Responsibility and Considering the Stakeholder 5 Which of the following is a disadvantage of a sole proprietorship? May have difficulty raising money for business operations May have problems resulting from frozen investments May have issues with government regulations May have a more complicated tax structure CONCEPT Non-Corporate Business 6 Anita borrowed money from a bank to help her start her small business. Which factor of production below does the loan represent? Capital Information resource Physical resource Human resource CONCEPT Economic Systems 7 Penelope worked for several years at an art gallery after graduating college. She had always imagined she would own her own studio one day, where she could showcase her own works as well as provide private art lessons and classes. She had saved money toward this goal but had little experience running any type of business. Based on Penelope's situation, which of the following is a disadvantage to her becoming a sole proprietor? Penelope is worried about who will be responsible for making final business decisions. Penelope has few contacts she could use to obtain startup funding. Penelope lacks significant expertise and experience in the art field. Penelope may have difficulty managing all aspects of a small business alone. CONCEPT Non-Corporate Business 8 Kowabunga was a US based beach clothing and gear company. The owner of the company wanted to expand into markets in Mexico, Australia and Fiji. The company compared the emerging markets to see which had the highest growth rates. Which external business environment did the company evaluate for its expansion? Sociocultural Political-legal Global Domestic CONCEPT Business Environments 9 Which of the following controls production in a planned economy? Monopolistic corporations Producers of products and services Centralized government Consumers of products and services CONCEPT Economic Systems 10 NAFTA, the EU and the WTO are all forms of __________. trade agreements nontariff barriers trade restrictions protective tariffs CONCEPT Interactions within the Global Economy 11 Which of the following describes an entrepreneur rather than a small business owner? More focused on making decisions where the outcome is clear More concerned with running day-to-day operations More satisfied with a consistently profitable business More likely to develop innovations and business expansions CONCEPT Small Business and the Entrepreneur 12 A US based company manufactures and sells custom motor homes. All [Show Less]