BUSN 115 Week 4 Midterm Exam

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Question 1.1. (TCO 1) The amount of money a business takes in during a given time period by selling goods and/or selling services. (Points : 5) Business Goods Services Entrepreneur Revenue

Question 2.2. (TCO 1) That part of economics that studies the operations of a nation’s economy as a whole. (Points : 5) Economics Microeconomics Macroeconomics Resource development Invisible Hand

Question 3.3. (TCO 1) That part of economics that studies the behavior of people and organizations in particular markets. (Points : 5) Economics Microeconomics Macroeconomics Resource development Invisible Hand

Question 4.4. (TCO 2) An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends. (Points : 5) Insider trading Social audit Socially conscious investors Environmentalists Union officials

Question 5.5. (TCO 3) A complete ban on the import or export of a certain product; or the stopping of all trade with a country. (Points : 5) Tarriff Import/Exporting Ban Censoring Embargo None of the above

Question 6.6. (TCO 3) An unfavorable balance of trade occurs when the value of a country’s imports exceeds that of its exports. (Points : 5)

Trade surplus Trade deficit Tariffs Strategic alliance Multinational corporation

Question 7.7. (TCO 4) Investors who provide money to finance new businesses or turnarounds in exchange for a portion of ownership, with the objective of reselling the business at a proft.(Points : 5) Venture Capitalists Extrapreneurs Intrapreneurs Angel Investorts None of the above

1. (TCO 1) Describe and explain capitalism and how it functions in a free market economy. (Points : 30)

2. (TCO 2) Describe and explain corporate responsibility using an ethical perspective. Your stakeholder group for your answer is parents of high school students. Your company designs, produces, and sells video game apps for the mobile market. A concern has been raised in the community where your company is located about the violence portrayed in your mobile video game apps. What do you say to the parents? Why? (Points : 30)

3. (TCO 3) Describe and explain the fundamentals of the international market. Why do nations trade and how trade measured. (Points : 30)

4. (TCO 4) Outline the three ways an entrepreneur can start the business discussing the advantages and disadvantages of the three. (Points : 25)