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BUS 101 Exam 1 Key - NAME Professor Elliott BUS 101 Exam#1...

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NAME: ________________________________________________ Professor Elliott BUS 101 Exam #1 February 16,2011 6:30 PM Form 1 DIRECTIONS Print your name and circle your section number on this test booklet and on the scan sheet Fill in your UNIQUE ID on the scan sheet, Fill in the form number in the box under your Unique ID. Very Important (you will lose 5 points if you get this wrong) There are 50 questions worth 2 points each. You will have 75 minutes complete the exam. When complete, check that you have answered ALL the questions (there is no penalty for guessing)
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Form 1 2 1) In the U.S. economy, ________ are considered the reward for the risk of entering business. A. revenues B. profits C. sales D. generated income amounts 2) The factors of production in an economic system are ________. 3) If it is not illegal, it must also be ethical A. True B. False 4) Outsourcing refers to 5) Tanisha is a diabetes educator at a local clinic. Recently she was offered a lavish trip by a sales rep that has been pushing the clinic to use his company’s diabetes supplies. Tanisha declined the gift. Which ethical challenge did she face? 6) Your supervisor asks you to conceal information from outside auditors examining the company's financial records. What is your ethical challenge? A. Loyalty versus truth B. Conflict of interest C. Honesty and integrity D. You have none. 7) The first step when facing an ethical problem is to ask: A. "Is it ethical?” B. "Is it legal?“ C. "Is it fair?” D. "Has it been done before?” 8) Business have a responsibility to ______which includes: the right to be safe, the right to be informed, the right to choose, and the right to be heard. 9) Regulations on financial reporting for business generally come from
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Form 1 3
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