Midterm Study Guide

Midterm Study Guide - Which of the following are organized...

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Which of the following are organized for profit and provide goods and services? In the US economy, ___ are considered the rewards for the risk of entering business Profits Capitalism is founded on _________ (a.k.a. private enterprise system) Adam Smith is the father of capitalism A Partnership is… An affiliation of two or more companies that help each other achieve common goals. Outsourcing _____ Using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in country; allows a firm to reduce costs and concentrate its resources on the things it does best while gaining access to expertise it may not have When Google opened offices in Tokyo and Sydney, they were utilizing ______ by relocating activities to lower cost locations overseas. a) Nearshoring b) Outshoring c) Offshoring d) Employee sourcing What is vision? The ability to perceive marketplace needs and what an organization must do to satisfy them Business Ethics Standards of conduct and moral values involving decisions made in the work environment; shaped by the ethical climate within an organization Social Responsibility Is a management philosophy that includes contributing resources to the community, preserving the natural environment, and developing or participating in non-profit programs designed to promote the well-being of the general public. In order to remain viable, not- for-profit organizations need to do what? They need to place public services above profits, but it is important for them to raise money allowing them to operate and achieve their social goals. In the private enterprise system, (a.k.a. capitalism) An economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers; minimizes government interference in economic activity Which federal agency is responsible for setting workplace health and safety standards? a) FTC b) FDA c) OSHA d) FCC Sarbanes-Oxley Act of 2002 Required top corporate executives to attest to the validity of the company’s financial statements; increased the documentation and monitoring of internal controls; prohibited CPA firms from
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providing some types of consulting services for their clients; established a 5-member accounting oversight board The study of macroeconomics is ____.
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