Question 1

_____ refers to standards of conduct and moral values of a firm.
A) Creativity
B) Business ethics
C) A social audit
D) A social responsibility

Accepted Answer

Business ethics refers to the moral values and standards of conduct that a firm follows in its operations. It includes principles such as honesty, fairness, responsibility, and accountability in business activities. It helps to build trust and credibility with stakeholders and has a positive impact on the reputation and long-term success of the business. Creativity refers to the ability to generate innovative and original ideas, while a social audit refers to the process of evaluating the social and environmental impact of a company's operations. Social responsibility, on the other hand, refers to a company's obligation to act in the best interest of society as a whole, beyond just maximizing profits for shareholders.

Question 2

Feedback from customers is an example of a(n) _____ that requires organizational change.
A) internal force
B) external force
C) change agent
D) marketing issue

Accepted Answer

Feedback from customers is an external force that requires the organization to change its processes, products, or services to meet customer needs and preferences.

Question 3

When 3M managers decided to manufacture Post-it ^® notes, a new product was born. This was an example of _____ in action. A) critical-thinking skills B) vision C) social responsibility D) creativity

Accepted Answer

The creation of a new product, such as Post-it notes, requires creativity to come up with a unique idea and develop it into a tangible product.

Question 4

Winzer Corp. a multinational corporation located in Los Angeles is planning to relocate its operations in Southern Asia. The firm has identified that the labor cost and technology available in the region would ensure optimum performance of its business operations. Which of the following strategies has Winzer Corp. adopted?
A) Exporting
B) Offshoring
C) Nearshoring
D) Licensing

Accepted Answer

Winzer Corp. has adopted the strategy of offshoring by relocating its operations to Southern Asia. Offshoring refers to moving business operations to a different country to take advantage of lower labor costs, technological expertise, and other benefits.

Question 5

Alejandro is seeking to revitalize his graphic design company with new innovations and has called for a brainstorming meeting with his top designers. Alejandro is _____.
A) enacting his company's vision
B) improving his productivity
C) thinking critically
D) utilizing his creativity

Accepted Answer

Alejandro is seeking new innovations, which requires him to utilize his creativity.

Question 6

_____ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs.
A) Critical thinking
B) Social responsibility
C) Vision
D) Creativity

Accepted Answer

This statement describes the concept of vision, which involves understanding the needs and wants of customers and developing strategies to meet those needs. Critical thinking and creativity may be helpful in this process, but they are not the specific abilities described in the statement. Social responsibility is also important for businesses, but it is not directly related to understanding marketplace needs.

Question 7

Not-for-profit organizations are commonly exempt from federal, state, and local taxes.

Accepted Answer

Not-for-profit organizations are often exempt from federal, state, and local taxes, as long as they meet certain criteria and use their funds for their stated purpose.

Question 8

Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit.

Accepted Answer

The first priority of a not-for-profit organization is to fulfill its mission or purpose, not to make a profit. While non-profits may generate revenue, any surplus funds are typically reinvested into the organization to further its mission rather than distributed to owners or shareholders.

Question 9

Which of the following is NOT an example of an internal force that requires organizational change?
A) Labor union demands
B) Production problems
C) New technologies
D) New company goals

Accepted Answer

New technologies are typically considered external forces for organizational change because they originate outside the organization and impact its operations, requiring adjustments to stay competitive or efficient.

Question 10

Which of the following is given the LEAST importance by managers of today?
A) The ability to work by strict rules
B) The ability to envision the firm's future
C) The ability to think critically
D) The ability to be creative

Accepted Answer

In modern management, the ability to work within strict rules is given the least importance because organizations have become more flexible and dynamic. They rely on employees who can adapt to change and take initiative, rather than simply following rigid guidelines. Therefore, abilities like envisioning the firm's future, critical thinking, and creativity are more valued for managers in the current business landscape.

Question 11

Companies are not required to be ethical to succeed in the long run.

Accepted Answer

While some companies may appear to succeed in the short-term by ignoring ethics, studies have shown that companies that prioritize ethical behavior and social responsibility are more likely to succeed in the long run. Consumers and investors increasingly demand transparency and ethical behavior from companies, and unethical practices can lead to reputational damage and legal consequences. Additionally, ethical behavior can lead to increased employee loyalty and productivity, and can attract customers who value socially responsible companies.

Question 12

Social responsibility would include all of the following EXCEPT _____.
A) supporting the local United Way
B) buying goods and services from minority-owned vendors
C) making campaign contributions to politicians in the hope of obtaining a government contract
D) making contributions to the local public radio station

Accepted Answer

Making campaign contributions to politicians in the hope of obtaining a government contract is not an example of social responsibility, as it could be seen as unethical or even illegal behavior in some cases. The other choices all involve positive actions that contribute to the betterment of society or support a specific cause.

Question 13

When a U.S. company contracts work to a company inMexico, it is _____.
A) nearshoring
B) nearsourcing
C) exporting
D) offshoring

Accepted Answer

The answer of When a U.S. company contracts work to...

Question 14

Large corporations are defined as businesses, whereas small companies are more of an investment.

Accepted Answer

The statement is not accurate. Both large corporations and small companies can be considered businesses and investments. The size of the company does not determine its classification as a business or investment.

Question 15

When management adheres to a set of standards involving the right and wrong actions arising in the work environment, the management is _____.
A) enacting upon its social responsibility
B) following its business ethics
C) working towards social welfare
D) using creativity to encourage team spirit

Accepted Answer

Management adhering to a set of standards involving the right and wrong actions arising in the work environment is an example of business ethics. Social responsibility, social welfare, and creativity are not directly related to the adherence to standards of right and wrong actions in the workplace.

Question 16

In order to remain viable, not-for-profit organizations need to focus on profits even more than the public service they provide.

Accepted Answer

Not-for-profit organizations exist to provide a public service or benefit to society, and their focus should be on fulfilling their mission rather than solely on generating profits. While financial sustainability is important, it should not come at the cost of sacrificing the organization’s social or community impact.

Question 17

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity. This company is ____.
A) evaluating its business ethics
B) enacting upon its social responsibility
C) creating customer satisfaction
D) using creativity to promote sales

Accepted Answer

Newman's Own is enacting upon its social responsibility by giving 100 percent of its after-tax profits to charity.

Question 18

Emily works for a pharmaceutical company and gives a presentation on the need to expand the company's geriatric division within the next 10 years. Emily is focussing primarily on establishing the company's _____.
A) morales
B) ethics
C) vision
D) codes

Accepted Answer

Emily is focusing on establishing the company's vision for the future by advocating for the expansion of the geriatric division within the next 10 years. The other options of morals, ethics, and codes are not directly related to Emily's presentation on the need for expansion.

Question 19

When a company's management decisions align with social and economic issues, the company is _____.
A) using creativity to ensure sustained growth
B) following its business ethics
C) working towards social welfare
D) enacting upon its social responsibility

Accepted Answer

When a company's management decisions align with social and economic issues, it means that the company is enacting upon its social responsibility to contribute to the welfare of society. By making decisions that align with social and economic issues, the company is not just prioritizing profits, but also considering the impact of their actions on the broader community. This is an important aspect of corporate social responsibility.

Question 20

In business, _____ refers to the ability to see better and different ways of doing business.
A) critical thinking
B) social responsibility
C) creativity
D) vision

Accepted Answer

Creativity is the ability to explore new and innovative ideas to overcome business challenges and come up with fresh solutions. It involves thinking outside the box and coming up with unique approaches to business problems. Critical thinking is important for analyzing information and making informed decisions, while social responsibility refers to acting ethically and in the best interests of society as a whole. Vision is important for setting long-term goals and direction for the business but may not necessarily involve finding new ways to do business.

Quiz 1: The Changing Face of Business

_____ refers to standards of conduct and moral values of a firm.

Feedback from customers is an example of a(n) _____ that requires organizational change.

When 3M managers decided to manufacture Post-it ® notes, a new product was born. This was an example of _____ in action.

Alejandro is seeking to revitalize his graphic design company with new innovations and has called for a brainstorming meeting with his top designers. Alejandro is _____.

_____ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs.

Not-for-profit organizations are commonly exempt from federal, state, and local taxes.

Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit.

Which of the following is NOT an example of an internal force that requires organizational change?

Which of the following is given the LEAST importance by managers of today?

Companies are not required to be ethical to succeed in the long run.

Social responsibility would include all of the following EXCEPT _____.

When a U.S. company contracts work to a company inMexico, it is _____.

Large corporations are defined as businesses, whereas small companies are more of an investment.

When management adheres to a set of standards involving the right and wrong actions arising in the work environment, the management is _____.

In order to remain viable, not-for-profit organizations need to focus on profits even more than the public service they provide.

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity. This company is ____.

Emily works for a pharmaceutical company and gives a presentation on the need to expand the company's geriatric division within the next 10 years. Emily is focussing primarily on establishing the company's _____.

When a company's management decisions align with social and economic issues, the company is _____.

In business, _____ refers to the ability to see better and different ways of doing business.

When 3M managers decided to manufacture Post-it ^® notes, a new product was born. This was an example of _____ in action.