Deck 1: The Business, Society and Government Ethical Interrelationship Stakeholder Environment Business

Question 1

Business should consider a responsibility to be ethical with its stakeholders.

Answer 1

True

Question 2

________ is the general term used for people who have a stake or special interest in business activities because they are affected by business decisions or can affect business performance.

A) Shareholders
B) Managers
C) Attorneys
D) Stakeholders
E) Employees

Answer 2

D

Question 3

What is the modern textbook role of business and its managers?

A) The role of business is to make profits for shareholders. The role of managers is to maximize profits.
B) The role of business is to make products. The role of managers is select products that will maximize profits.
C) The role of business is to create value for stakeholders, who are affected by the business and can affect firm performance. The role of managers is to integrate market and nonmarket environmental strategies ethically to create value for stakeholders.
D) The role of business is to create jobs. The role of managers is to select the best employees.
E) None of these are correct.

Answer 3

C

Question 4

A/n ________ guides a firm's interactions with its stakeholders to achieve the firm's objectives.

A) diversification
B) environment
C) product
D) public sentiment
E) strategy

Question 5

What is the primary objective of integrating market and nonmarket strategies?

A) To create business opportunities that requirs integrated strategies to guide firm interactions.
B) To influence the nonmarket structure so that they can compete effectively in the market environment.
C) To compete for customers with the help of suppliers to make a profit.
D) None of these is correct.
E) All of these are correct.

Question 6

Which of the following is true of amoral managers?

A) Their values are based on the Judeo-Christian faiths.
B) They have strong ethics and apply those ethics to their business.
C) They want to be socially responsible.
D) They want to maximize profits but with a strong sense of ethics.
E) They do not believe ethics applies to business.

Question 7

Which of the following are stakeholders in a business as identified by the textbook?

A) Owners
B) Employees
C) Politicians
D) Distributors
E) Consumers who don't buy a company's product

Question 8

What would be considered as nonmarket society environment elements?

A) Societal interest groups
B) Employees
C) News media
D) Managers
E) Communities

Question 9

Select categories of the nonmarket government environment.

A) Owners
B) Political environment
C) Suppliers
D) Legal environment
E) Other companies

Question 10

Which of the following branches of government does the legislative branch include?

A) The Senate
B) The House of Representatives
C) Regulatory agencies.
D) The President's office
E) The Supreme Court

Question 11

To be successful, what must businesses do?

A) Take advantage of market opportunities.
B) Make a business plan but not strategies to implement it.
C) Avoid threats created by the nonmarket environment.
D) Pay little attention to the nonmarket environment.
E) Ignore competition.

Question 12

Which of the following is/are included in the applied ethical approach?

A) Morality
B) Ethics
C) Strategies
D) Honesty
E) Integrity

Question 13

Describe the difference between capitalism, pluralism, and democracy.

Question 14

What are factors contributing to special interest groups and social problems?

Question 15

What is the role of business?

Question 16

Which statement about the environment and balance of power is not correct?

A) The political environment includes the government legislative, executive, and judicial branches.
B) The power of the president is checked by Congress as it must approve his or her cabinet, judicial appointees, and budget.
C) Congress has power over regulators.
D) The power of Congress is checked by the president, as he or she can veto its bills.
E) The courts can change the laws and regulations made by Congress and executive-branch regulators.

Question 17

Which of the following would include the natural environment of business?

A) A software company offering free software to anybody who subscribes to its service.
B) A company who is concerned with the success of its products in Malaysia.
C) A company concerned with the legal implications of electronic file sharing in foreign countries.
D) A car company voluntarily painting its cars with environmentally-friendly paint.
E) McDonald's serving only sandwiches and burgers without beef.

Question 18

Government and society can help business.

Question 19

Special interest groups can affect business negatively as well as positively.

Question 20

Sometimes competitors help each other.

Question 21

Unions are for-profit governmental organizations that represent the interests of their members and workers.

Question 22

The nonmarket government environment includes the political environment as well as the legal environment.

Question 23

The executive branch of government has far more power than either the legislative or the judicial branches.

Question 24

Internet businesses like eBay and Amazon have revolutionized the way consumers shop.

Question 25

DropBox technology cannot be used on smart phones.

Question 26

Few large American businesses compete globally.

Question 27

Business has a responsibility to be ethical with its stakeholders.

Question 28

Nonmarket strategies are more significant to some industries and businesses than others.

Question 29

Managers need not concern themselves about the interrelationships between the market and nonmarket environments

Question 30

Which definition of business, society and government is not correct?

A) A business is a firm that sells a product for a profit.
B) Society includes interest groups and the communities affected by business.
C) Government includes the executive, legislative, and judicial branches at the local, state, federal, and international levels.
D) None of these statements is correct.
E) All of these statements are correct

Question 31

________ is the belief that we are owed something just because we are a member of society or a particular group in that society.

A) Social problem recognition
B) Entitlement mentality
C) Swollen expectations
D) Victimization

Question 32

Which statement about the market and nonmarket is not correct?

A) The market environment includes owners, employees, suppliers, customers, and competitors.
B) The nonmarket environment includes interactions with society and government.
C) The nonmarket environment structures (laws and regulations) how business operates in the market environment and the positions of firms in the market, and it creates opportunities for and threats to business.
D) The market environment creates issues of special interest that are addressed in the nonmarket environment.
E) All these statements are correct.

Question 33

MADD, PETA. And AARP are all considered ________.

A) news media
B) regulators
C) special interest groups
D) taxing entities
E) None of the above

Question 34

Which statement about the nonmarket is not correct?

A) The nonmarket government environment includes the executive, legislative, and judicial branches.
B) Social interest group activists pressure business to meet their special interest.
C) The government creates and enforces the laws, rules, and regulations that firms must abide by when conducting business in the market environment.
D) All of these are correct.
E) The nonmarket society environment includes societal interest groups and suppliers.

Question 35

What is the role of managers?