MCQ_Flashcards.csv

Question,Answer "What is the term for the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it?",Free enterprise Which of the following is NOT one of the main reasons to study business?,To avoid paying taxes "What is the term for...

Question,Answer "What is the term for the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it?",Free enterprise Which of the following is NOT one of the main reasons to study business?,To avoid paying taxes "What is the term for the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs?",Business Which of the following is NOT one of the three specific types of businesses mentioned?,Nonprofit organizations What remains after all business expenses have been deducted from sales revenue?,Profit What is the study of how wealth is created and distributed called?,Economics Which economic system is characterized by individuals owning and operating the majority of businesses that provide goods and services?,Capitalism What term did Adam Smith use to describe how an individual's own personal gain benefits others and a nation's economy?,Invisible hand What is the term for an economy that exhibits elements of both capitalism and socialism?,Mixed economy What is the total dollar value of all goods and services produced by all people within a country during a specified time period called?,Gross domestic product What is the average level of output per worker per hour called?,Productivity Which of the following is NOT mentioned as one of the important economic indicators that measure a nation's economy?,Stock market index What is business ethics defined as?,The application of moral standards to business situations Which of the following is NOT one of the main types of ethical issues in business?,Product quality "What term describes knowingly taking someone else's words, ideas, or other original material without acknowledging the source?",Plagiarism The Sarbanes-Oxley Act of 2002 provides protection for:,Whistle-blowers What percentage of Fortune 1000 firms have a formal code of ethics or conduct?,95% What is the term for informing the press or government officials about unethical practices within one's organization?,Whistle-blowing Which Latin phrase means 'let the buyer beware'?,Caveat emptor What event triggered the Great Depression and led to increased government involvement in business?,The stock market collapse of 1929