Sophia Intro to business Milestones 1, 2, 3, 4 and Final, 5 Combined Revision Study Guides, Correctly Answered Questions, Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A

Sophia Intro to business Milestones 1, 2, 3, 4 and Final, 5 Combined Revision Study Guides, Correctly Answered Questions, Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A

Sophia Intro to business Milestones 1, 2, 3, 4 and Final, 5 Combined Revision Study Guides, Correctly Answered Questions, Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A


UNIT 1 — MILESTONE 1

Score 18/19

You passed this Milestone

18 questions were answered correctly.

1 question was answered incorrectly.

1

Which of the following should guide ethical behavior in a business?

Moral judgments

Personal goals

Scientific theories

Cultural standards

CONCEPT

Ethics as a Lifestyle

2

Kyle owned a small business that sold and repaired several styles of bicycles. Last month, Kyle had sales of

$15,000 and the costs of operating his business were $12,300.

Which of the following is true about Kyle's business?

The business experienced a loss.


The business should focus on expansion.

The business earned a profit.

The business is not capitalizing on a need.

CONCEPT

What Is Business?

3

A business owner decides to give all her employees a living wage and benefits, including any new employees.

Which social responsibility stance did the business owner demonstrate?

Proactive

Defensive

Obstructionist

Accommodating

CONCEPT

Stances to Social Responsibility Issues

4

In modern times, companies need to be socially responsible toward various stakeholders.

When a company ensures that its products will not cause personal injury when used, the company is

demonstrating particular consideration to which stakeholder?

Employees

Customers


Investors

Environment

CONCEPT

Models of Social Responsibility and Considering the Stakeholder

5

Which of the following is a disadvantage of a sole proprietorship?

May have difficulty raising money for business operations

May have problems resulting from frozen investments

May have issues with government regulations

May have a more complicated tax structure

CONCEPT

Non-Corporate Business

6

Anita borrowed money from a bank to help her start her small business.

Which factor of production below does the loan represent?

Capital

Information resource

Physical resource


Human resource

CONCEPT

Economic Systems

7

Penelope worked for several years at an art gallery after graduating college. She had always imagined she would

own her own studio one day, where she could showcase her own works as well as provide private art lessons and

classes. She had saved money toward this goal but had little experience running any type of business.

Based on Penelope's situation, which of the following is a disadvantage to her becoming a sole proprietor?

Penelope is worried about who will be responsible for making final business decisions.

Penelope has few contacts she could use to obtain startup funding.

Penelope lacks significant expertise and experience in the art field.

Penelope may have difficulty managing all aspects of a small business alone.

CONCEPT

Non-Corporate Business

8

Kowabunga was a US based beach clothing and gear company. The owner of the company wanted to expand

into markets in Mexico, Australia and Fiji. The company compared the emerging markets to see which had the

highest growth rates.

Which external business environment did the company evaluate for its expansion?

Sociocultural

Political-legal

Global

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