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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