Business quiz

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Business quiz

Question 1 – The framework to understand how businesses meet their economic, legal, ethical and philanthropic responsibilities is developed around the assumption that social responsibility is a:

-requirement by federal law.

-theory, with little relevance to business practice.

-process.

-specific set of rules and guidelines.

-result that does not need further attention.

Question 2 – An employee for Acme, Inc., has been asked to carry out an assignment that she believes is questionable. This situation can be classified as:

-a dilemma.

-an ethical issue.

-a violation of law.

-ethical.

-unethical.

Question 3 – Companies with less than 100 employees account for about ____ percent of total employment in the United States.

-40

-50

-10

-60

-70

Question 4 – The outcomes associated with positive stakeholder relationships are:

-unlikely to have an effect on the firm’s reputation.

-both long-term and short-term in nature.

-always long-term in nature.

-of minimal importance to the operation of the firm.

-mostly short-term in nature.

Question 5 – When Hormel Foods implemented an Internet-based procurement system, Hormel’s relationships with its suppliers were affected in all of the following ways except:

-by increased dependency on Hormel’s business in order to justify the cost outlays.

-by making Hormel’s suppliers more attractive to other food companies, which would increase the prices the suppliers could charge.

-through tangible investments such as equipment, tools, and software.

-through the suppliers’ evaluation to ensure that Hormel was worth the investment.

-through intangible investments such as time, effort, and trust.

Question 6 – Toll-free hotlines that companies set up to give employees a place to report misconduct are associated with which aspect of ethics programs?

-Communicating standards and procedures via ethics training programs

-Consistently enforcing standards, codes, and punishments

-Establishing systems to monitor and enforce ethical standards

-Continuously improving the program

-Establishing codes of conduct that are reasonably capable of detecting and preventing misconduct

Question 7 – Which of the following statements is false concerning how a company should communicate after a crisis?

-The communication after a crisis is usually not handled in a completely effective or ineffective manner.

-It is better to wait until the company has a complete understanding of the crisis so that stakeholders will not be led astray by partial information.

-If a company is slow to respond, stakeholders may feel as though the company does not care about their needs or is not remorseful about the crisis.

-Crisis events are often chaotic, so management may begin the crisis response with a degree of ambiguity.

-The company should communicate how it plans to resolve the crisis.

Question 8 – Corporate governance requires a system of _________ similar to the distribution of power between the executive, legislative, and judiciary branches of the U.S. government.

-goals and values

-priorities and divisions

-decision making authorities

-division of labor

-checks and balances

Question 9- By banning the importation of goods made by children under the age of 15 through indentured or forced labor, the U.S. government exercised which type of power?

-Legal

-Symbolic

-Legitimate

-Utilitarian

-Coercive

Question 10 – Communication is important in keeping a firm on its ethical course because:

-top executives must enforce overall ethical standards within the organization.

-issues such as price collusion and bribery must be decided on a decentralized basis.

-employees must learn when unethical behavior is appropriate to maximize profits.

-the moral philosophies of employees are always consistent with the moral philosophies of top management.

-centralization may reduce the opportunity for unethical conduct.

Question 11 – According to Kohlberg’s model, moral development:

-is focused primarily on each individual’s needs.

-depends mostly on the first few years of a person’s life.

-can be defined as six unrelated stages that a person progresses through.

-differs for each individual, resulting in no universal values.

-is accelerated by gaining education and experience in resolving conflicts.

Question 12 – Shareholder resolutions:

-may prompt a company to change its practices.

-are regulated by the Federal Trade Commission.

-can only be developed by large, institutional investors.

-may be brought to a proxy vote by any stakeholder.

-are the least effective type of shareholder activism.

Question 13 – Implementing social responsibility on a global level is complex because:

-regional alliances, like NAFTA and APEC, have their own expectations and standards.

-employees speak many languages and some information is hard to translate.

-global companies are rarely subject to local laws and regulations.

-consumers in most countries do not care about social responsibility.

-of the need to balance economic responsibility with other responsibilities.

Question 14- Which act is the principal tool employed by the federal government to prevent businesses from restraining trade and monopolizing markets?

-Anti-Monopoly Act

-Federal Trade Commission Act

-Sherman Antitrust Act

-Roosevelt Antitrust Act

-Clayton Antitrust Act

Question 15 – Those groups to whom a company is responsible are collectively known as:

-stakeholders.

-employees and customers.

-society.

-very important people.

-stockholders.

Question 16 – Which of the following is not a method that the Federal Trade Commission (FTC) uses to influence business activities?

-The FTC can file criminal charges against companies that break antitrust laws.

-The FTC can seek civil penalties against an offending company.

-The FTC can issue a formal complaint stating that a firm is in violation of the law.

-The FTC helps to resolve complaints and issues rulings on areas of emerging concern in business.

-The FTC can issue a cease-and-desist order that requires a company to stop engaging in a specified illegal behavior.

Question 17- The implementation of an ethics program:

-will be the same from organization to organization, as there is little need to tailor any aspect of the program.

-is primarily directed at training top managers and developing compensation plans that will insure top managers are ethical.

-will not be successful unless the chief executive officer (CEO) is using a transactional leadership approach.

-translates a plan of action into operational terms and establishes a means by which organizational ethical performance will be monitored, controlled, and improved.

-starts with training and ends with the development of a code of conduct.

Question 18 – Which of the following statements best describes the current trends in corporate governance?

-Businesses are moving towards a stakeholder orientation with looser corporate governance.

-Businesses are gravitating towards the stakeholder orientation because the costs involved are decreasing.

-Most companies are already using a shareholder orientation with formal governance.

-Companies are turning to a shareholder orientation with a more informal corporate governance system.

-Forces are driving businesses toward the stakeholder orientation and more formal governance.

Question 19 – Which stakeholder is the primary focus of the shareholder model of corporate governance?

-Investors

-Community

-Employees

-Suppliers

-Customers

Question 20- When Nine West Group was found to have violated antitrust laws, they were required to do all of the following except:

-pay millions of dollars in fines.

-stop including manufacturer’s suggested retail prices in product sales literature.

-stop fixing dealer prices.

-satisfy record keeping provisions to ensure future compliance.

-not threaten to limit supplies to dealers that adopt their own resale prices.

Question 21 – Which of the following is not one of the keys to successful ethics training addressed in chapter 5?

-Help employees understand the ambiguity inherent in ethical situations

-Make employees aware that their actions can define the company’s ethical posture

-Give employees a means to address ethical issues

-Provide specific evidence of punishment for an employee who committed an ethical infraction

-Eliminate the belief that unethical behavior is ever justified

Question 22 – In the workplace, _____ provide(s) the greatest influence on employee (un)ethical behavior.

-personal moral values

-company policies and procedures

-ethics training

-peers and coworkers

-religion and family upbringing

Question 23 – Which of the following is the best description of the possible legal ramifications of poor business conduct?

-It is important to have an organizational mechanism for resolving all questionable issues.

-Legal issues are usually cut and dry since the law has either been violated or has not been violated.

-Legal issues brought by stakeholders outside of the organization are almost always resolved within the organization.

-Ethical issues rarely become so important that they reach the courtroom for resolution.

-The most cost effective way to resolve disputes is through the court system.

Question 24 – How is corporate governance best defined?

-A system of decentralized mechanisms that assists a firm in meeting its goals

-The extent to which the content of workplace decisions is aligned with a firm’s stated strategic direction

-The exercise of control and authority by those in mid-management positions

-The formal system of accountability and control for organizational decisions and resources

-The philosophy that a board or CEO holds regarding accounting methods

Question 25 – About how many consumers said they would be likely to switch to brands associated with a good cause, if price and quality were equal? WHICH SURVEY ?

-Less than 5 percent

-20 percent

-40 percent

-50 percent

-80 percent

Question 26 – Which of the following best describes the rationale of the input-output model?

-This model involves a two-way relationship with the firm’s stakeholders.

-In order to create final products or output, an organization must have several different inputs.

-The customer receives most of the value because investors, suppliers, and employees are compensated at a reasonable level.

-Open communication between employees and management creates the input-output flow in an organization.

-A company basically produces at a level equal to the amount of input received from investors, suppliers, and employees.

Question 27 – Which of the following does not describe the treatment of stakeholders on a worldwide basis?

-As more businesses enter the global market, they encounter the complexity of balancing stakeholders relationships with other business operations and decisions.

-A company’s treatment of domestic stakeholders is generally the same as that of foreign stakeholders.

-Large and progressive companies in most economically developed nations have embraced the stakeholder model.

-The incident at Union Carbide in Bhopal, India, made a compelling case for building relationships with nondomestic stakeholders.

-The importance of stakeholders varies rather dramatically from country to country.

Question 28 – Overall, evidence supports that social responsibility:

-negatively affects a firm’s performance because it increases costs and reduces profits.

-is unrelated to the performance of a business.

-is good for a firm’s reputation, but has little effect on performance.

-works well in theory, but is hard to implement in business.

-is positively associated with return on investment, return on assets, and sales growth.

Question 29 – How can a company align the interests of owners with managers through executive compensation?

-By significantly reducing executive pay across the board

-By setting executive compensation at a level equal to the industry average

-By linking compensation to company performance and achievement of goals

-By basing salaries on seniority with the company in order to increase
longevity
-By capping executive compensation at ten times that of the lowest paid employee

Question 30- Organizational crises are characterized by all of the following except:

-routine problems occurring in business.

-a threat to a company’s high-priority goals.

-far-reaching events.

-being a surprise to a company’s membership.

-the need for swift action.

Question 31 – Which of the following internal control mechanisms would be the most difficult for a small company to implement?

-Requiring all employees to take one week of vacation a year

-Limiting access to valuable inventory to as few employees as possible

-Having several employees involved with each transaction, decision, or organizational issue

-Screening potential employees before hiring

-Developing a code of conduct addressing ethical and legal issues

Question 32 – The ________ model represents the current view of the relationship between a firm and the groups that both affect and are influenced by the firm.

-output

-society

-shareholder

-input

-stakeholder

Question 33 – On what basic precept is the shareholder model of corporate governance founded?

-The maximization of wealth for investors and owners

-Everyone should contribute to social welfare

-Supply and demand found in the marketplace

-The customer is always right

-The problem created when ownership and control are not separated

Question 34 – Which of the following is not a recommended step for changing the ethical culture of an organization?

-Avoid the use of informal systems to communicate expectations

-Avoid the perception of hidden agendas

-State your position, philosophy or belief

-Implement communications and education strategies

-Reinforce the policy through measurements and rewards

Question 35 – The Sarbanes-Oxley Act was enacted to:

-eliminate the need for the Federal Sentencing Guidelines for Organizations.

-extend the provisions of the Clayton Act.

-reduce most white-collar crime to misdemeanors.

-restore stakeholder confidence and provide a new standard of ethical behavior for business.

-determine the scope of punishments for executives at Enron and WorldCom.

Question 36 – Which of the following is not normally considered a primary stakeholder?

-Business partners

-Community

-Employees

-Employees

-Media

Question 37 – Developing a code to aid employees in their decision making is an example of an activity for which type of social responsibility?

-Governance

-Ethical

-Economic

-Philanthropic

-Legal

Question 38 – _____ leadership is best suited for higher levels of ethical commitment among employees and strong stakeholder support for an ethical climate.

-Territorial

-Transcendental

-Tactical

-Transactional

-Transformational

Question 39 – The most basic of business ethical standards:

-have been uniformly implemented through every firm’s ethics code.

-include developing trust in all business relationships.

-are centered around the mutual desire to protect the environment.

-have been codified as laws and regulations.

-demonstrate a company’s desires to address the needs of society.

Question 40 – In the “bad apple-bad barrel” analogy, :

-a code of conduct is not taken seriously as a key component of an ethics program.

-the code of conduct is used to solve all ethical dilemmas faced in the workplace.

-“bad apples” refer to an unethical corporate culture.

-no one has the right to label some conduct as unethical.

-“bad apples” are people who will always do things in their own self-interest regardless of organizational standards of conduct.

Question 41 – When a company is denying responsibility and doing less than is required with a particular stakeholder, it is engaged in a(n) _____ strategy.

-accommodative

-defensive

-inactive

-proactive

-reactive

Question 42 – What is the purpose of the Organisation for Economic Co-operation and Development’s (OECD) Corporate Governance Principles?

-To override individual countries’ practices and implement identical policies throughout the forum’s members

-To place most of the responsibility for corporate governance on the company’s managers

-To outline an optimal system of corporate governance techniques that every developed country should strive to duplicate

-To ensure the members of boards of directors are carefully selected to protect the interests of all stakeholders

-To formulate minimum standards of fairness, accountability, transparency, and responsibility in business practice

Question 43 – Which of the following was not an action taken by Ford Motor Company in an effort to manage its reputation?

-Suspending production at several plants to free up more replacement tires after the Bridgestone/Firestone tire problems

-Highlighting its commitment to quality in the company’s advertising

-Publicly ridiculing Bridgestone/Firestone for its poor quality tires and refusing to replace the bad tires with more from the same manufacturer

-Using advertising to assure its customers it would replace all recalled tires

-Pressuring Bridgestone/Firestone to resolve the crisis as quickly as possible

Question 44 – If employees believe that salary decisions are fair and consistent for all job categories, what type of justice exists?

-Interactional

-Distributive

-Utilitary

-Ethical

-Procedural

Question 45 – After poor service, the second top reason consumers gave for avoiding or refusing to buy from certain companies was:

-high prices.

-poor service.

-business conduct.

-dislike of advertising theme.

-negative word-of-mouth.

Question 46 – What organization is dedicated to socially responsible investing policies at colleges and universities?

-Student Alliance to Reform Corporations

-Higher Education Alliance for Social Investing

-Students Against Social Deterioration

-Keep America Beautiful

-Colleges for Responsible Investing

Question 47 – Which of the following statements best reflects a strategic approach to creating and maintaining an ethical corporate culture?

-“Reducing unethical behavior is a business goal no different from increasing profits.”

-“Our code of conduct is window-dressing.”

-“Hiring and promoting good, ethical managers will automatically produce an ethical organization.”

-“A decentralized approach to decision-making produces the most ethical corporate culture.”

-“People are raised with strong personal values and should use them at work to resolve ethical conflict.”

Question 48 – To generate a measurement of the costs of regulation, economists generally classify regulations as:

-ethical or legal.

-economic or social.

-safety-related or environment-related.

-state or national.

-standardized or industry-specific.

Question 49 – An “outside director” on a company’s board of directors:

-can only serve on one board at a time.

-has valuable expertise, but limited vested interest in the firm before assuming the role.

-worked for the company in the past, but is now retired or with another firm.

-cannot chair the board’s audit or compensation committee.

-is unlikely to bring a diverse or unique perspective to board discussions and decisions.

Question 50 – Which moral classification considers a decision right or acceptable if it accomplishes a desired result such as pleasure, knowledge, career growth, or utility?

-Ethical formalism

-Consequentialism

-Justice

-Egoism

-Results theory

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