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40 Cards in this Set
- Front
- Back
Products have tangible attributes only.
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False
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The goal of business activities is profit.
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True
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Nonprofit organization such as Habitat for Humaity do not engage in management, marketing, or finance activities.
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False
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Business have the right to keep and use their profits as they choose, without limitations.
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False
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Financial management is concerned with obtaining money and use it effectively.
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True
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Managers coordinate resources to achieve organizational objectives.
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True
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The focus of all marketing activities is customer satisfication.
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True
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Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other business.
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False
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Most socialist nations are democratic.
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True
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In a free-market system, the government regulates business.
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False
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Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.
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True
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An oligopoly exists when there are many small businesses selling one standardized product.
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False
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A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition.
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True
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Economic expansion occurs when a economy is growing and people are spending more money.
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True
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Gross domestic product is the sum of all goods and services produced in a country during a year.
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True
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When a nation takes more from taxes than it spends, it has a budget deficit.
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False
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After World War II, the United States became an agricultural economy.
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False
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Entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something.
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True
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Thomas Edison was an American entrepreneur.
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True
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Mrs. Acres Homemade Pies success results from a quality product and motivated employees.
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True
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Ethics and social responsibility mean the same thing.
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False
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Business ethics are the same as legal issues.
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False
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Conflicts of interest are payments, gifts, or special favors intended to influence the outcome of a decision.
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False
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Ethics is related to the culture in which a business operates.
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True
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Codes of ethics foster ethical behavior because they expand the opportunity to behave unethically.
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False
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Ethical decisions in an organization are influenced by three key factors.
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True
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The dimensions of social responsibility include economic, legal, ethical, and voluntary responsibilities.
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True
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Managers consider social responsibility on an annual basis.
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False
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Recycling is a business response to employee issues
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False
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Jon Barnard faces several ethical issues in dealing with his business dilemma.
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True
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Exporting is the purchase of products from another nation.
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False
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When a nation is importing more than it is exporting, it has a positive balance of trade.
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False
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A common reason for establishing quotas or tarrifs is to prohibit dumping.
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True
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Licensing is a way of entering the international marketplace without spending large amounts of money abroad.
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True
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Data refers to numerical or verbal descriptions related to statistics or other items that have been analyzed or summarized.
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True
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Information includes meaningful and useful interpretation of data and knowledge that can be used in making decisions.
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True
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A management information system is a collection of data stored in one place and accessible through a network.
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False
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The Internet isregional information system that link computer networks together.
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False
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An intranet is network of computer similar to the Internet that is available only to people inside an organization.
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True
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Customer relationship management focuses on using information about customers to create strategies that develop and sustain desirable long-term customer relationships.
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True
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