Question 1

Entrepreneurs should think carefully about their community commitments because "doing good" may add to a small company's

Accepted Answer

A)  bottom line. 
B)  financial burden. 
C)  payroll. 
D)  local profile. 
A)  bottom line. 
B)  financial burden. 
C)  payroll. 
D)  local profile.

Question 2

Clark, the owner of DEF LLC, bragged about hiding company income from the IRS but was surprised when he learned his sales manager was accepting kickbacks from customers. Clark should have remembered:

Accepted Answer

A)  kickbacks are common in his industry. 
B)  lapses in integrity can easily be passed down from superiors to subordinates. 
C)  his sales manager could alert the IRS and Clark could be prosecuted for tax evasion. 
D)  bragging nearly always leads to trouble. 
A)  kickbacks are common in his industry. 
B)  lapses in integrity can easily be passed down from superiors to subordinates. 
C)  his sales manager could alert the IRS and Clark could be prosecuted for tax evasion. 
D)  bragging nearly always leads to trouble.

Question 3

The saying "When in Rome, do as the Romans do" reflects a philosophy of _____.

Accepted Answer

A)  ethical insensitivity 
B)  ethical elitism 
C)  ethical imperialism 
D)  ethical relativism 
A)  ethical insensitivity 
B)  ethical elitism 
C)  ethical imperialism 
D)  ethical relativism

Question 4

Describe PRO factors and how these factors relate to customers.

Accepted Answer

Customers are less likely to buy a produ

Question 5

In drawing up a code of ethics, a small business owner should adopt a code

Accepted Answer

A)  provided by the Ethics Resource Center of Washington, D.C. 
B)  that outlines ethical principles and gives examples. 
C)  that outlines ethical principles but avoids examples. 
D)  suggested by the Better Business Bureau. 
A)  provided by the Ethics Resource Center of Washington, D.C. 
B)  that outlines ethical principles and gives examples. 
C)  that outlines ethical principles but avoids examples. 
D)  suggested by the Better Business Bureau.

Question 6

Suppliers, creditors, and the community are examples of ______________ of a business.

Accepted Answer

The answer of Suppliers, creditors, and the community are examples...

Question 7

If a student copies a favorite CD and gives it away to a friend to use, the student is engaged in the theft of _____ property.

Accepted Answer

A)  collective 
B)  intangible 
C)  intellectual 
D)  real 
A)  collective 
B)  intangible 
C)  intellectual 
D)  real

Question 8

An example of a small business that actually benefits from the growing interest in environmentalism would be

Accepted Answer

A)  a fast-lube and oil change center. 
B)  a producer of ethanol from farm waste. 
C)  a self-service car wash. 
D)  an asbestos removal service. 
A)  a fast-lube and oil change center. 
B)  a producer of ethanol from farm waste. 
C)  a self-service car wash. 
D)  an asbestos removal service.

Question 9

Discuss the relationship between profits and social responsibility in the small firm.

Accepted Answer

Some of the points that should be made a

Question 10

The price of integrity is high, but the potential payoff is incalculable because it is impossible to compute

Accepted Answer

A)  the price of a clear conscience. 
B)  the cost of environmental destruction. 
C)  the value of ethical imperialism. 
D)  the profit margin on good deeds. 
A)  the price of a clear conscience. 
B)  the cost of environmental destruction. 
C)  the value of ethical imperialism. 
D)  the profit margin on good deeds.

Question 11

An example of an employee acting unethically towards employer is:

Accepted Answer

A)  Taking a vacation 
B)  Taking unjustified sick leave 
C)  Working overtime 
D)  Taking a 15 minute break 
A)  Taking a vacation 
B)  Taking unjustified sick leave 
C)  Working overtime 
D)  Taking a 15 minute break

Question 12

How can integrity and financial success be related? Use PortionPac Chemical as an example to strengthen the argument.

Accepted Answer

Success in an entrepreneurial endeavor i

Question 13

Skimming is an unethical business practice involving

Accepted Answer

A)  failure to report all income on tax returns. 
B)  employees taking cash from the cash register. 
C)  sales associates offering gifts and inducements to purchasers. 
D)  managers of competing firms agreeing to charge high prices. 
A)  failure to report all income on tax returns. 
B)  employees taking cash from the cash register. 
C)  sales associates offering gifts and inducements to purchasers. 
D)  managers of competing firms agreeing to charge high prices.

Question 14

Owners, customers, and employees are considered to be the _________ ____________ of a business.

Accepted Answer

primary st

Question 15

Companies that use renewable resources, reduce emissions of harmful chemicals into the environment, and help other firms reduce their waste have taken advantage of ______ _____________.

Accepted Answer

The answer of Companies that use renewable resources, reduce emissions...

Question 16

Perhaps the greatest benefit of integrity in business is the _____ it generates.

Accepted Answer

A)  trust 
B)  profit 
C)  reputation 
D)  sales 
A)  trust 
B)  profit 
C)  reputation 
D)  sales

Question 17

When her employees review a situation, they sometimes ask themselves, "What would Marcella do in this situation?" They know her __________ ____________ have helped to build the business on a foundation of integrity and serve as a guide for their own decisions.

Accepted Answer

The answer of When her employees review a situation, they...

Question 18

Candace sells the muffins in her bakery at a higher price than the big-box grocery but she has a steady stream of customers willing to pay what she asks. Candace also supports local charities. What would likely happen if she lowered her prices and stopped her charitable contributions?

Accepted Answer

A)  Nothing 
B)  Customers would go elsewhere. 
C)  Business would increase. 
D)  Income taxes would decrease. 
A)  Nothing 
B)  Customers would go elsewhere. 
C)  Business would increase. 
D)  Income taxes would decrease.

Question 19

After issues related to customers and competitors, the second most common category of ethical issues that challenge small businesses is concerned with

Accepted Answer

A)  the treatment of employees. 
B)  international relations. 
C)  public relations. 
D)  harmful production processes. 
A)  the treatment of employees. 
B)  international relations. 
C)  public relations. 
D)  harmful production processes.

Question 20

Of all the possible stakeholders, the three primary ones are

Accepted Answer

A)  the government, the community, and the customers. 
B)  the customers, the employees, and the owners. 
C)  the creditors, the investors, and the employees. 
D)  the suppliers, the customers, and society at large. 
A)  the government, the community, and the customers. 
B)  the customers, the employees, and the owners. 
C)  the creditors, the investors, and the employees. 
D)  the suppliers, the customers, and society at large.

Exam 2: Integrity and Ethics: Foundations for Success in Small Business

Entrepreneurs should think carefully about their community commitments because "doing good" may add to a small company's

Clark, the owner of DEF LLC, bragged about hiding company income from the IRS but was surprised when he learned his sales manager was accepting kickbacks from customers. Clark should have remembered:

The saying "When in Rome, do as the Romans do" reflects a philosophy of _____.

Describe PRO factors and how these factors relate to customers.

In drawing up a code of ethics, a small business owner should adopt a code

Suppliers, creditors, and the community are examples of ______________ of a business.

If a student copies a favorite CD and gives it away to a friend to use, the student is engaged in the theft of _____ property.

An example of a small business that actually benefits from the growing interest in environmentalism would be

Discuss the relationship between profits and social responsibility in the small firm.

The price of integrity is high, but the potential payoff is incalculable because it is impossible to compute

An example of an employee acting unethically towards employer is:

How can integrity and financial success be related? Use PortionPac Chemical as an example to strengthen the argument.

Skimming is an unethical business practice involving

Owners, customers, and employees are considered to be the _________ ____________ of a business.

Companies that use renewable resources, reduce emissions of harmful chemicals into the environment, and help other firms reduce their waste have taken advantage of ______ _____________.

Perhaps the greatest benefit of integrity in business is the _____ it generates.

When her employees review a situation, they sometimes ask themselves, "What would Marcella do in this situation?" They know her __________ ____________ have helped to build the business on a foundation of integrity and serve as a guide for their own decisions.

Candace sells the muffins in her bakery at a higher price than the big-box grocery but she has a steady stream of customers willing to pay what she asks. Candace also supports local charities. What would likely happen if she lowered her prices and stopped her charitable contributions?

After issues related to customers and competitors, the second most common category of ethical issues that challenge small businesses is concerned with

Of all the possible stakeholders, the three primary ones are

The Entrepreneurial Life

Starting a Small Business

Franchises and Buyouts

The Family Business

The Business Plan: Visualizing the Dream

The Marketing Plan

The Organizational Plan: Teams, Legal Structures, Alliances, and Directors

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Product Development and Supply Chain Management

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Business

Professional Management and the Small Business

Managing Human Resources

Managing Operations

Managing the Firms Assets

Managing Risk in the Small Business

A: Managing Risk in the Small Business

Filters

Owners, customers, and employees are considered to be the _ ____ of a business.

Companies that use renewable resources, reduce emissions of harmful chemicals into the environment, and help other firms reduce their waste have taken advantage of _______.

When her employees review a situation, they sometimes ask themselves, "What would Marcella do in this situation?" They know her __ have helped to build the business on a foundation of integrity and serve as a guide for their own decisions.