Exam 1: The Relationship Between Business and Society

The non-profit sector is alternately known as the third sector or the plural sector.

Jane is starting a business to sell handmade greeting cards online.She is forming a(n) ___________ in that she is planning to assume all the risks and accept all the rewards of business ownership.

Canadians' overall attitude towards business has been basically positive over the last ten years.

The discussion of the business enterprise system in the Business and Society class today became interesting when Roberto took the position that the Canadian government should apply a _________ model whereby economic decision making is left to those individuals or enterprises who own the means of production and the government has only the most minimal,strictly limited role.

A partnership may involve two or more than two individuals sharing the ownership of a business.

Responses to social and environmental issues will determine the corporations which will survive in the future.

Strategic planning is a function of the board of directors.

Deontological theories of ethics are rule-based.

LK Corporation has recently downsized its operations.The trend towards healthy eating has led to fewer purchases of lollipops and suckers,the principal product of the firm.Knowing that Halloween is approaching and that sales will improve,the company has told the media that the workers will be rehired as soon as sales improve.In planning to rehire the laid off workers,LK Corporation is attributing the layoffs to the ________.

The teleological approach to ethics is also referred to as a rule-based theory.

One advantage of virtue ethics is that there is general agreement as to what constitutes a virtue.

Eduardo argued that Canadian business has a responsibility that goes beyond making money for investors.Businesses operate within communities.Decisions,such as closing down factories,will affect employees,their families as well as other businesses located in the factory's town.Eduardo is arguing for a ____________ model of capitalism.

The freedom of association doctrine implies that incorporation should occur without government intervention.

There exists a reciprocal relationship between business and society.

Self-interest by firms is an issue that the Canadian public consistently identifies as a negative attribute of the business enterprise system.

The three dominant approaches to normative theories of ethics include all of the following except:

There are very few legal requirements for an individual establishing or operating a business in Canada.

A responsible corporation,a business undertaking that responds to social,ethical,and environmental responsibilities in addition to its economic obligations results in a firm's integrity.

Social licence is based on ethics,values,expectations,and self-regulation considered preferable to social or government control which is based on regulation,legislation,litigation,and compliance.

Virtue ethics focuses upon 'doing' rather than 'being'.