Exam: 500425rr – business ethics and starting a small business

Exam: 500425RR – Business Ethics and Starting a Small Business
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Questions 1 to 20: Select the best answer to each question. Note that a question and its answers may be split across a page
break, so be sure that you have seen the entire question and all the answers before choosing an answer.
1. Some equivalent of the Golden Rule, which says we should treat others the way we wish to be treated,
is found
A. in some religious traditions as well as in all philosophical systems.
B. only among some Christian denominations.
C. in all major religious and philosophical systems.
D. in Eastern but not, as a rule, in Western traditions.
2. Fair pay, respect for persons, and faithfully kept promises are characteristics of social responsibility to
A. customers.
B. employees.
C. stakeholders.
D. shareholders.
3. According to your text, our main sources of ethical standards are religion and
A. culture.
B. philosophy.
C. circumstances.
D. social habit.
4. Without doubt, the biggest disadvantage to franchising is
A. the startup cost.
B. toughing it out as a sole proprietor.
C. pre-established local competition.
D. having to share profits with the franchisor.
5. The residents of Littleton Township own the local hydroelectric generating plant. They pay monthly fees
for facility maintenance and service and share in revenues that exceed operating costs on an annual basis.
This sort of organization would best be characterized as a/an
A. acquisition.
B. cooperative.
C. horizontal merger.
D. retail co-op.
6. Because what is legal may not be ethical, we should base our moral decisions on _______ principles.
A. universal
B. effective
C. practical
D. social
7. Xerox has a program called Social _______ Leave that allows employees to take leave for up to a year,
at full pay and benefits, to work for a nonprofit organization.
A. Action
B. Share
C. Response
D. Service
8. The employees of Abs “R” Us, which includes 12 fitness
parlors in and around the metro area, feel they can improve the performance of the company. They decide
to pool their resources to purchase the company. This would be called a _______ buyout.
A. management
B. hostile
C. negotiated
D. leveraged
9. Respecting corporate social responsibility, Ronald McDonald Houses provides an example of corporate
A. environmentalism.
B. sociability.
C. philanthropy.
D. activism.
10. It looks a lot like a corporation and can sell stock, but it’s taxed like a partnership. This would be a/an
A. S-corporation.
B. uniform liability partnership.
C. master limited partnership.
D. limited partnership.
11. The major disadvantage of a sole proprietorship is
A. having to share profits with relatives.
B. unlimited liability.
C. having to make all the decisions.
D. finding people to assist you in areas where your skills are weak.
12. You learn that your friend has cheated on a final exam. If you decide to follow your text’s five-step
process for making ethical decisions in your personal life, your first
step will be
A. listing alternative responsibilities.
B. reflecting on your options.
C. gathering the facts.
D. recognizing that an ethical issue exists.
13. According to the influential economist Milton Friedman, corporate social responsibility is primarily
based on
A. meticulous care of the environment.
B. repudiating insider trading.
C. making safe, high-quality products for consumers.
D. making money for shareholders.
14. A social _______ is a systematic evaluation of a company’s progress in implementing socially
responsible programs.
A. program
B. audit
C. inquiry
D. code
15. According to the _______ approach as a basis for ethical standards, you’ll make an ethical decision
based on respecting and protecting the moral rights of those who will be affected by your decision.
A. virtue
B. justice
C. rights
D. common-good
16. Which statement about the Sarbanes-Oxley Act is true?
A. Its stipulations apply to both publicly traded and private companies.
B. It defines whistleblowers but doesn’t protect them.
C. It offers some protection to whistleblowers.
D. It helps companies recycle paper.
17. Which of the following is true about an S-corporation?
A. It’s created by the government.
B. It’s taxed like any other corporation.
C. It must offer at least two classes of stock.
D. It can have no more than 1,000 shareholders.
18. In the world of business, a _______ is made up of a group of people or organizations who have
unsatisfied wants and needs and the resources to fulfill those wants and needs.
A. resource
B. market
C. public
D. base
End of exam
19. The management of Flora-Delivery, Inc. runs 14 stores and advises and assists owner-managers of 10
franchise operations. The stores directly run and managed by Flora-Delivery would be referred to as
_______ stores.
A. proprietary
B. affiliated
C. company
D. accessory
20. A/An _______-based ethics code emphasizes preventing unlawful behavior through controlling behavior
and punishing wrongdoers.
A. compliance
B. legal
C. practical
D. integrity

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