Download Business Principles and Ethics: A Comprehensive Guide with Exercises and Questions and more Exams Advanced Education in PDF only on Docsity!
MSB 201 FINAL EXAM WITH 100% VERIFIED SOLUTIONS!!
For-profit Organizations - ANSWER strive to make a profit as they provide and sell products and services desired by their customers
Not-for-profit organizations - ANSWER exists to achieve some goal rather than a profit
Factors of Production - ANSWER Natural resources, labor, capital, entrepreneurship, and knowledge
Productivity equation - ANSWER Productivity=Output/Input
Economies of scale - ANSWER the cost advantage experienced by a firm when it increases its level of output
Microeconomics - ANSWER decisions and actions of individual agents like households, workers, and businesses
Macroeconomics - ANSWER The economy as a whole. Focuses on broad issues such as growth, unemployment, inflation, government deficits, and levels of exports and imports
Who is associated with the concept of specialization in economics? - ANSWER Adam Smith
What is the benefit of dividing work according to Adam Smith? - ANSWER We can produce a greater quantity of output.
Why do people excel at different jobs according to the concept of specialization? -
ANSWER People have different skills, talents, and interests.
Circular flow diagram - ANSWER a visual model of the economy that shows how dollars flow through markets among households and firms
Product market - ANSWER the market in which households purchase the goods and services that firms produce (outer circle)
Labor market - ANSWER the market in which households sell their labor as workers to business firms or other employers (inner circle)
Why is the circular flow diagram important? - ANSWER helps explain key reasons why people and business interact and transact with one another
Key dimensions of ethics - ANSWER Ethics are critical in business, ethics can be difficult, gospel and philosophical perspectives on integrity, ethical decision-making, and ethical leadership provide you with wonderful guidance
Key stakeholders - ANSWER The people with the highest amount of influence on and interest in a project; directly impacted by the outcome
Marriott School of Business Vision - ANSWER We aspire to transform the world through Christlike leadership
Marriott School of Business Mission Statement - ANSWER We develop leaders of faith, intellect, and character
MSB Values - ANSWER Faith in Christ, integrity in action, respect for all, excellence
MSB Guiding principle - ANSWER Centered on Students
paycheck. The CEO told David that there must be some issues with the new payroll system. David discovered that there was no issue with the system. He felt irate and betrayed. A competing company offered to hire David and his team. By not informing the CEO of their plans to quit, they might be able to get him to pay what he owed. Then they could all quit together. - ANSWER Playing Dirty (Achieve justice by doing something normally considered unethical)
Nick's interview with Mr. Sandoval, a long-time customer, ended with a startling revelation: Mr. Sandoval has been using an invalid Social Security number (SSN). According to company policy, Nick should reject Mr. Sandoval's loan application and report the invalid number. But reporting would have disastrous consequences for Mr. Sandoval's landscaping business — and would harm Nick's company, as well. - ANSWER Skirting the Rules (Bending a rule to achieve some good for a disadvantaged external party)
Shelley's HR director told her that he had a great relationship with the admissions director for her MBA program of interest. With his recommendation, Shelley could skip taking the GMAT admissions test. However, she must keep the GMAT waiver a secret. Shelley was accepted to the program. One day, a company vice president asked, "We're excited you got admitted to the MBA program. You must have gotten a nice GMAT score. What did you get? - ANSWER Dissemblance (Concealing the truth for a better outcome)
Ellie's manager granted permission for her to enroll in a MBA program. Halfway through her program, a large restructuring took place. Ellie began reporting to Barbara, who was unwilling to let her continue with school. Things are so tense with Barbara that Ellie would be more than happy to quit her job — if she could get a generous severance package. But suing the company to obtain that severance might cause problems for her former manager, a boss she really liked. - ANSWER Loyalty (You're not sure how much should be given up to honor a relationship)
A global company contains workers from cultures with strong traditions of wearing particular clothing or religious adornments, such as necklaces, rings, or bracelets. The company insists on safety, and the clothing of the workers is a vital part of that safety so sometimes these two expectations conflict. What should management and the workers do? - ANSWER Sacrificing personal values (Living true to beliefs imposes burdens on others)
Stephen's firm agreed to eat a fee of $1.5 million to make the deal happen with Peter, the CEO of Volo Financial. Stephen received a phone call from Peter explaining that the agreement they signed included the transaction fee they had agreed to toss out. Stephen knew the contract had an integration clause, a provision which says the final, written version of an agreement trumps any prior discussions. The payment in question would certainly be a nice, added profit. - ANSWER Unfair Advantage (You/others have the opportunity to wield an unfair upper hand.
Claire is the CEO of XYZ, which delivers weekly insights to small-company executives about the internal aspects of their business. About six months ago, a misplaced bit of code within a new feature accidentally gave privileged information to new hires. Claire assumed other clients had seen the problem but hadn't reported it. And there was no way to tell how many new employees had read information they shouldn't have seen. Should she tell the affected clients? - ANSWER Repair (Made a mistake, now you must fix it)
"I just got a text message from Alan, and I don't think I was supposed to receive it ." Over the phone, Julie's client sounded confused and slightly frustrated. The office manager, Alan, had mistakenly texted her client with another client's information — a major privacy breach. Julie apologized profusely and thanked the client for letting her know. After hanging up, she stared at her phone, trying to decide how to handle Alan's third major blunder this week. - ANSWER Showing Mercy (Could grant forgiveness, but unclear if it is deserved)
Capitalism - ANSWER An economic system based on investment of money (capital) for profit.
4 P's of Marketing - ANSWER Product, Price, Place, Promotion
Consumer Products - ANSWER products purchased by the ultimate consumer
Consumer nondurables - ANSWER Goods like food and clothing that have a short lifespan.
Consumer durables - ANSWER Goods that can be used repeatedly over a period of
Decline - ANSWER sales fall off and profits drop because of rate of change in consumer taste and rate of new products
Five basic forms of consumer market segmentation - ANSWER demographics, geographics, psychographics, benefit, volume
Main goals of promotion - ANSWER Create awareness, intro new products, provide info, keep loyal customers, increase frequency of use, identify target customers, teach the customer
Promotional mix - ANSWER advertising, public relations, sales promotion, personal selling, social media, e-commerce
6 main supply chain processes - ANSWER plan, source, make, deliver, improve, customers
Triple Bottom Line - ANSWER people, planet, profit
people + planet - ANSWER bearable
people + profit - ANSWER equitable
profit + planet - ANSWER viable
people + planet + profit - ANSWER sustainable
Define Information Systems - ANSWER Underlies the intersection of organizations, people, and information technology. A means to an end which is defined by the context in which it is being used.
Business acumen - ANSWER the ability to make good business judgements and decisions
Key three areas of information security - ANSWER confidentiality, integrity, availability
Five key dimensions of information quality - ANSWER accuracy
completeness
consistency
uniqueness
timeliness
Databases - ANSWER collections of data organized
DBMS - ANSWER Database management system, a software suite designed to organize and search data.
Relational databases - ANSWER solve the problem of redundancy/ normalization
Financial accounting - ANSWER accounting information and analyses prepared for people outside the organization
Management accounting - ANSWER the area of accounting concerned with preparing data for use by managers within the organization
The purpose of accounting - ANSWER to capture and communicate business information to managers and providers of business capital
Financial statements - ANSWER primary source to communicate the resources,
Value - ANSWER the worth of an asset
Certificate of deposit - ANSWER a certificate issued by a bank to a person depositing money for a specified length of time.
Bonds - ANSWER Certificates of debt that carry a promise to buy back the bonds at a higher price
Stocks - ANSWER shares of ownership in a company
TVM - ANSWER time value of money
TVM equation - ANSWER PV= CF/ (1+r)^t
Annuity - ANSWER a financial security that pays a fixed stream of cash flows
Perpetuities - ANSWER a stream of cash flows that continues indefinitely
ROI - ANSWER return on investment
Return - ANSWER money made or lost in an investment over time
Profit - ANSWER current value - cost of investment
ROI equation - ANSWER (gain from investment - cost of investment) / cost of investment x100%
NPV - ANSWER sum of all future cash flows
How should investors know to accept a project - ANSWER NPV positive
IRR - ANSWER the return that a project will produce or the discount rate that sets it to zero
Compound interest - ANSWER Interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually
FV formula - ANSWER FV=PV(1+r)^n
Core purpose of HR - ANSWER people build business, analyze a companies competitive environment, design jobs
Team dynamics - ANSWER Interactions and relationships among team members.
Problem-solving groups - ANSWER employees from the same department and same level
Self-managed groups - ANSWER Groups with shared leadership and autonomy in decision-making
Cross-functional groups - ANSWER employees from the same level but different functions
Job enlargement - ANSWER increasing the number of different tasks in a given job by changing the division of labor
Job enrichment - ANSWER A motivational strategy that emphasizes motivating the worker through the job itself.
BA pertains to the management of business organizations in the private sector. Focuses on profit.
What is strategy - ANSWER "the art of the general"
What questions does strategy seek to answer - ANSWER Where do we compete?
What unique value do we bring to win in those markets?
What resources and capabilities do we utilize to deliver?
How do we sustain that ability to sustain that unique value?
Industry analysis - ANSWER A method to (1) identify an industry's profit potential and (2) derive implications for a firm's strategic position within an industry.
Focus of industry analysis - ANSWER rivalry, threat of entrance, buyer power, supplier power, threat of substitutes, and compliments
Generic business strategies - ANSWER differentiation and cost leadership
ways to get a cost advantage - ANSWER economies of scale (more roommates the smaller the cost), learning and experience, proprietary knowledge, lower input scale, different business model
Differentiation - ANSWER process in which cells become specialized in structure and function
4 Main categories of differentiation - ANSWER Product features, quality, convenience, brand image
Overall cost - ANSWER low cost, high revenue, broad scope
Cost focus - ANSWER low cost and narrow market like a local discount retailer
Overall differentiation - ANSWER Broad scope, differentiation source
Differentiation focus - ANSWER narrow market, differentiation
Porter's Five Forces - ANSWER threat of entry, threat of substitute, supplier power, buyer power, and competitive rivalry
EXDM - ANSWER Interdisciplinary field that uses design principles, management science, and psychology to deliver impactful experience across diverse contexts including business, hospitality, tourism, and special events
Experience - ANSWER consciousness of ongoing interaction
Five key steps of Design thinking - ANSWER empathize, define, ideate, prototype, test
Three phases of experience mapping - ANSWER anticipation, participation, reflection
Touchpoints - ANSWER micro-moments that we design
Desired reactions - ANSWER the end goal of all touchpoints
Self-reliance - ANSWER the ability, commitment, and effort to provide the spiritual and temporal necessities of life for self and family
How to budget - ANSWER 1. Set goals
- Find a budget system
