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Bus475 Strayer Quiz Help Essay

1801 words - 8 pages


1. Walmart has been called a “template for 21st century capitalism.”
Answer: F
Page: 3

2. A business is any organization that is engaged in making a product or providing a service for a profit.
Answer: T
Page: 4

3. Businesses and society are independent of one another.
Answer: F
Page: 4

4. The stakeholder theory of the firm argues that a firm’s sole purpose is to create value for its shareholders.
Answer: F
Page: 6

5. The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society.
Answer: T
Page: 6

6. The normative argument for the stakeholder ...view middle of the document...

Answer: T
Page: 17

15. The external environment of business is static.
Answer: F
Page: 19

Multiple Choice

16. Which statement is not correct about the business-society interdependence?
A. Business is a part of society.
B. Business is is separated from the rest of society by clear boundaries.
C. Business activities impact other activities in society.
D. Actions by governments rarely significantly affect business.
Answer: D
Difficulty: Medium
Page: 5

17. Which of the following examples best illustrates the boundary exchanges a company would encounter according to the general systems theory?
* A. An industrial company installs new equipment in its plant to comply with environmental regulations.
* B. A software company develops an application for a client.
* C. A purchasing department employee negotiates a price on parts from a supplier.
* D. All of the above.
* Answer: D
* Difficulty: Hard
* Page: 5

18. Which of the following is the result of an inseparable relationship between business and society?
* A. All business decisions have a social impact.
* B. The vitality of business depends on society’s actions and attitudes.
* C. The survival of business is independent of society.

* D. Both A and B, but not C.
* Answer: D
* Difficulty: Medium
* Page: 5
* 19. Which of the following statements is not true about the interactive social system?
* A. Business and society need, as well as influence, each other.
* B. The boundary between business and society is clear and distinct.
* C. Business is a part of society, and society penetrates far and often into the business.
* D. Business and society are both separate and connected.
* Answer: B
* Difficulty: Hard
* Page: 5
20. A firm subscribing to the ownership theory of the firm would mainly be concerned with providing value for its:
A. Shareholders.
B. Customers.
C. Board of Directors.
D. Community.
Answer: A
Difficulty: Medium
Page: 6

21. Corporations that run their operations according to the stakeholder theory of the firm create value by:
A. Innovating new products.
B. Increasing their stock price.
C. Developing their employees’ professional skills.
D. All of the above.
Answer: D
Difficulty: Medium
Page: 6

22. Which argument says that stakeholder management realistically depicts how companies really work?
A. Descriptive argument.
B. Instrumental argument.
C. Normative argument.
D. Fiduciary argument.
Answer: A
Difficulty: Easy
Page: 6

23. The instrumental argument says stakeholder management is:
A. A more realistic description of how companies really work.
B. More effective as a corporate strategy.
C. Simply the right thing to do.
D. Determined by the amount of stock owned in the firm.
Answer: B

Difficulty: Easy
Page: 6

24. The fiduciary duty of managers benefits a firm’s:
A. Stockholders.
B. Customers.
C. Employees.

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