Question 1

Many types of socially responsible actions can be consistent with a firm's long-term profit resulting in some degree of _____ being earned by such behavior.

Accepted Answer

Goodwill is the intangible asset that represents the value of a company's strong reputation, brand, and positive relationships with stakeholders. Socially responsible actions can enhance a firm's reputation and relationships with stakeholders, thereby resulting in increased goodwill being earned. This, in turn, can lead to long-term profits as customers, employees, investors, and other stakeholders are more likely to support and remain loyal to a company that demonstrates a commitment to doing good.

Question 2

A digital ID tag that is electronically sent to the customer's computer when other requested materials are downloaded from a Web site is known as

Accepted Answer

The description given matches the functionality of a cookie, which is a small piece of data sent from a website and stored on the user's computer by their web browser. Cookies can be used to track user activity, remember login information, and personalize the user's experience on the website.

Question 3

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

The copying and distributing of a CD involves the reproduction of the music and its associated intellectual property rights, such as copyright infringement. This is a form of theft of intellectual property, as it involves taking something that is intangible and protected by law.

Question 4

Giving the impression a business is something it is not

Accepted Answer

The answer of Giving the impression a business is something...

Question 5

The type of tax most likely to be a problem for entrepreneurs is:

Accepted Answer

Employee payroll taxes can be a challenge for entrepreneurs because they are responsible for not only paying their own Social Security and Medicare taxes, but also for withholding and paying their employees' taxes. Failing to properly withhold and pay these taxes can result in severe penalties and fines. Federal income tax, state withholding tax, and state sales tax can also be a challenge for entrepreneurs, but employee payroll taxes are often the most complex and time-consuming.

Question 6

Of all the concerns regarding Internet use,the greatest is:

Accepted Answer

Protecting users' personal information is a critical concern as cybercrime and identity theft are on the rise. It is important for websites to have strict security measures in place to safeguard users' personal information. While other concerns mentioned may also be important, protecting personal information is the greatest concern.

Question 7

Damon landed his first contract as an entrepreneur then submitted to the local newspaper a news release that gave the impression this was just one of a series of contracts and that business was booming.Damon has:

Accepted Answer

Damon has told a legitimacy lie by giving a false impression that his business is thriving and has multiple contracts even though it's just his first one.

Question 8

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

Accepted Answer

The phrase encourages adapting to the customs and norms of the culture one is in, which is a central principle of ethical relativism. Ethical insensitivity and elitism are not reflective of this philosophy, and ethical imperialism refers to imposing one's own ethical standards onto another culture, which is contrary to "When in Rome, do as the Romans do".

Question 9

Floyd would like to be able to monitor his employees' Internet activity because:

Accepted Answer

Monitoring Internet activity can help to identify and address any excessive non-work related use of the Internet, which can improve workplace productivity.

Question 10

An eBay retailer selling counterfeit Gucci and Louis Vuitton handbags is in violation of laws related to

Accepted Answer

Selling counterfeit handbags is a violation of laws related to intellectual property, specifically trademark infringement. Gucci and Louis Vuitton hold trademarks on their name and logo, and unauthorized use of these trademarks is illegal.

Question 11

An effective way for an entrepreneur to establish legitimacy is:

Accepted Answer

The answer of An effective way for an entrepreneur to...

Question 12

A band who fails to record the cash they collected for admission to their shows could be charged with what illegal practice?

Accepted Answer

Skimming is the illegal practice of not recording cash transactions in order to avoid paying taxes on that income. In this case, the band is not recording the cash collected for admission to their shows, which is a form of skimming. Cash diversion refers to the intentional use of cash for personal expenses or purposes other than what it was intended for. Tax evasion is the intentional underreporting of income or overstatement of expenses to avoid paying taxes. Payroll tax avoidance involves not paying taxes on employee wages or salaries. None of these options describe the situation of a band failing to record cash collected for admission.

Question 13

Entrepreneurs must reconcile their social obligations with _____.

Accepted Answer

Entrepreneurs must balance their social obligations with the need to earn profits, as their ultimate goal is to run a successful business that benefits society while also generating income. While family commitments, personal schedules, and religious beliefs may also be important, they should not overshadow the primary objective of the business.

Question 14

A person understating income or claiming personal expenses as business expenses is guilty of _____.

Accepted Answer

Skimming is the act of taking cash off the top of a business's revenue and not reporting it, which is an example of understating income. It is illegal and considered a form of fraud. Bait and switch involves advertising a product at a low price to get customers interested, only to switch them to a more expensive one later. Scaling refers to adjusting the size or proportion of something, and relativism is a philosophical concept referring to the idea that morality is relative to the individual or culture.

Question 15

A U.S.manager is upset with the company's overseas representative for paying a small "access fee" to a local customs official to ensure the expedited release of a customer order.The manager's belief such payments are wrong reflects a sense of _____.

Accepted Answer

The manager's belief that paying an access fee is wrong reflects a sense of ethical imperialism, which is the belief that one's own ethical standards and values should be applied universally. The local customs official may view the access fee as a customary and acceptable practice, and the manager's insistence on enforcing their own ethical standards in this situation can be seen as imposing their values on another culture.

Question 16

When Evelyn hired a new sales manager,she issued a press release emphasizing the new hire's education and industry experience because:

Accepted Answer

By emphasizing the new sales manager's education and industry experience, Evelyn is attempting to boost their credibility and show that they are a qualified and knowledgeable professional. This will help to establish trust with potential customers and clients, and hopefully lead to increased sales for the business.

Question 17

Entrepreneurs often come up short on their tax commitments because of a single-minded focus on their product or service and/or _____.

Accepted Answer

Entrepreneurs may use casual accounting systems that are not rigorous enough to ensure accurate tax reporting, leading to shortfalls in tax commitments.

Question 18

Skimming is an unethical business practice involving

Accepted Answer

Skimming involves not reporting all income on tax returns, which is an unethical practice as it involves deceit and tax evasion.

Question 19

If Floyd elects to monitor the personal email accounts of his employees at work,he should:

Accepted Answer

Monitoring personal email accounts can be a legal minefield, and it's essential to have a clear and explicit policy in place that explains the company's expectations of employee conduct. Before enacting the monitoring policy, Floyd should communicate it to all employees, and take care to ensure that the policy is compliant with any local, state, or federal laws that might affect it. This will help protect both the company and the employees from any legal repercussions that could arise from monitoring personal email accounts.

Question 20

PRO factors include

Accepted Answer

The answer of PRO factors include
...

Quiz 2: Integrity, ethics, and Social Entrepreneurship