1. 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. leveraged C. negotiated B. hostile D. management

2. According to your text, our main sources of ethical standards are religion and A. philosophy. C. culture. B. social habit. D. circumstances.

3. 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. master limited partnership. C. uniform liability partnership. D. limited partnership.

4. Which statement about the Sarbanes-Oxley Act is true? A. It offers some protection to whistleblowers. B. It helps companies recycle paper. C. It defines whistleblowers but doesn’t protect them. D. Its stipulations apply to both publicly traded and private companies.

5. According to the influential economist Milton Friedman, corporate social responsibility is primarily based on A. meticulous care of the environment. B. making money for shareholders. C. repudiating insider trading. D. making safe, high-quality products for consumers.

6. As derived from the Markkula Center for Applied Ethics, which of the following should be one of eight guiding principles? A. Compliance with the law in every situation B. Doing good to those who deserve it C. Respect for property D. Preventing harm to others and to the world around us

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7. The major disadvantage of a sole proprietorship is A. having to make all the decisions. B. having to share profits with relatives. C. unlimited liability. D. finding people to assist you in areas where your skills are weak.

8. 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. market C. public B. base D. resource

9. 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. gathering the facts. B. listing alternative responsibilities. C. recognizing that an ethical issue exists. D. reflecting on your options.

10. Which of the following statements about the Revised Uniform Partnership Act is correct? A. It was established in 1902. B. I has been adopted in all U.S. states. C. It replaces the General Partnership Act of 1997. D. It’s a default agreement for establishing such things as how partners will divide profit.

11. Respecting corporate social responsibility, Ronald McDonald Houses provides an example of corporate A. activism. C. sociability. B. environmentalism. D. philanthropy.

12. Because what is legal may not be ethical, we should base our moral decisions on _______ principles. A. universal C. effective B. practical D. social

13. 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. C. horizontal merger. B. cooperative. D. retail co-op.

14. In any company, _______ must guide and inspire the implementation and enforcement of an ethics code. A. employees C. the courts B. managerial leadership D. federal regulatory agencies

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. rights C. virtue B. justice D. common-good

16. 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. accessory C. company B. affiliated D. proprietary

17. Which of the following is true about an S-corporation? A. It must offer at least two classes of stock. B. It’s created by the government. C. It’s taxed like any other corporation. D. It can have no more than 1,000 shareholders.

18. A social _______ is a systematic evaluation of a company’s progress in implementing socially responsible programs. A. inquiry C. program B. code D. audit

19. 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 C. Service B. Response D. Share

20. You’re in search of a type of company organization that provides limited liability, management flexibility, a choice of taxation schemes, and freedom from the hassles of selling stock or holding annual meetings. You would almost certainly choose to organize as a/an A. LLC company. C. C-corporation. B. S-corporation. D. partnership.

21. A/An _______-based ethics code emphasizes preventing unlawful behavior through controlling behavior and punishing wrongdoers. A. legal C. practical B. compliance D. integrity

22. Without doubt, the biggest disadvantage to franchising is A. having to share profits with the franchisor. B. pre-established local competition. C. toughing it out as a sole proprietor. D. the startup cost.

23. The idea of providing the greatest good for the greatest number would best apply to the _______ approach to establishing ethical standards. A. virtue C. utilitarian B. common-good D. fairness

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