Mg 495 Midterm Essay

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MG - 495 Business Policy Mid-Term Examination - (Chapters 1 - 5 are covered)
There are 25 multiple choice questions (each worth 3 points) and 5 short answer/essay questions (each worth 9 points) for a total of 120 possible points. All of the questions for this exam can be answered by simply using the text.

Multiple Choice Questions – Each question worth 3 points

1. Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is _____.
a. externally oriented planning
b. basic financial planning
c. internally oriented planning
d. forecast based planning
e. strategic management

2. One of the benefits of globalization is _____.
a. economies of
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a. compensatory and punitive justice
b. retributive and distributive justice
c. distributive and compensatory justice
d. retributive and distributive justice
e. punitive and retributive justice

13. The _____ is the approach to ethical behavior which proposes that actions and plans should be judged by their consequences, thus producing the greatest benefit to society with the least harm or the lowest cost.
a. individual rights approach
b. mercantilism approach
c. utilitarian approach
d. justice approach
e. moral imperialism approach

14. A code of ethics is important for two reasons. The first reason is that it clarifies company expectations of employee conduct in various situations, and the second reason is _____.
a. to reduce the burden on the judicial system
b. that it makes clear that the company expects its people to recognize the ethical dimensions in decision and actions
c. to promote a high level of societal norms
d. that it encourages individuals to strive for good citizenship and corporations to contribute positively to society
e. that it minimizes the possibility of mandatory regulations

15. Economist Milton Friedman has argued that a business's only responsibility is to _____.
a. maximize profits and stay within the rules of the game
b. sustain its market share
c. promote the welfare of society
d. satisfy its employees
e. satisfy its customers


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