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Chapter Concepts Exam #1
Introduction: 1. What is the AACSB? 2. Does a career in business meet the definition of a traditional profession? 3. What are the 2 leading "models of the BGS relationship, and by what other names are they known?
Chapter one: Main Theme: what are the four models of the BGS relationship, and how do they relate to the two main ideologies of business? 1. What is the business cycle? 2. What is inflation and why is it important? 3. What is meant by laissez-faire capitalism, and does it exist in the U.S. today? 4. Is capitalism an economic or a political system? 5. How (and why) does the U.S. government attempt to manage the economy? 6. Who were the so-called fathers of capitalism and communism? 7. How do capitalism, socialism, and communism differ? 8. What economic questions do all economic systems answer? 9. What was "supply-side economics," and who is associated with it? 10. Who was Joseph Schumpeter and what was his concept, creative destruction?
Chapter two: Main theme: what are the macro and immediate environments of business? 1. What elements make up the macroenvironment of business? 2. What other environment is there? 3. What kind of job has business education traditionally done with respect to the macroenvironment? 4. What changed things in business education with respect to the macroenvironment? 5. What is globalization? 6. What are the central forces of current economic globalization? 7. What is another name for a transnational corporation?
Chapter 3: Main theme: under the social contract, business has been granted much freedom and power in our society. Sometimes it exercises its freedom and power in ways that comport with the ever-changing social contract, and sometimes it doesn't, which sets up an expectations gap. That gap is often filled by increasing government regulation. 1. What is business power? 2. When is business power legitimate? 3. What is the significance to business leaders of our being a pluralistic society? 4. What is meant by the term "expectations gap"? 5. What is meant by "noblesse oblige"?
Chapter 4: Main Theme: From ancient times to modern days, there have always been critics of business. Their criticisms sometimes hit the mark with the public, raising the public's expectations of business. In other words, the public finds out things about what some businesses have been doing, doesn't like what it hears, and wants changes made. 1. What were the ancient and medieval views of business? 2. How does the concept of the "just" price differ from the "market" price? 3. What was the "gentlemanly" way to become prosperous prior to the industrial revolution? 4. Through what stages has the American economy progressed over the years? 5. Why was the Industrial Revolution important to the study of business? 6. Why was the Industrial Revolution so revolutionary? 7. Where did it begin? 8. What were some major criticisms of the Industrial Revolution? 9. Who were the populists?. . .the progressives?. . .the modern antiglobalists?
Chapter 5: 1. What is meant by the term "social responsibility of business"? 2. What are the main arguments in favor of the concept known as the social responsibility of business?. . . against the concept? 3. Who are the leading business personalities who have come out against the concept? 4. Who is Archie Carroll and what is his Pyramid of Corporate Social Responsibility? 5. What is his Pyramid based on? 6. What is wrong with his Pyramid?
Exam #2 starts here
Chapter 6: 1. What is the lesson of the Texaco-Pennzoil case? 2. Why is reputation important to a company, and how do companies try to enhance their reputations? 3. Why is Fortune's annual list of most admired companies important? 4. What is the most important of Fortune's 8 attributes of corporate reputation? 5. Which leading business ideology is more likely to be called hypocritical? 6. What is cause-related marketing, and what are two famous examples of that concept? 7. What is a socially-responsible mutual fund, and is that style of investing more or less successful than other types of investing?
Chapter 7 & 8: 1. What are the 3 leading schools (or branches) of ethics? 2. Who were Nietzsche, Epicurus, and Ayn Rand? 3. What is amorality and how does it differ from the theory of moral unity? 4. What is the categorical imperative, who formulated it, and which branch of ethics does it represent? 5. Who was Sir Thomas More? 6. Who were Leopold and Loeb? 7. Who wrote "Ethics Without the Sermon," and what does it stand for? 8. How do vertically and horizontally oriented management structures impact ethical decision-making? 9. What are Kohlberg's stages of ethical/moral development? 10. What is the bottom-line mentality? 11. What is the significance of the Ford Pinto debacle? 12. What is meant by the term "fiduciary"?
Chapter 16: 1. What is the "lean and mean" management style? 2. How has that style changed the social contract? 3. What are the external forces that are said to be changing the workplace? 4. Why was the PATCO strike significant? 5. What is the employment-at-will doctrine, and how many countries follow it? 6. What are the terms of the so-called revised employment contract? 7. Who wrote "The Organization Man," and what did it signify? 8. What are the so-called tenets of capitalism (the private sector), and how do they differ from those of socialism (the public sector)? 9. What is the condition of the union movement in the U.S. today? 10. How do conditions at unionized companies differ from non-union companies? 11. What are right-to-work states? 12. What are junk bonds, and what was their role in the wave of mergers and acquisitions of the 1980s? 13. Who is Michael Milkin?
Chapters 9, 10, Business and Politics: 1. Should business be involved in politics? 2. What are some of the reasons given for government regulation of business? 3. What are the two major "waves" of government regulation of business in the U.S.? 4. Is it correct to consider them waves? 5. What are the two leading approaches to business involvement in the legal/political environment? 6. What is a political action committee? 7. What is lobbying, and what types are there?
Exam #3 (the Final) Material Begins Here
Chapter 12 & 13: 1. What is a multinational company (an MNC)? 2. How does a high context culture differ from a low context culture? 3. Which type is the U.S. said to be? 4. What is meant by ethnocentrism? 5. What is "The Ugly American"? 6. What does the expression, "When in Rome, do as the Romans do" represent? 7. What is the Foreign Corrupt Practices Act?
Chapter 17, Employment Law: What was the purpose of the Equal Pay Act, and did it accomplish that purpose? 2. What is prohibited by Title VII of the Civil Rights Act of 1964? 3. What is the Age Discrimination Act of 1967? 4. What is the Americans with Disabilities Act? 5. What were the main provisions of the Civil Rights Act of 1991? 6. What is the Family and Medical Leave Act? 7. What are the two types of discrimination? 8. How many employees must an employer have to be subject to the laws listed above? 9. What is the 4/5ths or 80% rule? 10. What is sexual harassment and what law makes it illegal? 11. Are there other forms of illegal harassment under federal law? 12. What are the various forms of affirmative action, and are they all considered controversial? 13. What is the significance of the case of Adarand v. Pena? 14. What is comparable worth, and is it federal law? 15. What is executive order 11246, and who implemented it?
Chapter 18, Corporate Governance: 1. What is corporate governance? 2. What laws control corporate governance? 3. What is the corporate pyramid? 4. In which state are the majority of S&P 500 corporations incorporated? 5. Which state was the earlier home for corporate America, and what caused a change? 6. What is the difference between an inside and outside director? 7. What is the difference between an individual and institutional investor? 8. What is CalPERS? 9. What is limited liability and why is it important? 10. What is the business judgment rule? . . . the Court of Chancery? 11. What are the major criticisms of boards of directors of major corporations? 12. What is a hostile takeover? . . . greenmail? 13. How do horizontal, vertical, and conglomerate mergers differ?
Chapter 15, Consumerism: 1. What is the distinction between line and staff positions in a company, and which should run the company? 2. What is the definition of consumerism? 3. What are some major precipitating events in the annals of consumerism? 4. What is product liability litigation? 5. What is strict liability? 6. How does product liability differ from negligence? 7. What is tort reform legislation concerned with?
Chapters 14, Environmentalism: 1. What are the leading precipitating events in the environmental movement? 2. What are the leading U.S. environmental laws? 3. What is meant by the term unintended consequences, and which environmental law sought to address that issue? 4. Which law created the EPA?
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Magazine articles, videos, cases, etc. for Exam #1:
1. Read the Pat Buchanan article at the link below.
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See the sample final exam page for some past exam questions.
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