Instructions
Take the final exam. Your final exam is worth 125 points.
- Time: 3 hours 30 minutes
- Attempts: 1
Be very careful with your responses and about saving each to your satisfaction.
Q1 One external factor affecting business is social. Give two reasons why social factors can influence business and give specific, current, relevant examples of each reason.
Q2
The USMCA is a trade agreement that affects the global marketplace. Explain what the USMCA is and give an example of how the USMCA affects the global marketplace.
Q3
When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship. As the business grew, she realized that she did not want to be personally liable for the business’s debts and wanted her business accounts to be separate from her personal accounts. What type of business ownership model should Linda convert her business to? What are two risks and two benefits in this type of business? Why is this the best business model in these circumstances?
Q4
Describe the social responsibility pyramid. Choose one level of the pyramid and give an example of a company acting at that level.
Q5 Compare and contrast Theory X and Theory Y. Give specific examples of each.
Q6 What is the equity theory of motivation? Give a specific example.
Q7 Businesses use a variety of pricing strategies to attract or maintain customers. Give two specific pricing strategies with an example of each one.
SOLUTIONS
Q1
Business thrives in society made of people, not in a vacuum. Society is highly dynamic in the sense that it continually changes. For instance, people’s tastes and preferences evolve by the day…
Q2
USMCA is a trade convention between the United States, Mexico, and Canada, assented to in November 2018. It is a replacement of the now defunct North American Free Trade Agreement (NAFTA) which was in effect from…
Q3
Linda should have incorporated her business into a limited company. By converting it into a limited company, she will attract both potential risks and benefits. One risk is potential for tax……………………………………….$20
