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Q:
(p. 13) What kind of power might a local community use to influence a company's decisions?
A. Publicizing an issue.
B. Lobbying government policy makers for regulations.
C. Challenging whether a business activity should continue to operate.
D. All of the above.
Q:
(p. 8 - 11) Compare and contrast the relationships a firm may have with market and non-market stakeholders.
Q:
(p. 6 - 7) Supporters of the stakeholder theory of the firm make three core arguments for their position. Define and provide examples of each.
Q:
(p. 13) What stakeholder group(s) can exercise legal power?
A. Employees.
B. Customers.
C. Shareholders.
D. All of the above.
Q:
(p. 13) When a community group sues a company for health effects caused by unsafe toxic chemicals disposal, it is an exercise of a stakeholders':
A. Legal power.
B. Voting power.
C. Economic power.
D. Political power.
Q:
(p. 5) Describe how the general systems theory can be applied to a business.
Q:
(p. 21) A successful business must meet its:
A. Economic objectives.
B. Social objectives.
C. Economic and social objectives.
D. Top executives' expectations.
Q:
(p. 13) Which of the following is not an example of stakeholders' economic power?
A. A toy manufacturer halts supplies to a customer that demanded very low prices.
B. A social group protests a government's decision to raise taxes.
C. A local community boycotts a grocery store suspected of inaccurate weight scales.
D. An equal rights group refuses to do business with a business that has a discriminatory hiring policy.
Q:
(p. 20) Harnessing human imagination to create new approaches to the concerns of modern society is an example of:
A. Personal identification.
B. Networks.
C. Business profits.
D. Technology.
Q:
(p. 13) Customers can exercise economic stakeholder power by:
A. Voting on a proposed merger for the company and a competitor.
B. Boycotting products if they believe the goods are too expensive.
C. Attending the company's annual meeting.
D. Applying for a job with the company.
Q:
(p. 20) Interactions between business and society occur:
A. Within a finite natural ecosystem.
B. Only during an environmental crisis.
C. When business employees and the community are of similar cultural backgrounds.
D. When legislation is passed requiring interaction.
Q:
(p. 12 - 13) Which of the following statements is (are) correct about stakeholder' power?
A. Different stakeholders have different types and degrees of power.
B. Stockholders' voting power is limited to the percentage of stock owned by the stockholder.
C. It uses resources to achieve a desired decision or outcome.
D. All of the above.
Q:
(p. 12) The four types of stakeholders' power recognized by most experts are:
A. Voting, economic, political, and legal power.
B. Social, legal, environmental, and political power.
C. Social, regulatory, voting, and media power.
D. Economic, media, legal, and political power.
Q:
(p. 6) Corporations who run their operations according to the stakeholder theory of the firm create value by:
A. Innovating new products.
B. Increasing their stock price.
C. Developing their employees' professional skills.
D. All of the above.
Q:
(p. 11) A stakeholder analysis:
A. Creates equality among all stakeholder interests.
B. Allows managers to examine two primary questions.
C. Involves understanding the nature of stakeholder interests.
D. All of the above.
Q:
(p. 6) A firm subscribing to the ownership theory of the firm would mainly be concerned with providing value for its:
A. Shareholders.
B. Customers.
C. Board of Directors.
D. Community.
Q:
(p. 5) Which of the following statements is not true about the interactive social system?
A. Business and society need, as well as influence, each other.
B. The boundary between business and society is clear and distinct.
C. Business is a part of society, and society penetrates far and often into the business.
D. Business and society are both separate and connected.
Q:
(p. 11) The phenomenon of a person or group holding multiple stakeholder duties is referred to as:
A. Role sets.
B. Primary Stakeholder(s).
C. Ownership Theory.
D. None of the above.
Q:
(p. 9) Which of the following is not considered to be a nonmarket stakeholder?
A. Government agencies.
B. The natural environment.
C. Activist groups.
D. Non-governmental organizations.
Q:
(p. 5) Which of the following is the result of an inseparable relationship between business and society?
A. All business decisions have a social impact.
B. The vitality of business depends on society's actions and attitudes.
C. The survival of business is independent of society.
D. Both A and B, but not C.
Q:
(p. 9) Which one of the following is considered to be a nonmarket stakeholder of business?
A. Customers.
B. Media.
C. Creditors.
D. Stockholders.
Q:
(p. 5) Which of the following examples best illustrates the boundary exchanges a company would encounter according to the general systems theory?
A. An industrial company installs new equipment in its plant to comply with environmental regulations.
B. A software company develops an application for a client.
C. A purchasing department employee negotiates a price on parts from a supplier.
D. All of the above.
Q:
(p. 7) Stakeholder groups can include:
A. Stockholders.
B. The media.
C. Environmental activists.
D. All of the above.
Q:
(p. 4) Which statement is not correct about the business-society interdependence?
A. Business is a part of society.
B. Business is separated from the rest of society by clear boundaries.
C. Business activities impact other activities in society.
D. Actions by governments rarely significantly affect business.
Q:
(p. 7) A number of European countries require public companies to include employee members on their boards of directors, so:
A. The employees are available to answer questions.
B. Management does not have to attend the meetings.
C. That their interests will be explicitly represented.
D. They have more power than any other stakeholder.
Q:
(p. 19) The external environment of business is static.
Q:
(p. 17) A stakeholder map is a useful tool, because it enables managers to see quickly how stakeholders feel about an issue and whether salient stakeholder tend to be in favor or opposed.
Q:
(p. 7) The fiduciary duty of managers benefit a firm's:
A. Stockholders.
B. Customers.
C. Employees.
D. All of the above.
Q:
(p. 6) The instrumental argument says stakeholder management is:
A. A more realistic description of how companies really work.
B. More effective as a corporate strategy.
C. Simply the right thing to do.
D. Determined by the amount of stock owned in the firm.
Q:
(p. 16) Urgency refers to the extent to which a stakeholder's actions are seen as proper or appropriate by the broader society.
Q:
(p. 6) Which argument says that stakeholder management realistically depicts how companies really work?
A. Descriptive argument.
B. Instrumental argument.
C. Normative argument.
D. Fiduciary argument.
Q:
(p. 16) Some scholars have suggested that managers pay the most attention to stakeholders possessing the least salience.
Q:
(p. 15) Stakeholders involved with one part of a company often may have little or no involvement with another part of the company.
Q:
(p. 14) The interests of different stakeholders often coincide.
Q:
(p. 13) Each stakeholder group has only one source of power in relation to a firm.
Q:
(p. 9) Market stakeholders include nongovernmental organizations and the media.
Q:
(p. 8) Nonmarket stakeholders are those that engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services.
Q:
(p. 6) The normative argument for the stakeholder theory of the firm says that the stakeholder view is simply a more realistic description of how companies really work.
Q:
(p. 6) The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society.
Q:
(p. 6) The stakeholder theory of the firm argues that a firm's sole purpose is to create value for its shareholders.
Q:
(p. 4) Businesses and society are independent of one another.
Q:
(p. 4) A business is any organization that is engaged in making a product or providing a service for a profit.
Q:
(p. 3) General Motors has been called a "template for 21st century capitalism."
Q:
Which of the following laws prohibits different rates of pay for men and women doing the same type of work?
a. Fair Labor Standards Act
b. Walsh-Healey Act
c. Equal Pay Act
d. Worker's Compensation Act
Q:
The Act requires employers to offer employees unpaid leave for events such as the birth of a child.
a. Privilege Leave
b. Family and Medical Leave
c. Vocational Rehabilitation
d. Social Security
Q:
Which of the following is a legally required employee benefit?
a. Social Security
b. Paid sick leave
c. Retirement benefits
d. Education funding
Q:
Equal employment opportunity laws prohibit discrimination against all of the following groups EXCEPT:
a. persons with disabilities.
b. older workers.
c. vietnam-era veterans.
d. married workers.
Q:
Which of the following was not a major law passed to provide for equal employment opportunity?
a. Civil Rights Act
b. Age Discrimination in Employment Act
c. Federal Employees' Security Act
d. Vietnam Era Veterans Readjustment Act
Q:
The is the primary agency enforcing equal employment opportunity laws.
a. Justice Department
b. Equal Employment Opportunity Commission
c. Executive Branch
d. Civil Rights Commission
Q:
Which of the following is NOT one of the usual steps that is followed in a grievance procedure?
a. An employee complains to his/her supervisor.
b. The employee goes to the union steward.
c. The employee and CEO resolve the issue together.
d. The union president and the CEO attempt to resolve the differences.
Q:
In unionized organizations, employee complaints are usually handled through:
a. arbitration.
b. collective bargaining.
c. management counseling.
d. grievance procedures.
Q:
One of the most basic principles unionism is based on is:
a. strength through individuality.
b. employee practices based on seniority.
c. binding through arbitration.
d. bargaining through mediation.
Q:
The union member who is elected by members to represent their interests with management is the:
a. union negotiator.
b. union mediator.
c. union steward.
d. union organizer.
Q:
Under a union contract, supervisors have all of the following rights, EXCEPT:
a. to decide what work has to be done.
b. to require that work performance meet minimum standards.
c. to ignore the rules of seniority.
d. to determine how many workers are needed.
Q:
The clause in a union contract that defines the areas in which supervisors have the right to act is the clause.
a. working conditions
b. management prerogatives
c. union recognition
d. grievance and arbitration procedures
Q:
occurs when people walk back and forth outside their place of employment carrying signs that indicate why they are not working.
a. Striking
b. Picketing
c. Lockout
d. Mediation
Q:
A(n) occurs when a company closes its premises to employees and refuses to let them work.
a. lockout
b. grievance
c. strike
d. impasse
Q:
Unions may:
a. refuse to bargain in good faith.
b. force management to discriminate against employees.
c. engage in a strike when collective bargaining fails.
d. stage a lockout to prevent employees from resuming work.
Q:
The ultimate strategy used by unions to achieve their objectives is:
a. collective bargaining.
b. mediation.
c. the strike.
d. arbitration.
Q:
is the process by which representatives of the employer and the employees meet at reasonable times and places to confer in good faith over wages, hours, and terms of employment.
a. Arbitration
b. Collective bargaining
c. Mediation
d. Interference running
Q:
An exclusive bargaining agent:
a. is not recognized by employees.
b. has the full rights to deal with management about wages.
c. is top managements ally.
d. has the sole right and legal responsibility to represent the management.
Q:
The first line of defense against an attempt to unionize is the:
a. supervisor.
b. government.
c. higher-level managers.
d. project manager.
Q:
When attempts are being made to unionize, the first step an employee takes to join the union is to:
a. sign an authorization card.
b. pay the first year's dues.
c. file a grievance.
d. sign an application form.
Q:
Which of the following is NOT a practical objective that unions try to achieve for their members?
a. Higher pay
b. Longer hours of work on a daily, weekly, or annual basis
c. Improved working conditions
d. Improved security, both of the person and the job
Q:
Which of the following is NOT one of the rights of employees under the basic labor laws?
a. To bargain collectively
b. Not to be charged exorbitant initiation fees and dues by a union
c. To receive financial reports from the union
d. Not to be laid off
Q:
Right-to-work laws:
a. established the National Labor Relations Board.
b. give workers the right to join or not join a union without being fired.
c. provided an employees' bill of rights that protect employees from abuse.
d. prohibited the closed-shop agreement, except in the construction and shipping industries.
Q:
The has the power to enforce the basic labor laws.
a. American Federation of Labor
b. National Labor Relations Board
c. Equal Employment Opportunity Commission
d. Justice Department
Q:
The prohibited the closed shop agreement.
a. Wagner Act
b. Taft-Hartley Act
c. Landrum-Griffin Act
d. Civil Rights Act
Q:
Which of the following laws provided employees with a bill of rights?
a. Taft-Hartley Act
b. Wagner Act
c. Sherman Act
d. Landrum-Griffin Act
Q:
Under a(n) agreement, all employees must join the union within a specified period or be fired.
a. union shop
b. closed shop
c. agency shop
d. open shop
Q:
In a(n) agreement, all employees must pay the union dues even if they choose not to join the union.
a. union shop
b. closed shop
c. agency shop
d. open shop
Q:
The established the National Labor Relations Board (NLRB).
a. Wagner Act
b. Taft-Hartley Act
c. Landrum-Griffin Act
d. Civil Rights Act
Q:
Which of the following is NOT one of the major labor laws?
a. Sherman Act
b. Wagner Act
c. Taft-Hartley Act
d. Landrum-Griffin Act
Q:
The Wagner Act:
a. gives workers the right to form and join unions of their own choosing.
b. ensures that unions as well as management can be charged with unfair labor practices.
c. protects the right of employees to join or refuse to join a union without being fired.
d. provides an employees' bill of rights to prevent abuse of employees.
Q:
Which of the following is NOT a reason for recent declines in union membership?
a. The economy is shifting from service work to manufacturing.
b. Service workers are more educated and technology-oriented and less interested in long-time union contracts.
c. Part-time and temporary workers are becoming more important.
d. Firms cannot compete globally if they are bound by industry-wide bargaining required by many unions.
Q:
Labor organizations in which all workers in an industry belong to the same union are called:
a. craft unions.
b. labor federations.
c. industrial unions.
d. employee associations.
Q:
A(n) is an organization of workers with a specific skill or trade banded together to achieve economic goals.
a. craft union
b. labor federation
c. industrial union
d. employee association
Q:
The first nationwide union was the:
a. American Federation of Labor.
b. Congress of Industrial Organizations.
c. Knights of Labor.
d. Equal Employment Opportunity Commission.
Q:
Which of the following phrases is NOT used to refer to the relationship between management and their unionized employees?
a. Labor relations
b. Union-management relations
c. Industrial relations
d. Supervisory relations
Q:
A is an organization of workers banded together to achieve economic goals.
a. labor union
b. not-for-profit corporation
c. voluntary association
d. hybrid organization