30 Free Test Bank for Business and Society 14th Edition by Lawrence 

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Which one of the following is considered to be a nonmarket stakeholder of business?

•  A. Customers.
•  B. Media.
•  C. Creditors.
•  D. Stockholders.

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.

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.

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.

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.

Corporations that 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.

What stakeholder group(s) can exercise legal power?

•  A. Employees.
•  B. Customers.
•  C. Shareholders.
•  D. All of the above.

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.

All of the following are external stakeholders of the firm except:

•  A. Managers.
•  B. Customers.
•  C. Stockholders.
•  D. Suppliers.

Stakeholders have been able to form international coalitions more successfully through use of:

•  A. Government regulation.
•  B. Community involvement.
•  C. Communications technology.
•  D. Unions.

Stakeholder groups can include:

•  A. Stockholders.
•  B. The media.
•  C. Environmental activists.
•  D. All of the above.

The five types of stakeholders’ power recognized by most experts are:

•  A. Voting, economic, political, legal, and informational power.
•  B. Social, legal, environmental, economic, and political power.
•  C. Social, regulatory, voting, governance, and media power.
•  D. Economic, media, legal, stockholder, and political power.

When a community group sues a company for health effects caused by the unsafe disposal of toxic chemicals, this is an exercise of a stakeholder’s:

•  A. Legal power.
•  B. Voting power.
•  C. Economic power.
•  D. Political power.

Which statement is not correct about the business-society interdependence?

•  A. Business is a part of society.
•  B. Business is 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.

Departments, or offices, within an organization that reach across the dividing line that separates the company from groups and people in society are:

•  A. Inter-departmental divisions.
•  B. Geographical location areas.
•  C. Boundary-spanning departments.
•  D. Organizational maps.

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.

Which of the following statements is (are) correct about stakeholders’ 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.