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Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Question 51

Multiple Choice

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For an entrepreneur to achieve success in the business world he has to be willing to take:

A) bribes.
B) losses.
C) government assistance.
D) risks.

E) B) and C)
F) A) and D)

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Question 52

Multiple Choice

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Any activity which seeks to earn a profit by providing a good or service is known as a(n) :

A) industry.
B) corporation.
C) business.
D) service.

E) A) and B)
F) A) and C)

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Question 53

True/False

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The two factors of production that are the most important for creating wealth are entrepreneurship and the effective use of knowledge.

Industry Canada sets out the ground rules for how private sector organizations may collect,use,or disclose personal information in the course of commercial activities. The Federal privacy law is PIPEDA.

Recently,Marie received a telephone call from her credit card company asking if she had just placed a large off-shore wager using her credit card.Marie indicated that she had not.The illegal use of Marie's credit card probably happened because Marie:

About what percentage of Canadians are employed in the manufacturing sector?

Canada has welcomed close to 2.7 million permanent residents in the last ten years.

Governments can increase the risk of entrepreneurship by passing laws that enable business people to write contracts that are enforceable in court.

To be effective,empowerment will require lower-level workers to:

According to management expert Peter Drucker,the most important factor of production in our economy is knowledge.

An electronic storage file where firms keep customer information is known as a(n) :

Canada is insulated from economic problems in other parts of the world.

The two main types of e-commerce are:

In recent years,the fastest growing firms are in the ________________ sector:

Businesses use demographic studies to understand where people live,their lifestyles,and what they are likely to buy. Demography is the statistical study of the human population to learn its size,density and characteristics.Since many goods and services appeal to customers with specific demographic characteristics (such as age or income),studying demographic trends can help businesses determine whether the demand for a good is likely to rise or fall.

In the last 25 years there has been dramatic growth in the service sector.About what percent of the working population is employed by the service sector?

Well-managed businesses will grow and prosper regardless of the business environment in which they operate.

An electronic file where information is stored is called a CPU.

Competition among businesses has never been greater.Identify and describe several ways that businesses can compete,both now and in the future.

Which of the following organizations is an example of the goods-producing sector of the economy?