Question 1

Today's businesses have a managerial focus rather than a customer focus.

Accepted Answer

A) True 
 B)False

Question 2

If Eli starts his own business, his firm's activities and policies will impact many different groups of stakeholders, including employees, customers, creditors, suppliers, and people living in the community where his business is located. Which of the following statements represents how Eli should deal with these various groups? Eli should

Accepted Answer

A)   take the needs of all of these groups into account, and try to satisfy each group as much as possible.
B)   concentrate on meeting the needs of his customers, since they are crucial to the success of his business, but ignore the needs of other groups in order to keep costs low.
C)   satisfy whichever group complains the loudest, using the "squeaky wheel gets the grease" philosophy.
D)   concentrate on maximizing his own profits and let everyone else look out for themselves.E) A) and B)
F) B) and C)

Question 3

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Accepted Answer

A) True 
 B)False

Question 4

The government of Willopolis is trying to attain a higher quality of life by imposing strict regulations to protect the environment and ensure safe working conditions in its industries. The government also has established programs to help the poor, financing them by raising tax rates. These efforts by Willopolis's government should create an atmosphere that encourages entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 5

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The best description of these differences is:

Accepted Answer

A)   people with disabilities, people with different sexual orientations, religious preferences, and even personality differences such as extraverts and introverts.
B)   gender roles.
C)   surface-level things such as green eyes versus brown eyes.
D)   racial differences and gender differences.E) A) and D)
F) None of the above

Question 6

Mary Kay owns a nursery. The trucks, handcarts, and forklift she purchased for the business are called ________ investments.

Accepted Answer

A)   natural resources
B)   intangible resources
C)   current asset
D)   capitalE) None of the above
F) A) and B)

Question 7

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

Accepted Answer

A)   Samsung Electronics
B)   Princeton University
C)   Bank of America
D)   Barnes HospitalE) B) and C)
F) A) and D)

Question 8

Which of the following statements about the competitive environment is most accurate?

Accepted Answer

A)   Firms that produce a quality product will always succeed in the competitive marketplace.
B)   Traditional firms will be unable to successfully compete against the new online firms unless they immediately create a way to reach customers through the Internet.
C)   Firms that empower their employees will continue to perform poorly in the competitive environment.
D)   Companies now have to offer both high-quality products and outstanding service at competitive prices.E) B) and D)
F) A) and B)

Question 9

One advantage of a database is it

Accepted Answer

A)   permits a retail store to directly gather information on the customers who do business with its competitors, so it can target promotional materials to those people.
B)   creates efficiency in that the store can quickly replenish items that are purchased.
C)   prevents identity theft.
D)   prevents stores from exchanging customer information with each other.E) A) and B)
F) All of the above

Question 10

Businesses seek to earn a profit by providing goods and services to others.

Accepted Answer

A) True 
 B)False

Question 11

Businesses favor:

Accepted Answer

A)   minimal government spending because it keeps taxes to a minimum.
B)   more government services because it minimizes tax consequences.
C)   maximum government spending because it raises business profits.
D)   less government spending because it lowers business profits.E) All of the above
F) B) and C)

Question 12

Jackson is supposed to be studying for finals but his mind keeps wandering to the beach. Several years ago, his Uncle Mitch made it big and now owns a small resort near Fort Lauderdale. He promised Jackson a management trainee position and the opportunity to buy into the company by contributing a portion of his paycheck each month back into the business. As he daydreams about being his own boss, he should realize that freedom to succeed also means freedom to fail.

Accepted Answer

A) True 
 B)False

Question 13

Successful businesses are keenly focused on their

Accepted Answer

A)   customers.
B)   managers.
C)   creditors.
D)   bureaucrats.E) All of the above
F) A) and B)

Question 14

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Accepted Answer

A) True 
 B)False

Question 15

Due to population shifts,

Accepted Answer

A)   businesses that cater to older consumers will see higher growth.
B)   businesses that cater to older consumers will see slower growth.
C)   businesses that sell electronic devices will see a significant decline.
D)   health care will emerge as the only business sector that will grow.E) B) and C)
F) C) and D)

Question 16

Julia finds it easy to do all her holiday shopping online. She can take comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

Accepted Answer

A) True 
 B)False

Question 17

Tabitha called in a food order to feed her office team. When she arrived to pick up, it was not what she ordered. The store associate quickly made it right, and offered an extra dozen bagels to make up for the mistake. There was no need to check with the supervisor, as the employee was ________ to make decisions that translate into good customer service.

Accepted Answer

A)   structured
B)   empowered
C)   asked by the customer
D)   deputizedE) B) and C)
F) A) and D)

Question 18

Which of the following is a factor of production?

Accepted Answer

A)   Bonds
B)   Money
C)   Knowledge
D)   ServiceE) A) and B)
F) A) and C)

Question 19

An important environmental change in the global environment is the growth of international competition.

Accepted Answer

A) True 
 B)False

Question 20

Competition among businesses has never been greater. Identify and describe two ways that businesses can become more competitive.

Accepted Answer

Businesses can compete by exceeding cust...

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

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

Correct Answer
verified

Julia finds it easy to do all her holiday shopping online. She can take comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

Correct Answer
verified

Correct Answer
verified

Businesses favor:

Correct Answer
verified

Correct Answer
verified

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Correct Answer
verified

Businesses seek to earn a profit by providing goods and services to others.

Correct Answer
verified

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The best description of these differences is:

Correct Answer
verified

Correct Answer
verified

Successful businesses are keenly focused on their

Correct Answer
verified

Correct Answer
verified

Mary Kay owns a nursery. The trucks, handcarts, and forklift she purchased for the business are called ________ investments.

Correct Answer
verified

Today's businesses have a managerial focus rather than a customer focus.

Correct Answer
verified

Due to population shifts,

Correct Answer
verified

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct Answer
verified

Competition among businesses has never been greater. Identify and describe two ways that businesses can become more competitive.

Correct Answer
verified
Businesses can compete by exceeding cust...
View Answer

One advantage of a database is it

Correct Answer
verified

An important environmental change in the global environment is the growth of international competition.

Correct Answer
verified

Which of the following is a factor of production?

Correct Answer
verified

Which of the following statements about the competitive environment is most accurate?

Correct Answer
verified

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

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

Correct AnswerverifiedShow Answer

Julia finds it easy to do all her holiday shopping online. She can take comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Businesses favor:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Correct AnswerverifiedShow Answer

Businesses seek to earn a profit by providing goods and services to others.

Correct AnswerverifiedShow Answer

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The best description of these differences is:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Successful businesses are keenly focused on their

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Mary Kay owns a nursery. The trucks, handcarts, and forklift she purchased for the business are called ________ investments.

Correct AnswerverifiedShow Answer

Today's businesses have a managerial focus rather than a customer focus.

Correct AnswerverifiedShow Answer

Due to population shifts,

Correct AnswerverifiedShow Answer

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct AnswerverifiedShow Answer

Competition among businesses has never been greater. Identify and describe two ways that businesses can become more competitive.

Correct AnswerverifiedBusinesses can compete by exceeding cust...View AnswerShow Answer

One advantage of a database is it

Correct AnswerverifiedShow Answer

An important environmental change in the global environment is the growth of international competition.

Correct AnswerverifiedShow Answer

Which of the following is a factor of production?

Correct AnswerverifiedShow Answer

Which of the following statements about the competitive environment is most accurate?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Businesses can compete by exceeding cust...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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