Question 1

Producing a high quality product will ensure success in the competitive environment.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Outsourcing means selling goods and services to people in other countries.

Accepted Answer

A) True 
 B)False

Question 4

Maya is an engineer for Windy Ridge,Inc.a maker of wind turbines.Recently,a large company has shown interest in investing in this small operation.This is not surprising since firms that are creating products for alternative sources of energy are attracting the attention of governments and other businesses.

Accepted Answer

A) True 
 B)False

Question 5

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites.Ntercon is an example of a company that is engaged in:

Accepted Answer

A) B2C e-commerce. 
B) N2Y e-commerce. 
C) Y2K e-commerce. 
D) B2B e-commerce. 
A) B2C e-commerce. 
B) N2Y e-commerce. 
C) Y2K e-commerce. 
D) B2B e-commerce.

Question 6

The only way a firm can increase its profits is to increase its sales revenue.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following government policies would be least likely to encourage entrepreneurship?

Accepted Answer

A) Passage of laws that enable businesspeople to write enforceable contracts. 
B) Establishment of a currency that is tradable in world markets. 
C) Establishment of strict regulations specifying exactly how products should be made to ensure safety and affordability. 
D) Passage of laws that eliminate corruption in government and business. 
A) Passage of laws that enable businesspeople to write enforceable contracts. 
B) Establishment of a currency that is tradable in world markets. 
C) Establishment of strict regulations specifying exactly how products should be made to ensure safety and affordability. 
D) Passage of laws that eliminate corruption in government and business.

Question 8

The most important difference between for-profit businesses and nonprofit organizations is that:

Accepted Answer

A) businesses do not benefit society. 
B) nonprofit organizations seek to make a profit for its owners and organizers. 
C) nonprofit organizations do not seek a profit for its owners or organizers. 
D) nonprofit organizations do not file tax returns. 
A) businesses do not benefit society. 
B) nonprofit organizations seek to make a profit for its owners and organizers. 
C) nonprofit organizations do not seek a profit for its owners or organizers. 
D) nonprofit organizations do not file tax returns.

Question 9

Due to population shifts,

Accepted Answer

A) businesses that cater to older consumers will see exceptional growth. 
B) businesses that cater to older consumers will see slower growth. 
C) businesses that sell electronic devices will see a significant decline. 
D) healthcare will emerge as the only business sector that will grow. 
A) businesses that cater to older consumers will see exceptional growth. 
B) businesses that cater to older consumers will see slower growth. 
C) businesses that sell electronic devices will see a significant decline. 
D) healthcare will emerge as the only business sector that will grow.

Question 10

Lucy owns a restaurant in Los Angeles.She heard on the radio that the homeland security threat level has been increased due to anticipated terrorist activities,especially in large cities in the U.S.She will likely not be able to get insurance to cover any losses her business may suffer should an attack occur in L.
A.

Accepted Answer

A) True 
 B)False

Question 11

Successful firms follow a customer-driven strategy,as opposed to the management-driven strategy used in the past.

Accepted Answer

A) True 
 B)False

Question 12

Carlos Gonzalez owns a small manufacturing company that makes ventilation systems used in the construction of office buildings.As the U.S.continues to be involved in wars around the globe,Carlos may notice that his business will be growing more slowly in the future as more money continues to be put into the war effort.

Accepted Answer

A) True 
 B)False

Question 13

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

Accepted Answer

A) land and labor. 
B) land and capital. 
C) entrepreneurship and labor. 
D) entrepreneurship and knowledge. 
A) land and labor. 
B) land and capital. 
C) entrepreneurship and labor. 
D) entrepreneurship and knowledge.

Question 14

The number of U.S.jobs in manufacturing has increased in the past five years.

Accepted Answer

A) True 
 B)False

Question 15

Social entrepreneurs are people who start and manage organizations that are not-for-profit.Their mission is to help others improve their quality of life.

Accepted Answer

A) True 
 B)False

Question 16

As emerging technologies become widespread,businesses tend to find better uses for them.However,in the case of the Internet,businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

Accepted Answer

A) True 
 B)False

Question 17

Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.

Accepted Answer

A) True 
 B)False

Question 18

The green movement is:

Accepted Answer

A) a trend that started with the U.S.government. 
B) concerned with depletion of natural resources and leaving a large carbon footprint. 
C) developing more green food products to feed the world's poor. 
D) our concern with the fact that everywhere we look,things are remaining green for longer periods of time. 
A) a trend that started with the U.S.government. 
B) concerned with depletion of natural resources and leaving a large carbon footprint. 
C) developing more green food products to feed the world's poor. 
D) our concern with the fact that everywhere we look,things are remaining green for longer periods of time.

Question 19

Tools,machinery,and buildings are examples of capital resources.

Accepted Answer

A) True 
 B)False

Question 20

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Accepted Answer

A) True 
 B)False

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

Producing a high quality product will ensure success in the competitive environment.

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

Outsourcing means selling goods and services to people in other countries.

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites.Ntercon is an example of a company that is engaged in:

The only way a firm can increase its profits is to increase its sales revenue.

Which of the following government policies would be least likely to encourage entrepreneurship?

The most important difference between for-profit businesses and nonprofit organizations is that:

Due to population shifts,

Successful firms follow a customer-driven strategy,as opposed to the management-driven strategy used in the past.

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

The number of U.S.jobs in manufacturing has increased in the past five years.

Social entrepreneurs are people who start and manage organizations that are not-for-profit.Their mission is to help others improve their quality of life.

As emerging technologies become widespread,businesses tend to find better uses for them.However,in the case of the Internet,businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.

The green movement is:

Tools,machinery,and buildings are examples of capital resources.

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Union and Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money,financial Institutions,and the Federal Reserve

test Planning Table for Bonus Chapter A

Using Technology to Manage Information

Managing Risk

Managing Personal Finances

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