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

Ben and Chris combined their love of hockey with a business venture.They purchased a small portable cart and began selling hockey memorabilia outside of the hometown hockey aren A.Their first year went well,but this past year has been a real struggle.Due to poor economic conditions including a loss of jobs,ticket sales at the arena are down,which has significantly hurt their sales as well.As a recent business school graduate,you explain to Ben and Chris:

Technology allows firms to be more responsive to their customers' wants and needs.

The threat of terrorism increases the costs of operating most businesses.

Technology helped the manufacturing industry to become more productive.

The war on terrorism in many parts of the world should lead to ______.

A nation progresses socially when it has good schools,clean air and water,and more.Which of the following statements addresses conditions for social progress?

Since the beginning of the 1900s,the agricultural sector of the United States has:

As he explores his options for starting a new business,Sergio has looked into the tax implications and government regulations that he would encounter.He wants to maintain an office in a different location from his home.He has discovered that some nearby communities offer tax credits and lower taxes than his town.Sergio's decision will be influenced by the:

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

The transition from an agricultural economy to a manufacturing economy to a service based economy has resulted in a serious increase in long-term unemployment.

Businesses provide goods,jobs,and services to others.

The continuing increase in the number of U.S.workers in the service sector means that more and more workers are employed in low-wage positions.

Although the Internet is exciting,very few people have access to it outside the U.S.

The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living,while only nonprofit organizations can improve the quality of life.

Over the past several years,workers in the small nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday that has reduced the total number of hours they work each year.However,the output per worker in Rainland is higher now than it was before the reduction in hours.These facts suggest that productivity in Rainland has increased.

The total amount of money that businesses take in by selling goods and services is called ________.

The current Social Security system will ensure that the young people of today will have Social Security benefits in the future when they retire.

An electronic storage file where information is kept is called a CPU.

Efficiency means:

The term "standard of living" refers to the amount of debt people can incur on a given income.