Question 1

Profits of a business include the salaries paid to its employees.

Accepted Answer

A) True 
 B)False

Question 2

Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.

Accepted Answer

A) True 
 B)False

Question 3

To implement a policy of empowerment,the organization will restructure so that:

Accepted Answer

A) managers have more responsibility and employees learn to follow directions. 
B) employees assume more responsibility. 
C) workers agree to work overtime without extra pay. 
D) an entire level of management is removed from the organization. 
A) managers have more responsibility and employees learn to follow directions. 
B) employees assume more responsibility. 
C) workers agree to work overtime without extra pay. 
D) an entire level of management is removed from the organization.

Question 4

Jared is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes.Several years ago,his Uncle Mike made it big and now owns a ski lodge just north of Aspen.He promised Jared 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 dreams about the opportunity to be his own boss,reality bites as Jared scans his business book and reads,"freedom to succeed also means freedom to fail."

Accepted Answer

A) True 
 B)False

Question 5

Dee Duction is a financial planner who helps people find ways to save for retirement and lower their taxes.Cee is employed in the service sector of the economy.

Accepted Answer

A) True 
 B)False

Question 6

An electronic storage file where firms keep customer information is known as an)__________.

Accepted Answer

A) MP3 file 
B) management information system 
C) database 
D) e-mail server 
A) MP3 file 
B) management information system 
C) database 
D) e-mail server

Question 7

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Accepted Answer

A) True 
 B)False

Question 8

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

Accepted Answer

A) True 
 B)False

Question 9

A policy of empowerment encourages managers to make decisions quickly for their front line employees.

Accepted Answer

A) True 
 B)False

Question 10

Greening refers to:

Accepted Answer

A) the need for more carbon dioxide in our air. 
B) firms acquiring more green backs U.S.dollars)from world trade. 
C) finding ways to lessen the harm on our environment. 
D) the agricultural industry's push to develop and produce new green vegetables to feed the world. 
A) the need for more carbon dioxide in our air. 
B) firms acquiring more green backs U.S.dollars)from world trade. 
C) finding ways to lessen the harm on our environment. 
D) the agricultural industry's push to develop and produce new green vegetables to feed the world.

Question 11

Stakeholders include customers,employees,stockholders,suppliers,dealers,bankers,government officials and environmentalists.

Accepted Answer

A) True 
 B)False

Question 12

Demographic changes create new business opportunities.

Accepted Answer

A) True 
 B)False

Question 13

Often in business the greater the risk,the ____________.

Accepted Answer

A) greater the potential reward 
B) lower the expected revenues 
C) lower the value provided to society 
D) greater the number of stakeholders 
A) greater the potential reward 
B) lower the expected revenues 
C) lower the value provided to society 
D) greater the number of stakeholders

Question 14

If you were to discuss and analyze the social changes affecting the future of business,which of the following statements should be part of that conversation?

Accepted Answer

A) It is becoming more difficult to provide expert pre-natal care for women,resulting in a negative impact on the future of live births. 
B) The increase in older citizens may impact an employee's take-home pay if programs such as Social Security will need to be funded at a higher level.Skilled employees may require higher wages to make up the shortfall. 
C) With less money to spend,older Americans between the ages of 65 and 74 will no longer require transportation,entertainment,education,and lodging.This is highly likely to negatively impact these industries. 
D) Business taxes are very likely to spike rise quickly)due to the fact that welfare laws are making it relatively easy for single parents to stay home with their children,rather than find jobs.Taxes will have to support parents choosing the stay-at-home lifestyle. 
A) It is becoming more difficult to provide expert pre-natal care for women,resulting in a negative impact on the future of live births. 
B) The increase in older citizens may impact an employee's take-home pay if programs such as Social Security will need to be funded at a higher level.Skilled employees may require higher wages to make up the shortfall. 
C) With less money to spend,older Americans between the ages of 65 and 74 will no longer require transportation,entertainment,education,and lodging.This is highly likely to negatively impact these industries. 
D) Business taxes are very likely to spike rise quickly)due to the fact that welfare laws are making it relatively easy for single parents to stay home with their children,rather than find jobs.Taxes will have to support parents choosing the stay-at-home lifestyle.

Question 15

The growth in the service sector in the United States appears to be giving way to an information-based global er
A.

Accepted Answer

A) True 
 B)False

Question 16

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

Accepted Answer

A) True 
 B)False

Question 17

The social security system,

Accepted Answer

A) continues to burden businesses due to the fact that businesses must provide and pay for this benefit for their employees. 
B) met the needs of our nation when it was conceived,but needs an overhaul. 
C) will continue to serve the needs of U.S.citizens into the distant future,due to the fact that there are so few retirees placing a strain on it. 
D) is failing because the U.S.government failed to invest the money that employees contributed. 
A) continues to burden businesses due to the fact that businesses must provide and pay for this benefit for their employees. 
B) met the needs of our nation when it was conceived,but needs an overhaul. 
C) will continue to serve the needs of U.S.citizens into the distant future,due to the fact that there are so few retirees placing a strain on it. 
D) is failing because the U.S.government failed to invest the money that employees contributed.

Question 18

Globalization:

Accepted Answer

A) has greatly improved living standards around the world. 
B) has significantly reduced living standards around the world. 
C) has opened doors to only a handful of markets. 
D) has greatly changed companies that hire people to sell products,but not for companies that hire people to provide services. 
A) has greatly improved living standards around the world. 
B) has significantly reduced living standards around the world. 
C) has opened doors to only a handful of markets. 
D) has greatly changed companies that hire people to sell products,but not for companies that hire people to provide services.

Question 19

___________ means producing items using the least amount of resources.

Accepted Answer

A) Efficiency 
B) Technology 
C) E-production 
D) Productivity 
A) Efficiency 
B) Technology 
C) E-production 
D) Productivity

Question 20

Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Accepted Answer

A) True 
 B)False

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

Profits of a business include the salaries paid to its employees.

Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.

To implement a policy of empowerment,the organization will restructure so that:

Dee Duction is a financial planner who helps people find ways to save for retirement and lower their taxes.Cee is employed in the service sector of the economy.

An electronic storage file where firms keep customer information is known as an)__________.

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

A policy of empowerment encourages managers to make decisions quickly for their front line employees.

Greening refers to:

Stakeholders include customers,employees,stockholders,suppliers,dealers,bankers,government officials and environmentalists.

Demographic changes create new business opportunities.

Often in business the greater the risk,the ____________.

If you were to discuss and analyze the social changes affecting the future of business,which of the following statements should be part of that conversation?

The growth in the service sector in the United States appears to be giving way to an information-based global er A.

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

The social security system,

Globalization:

___________ means producing items using the least amount of resources.

Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

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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