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

Robin has started her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Robin is an example of an entrepreneur.

Honesty,integrity,and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

Efficiency in distribution systems around the world has led to:

Which of the following statements best describes how firms must treat their front-line workers in order to remain competitive? Front-line workers must be ____________.

The war on terrorism has had a significant effect in drawing many resources from the U.S.economy and led to many additional costs for businesses.

An entrepreneur risks time and money to start and manage a business.

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Maintaining a high quality of life requires the combined efforts of businesses,nonprofit organizations,and government agencies.

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

The statistical study of the human population to describe its size,age,gender,and income is known as diversity recognition.

The capitalist system relies heavily on:

Contemporary governments promote business development by:

Companies that sell goods to consumers over the Internet are engaging in:

How is the profile of business owners changing?

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.

The threat of terrorism,

Preferred Pet Care,Inc. ,a mobile veterinary care company is planning for the future.As a business student who has studied social trends,which of the following statements reflects the need for Preferred Pet Care's service in the future?

It was 8:00 A.m.on Saturday morning.Liz just learned that her well-meaning cousins were headed over to help her unpack her household.She had just moved back to Chicago from the west coast.Were they really planning to work,or were they expecting brunch? A bagel and pastry shop was just up the road.She would call in a food order.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.

John earned the same amount of money this year as he did last year.Thus,his standard of living must be the same as it was last year.

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