Question 1

Which of the following is an advantage of utilizing technology?

Accepted Answer

A) Technology increases the cost of production. 
B) Technology reduces the need for a marketing plan. 
C) Productivity increases. 
D) Management becomes isolated from the demands of stakeholders. Technology is everything from phones to software programs that make businesses more efficient and productive.Productivity is the amount of output you generate given the amount of input. 
A) Technology increases the cost of production. 
B) Technology reduces the need for a marketing plan. 
C) Productivity increases. 
D) Management becomes isolated from the demands of stakeholders. Technology is everything from phones to software programs that make businesses more efficient and productive.Productivity is the amount of output you generate given the amount of input.

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

In order to create more wealth and provide better services,some nations recognize that _________________________________.

Accepted Answer

A) raising taxes benefits all businesses 
B) a good strategy is to minimize interference with the free exchange of goods and services 
C) restricting trade with other countries always helps domestic businesses 
D) taking control of privately owned businesses and making them government -run will decrease taxes and improve the lives of everyone 
A) raising taxes benefits all businesses 
B) a good strategy is to minimize interference with the free exchange of goods and services 
C) restricting trade with other countries always helps domestic businesses 
D) taking control of privately owned businesses and making them government -run will decrease taxes and improve the lives of everyone

Question 4

Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:

Accepted Answer

A) Centralized management. 
B) Fast response theory. 
C) Enfranchisement. 
D) Empowerment. 
A) Centralized management. 
B) Fast response theory. 
C) Enfranchisement. 
D) Empowerment.

Question 5

Global trade has suffered because of increased problems with the Internet.

Accepted Answer

A) True 
 B)False

Question 6

E-commerce is the buying and selling of goods over the Internet.

Accepted Answer

A) True 
 B)False

Question 7

When corruption is present in the business environment:

Accepted Answer

A) company leaders can threaten competitors and minimize competition. 
B) factories are easier to build without a government permit. 
C) it promotes fair competition. 
D) laborers can make more money. 
A) company leaders can threaten competitors and minimize competition. 
B) factories are easier to build without a government permit. 
C) it promotes fair competition. 
D) laborers can make more money.

Question 8

___________ means producing the desired result.

Accepted Answer

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

Question 9

Last year,Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.Based on this information,Adventure reported:

Accepted Answer

A) profits of $14 million. 
B) profits of $34 million. 
C) losses of $14 million. 
D) losses off $34 million. 
A) profits of $14 million. 
B) profits of $34 million. 
C) losses of $14 million. 
D) losses off $34 million.

Question 10

The customers,employees,stockholders,suppliers,creditors,and others who stand to gain or lose by the policies and activities of a business represent the firm's:

Accepted Answer

A) market makers. 
B) economic environment. 
C) stakeholders. 
D) social mentors. 
A) market makers. 
B) economic environment. 
C) stakeholders. 
D) social mentors.

Question 11

Customer-driven organizations require managers to closely direct and control their employees.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is the most accurate statement about the impact of business on society?

Accepted Answer

A) When businesses earn a profit for their owners,they usually do so at the expense of the rest of society,which proves it is never a win-win situation. 
B) While businesses often improve the standard of living within a society,they can do little to improve the quality of life. 
C) Businesses often improve the quality of life,but can do little to improve the standard of living of most people due to inflation. 
D) Businesses can have a positive impact on both the standard of living and the quality of life within a society. 
A) When businesses earn a profit for their owners,they usually do so at the expense of the rest of society,which proves it is never a win-win situation. 
B) While businesses often improve the standard of living within a society,they can do little to improve the quality of life. 
C) Businesses often improve the quality of life,but can do little to improve the standard of living of most people due to inflation. 
D) Businesses can have a positive impact on both the standard of living and the quality of life within a society.

Question 13

Questionable business practices such as those followed by many mortgage lending companies in the past few years:

Accepted Answer

A) encouraged investors to increase their stock market holdings. 
B) fundamentally weakened the entire economic environment. 
C) helped retired employees at the expense of current employees. 
D) resulted from too much government regulation. 
A) encouraged investors to increase their stock market holdings. 
B) fundamentally weakened the entire economic environment. 
C) helped retired employees at the expense of current employees. 
D) resulted from too much government regulation.

Question 14

Companies have responded to a diverse customer base by hiring a more diverse workforce.

Accepted Answer

A) True 
 B)False

Question 15

Certain industries of the U.S.economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment.Which of the following best explains this job loss?

Accepted Answer

A) The cause is a decline in the productivity of labor in these industries. 
B) Workers lost these jobs because technological advances increased productivity. 
C) The U.S.economy cannot compete in these industries any longer. 
D) Government regulations have eliminated profit opportunities in these industries. 
A) The cause is a decline in the productivity of labor in these industries. 
B) Workers lost these jobs because technological advances increased productivity. 
C) The U.S.economy cannot compete in these industries any longer. 
D) Government regulations have eliminated profit opportunities in these industries.

Question 16

Susan quit her job in a big city to take a less stressful position in a small town located in a scenic are
A.She earns less money at her new job and has had to cut back on her purchases of material goods,but she has more leisure time and really enjoys the clean air and scenic beauty of her new home.Susan has accepted a lower standard of living in order to enjoy a higher quality of life.

Accepted Answer

A) True 
 B)False

Question 17

In recent years,manufacturing firms in the United States have laid off workers.The best explanation of this trend is that:

Accepted Answer

A) firms have been trying to weaken unions by reducing their reliance on labor. 
B) workers in the U.S.have become less productive and are no longer able to compete in the global economy. 
C) firms in many industries have become so efficient that they need fewer workers. 
D) the economy has been in a prolonged depression that has lasted more than a decade. 
A) firms have been trying to weaken unions by reducing their reliance on labor. 
B) workers in the U.S.have become less productive and are no longer able to compete in the global economy. 
C) firms in many industries have become so efficient that they need fewer workers. 
D) the economy has been in a prolonged depression that has lasted more than a decade.

Question 18

An)____________ is a person who assumes the risk of starting a business.

Accepted Answer

A) manager 
B) entrepreneur 
C) private investor 
D) stakeholder 
A) manager 
B) entrepreneur 
C) private investor 
D) stakeholder

Question 19

Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S.is at war.

Accepted Answer

A) True 
 B)False

Question 20

Businesses collect ________ information on where people live,what they buy,and how they spend their time.

Accepted Answer

A) geometric 
B) econometric 
C) demographic 
D) anthropologic 
A) geometric 
B) econometric 
C) demographic 
D) anthropologic

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

Which of the following is an advantage of utilizing technology?

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

In order to create more wealth and provide better services,some nations recognize that _________________________________.

Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:

Global trade has suffered because of increased problems with the Internet.

E-commerce is the buying and selling of goods over the Internet.

When corruption is present in the business environment:

___________ means producing the desired result.

Last year,Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.Based on this information,Adventure reported:

The customers,employees,stockholders,suppliers,creditors,and others who stand to gain or lose by the policies and activities of a business represent the firm's:

Customer-driven organizations require managers to closely direct and control their employees.

Which of the following is the most accurate statement about the impact of business on society?

Questionable business practices such as those followed by many mortgage lending companies in the past few years:

Companies have responded to a diverse customer base by hiring a more diverse workforce.

Certain industries of the U.S.economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment.Which of the following best explains this job loss?

In recent years,manufacturing firms in the United States have laid off workers.The best explanation of this trend is that:

An)____________ is a person who assumes the risk of starting a business.

Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S.is at war.

Businesses collect ________ information on where people live,what they buy,and how they spend their time.

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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