Question 1

Describe how businesses can use technology to be more responsive to customers.

Accepted Answer

Businesses continually search for new te

Question 2

Jackson is supposed to be studying for finals but his mind keeps wandering to the beach. Several years ago, his Uncle Mitch made it big and now owns a small resort near Fort Lauderdale. He promised Jackson 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 daydreams about being his own boss, he should realize that freedom to succeed also means freedom to fail.

Accepted Answer

A) True 
 B)False

Question 3

The United States has one of the highest standards of living in the world.

Accepted Answer

A) True 
 B)False

Question 4

Retired people will be draining the U.S. economy of wealth. This is due to

Accepted Answer

A)  the fact that most have smoked all their lives and now are accumulating large healthcare bills. 
B)  the fact there are not enough workers in subsequent generations to support the ongoing drain of older persons into the Social Security system. 
C)  their lack of interest in supporting restaurants, resorts, educational institutions, and service-intensive companies. 
D)  the fact that they refuse to use current information technology to improve efficiency. 
A)  the fact that most have smoked all their lives and now are accumulating large healthcare bills. 
B)  the fact there are not enough workers in subsequent generations to support the ongoing drain of older persons into the Social Security system. 
C)  their lack of interest in supporting restaurants, resorts, educational institutions, and service-intensive companies. 
D)  the fact that they refuse to use current information technology to improve efficiency.

Question 5

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass up on are:

Accepted Answer

A)  the freedom to make their own decisions. 
B)  local government benefits such as enterprise zone tax credits. 
C)  employer-paid benefits such as paid vacation and health insurance. 
D)  tickets to sporting events that trading partners may provide. 
A)  the freedom to make their own decisions. 
B)  local government benefits such as enterprise zone tax credits. 
C)  employer-paid benefits such as paid vacation and health insurance. 
D)  tickets to sporting events that trading partners may provide.

Question 6

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?

Accepted Answer

A)  Social progress will evolve when capital is apportioned to everyone in equal amounts. 
B)  A city, state, or nation's social progress needs the right business environment. 
C)  The foundation for social progress is a handful of wealthy entrepreneurs willing to spread the wealth. 
D)  Social progress can only improve when there is a strong labor pool to draw from. 
A)  Social progress will evolve when capital is apportioned to everyone in equal amounts. 
B)  A city, state, or nation's social progress needs the right business environment. 
C)  The foundation for social progress is a handful of wealthy entrepreneurs willing to spread the wealth. 
D)  Social progress can only improve when there is a strong labor pool to draw from.

Question 7

Which of the following business policies would most likely help a single-parent family?

Accepted Answer

A)  Requiring the employee to work regularly scheduled hours each day 
B)  Allowing sick leave to be used only if the employee is ill 
C)  Requiring education outside of regular business hours to help the employee advance 
D)  Allowing family leave and flextime 
A)  Requiring the employee to work regularly scheduled hours each day 
B)  Allowing sick leave to be used only if the employee is ill 
C)  Requiring education outside of regular business hours to help the employee advance 
D)  Allowing family leave and flextime

Question 8

________ is/are the external and internal circumstances that surround the business.

Accepted Answer

A)  The business environment 
B)  The factors of production 
C)  The business corral 
D)  The business disciplines 
A)  The business environment 
B)  The factors of production 
C)  The business corral 
D)  The business disciplines

Question 9

Since all businesses make a profit, starting a business is not risky.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following best describes the main difference between B2B and B2C transactions?

Accepted Answer

A)  B2B transactions involve transactions where the buyers and sellers are both businesses, while B2C involves transactions between businesses and consumers. 
B)  B2B transactions focus on financial transactions while B2C e-commerce focuses on the sale of manufactured goods. 
C)  B2B transactions refer to business between nonprofit organizations while B2C e-commerce is carried out by business firms seeking to earn a profit. 
D)  B2B transactions involve sales in foreign markets while B2C e-commerce is restricted to domestic markets. 
A)  B2B transactions involve transactions where the buyers and sellers are both businesses, while B2C involves transactions between businesses and consumers. 
B)  B2B transactions focus on financial transactions while B2C e-commerce focuses on the sale of manufactured goods. 
C)  B2B transactions refer to business between nonprofit organizations while B2C e-commerce is carried out by business firms seeking to earn a profit. 
D)  B2B transactions involve sales in foreign markets while B2C e-commerce is restricted to domestic markets.

Question 11

Diversity management would not be an issue if firms would treat all of their employees the same.

Accepted Answer

A) True 
 B)False

Question 12

Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society.

Accepted Answer

A) True 
 B)False

Question 13

Working as an entrepreneur is the only way to succeed in business.

Accepted Answer

A) True 
 B)False

Question 14

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Accepted Answer

A) True 
 B)False

Question 15

One factor that has had a major effect on businesses is the growth of single-parent families.

Accepted Answer

A) True 
 B)False

Question 16

Empowerment means:

Accepted Answer

A)  giving employees the authority to make decisions. 
B)  making certain that employees always defer to management when making decisions. 
C)  hiring employees that do not require training due to the costly nature of this activity. 
D)  asking employees to write the policies which govern their jobs. 
A)  giving employees the authority to make decisions. 
B)  making certain that employees always defer to management when making decisions. 
C)  hiring employees that do not require training due to the costly nature of this activity. 
D)  asking employees to write the policies which govern their jobs.

Question 17

High tax rates tend to:

Accepted Answer

A)  promote economic development. 
B)  make a nation's currency tradable. 
C)  discourage entrepreneurship. 
D)  reduce the amount of money created by the government. 
A)  promote economic development. 
B)  make a nation's currency tradable. 
C)  discourage entrepreneurship. 
D)  reduce the amount of money created by the government.

Question 18

The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.

Accepted Answer

A) True 
 B)False

Question 19

An effort to please one group of stakeholders eventually pleases all stakeholders.

Accepted Answer

A) True 
 B)False

Question 20

The amount of goods and services people can buy with the money they have is called their:

Accepted Answer

A)  nominal income. 
B)  consumer price index. 
C)  profit margin. 
D)  standard of living. 
A)  nominal income. 
B)  consumer price index. 
C)  profit margin. 
D)  standard of living.

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

Describe how businesses can use technology to be more responsive to customers.

The United States has one of the highest standards of living in the world.

Retired people will be draining the U.S. economy of wealth. This is due to

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass up on are:

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?

Which of the following business policies would most likely help a single-parent family?

________ is/are the external and internal circumstances that surround the business.

Since all businesses make a profit, starting a business is not risky.

Which of the following best describes the main difference between B2B and B2C transactions?

Diversity management would not be an issue if firms would treat all of their employees the same.

Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society.

Working as an entrepreneur is the only way to succeed in business.

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

One factor that has had a major effect on businesses is the growth of single-parent families.

Empowerment means:

High tax rates tend to:

The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.

An effort to please one group of stakeholders eventually pleases all stakeholders.

The amount of goods and services people can buy with the money they have is called their:

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 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

Working Within the Legal Environment

Using Technology to Manage Information

Managing Risk

Managing Personal Finances

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