Question 1

World trade has both benefits and costs. Which of the following statements best attests to this fact?

Accepted Answer

A)  The U.S. economy and all businesses that participate in this economy were negatively impacted by recent wars. 
B)  The standard of living for citizens in developing nations has significantly decreased due to globalization. 
C)  Economists are convinced that global job creation will never occur if our politicians support world trade. 
D)  Large companies and small companies agree that the green movement is a global issue. Firms are embracing opportunities to bring value to consumers by creating green products and services. 
A)  The U.S. economy and all businesses that participate in this economy were negatively impacted by recent wars. 
B)  The standard of living for citizens in developing nations has significantly decreased due to globalization. 
C)  Economists are convinced that global job creation will never occur if our politicians support world trade. 
D)  Large companies and small companies agree that the green movement is a global issue. Firms are embracing opportunities to bring value to consumers by creating green products and services.

Question 2

Which of the following statements about factors of production is the most accurate?

Accepted Answer

A)  The five factors of production are energy, capital, labor, leadership, and money. 
B)  Wealth creation in poor nations is slowed by chronic shortages of labor. 
C)  Each of the factors of production is equally important in creating wealth. 
D)  Entrepreneurship and knowledge are the most important in creating wealth. 
A)  The five factors of production are energy, capital, labor, leadership, and money. 
B)  Wealth creation in poor nations is slowed by chronic shortages of labor. 
C)  Each of the factors of production is equally important in creating wealth. 
D)  Entrepreneurship and knowledge are the most important in creating wealth.

Question 3

A business incurs a ________ if its costs and expenses exceed its revenues.

Accepted Answer

A)  loss 
B)  liability 
C)  debit 
D)  dividend 
A)  loss 
B)  liability 
C)  debit 
D)  dividend

Question 4

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Accepted Answer

A) True 
 B)False

Question 5

Technology refers to everything that makes business operations more effective, efficient, and productive.

Accepted Answer

A) True 
 B)False

Question 6

Increases in productivity have allowed fewer farmers to feed more and more people.

Accepted Answer

A) True 
 B)False

Question 7

The rise of online marketing has become particularly important in doing business in the B2B markets.

Accepted Answer

A) True 
 B)False

Question 8

Over many years the nature of U.S. business has changed very little from century to century.

Accepted Answer

A) True 
 B)False

Question 9

In order to make an intelligent investment decision, entrepreneurs should:

Accepted Answer

A)  limit their options to those business investments that are backed by the U.S. government. 
B)  invest in businesses that have generated a stable rate of profit for at least the past 10 years. 
C)  invest only in business opportunities where it is possible to take an active role in management. 
D)  compare the risks of potential investments to their expected profits and find the right balance between profit and risk. 
A)  limit their options to those business investments that are backed by the U.S. government. 
B)  invest in businesses that have generated a stable rate of profit for at least the past 10 years. 
C)  invest only in business opportunities where it is possible to take an active role in management. 
D)  compare the risks of potential investments to their expected profits and find the right balance between profit and risk.

Question 10

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 11

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

Accepted Answer

A) True 
 B)False

Question 12

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe.

Accepted Answer

A) True 
 B)False

Question 13

The government of Willopolis is trying to attain a higher quality of life by imposing strict regulations to protect the environment and ensure safe working conditions in its industries. The government also has established programs to help the poor, financing them by raising tax rates. These efforts by Willopolis's government should create an atmosphere that encourages entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 14

Technological innovation has a ripple effect. Kevin, a certified tech-nerd, is being courted by companies to write the next generation of antivirus software. Kevin should take this job because it will provide future opportunities for him.

Accepted Answer

A) True 
 B)False

Question 15

What is demography? Identify two demographic trends in the United States and discuss how they will impact U.S. businesses.

Accepted Answer

Demography is the statistical study of p

World trade has both benefits and costs. Which of the following statements best attests to this fact?

Which of the following statements about factors of production is the most accurate?

A business incurs a ________ if its costs and expenses exceed its revenues.

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Technology refers to everything that makes business operations more effective, efficient, and productive.

Increases in productivity have allowed fewer farmers to feed more and more people.

The rise of online marketing has become particularly important in doing business in the B2B markets.

Over many years the nature of U.S. business has changed very little from century to century.

In order to make an intelligent investment decision, entrepreneurs should:

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.

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

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe.

Technological innovation has a ripple effect. Kevin, a certified tech-nerd, is being courted by companies to write the next generation of antivirus software. Kevin should take this job because it will provide future opportunities for him.

What is demography? Identify two demographic trends in the United States and discuss how they will impact U.S. businesses.

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

Filters

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

World trade has both benefits and costs. Which of the following statements best attests to this fact?

Which of the following statements about factors of production is the most accurate?

A business incurs a ________ if its costs and expenses exceed its revenues.

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Technology refers to everything that makes business operations more effective, efficient, and productive.

Increases in productivity have allowed fewer farmers to feed more and more people.

The rise of online marketing has become particularly important in doing business in the B2B markets.

Over many years the nature of U.S. business has changed very little from century to century.

In order to make an intelligent investment decision, entrepreneurs should:

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.

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

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe.

Technological innovation has a ripple effect. Kevin, a certified tech-nerd, is being courted by companies to write the next generation of antivirus software. Kevin should take this job because it will provide future opportunities for him.

What is demography? Identify two demographic trends in the United States and discuss how they will impact U.S. businesses.

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

Filters