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

Insourcing refers to the practice of global companies setting up design and production facilities in the United States.

Greening refers to

When businesses sell to other businesses online, these transactions are known as:

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Which of the following is the best example of a business whose goal is to earn a profit?

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Jorge, a recent college graduate, is thinking of investing in a home health care business. He believes this will be a profitable venture because of the increasing number of people in the U.S. that will be over 65 years of age in the near future and more likely to need this type of service. This accurately describes a demographic trend that will affect his business choice.

Donnell wants to invest some money that he just inherited. He found that his bank offers a savings account paying a guaranteed .3% rate of return. However, he would like to earn a higher return. Donnell should keep in mind that to earn a higher return on his money he

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

Technology allows firms to be more responsive to their customers' wants and needs.

The major advantage rich nations have over poor nations is an abundance of land and labor.

When corruption is present in the business environment:

One of the problems with globalization is that distribution systems and communication systems lack efficiency.

Globalization has greatly increased living standards around the world.

The government of the small nation of Gordonia owned the nation's telephone company and landlines. This relatively poor government relied on taxes to develop this industry and provide service to its citizens. If the government wanted to improve people's access to phone service, its best course of action would involve selling the telephone company to private investors.

Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society.

Honda and Hyundai have insourced for years to design and manufacture cars in the United States. Insourcing

Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Diversity groups identified in the market today can include extroverts, introverts, atheists, and the religious.