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

Which of the following is a benefit of owning your own business?

Jose 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.

In today's competitive environment, good value means:

An electronic storage file where information is kept is called a CPU.

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

Though it has received a lot of attention, the development of information technology (IT) has had less of an impact on the way businesses operate than many other changes.

Tomas recently graduated with honors from his college. He has bragged to his friends that his academic performance has prepared him so well for a successful career that he can find a job with ease and forget school or training in his future. In evaluating the future of the workplace, Tomas is

The federal government requires companies to take diversity very seriously, even recommending establishing a chief diversity officer in the executive suite.

A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.

Public schools, charities, and government agencies generally ________.

A common characteristic of most entrepreneurs is that they:

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

If a business's costs and expenses are greater than its revenue, it will suffer a loss.

Demographic changes create new business opportunities.

The business environment refers to the surrounding factors that either help or hinder the development of businesses.

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

Michelle recently started selling her invention: A bed that looks like it floats in mid-air. The bed is actually suspended by magnetic forces. Michelle is a(n)

People over 65 years old represent

________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

The term "standard of living" refers to the amount of debt people can incur on a given income.