Question 1

When customers enter a supermarket and select their favorite brand of laundry detergent,they are exercising their right to freedom of choice.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?

Accepted Answer

A) The marketing era was more consumer oriented. 
B) The production era occurred after World War II. 
C) The marketing era advocated price discrimination. 
D) The production era was more consumer oriented. 
A) The marketing era was more consumer oriented. 
B) The production era occurred after World War II. 
C) The marketing era advocated price discrimination. 
D) The production era was more consumer oriented.

Question 3

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity.This company is ____.

Accepted Answer

A) evaluating its business ethics 
B) enacting upon its social responsibility 
C) creating customer satisfaction 
D) using creativity to promote sales 
A) evaluating its business ethics 
B) enacting upon its social responsibility 
C) creating customer satisfaction 
D) using creativity to promote sales

Question 4

Tevasoft,a content management company,introduces a new software tool for quality analysis.This product has been programmed and introduced after several rounds of meticulous analysis that included researching,brainstorming sessions,arguments,and several rounds of testing for the product's accuracy and authenticity.In this scenario,which of the following has Tevasoft demonstrated?

Accepted Answer

A) Critical thinking 
B) Competitive differentiation 
C) Sociability 
D) Creativity 
A) Critical thinking 
B) Competitive differentiation 
C) Sociability 
D) Creativity

Question 5

Samantha,a former middle manager from Gaylord Manufacturing,owns and operates a 7-Eleven franchise.Samantha is demonstrating _____.

Accepted Answer

A) social responsibility 
B) socialism 
C) entrepreneurship 
D) pure competition 
A) social responsibility 
B) socialism 
C) entrepreneurship 
D) pure competition

Question 6

Crowdsourcing allows companies to find:

Accepted Answer

A) workers for a specific task. 
B) potential candidates through a physical job fair. 
C) appropriate candidates within the company. 
D) candidates specifically for the managerial roles. 
A) workers for a specific task. 
B) potential candidates through a physical job fair. 
C) appropriate candidates within the company. 
D) candidates specifically for the managerial roles.

Question 7

Companies need to be ethical to succeed in the long run.

Accepted Answer

A) True 
 B)False

Question 8

When farmers rent land in order to increase crop production,they are acquiring capital.

Accepted Answer

A) True 
 B)False

Question 9

The Allegany County Library provides a wide variety of library services to its neighborhood.It also provides free online support to its members,and any fee collected from its members goes directly to charity.The library is an example of a(n)_____.

Accepted Answer

A) not-for-profit organization 
B) corporate organization 
C) offshore unit 
D) business conglomerate 
A) not-for-profit organization 
B) corporate organization 
C) offshore unit 
D) business conglomerate

Question 10

Participating in nonprofit programs is an example of exhibiting social responsibility.

Accepted Answer

A) True 
 B)False

Question 11

All of the following are basic rights within a private enterprise system EXCEPT _____.

Accepted Answer

A) right to private property 
B) right to profits before tax deduction 
C) freedom of choice of investment 
D) freedom of choice of employment 
A) right to private property 
B) right to profits before tax deduction 
C) freedom of choice of investment 
D) freedom of choice of employment

Question 12

Just as with a for-profit business,the first priority for a not-for-profit organization is making a profit.

Accepted Answer

A) True 
 B)False

Question 13

One factor that led to the Industrial Revolution was the development of social era.

Accepted Answer

A) True 
 B)False

Question 14

When Private Jets,Inc.finds itself losing contracts because Global Aviation,Inc.charges less money,Private Jets responds by lowering its bids.According to Adam Smith,this reaction demonstrates _____.

Accepted Answer

A) the invisible hand of competition 
B) collision 
C) the right to private property 
D) social responsibility 
A) the invisible hand of competition 
B) collision 
C) the right to private property 
D) social responsibility

Question 15

Land is linked to the factor payment of rent.

Accepted Answer

A) True 
 B)False

Question 16

In business,creativity refers to the ability to see better and different ways of doing business.

Accepted Answer

A) True 
 B)False

Question 17

Competition,according to Adam Smith,would lead to consumers receiving the best possible products and prices because _____.

Accepted Answer

A) government interference in economic activity would be maximized 
B) less efficient producers would be driven out of the market 
C) increased supply of raw materials would lead to increased production 
D) natural resources would be utilized more efficiently 
A) government interference in economic activity would be maximized 
B) less efficient producers would be driven out of the market 
C) increased supply of raw materials would lead to increased production 
D) natural resources would be utilized more efficiently

Question 18

For a business to be successful,competitive differentiation is highly discouraged.

Accepted Answer

A) True 
 B)False

Question 19

Social responsibility would include all of the following EXCEPT _____.

Accepted Answer

A) supporting the local United Way 
B) buying goods and services from minority-owned vendors 
C) making campaign contributions to politicians in the hope of obtaining a government contract 
D) making contributions to the local public radio station 
A) supporting the local United Way 
B) buying goods and services from minority-owned vendors 
C) making campaign contributions to politicians in the hope of obtaining a government contract 
D) making contributions to the local public radio station

Question 20

Which of the following is necessary in the current business workforce trend?

Accepted Answer

A) Awareness that businesses are moving toward traditional management practices 
B) Increased reliance on employees' intellectual capabilities 
C) Increased reliance on natural resources and physical inputs 
D) Transition from focus on production to creating a brand 
A) Awareness that businesses are moving toward traditional management practices 
B) Increased reliance on employees' intellectual capabilities 
C) Increased reliance on natural resources and physical inputs 
D) Transition from focus on production to creating a brand

When customers enter a supermarket and select their favorite brand of laundry detergent,they are exercising their right to freedom of choice.

Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity.This company is ____.

Samantha,a former middle manager from Gaylord Manufacturing,owns and operates a 7-Eleven franchise.Samantha is demonstrating _____.

Crowdsourcing allows companies to find:

Companies need to be ethical to succeed in the long run.

When farmers rent land in order to increase crop production,they are acquiring capital.

The Allegany County Library provides a wide variety of library services to its neighborhood.It also provides free online support to its members,and any fee collected from its members goes directly to charity.The library is an example of a(n)_____.

Participating in nonprofit programs is an example of exhibiting social responsibility.

All of the following are basic rights within a private enterprise system EXCEPT _____.

Just as with a for-profit business,the first priority for a not-for-profit organization is making a profit.

One factor that led to the Industrial Revolution was the development of social era.

When Private Jets,Inc.finds itself losing contracts because Global Aviation,Inc.charges less money,Private Jets responds by lowering its bids.According to Adam Smith,this reaction demonstrates _____.

Land is linked to the factor payment of rent.

In business,creativity refers to the ability to see better and different ways of doing business.

Competition,according to Adam Smith,would lead to consumers receiving the best possible products and prices because _____.

For a business to be successful,competitive differentiation is highly discouraged.

Social responsibility would include all of the following EXCEPT _____.

Which of the following is necessary in the current business workforce trend?

Business Ethics and Social Responsibility

Economic Challenges Facing Business Today

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management,leadership,and the Internal Organization

Human Resource Management: From Recruitment to Labor Relations

Top Performance Through Empowerment,teamwork,and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Trends in E-Commerce

Filters

Exam 1: The Changing Face of Business

When customers enter a supermarket and select their favorite brand of laundry detergent,they are exercising their right to freedom of choice.

Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity.This company is ____.

Samantha,a former middle manager from Gaylord Manufacturing,owns and operates a 7-Eleven franchise.Samantha is demonstrating _____.

Crowdsourcing allows companies to find:

Companies need to be ethical to succeed in the long run.

When farmers rent land in order to increase crop production,they are acquiring capital.

The Allegany County Library provides a wide variety of library services to its neighborhood.It also provides free online support to its members,and any fee collected from its members goes directly to charity.The library is an example of a(n)_____.

Participating in nonprofit programs is an example of exhibiting social responsibility.

All of the following are basic rights within a private enterprise system EXCEPT _____.

Just as with a for-profit business,the first priority for a not-for-profit organization is making a profit.

One factor that led to the Industrial Revolution was the development of social era.

When Private Jets,Inc.finds itself losing contracts because Global Aviation,Inc.charges less money,Private Jets responds by lowering its bids.According to Adam Smith,this reaction demonstrates _____.

Land is linked to the factor payment of rent.

In business,creativity refers to the ability to see better and different ways of doing business.

Competition,according to Adam Smith,would lead to consumers receiving the best possible products and prices because _____.

For a business to be successful,competitive differentiation is highly discouraged.

Social responsibility would include all of the following EXCEPT _____.

Which of the following is necessary in the current business workforce trend?

Business Ethics and Social Responsibility

Economic Challenges Facing Business Today

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management,leadership,and the Internal Organization

Human Resource Management: From Recruitment to Labor Relations

Top Performance Through Empowerment,teamwork,and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Trends in E-Commerce

Filters