Question 1

________ encompasses all the people and processes used to create the goods and perform the services that a company sells.

Accepted Answer

A)  Sales and marketing 
B)  Information technology management 
C)  Human resources management 
D)  Operations management 
E)  Financial management 
A)  Sales and marketing 
B)  Information technology management 
C)  Human resources management 
D)  Operations management 
E)  Financial management

Question 2

Which of the following statements is true about etiquette?

Accepted Answer

A)  The rules of etiquette are easily understood and memorized. 
B)  Etiquette means meeting your commitments, such as staying on schedule and within budgets. 
C)  Etiquette blunders can have serious financial costs through lower productivity and lost business opportunities. 
D)  It is preferable not to ask questions regarding the etiquette of a culture, as people will tend to become offended by your curiosity. 
E)  Travel guidebooks are a poor source of information about etiquette in other countries. 
A)  The rules of etiquette are easily understood and memorized. 
B)  Etiquette means meeting your commitments, such as staying on schedule and within budgets. 
C)  Etiquette blunders can have serious financial costs through lower productivity and lost business opportunities. 
D)  It is preferable not to ask questions regarding the etiquette of a culture, as people will tend to become offended by your curiosity. 
E)  Travel guidebooks are a poor source of information about etiquette in other countries.

Question 3

Intangible products have a physical presence.

Accepted Answer

A) True 
 B)False

Question 4

Population trends that change the composition of consumer markets and the workforce are a part of a company's ________ environment.

Accepted Answer

A)  economic 
B)  regulatory 
C)  cultural 
D)  social 
E)  political 
A)  economic 
B)  regulatory 
C)  cultural 
D)  social 
E)  political

Question 5

Which of the following statements is true regarding business services?

Accepted Answer

A)  Business services refer to those functions of business that are performed by external firms. 
B)  Business services refers to the in-house department of a company that is responsible for providing customer support. 
C)  Business services creates the goods and services that a company can manufacture or perform for its customers. 
D)  Business services is found more in labor-intensive firms, as compared to capital-intensive firms. 
E)  Business services exist to help companies with specific needs in law, banking, real estate, and other areas. 
A)  Business services refer to those functions of business that are performed by external firms. 
B)  Business services refers to the in-house department of a company that is responsible for providing customer support. 
C)  Business services creates the goods and services that a company can manufacture or perform for its customers. 
D)  Business services is found more in labor-intensive firms, as compared to capital-intensive firms. 
E)  Business services exist to help companies with specific needs in law, banking, real estate, and other areas.

Question 6

A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.

Accepted Answer

A) True 
 B)False

Question 7

A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful.

Accepted Answer

A) True 
 B)False

Question 8

Profit refers to the money the company brings in through the sale of goods and services.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following statements is true regarding business mindset?

Accepted Answer

A)  It involves seeing the business from outside in. 
B)  It is incompatible with corporate responsibility. 
C)  It involves appreciating the challenges a company faces in satisfying customer needs. 
D)  It involves acknowledging that businesses always benefit society. 
E)  It involves ignoring one's customer experiences. 
A)  It involves seeing the business from outside in. 
B)  It is incompatible with corporate responsibility. 
C)  It involves appreciating the challenges a company faces in satisfying customer needs. 
D)  It involves acknowledging that businesses always benefit society. 
E)  It involves ignoring one's customer experiences.

Question 10

Compare and contrast between goods-producing businesses and service businesses.

Accepted Answer

Goods-producing businesses create value

Question 11

The conditions and forces that affect the cost and availability of goods,services and labor and shape the behavior of buyers and sellers are BEST described as the ________ environment.

Accepted Answer

A)  market 
B)  regulatory 
C)  legal 
D)  economic 
E)  social 
A)  market 
B)  regulatory 
C)  legal 
D)  economic 
E)  social

Question 12

Which of the following enables companies to design new and better ways to run their operations?

Accepted Answer

A)  process R&D 
B)  legal and regulatory environment 
C)  barriers to entry 
D)  economies of scale 
E)  market environment 
A)  process R&D 
B)  legal and regulatory environment 
C)  barriers to entry 
D)  economies of scale 
E)  market environment

Question 13

Which of the following statements is true about the major functional areas in a business enterprise?

Accepted Answer

A)  An R&D function is an integral part of all businesses. 
B)  Operations managers create branding and advertising strategies to communicate with potential customers. 
C)  Accounting specialists work closely with other functional areas to ensure profitable decision making. 
D)  Managers in finance and accounting functions remain uninvolved in the hiring and training process. 
E)  Social media has resulted in customers being passive recipients of broadcast advertising messages rather than being participants in a multidirectional conversation with companies. 
A)  An R&D function is an integral part of all businesses. 
B)  Operations managers create branding and advertising strategies to communicate with potential customers. 
C)  Accounting specialists work closely with other functional areas to ensure profitable decision making. 
D)  Managers in finance and accounting functions remain uninvolved in the hiring and training process. 
E)  Social media has resulted in customers being passive recipients of broadcast advertising messages rather than being participants in a multidirectional conversation with companies.

Question 14

Which of the following is a component of the specific market environment within which each business operates?

Accepted Answer

A)  demographic factors 
B)  competitors 
C)  technological innovations 
D)  environmental restrictions 
E)  the speed of granting permits and licenses 
A)  demographic factors 
B)  competitors 
C)  technological innovations 
D)  environmental restrictions 
E)  the speed of granting permits and licenses

Question 15

Management accountant is likely to be responsible for which of the following activities?

Accepted Answer

A)  purchasing raw material for production 
B)  assessing the manufacturing costs of new products 
C)  determining the prices of products 
D)  removing a distributor from the supply chain 
E)  determining the money allocated for marketing 
A)  purchasing raw material for production 
B)  assessing the manufacturing costs of new products 
C)  determining the prices of products 
D)  removing a distributor from the supply chain 
E)  determining the money allocated for marketing

Question 16

Which of the following statements is true regarding a sales professional?

Accepted Answer

A)  A career in sales is limited to the retail sector of professional selling. 
B)  Personal characteristics are of little importance in the sales professional. 
C)  A sales professional is responsible for determining long-term financial goals and budgets. 
D)  A sales professional is responsible for building relationships with customers and helping them make purchase decisions. 
E)  A sales professional does not receive any immediate indicators of success or failure. 
A)  A career in sales is limited to the retail sector of professional selling. 
B)  Personal characteristics are of little importance in the sales professional. 
C)  A sales professional is responsible for determining long-term financial goals and budgets. 
D)  A sales professional is responsible for building relationships with customers and helping them make purchase decisions. 
E)  A sales professional does not receive any immediate indicators of success or failure.

Question 17

Compare and contrast the social environment and the economic environment of a business.

Accepted Answer

Social environment refers to the trends

Question 18

Which of the following statements is true about professionalism?

Accepted Answer

A)  Professionalism involves striving to excel in a single area, instead of attempting to excel at every level. 
B)  Professionalism consists of working individually, rather than in a team. 
C)  Professionalism involves prioritizing business goals over ethical considerations. 
D)  Professionalism involves being accountable. 
E)  Professionalism involves having the confidence to present opinions as facts. 
A)  Professionalism involves striving to excel in a single area, instead of attempting to excel at every level. 
B)  Professionalism consists of working individually, rather than in a team. 
C)  Professionalism involves prioritizing business goals over ethical considerations. 
D)  Professionalism involves being accountable. 
E)  Professionalism involves having the confidence to present opinions as facts.

Question 19

An operations manager is most likely to be responsible for ________.

Accepted Answer

A)  developing relationships with potential customers 
B)  using social media to interact with customers 
C)  helping to promote products to retailers 
D)  creating branding and advertising strategies 
E)  arranging to buy the necessary materials for manufacturing 
A)  developing relationships with potential customers 
B)  using social media to interact with customers 
C)  helping to promote products to retailers 
D)  creating branding and advertising strategies 
E)  arranging to buy the necessary materials for manufacturing

Question 20

Island Woodworking is a small business owned by Robert M.Carrasco,who makes handcrafted tables and rocking chairs from exotic woods.Robert employs three other woodworkers to help him in creating custom-crafted furniture.Island Woodworking would be described as what type of business?

Accepted Answer

A)  goods-producing business 
B)  labor-intensive business 
C)  service business 
D)  merchandising business 
E)  not-for-profit organization 
A)  goods-producing business 
B)  labor-intensive business 
C)  service business 
D)  merchandising business 
E)  not-for-profit organization

________ encompasses all the people and processes used to create the goods and perform the services that a company sells.

Which of the following statements is true about etiquette?

Intangible products have a physical presence.

Population trends that change the composition of consumer markets and the workforce are a part of a company's ________ environment.

Which of the following statements is true regarding business services?

A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.

A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful.

Profit refers to the money the company brings in through the sale of goods and services.

Which of the following statements is true regarding business mindset?

Compare and contrast between goods-producing businesses and service businesses.

The conditions and forces that affect the cost and availability of goods,services and labor and shape the behavior of buyers and sellers are BEST described as the ________ environment.

Which of the following enables companies to design new and better ways to run their operations?

Which of the following statements is true about the major functional areas in a business enterprise?

Which of the following is a component of the specific market environment within which each business operates?

Management accountant is likely to be responsible for which of the following activities?

Which of the following statements is true regarding a sales professional?

Compare and contrast the social environment and the economic environment of a business.

Which of the following statements is true about professionalism?

An operations manager is most likely to be responsible for ________.

Island Woodworking is a small business owned by Robert M.Carrasco,who makes handcrafted tables and rocking chairs from exotic woods.Robert employs three other woodworkers to help him in creating custom-crafted furniture.Island Woodworking would be described as what type of business?

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 1: Developing a Business Mindset

________ encompasses all the people and processes used to create the goods and perform the services that a company sells.

Which of the following statements is true about etiquette?

Intangible products have a physical presence.

Population trends that change the composition of consumer markets and the workforce are a part of a company's ________ environment.

Which of the following statements is true regarding business services?

A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.

A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful.

Profit refers to the money the company brings in through the sale of goods and services.

Which of the following statements is true regarding business mindset?

Compare and contrast between goods-producing businesses and service businesses.

The conditions and forces that affect the cost and availability of goods,services and labor and shape the behavior of buyers and sellers are BEST described as the ________ environment.

Which of the following enables companies to design new and better ways to run their operations?

Which of the following statements is true about the major functional areas in a business enterprise?

Which of the following is a component of the specific market environment within which each business operates?

Management accountant is likely to be responsible for which of the following activities?

Which of the following statements is true regarding a sales professional?

Compare and contrast the social environment and the economic environment of a business.

Which of the following statements is true about professionalism?

An operations manager is most likely to be responsible for ________.

Island Woodworking is a small business owned by Robert M.Carrasco,who makes handcrafted tables and rocking chairs from exotic woods.Robert employs three other woodworkers to help him in creating custom-crafted furniture.Island Woodworking would be described as what type of business?

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters