Exam 1: Developing a Business Mindset

The service sector now dominates the U.S.economy.

A business that relies on human resources more than on buildings,machinery,material resources,and land would be a ________ business.

Businesses add value by transforming lower-value inputs (like paper and ink)into higher-value outputs (like textbooks).

Explain the concept of adding value to satisfy customers and provide an example.

A generational "bulge" in the population made up of people born between 1946 and 1964,called the Baby Boom generation,has occupied a large number of middle and upper management positions,frustrating younger professionals who would like to climb the company ladder.This is an example of the effect of ________ environment on businesses.

The ________ function of a business involves the recruiting,hiring and support of its personnel.

What is professionalism.List the key traits of professionalism.

The legal and regulatory environment would include ________.

Unlike accounting tasks,for which there is a long tradition of outsourcing,the work of financial managers is generally kept "in house," particularly in midsize and large companies.

Which of the following activities is most likely to be considered unprofessional?

A company has competitive advantage when its products are more appealing to its chosen customers.

________ value by performing activities that deliver some benefit to the customer,such as automotive repair,banking,health care and massage therapy.

An organization that seeks to operate efficiently and effectively to achieve its goals without focusing on financial gains is a ________.

Systems that promote communication and data usage through the company or allow it to offer new services to their customers are called ________.

In general,accounting managers are responsible for planning,while financial managers are responsible for monitoring and reporting.

________ is money that an organization brings in through the sale of its goods and services.

An HR specialist is most likely to be responsible for which of the following activities?

A/an ________ is a framework of how a business intends to generate revenue.

The term stakeholders refers only to those people who have invested money in the company's stock.

What is a barrier to entry? Explain with an example.