Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

The is/are the external and internal circumstances that surround the business.

Accepted Answer

A) The business environment 
B)  The factors of production 
C)  The business corral 
D) The business disciplines 
A) The business environment 
B)  The factors of production 
C)  The business corral 
D) The business disciplines

Question 3

An electronic storage file where firms keep customer information is known as a(n) .

Accepted Answer

A) MP3 file 
B)  management information system 
C) database 
D) e-mail server 
A) MP3 file 
B)  management information system 
C) database 
D) e-mail server

Question 4

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:

Accepted Answer

A) B2C e-commerce. 
B)  N2Y e-commerce. 
C)  Y2K e-commerce. 
D) B2B e-commerce. 
A) B2C e-commerce. 
B)  N2Y e-commerce. 
C)  Y2K e-commerce. 
D) B2B e-commerce.

Question 5

A(n) is a person who assumes the risk of starting a business.

Accepted Answer

A) manager 
B) entrepreneur 
C)  private investor 
D) stakeholder 
A) manager 
B) entrepreneur 
C)  private investor 
D) stakeholder

Question 6

Tools, machinery, and buildings are examples of capital resources.

Accepted Answer

A) True 
 B)False

Question 7

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

Accepted Answer

A) True 
 B)False

Question 8

Leanne owns a nursery business. The trucks, handcarts, and forklift she purchased for the business are called investments.

Accepted Answer

A) natural resources 
B)  intangible resources 
C)  current asset 
D) capital 
A) natural resources 
B)  intangible resources 
C)  current asset 
D) capital

Question 9

Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.

Accepted Answer

A) True 
 B)False

Question 10

Health care availability, a clean environment, and good schools all contribute to a high quality of life.

Accepted Answer

A) True 
 B)False

Question 11

Efficiency means:

Accepted Answer

A) producing the desired result. 
B) producing goods and services using the least amount of resources. 
C)  the amount of output you generate given the amount of input. 
D) the buying and selling of goods using the most amount of resources. 
A) producing the desired result. 
B) producing goods and services using the least amount of resources. 
C)  the amount of output you generate given the amount of input. 
D) the buying and selling of goods using the most amount of resources.

Question 12

The total amount of money that businesses take in by selling goods and services is called .

Accepted Answer

A) profit 
B) revenue 
C)  loss 
D) retained earnings 
A) profit 
B) revenue 
C)  loss 
D) retained earnings

Question 13

One factor that has had a major effect on businesses is the growth of single-parent families.

Accepted Answer

A) True 
 B)False

Question 14

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

Accepted Answer

A) Social entrepreneurs may switch social causes several times before finding their niche. 
B)  Social entrepreneurs understand that their business environments are less dynamic than other businesses, especially during a recession. 
C)  Social entrepreneurs use different business skills than entrepreneurs who start other businesses. They should focus on a different educational curriculum than other entrepreneurs. 
D) Using the same business skills as other entrepreneurs, social entrepreneurs develop businesses to improve the skill(s) and/or quality of life of others. 
A) Social entrepreneurs may switch social causes several times before finding their niche. 
B)  Social entrepreneurs understand that their business environments are less dynamic than other businesses, especially during a recession. 
C)  Social entrepreneurs use different business skills than entrepreneurs who start other businesses. They should focus on a different educational curriculum than other entrepreneurs. 
D) Using the same business skills as other entrepreneurs, social entrepreneurs develop businesses to improve the skill(s) and/or quality of life of others.

Question 19

E-commerce is the buying and selling of goods over the Internet.

Accepted Answer

A) True 
 B)False

Question 20

In order to create more wealth and provide better services, some nations recognize that .

Accepted Answer

A) raising taxes benefits all businesses 
B) a good strategy is to minimize interference with the free exchange of goods and services 
C)  restricting trade with other countries always helps domestic businesses 
D) taking control of privately owned businesses and making them government -run will decrease taxes and improve the lives of everyone 
A) raising taxes benefits all businesses 
B) a good strategy is to minimize interference with the free exchange of goods and services 
C)  restricting trade with other countries always helps domestic businesses 
D) taking control of privately owned businesses and making them government -run will decrease taxes and improve the lives of everyone

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

The is/are the external and internal circumstances that surround the business.

An electronic storage file where firms keep customer information is known as a(n) .

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:

A(n) is a person who assumes the risk of starting a business.

Tools, machinery, and buildings are examples of capital resources.

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

Leanne owns a nursery business. The trucks, handcarts, and forklift she purchased for the business are called investments.

Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.

Health care availability, a clean environment, and good schools all contribute to a high quality of life.

Efficiency means:

The total amount of money that businesses take in by selling goods and services is called .

One factor that has had a major effect on businesses is the growth of single-parent families.

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

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

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

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

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

E-commerce is the buying and selling of goods over the Internet.

In order to create more wealth and provide better services, some nations recognize that .

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Union and Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Filters

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

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

The is/are the external and internal circumstances that surround the business.

An electronic storage file where firms keep customer information is known as a(n) .

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:

A(n) is a person who assumes the risk of starting a business.

Tools, machinery, and buildings are examples of capital resources.

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

Leanne owns a nursery business. The trucks, handcarts, and forklift she purchased for the business are called investments.

Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.

Health care availability, a clean environment, and good schools all contribute to a high quality of life.

Efficiency means:

The total amount of money that businesses take in by selling goods and services is called .

One factor that has had a major effect on businesses is the growth of single-parent families.

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

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

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

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

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

E-commerce is the buying and selling of goods over the Internet.

In order to create more wealth and provide better services, some nations recognize that .

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Union and Employeemanagement Issues

Marketing: Helping Buyers Buy

Developing and Pricing Goods and Services

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Filters