Exam 1: Business Now: Change Is the Only Constant

Max Education is an organization focused on educating children from poor families. The funds for the organization are raised by corporate organizations in its state. Max Education is an example of a _____.

Which of the following eras witnessed the emergence of large­scale businesses?

Salma likes baking and decides to become an entrepreneur. She conducts classes for people interested in baking. Which of the following is most likely to be true of Salma?

During the_____, businesses began to develop brands to help customers understand the difference among various products.

Challenges in managing human resources have evolved due to changing demographics affecting the workforce. Describe how demographic changes such as diversity, the aging population, worker expectations, ethics, and social responsibility affect the management of human resources.

The economic dimension of the U.S. business environment includes U.S. government legislation that supports enforceable contracts.

People who risk their time, money, and other resources to start and manage a business are called entrepreneurs. How do entrepreneurs contribute to the community they serve?

_____ refers to the quality and quantity of goods available to a population.

Speed­to­market, the rate at which a firm transforms concepts into actual products, can be an important competitive advantage to a firm.

_____ increased as mass production took hold during the Industrial Revolution.

Factors of production are the resources a business needs to achieve its objectives.

Businesses in the relationship era focus efforts on building long­term customer relationships. To accomplish this, _____ became a key tool for business development during this era.

There are four factors of production required for an economic system to thrive and create wealth. Entrepreneurship is one of them. Explain and give examples of how an entrepreneur would employ the other factors of production in an effort to grow and maintain a business.

As a factor of production, capital would include:

Successful businesses embrace change and carefully evaluate risks.

Tariq has just received a loan from the Small Business Administration to open a printing shop in his community. He will be leasing computers, copiers, scanners, and printers. These items represent his need for:

A skilled and knowledgeable employee base, or workforce, is essential to keep pace in today's business world. Describe how you will work within the broad business environment to find your ideal career position. Cite examples of how each of the five key dimensions of the environment will influence your job search.

In the relationship era, businesses believe that it is more profitable to:

Value is the relationship between the price of a good or a service and the benefit that the service offers to the customer.

UrbanTeens is a nonprofit organization that provides 12­18­year­olds with housing when their families are affected by domestic violence. Which of the following statements is most likely to be true of UrbanTeens?