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

Lux Ladies, Inc., is a company that specializes in expensive and unusual gifts for all occasions. It keeps a large file of information on all of its regular customers, including names, addresses, and type of gifts they have ordered in the past, and the size and frequency of their orders. The electronic file which stores this information is a(n)

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

The amount of goods and services people can buy with the money they have is called their:

Profits of a business include the salaries paid to its employees.

Dennis and Donna recently moved to Kansas on a three-acre site. They purchased their home within biking distance to the hospital where they work, and their bikes have room for groceries if they need to purchase food on the way home, although they plan to grow some crops on their own. Dennis and Donna are examples of a growing number of people who

The series of lines on a product packaging that the cashier scans when you check out at a grocery store or discount store is called a

Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.

Global trade has suffered because of increased problems with the Internet.

While the proportion of workers employed in agriculture has remained relatively constant, the average size of farms has steadily decreased over the past century.

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

Gina is working as a marketing trainee for a streaming video company. Her boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Gina plans to provide the following response: 

In an effort to increase wealth and their country's standard of living, many governments are taking over major industries and operating them as nonprofit organizations.

Which of the following best describes the main difference between B2B and B2C transactions?

Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of products that enhance the lives of consumers. Identity theft and other forms of cybercrime are also by-products of these technological advancements. Which of the following statements describes a form of identity theft?

________ refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour.

Lacey owns a bakery in Dallas. She read online that the homeland security threat level has been increased due to anticipated terrorist activities, especially in large cities in the U.S. She will likely not be able to get insurance to cover any losses her business may suffer should an attack occur in Dallas.

The global environment:

Productivity is the amount of output you generate given the amount of input such as hours worked.

The service industry represents about ________ of the value of the U.S. economy.

Stakeholders include customers, employees, stockholders, suppliers, dealers, bankers, government officials, and environmentalists.