Question 1

Airline companies around the world are experiencing increased costs in part due to

Accepted Answer

A)  decreases in the cost of fuel. 
B)  decreasing world trade. 
C)  the threat of terrorism. 
D)  lack of interest in flying. 
A)  decreases in the cost of fuel. 
B)  decreasing world trade. 
C)  the threat of terrorism. 
D)  lack of interest in flying.

Question 2

The continuing increase in the number of U.S. workers in the service sector means that more and more workers are employed in low-wage positions.

Accepted Answer

A) True 
 B)False

Question 3

Health care, insurance, recreation, and other intangible products are provided by the

Accepted Answer

A)  information-based sector. 
B)  service industry. 
C)  industrial sector. 
D)  manufacturing industry. 
A)  information-based sector. 
B)  service industry. 
C)  industrial sector. 
D)  manufacturing industry.

Question 4

Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society.

Accepted Answer

A) True 
 B)False

Question 5

Businesses collect ________ information on where people live, what they buy, and how they spend their time.

Accepted Answer

A)  geometric 
B)  econometric 
C)  demographic 
D)  anthropologic 
A)  geometric 
B)  econometric 
C)  demographic 
D)  anthropologic

Question 6

Insourcing creates new jobs, and helps offset the number of jobs being outsourced.

Accepted Answer

A) True 
 B)False

Question 7

Effectiveness means producing the desired result.

Accepted Answer

A) True 
 B)False

Question 8

Contemporary governments promote business development by

Accepted Answer

A)  increasing business regulations. 
B)  providing government ownership of businesses. 
C)  permitting businesspeople to conduct business without the use of contracts. 
D)  establishing a currency that's tradable in world markets. 
A)  increasing business regulations. 
B)  providing government ownership of businesses. 
C)  permitting businesspeople to conduct business without the use of contracts. 
D)  establishing a currency that's tradable in world markets.

Question 9

Workers in the island nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday. This has reduced the total number of hours they work each year. However, the output per worker is higher now than it was before the reduction in hours. These facts imply that productivity on the island has increased.

Accepted Answer

A) True 
 B)False

Question 10

An effort to please one group of stakeholders eventually pleases all stakeholders.

Accepted Answer

A) True 
 B)False

Question 11

Tyler Brown recently noticed that he was seeing more Facebook advertisements than he had in the past even though he had not requested any of them. Which of the following best explains why this is happening?

Accepted Answer

A)  Tyrell was a victim of identity theft. 
B)  Tyrell gave his personal information to a business, which then traded it to other companies, and these companies then began targeting their advertisements. 
C)  All businesses routinely have all customers' personal information. 
D)  Tyrell's accountant gave his information to the marketers. 
A)  Tyrell was a victim of identity theft. 
B)  Tyrell gave his personal information to a business, which then traded it to other companies, and these companies then began targeting their advertisements. 
C)  All businesses routinely have all customers' personal information. 
D)  Tyrell's accountant gave his information to the marketers.

Question 12

Pete is a recent finance graduate who has two passions: music and finance. Upon graduation, he was offered an opportunity to join a struggling rock band with a lot of potential, or a job at a large well-established financial services company. By joining the band, he will forego which of the following?

Accepted Answer

A)  Added benefits such as health insurance provided to employees of large corporations. 
B)  The freedom to contribute as an innovator in his work environment. 
C)  Long hours at work, while he learns the business and contributes to making it successful. 
D)  Job protection. 
A)  Added benefits such as health insurance provided to employees of large corporations. 
B)  The freedom to contribute as an innovator in his work environment. 
C)  Long hours at work, while he learns the business and contributes to making it successful. 
D)  Job protection.

Question 13

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

Accepted Answer

A) True 
 B)False

Question 14

Buddy and Pablo are worthy competitors in the bakery business in Baltimore. Buddy recently negotiated a contract with a supplier for really cheap chocolate. He knows that bakery customers want cheap products. In this competitive environment, keeping the price down is all that matters.

Accepted Answer

A) True 
 B)False

Question 15

Bart Broekelman recently returned from Afghanistan where he was a member of the highly skilled special operations forces. He is now back home in the United States where he uses the G.I. Bill in order to go to school. This is one example of

Accepted Answer

A)  how an event such as a war educates young people about conditions abroad. 
B)  the cost of war. 
C)  the benefits of war on education. 
D)  a squeeze on employer benefits. 
A)  how an event such as a war educates young people about conditions abroad. 
B)  the cost of war. 
C)  the benefits of war on education. 
D)  a squeeze on employer benefits.

Question 16

One reason given for the decline in the number of U.S. workers employed in manufacturing is that manufacturing firms in the U.S. have become more efficient.

Accepted Answer

A) True 
 B)False

Question 17

Globalization has greatly increased living standards around the world.

Accepted Answer

A) True 
 B)False

Question 18

The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.

Accepted Answer

A) True 
 B)False

Question 19

Businesses that produce and sell tangible products such as steel and machines are part of the

Accepted Answer

A)  manufacturing industry. 
B)  knowledge-based industry. 
C)  service industry. 
D)  production sector. 
A)  manufacturing industry. 
B)  knowledge-based industry. 
C)  service industry. 
D)  production sector.

Question 20

Which of the following business policies would most likely help a single-parent family?

Accepted Answer

A)  Requiring the employee to work regularly scheduled hours each day 
B)  Allowing sick leave to be used only if the employee is ill 
C)  Requiring education outside of regular business hours to help the employee advance 
D)  Allowing family leave and flextime 
A)  Requiring the employee to work regularly scheduled hours each day 
B)  Allowing sick leave to be used only if the employee is ill 
C)  Requiring education outside of regular business hours to help the employee advance 
D)  Allowing family leave and flextime

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

Airline companies around the world are experiencing increased costs in part due to

The continuing increase in the number of U.S. workers in the service sector means that more and more workers are employed in low-wage positions.

Health care, insurance, recreation, and other intangible products are provided by the

Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society.

Businesses collect ________ information on where people live, what they buy, and how they spend their time.

Insourcing creates new jobs, and helps offset the number of jobs being outsourced.

Effectiveness means producing the desired result.

Contemporary governments promote business development by

An effort to please one group of stakeholders eventually pleases all stakeholders.

Tyler Brown recently noticed that he was seeing more Facebook advertisements than he had in the past even though he had not requested any of them. Which of the following best explains why this is happening?

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

Buddy and Pablo are worthy competitors in the bakery business in Baltimore. Buddy recently negotiated a contract with a supplier for really cheap chocolate. He knows that bakery customers want cheap products. In this competitive environment, keeping the price down is all that matters.

Bart Broekelman recently returned from Afghanistan where he was a member of the highly skilled special operations forces. He is now back home in the United States where he uses the G.I. Bill in order to go to school. This is one example of

One reason given for the decline in the number of U.S. workers employed in manufacturing is that manufacturing firms in the U.S. have become more efficient.

Globalization has greatly increased living standards around the world.

The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.

Businesses that produce and sell tangible products such as steel and machines are part of the

Which of the following business policies would most likely help a single-parent family?

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 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

Appendix: Working Within the Legal Environment

Appendix: Using Technology to Manage Information

Appendix: Managing Risk

Appendix: Managing Personal Finances

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