Question 1

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Accepted Answer

A) True 
 B)False

Question 2

Eve and her three college friends enjoy perfumes. As a special gift to each of them last holiday season, she found a way to make scented candles with each friend's favorite perfume scent. The three friends loved her gift idea and encouraged Eve to create more and sell them online. Recently, she is filling orders from her website, and turning a profit. Eve is proof that:

Accepted Answer

A)  me-too businesses work. 
B)  when you successfully fill a market need, you can make money. 
C)  the Internet is a way to distribute just about anything. 
D)  the cost of supplies to make candles is relatively cheap. 
A)  me-too businesses work. 
B)  when you successfully fill a market need, you can make money. 
C)  the Internet is a way to distribute just about anything. 
D)  the cost of supplies to make candles is relatively cheap.

Question 3

It was recently reported that Japan succeeded in improving its people's standard of living and establishing a relatively affluent society. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

Accepted Answer

A) True 
 B)False

Question 4

Nairi is an information savvy, 20-something who is trying to select between two marketing job offers. She can either join a company that makes candles and other home scents, or she can join a company enhancing the LTE phone service. She is quite impressed that the home scent business is growing as the economy is starting to bounce back. She is also aware of

Accepted Answer

A)  declines in the telecommunications business now that new cell phone service companies are springing up everywhere. 
B)  a decline in the domestic hardware market due to older Americans losing interest in keeping up their living quarters. 
C)  an information-based global revolution that might make her career at a telecommunications company more lucrative in the long run. 
D)  an increase in the price of the actual cell phones must indicate that there is still a great demand for phones. 
A)  declines in the telecommunications business now that new cell phone service companies are springing up everywhere. 
B)  a decline in the domestic hardware market due to older Americans losing interest in keeping up their living quarters. 
C)  an information-based global revolution that might make her career at a telecommunications company more lucrative in the long run. 
D)  an increase in the price of the actual cell phones must indicate that there is still a great demand for phones.

Question 5

The main difference between B2C and B2B e-commerce is that B2C is only used online, while B2B combines e-commerce with traditional (bricks-and-mortar) outlets.

Accepted Answer

A) True 
 B)False

Question 6

The federal government requires companies to take diversity very seriously, even recommending establishing a chief diversity officer in the executive suite.

Accepted Answer

A) True 
 B)False

Question 7

Companies that sell goods to consumers online are engaging in ________ transactions.

Accepted Answer

A)  B2C 
B)  IOU 
C)  B2B 
D)  Y2K 
A)  B2C 
B)  IOU 
C)  B2B 
D)  Y2K

Question 8

NetKnowledge is an online company that provides support services for businesses that need help in setting up and maintaining their websites. NetKnowledge is an example of a company that is engaged in ________ e-commerce.

Accepted Answer

A)  B2C 
B)  N2Y 
C)  Y2K 
D)  B2B 
A)  B2C 
B)  N2Y 
C)  Y2K 
D)  B2B

Question 9

Zero defects means that there is a company goal of no mistakes in making products.

Accepted Answer

A) True 
 B)False

Question 10

Diversity management would not be an issue if firms would treat all of their employees the same.

Accepted Answer

A) True 
 B)False

Question 11

The rise of online marketing has become particularly important in doing business in the B2B markets.

Accepted Answer

A) True 
 B)False

Question 12

Sarah has started her own candy company. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Sarah is an example of an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 13

Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.

Accepted Answer

A) True 
 B)False

Question 14

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 15

Working as an entrepreneur is the only way to succeed in business.

Accepted Answer

A) True 
 B)False

Question 16

The standard of living for a nation's people depends mainly on:

Accepted Answer

A)  the quality of the natural environment. 
B)  how much political freedom they have. 
C)  their income and the prices of the goods and services they buy. 
D)  the amount of labor and capital available employed in the manufacturing sector. 
A)  the quality of the natural environment. 
B)  how much political freedom they have. 
C)  their income and the prices of the goods and services they buy. 
D)  the amount of labor and capital available employed in the manufacturing sector.

Question 17

Which of the following is an advantage of utilizing technology?

Accepted Answer

A)  Technology increases the cost of production. 
B)  Technology reduces the need for a marketing plan. 
C)  Productivity increases. 
D)  Management becomes isolated from the demands of stakeholders. 
A)  Technology increases the cost of production. 
B)  Technology reduces the need for a marketing plan. 
C)  Productivity increases. 
D)  Management becomes isolated from the demands of stakeholders.

Question 18

War and terrorism have had a significant effect in drawing many resources away from the U.S. economy and led to many additional costs for businesses.

Accepted Answer

A) True 
 B)False

Question 19

As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

Accepted Answer

A) True 
 B)False

Question 20

War and terrorism in many parts of the world should lead to

Accepted Answer

A)  a decrease in warring nations. 
B)  consumers spending more because they feel more patriotic. 
C)  an increase in prosperity and peace throughout the world. 
D)  consumer and economic hardship due to increased military spending. 
A)  a decrease in warring nations. 
B)  consumers spending more because they feel more patriotic. 
C)  an increase in prosperity and peace throughout the world. 
D)  consumer and economic hardship due to increased military spending.

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

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

It was recently reported that Japan succeeded in improving its people's standard of living and establishing a relatively affluent society. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

The main difference between B2C and B2B e-commerce is that B2C is only used online, while B2B combines e-commerce with traditional (bricks-and-mortar) outlets.

The federal government requires companies to take diversity very seriously, even recommending establishing a chief diversity officer in the executive suite.

Companies that sell goods to consumers online are engaging in ________ transactions.

NetKnowledge is an online company that provides support services for businesses that need help in setting up and maintaining their websites. NetKnowledge is an example of a company that is engaged in ________ e-commerce.

Zero defects means that there is a company goal of no mistakes in making products.

Diversity management would not be an issue if firms would treat all of their employees the same.

The rise of online marketing has become particularly important in doing business in the B2B markets.

Sarah has started her own candy company. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Sarah is an example of an entrepreneur.

Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.

Efficiency means:

Working as an entrepreneur is the only way to succeed in business.

The standard of living for a nation's people depends mainly on:

Which of the following is an advantage of utilizing technology?

War and terrorism have had a significant effect in drawing many resources away from the U.S. economy and led to many additional costs for businesses.

As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

War and terrorism in many parts of the world should lead to

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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