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

Describe what we mean by greening and thinking green. List five ways that people and businesses are participating in the green movement. List business opportunities that may emerge from this movement.

Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.

A New York Times article about Bernie Madoff and his illegal Ponzi scheme stated, "When money goes global, fraud does too." Although the goal of investors who trusted Madoff's investment company was to earn the highest return possible on their investments, they turned a blind eye toward the fact that some of those returns were too good to be true. Individual investors, companies, and even charities lost large sums of money by investing with Madoff's company. Which of the following statements relates to this story?

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Employers provide tools and technology for their employees in order to:

Businesses provide goods, jobs, and services to others.

Greening refers to

Almost all of the growth in employment opportunities since the mid-1980s has been generated by the service sector.

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

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

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation? 

Land, sometimes called a natural resource, is the most critical factor of production in explaining why some countries are poor while others are rich. 

Last year, Archer Electronics reported revenues of $34 million while its total expenses were $10 million. Based on this information, Archer reported

Customer-driven organizations require managers to closely direct and control their employees.

One way for a government to actively promote entrepreneurship is to establish a currency that's tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.

In order to compete well and gain market share, contemporary businesses are changing to be more

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

Efforts are under way to serve the needs of a diverse population. Diversity means:

In today's competitive environment, good value means:

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.