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

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

The business-to-business segment of e-commerce is of less importance than the business-to-consumer segment of e-commerce.

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.

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the:

Bruno and Gino are worthy competitors in the bakery business in a small upscale resort town. Gino recently negotiated a contract with a supplier for really cheap cooking oil. He knows that bakery customers want cheap products. In this competitive environment, keeping the price down is all that matters.

The United States has one of the highest standards of living in the world.

According to the box, "Gourmet Airport Eateries Take Flight," safety regulations have made it difficult for airport restaurants to operate. Because of this, all airport food is limited to cold sandwiches and reheated entrees. This makes an airport restaurant an unprofitable business venture.

Last year, Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million. Based on this information, Adventure reported:

___________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

Lucy owns a restaurant in Los Angeles. She heard on the radio 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 L.A.

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:

What is demography? Identify several demographic trends in the United States and discuss how they will impact U.S. businesses.

The immigrant population (both legal and illegal) is having a dramatic effect on:

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.

The U.S. population tends to buy the same things and spend time in roughly the same way as people did a decade ago.

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

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

In order to make an intelligent investment decision, entrepreneurs should:

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.