Question 1

Which of the statements about demography is most accurate? Demographic studies:

Accepted Answer

A)  focus on factors that have great political relevance, but little relevance to business firms. 
B)  suggest that the number of single-parent families will decline in the future. 
C)  provide businesses and individuals with insights into business and career opportunities for the future. 
D)  are an important source of information about changes in health patterns. 
A)  focus on factors that have great political relevance, but little relevance to business firms. 
B)  suggest that the number of single-parent families will decline in the future. 
C)  provide businesses and individuals with insights into business and career opportunities for the future. 
D)  are an important source of information about changes in health patterns.

Question 2

Preferred Pet Care, Inc., a mobile veterinary care company is planning for the future. As a business student who has studied social trends, which of the following statements reflects the need for Preferred Pet Care's service in the future?

Accepted Answer

A)  Mobile pet care will not be needed because the majority of people are working which means that nobody is home. 
B)  People will always prefer to take their pets to the veterinary clinic. 
C)  The aging population will be a sizeable market for this firm. 
D)  People who would require this service would be higher income individuals. Retired people would not be a market for this firm because they do not have money to care for pets. 
A)  Mobile pet care will not be needed because the majority of people are working which means that nobody is home. 
B)  People will always prefer to take their pets to the veterinary clinic. 
C)  The aging population will be a sizeable market for this firm. 
D)  People who would require this service would be higher income individuals. Retired people would not be a market for this firm because they do not have money to care for pets.

Question 3

In today's competitive environment, good value means:

Accepted Answer

A)  making products with zero defects. 
B)  superior quality that translates into durable products 
C)  offering the latest trends without seeming like you are over the top. 
D)  providing quality products and services at competitive prices. 
A)  making products with zero defects. 
B)  superior quality that translates into durable products 
C)  offering the latest trends without seeming like you are over the top. 
D)  providing quality products and services at competitive prices.

Question 4

Nicki has joined with several other investors to form a new company that sells foot care products to consumers over the Internet. Nicki has invested in a B2C e-commerce company.

Accepted Answer

A) True 
 B)False

Question 5

Technology can help businesses become more efficient and productive.

Accepted Answer

A) True 
 B)False

Question 6

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe.
Producers in countries like China and India have become major U.S. competitors. For example, Lenovo, a Chinese firm, recently bought IBM's PC unit.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A)  nominal income. 
B)  consumer price index. 
C)  profit margin. 
D)  standard of living. 
A)  nominal income. 
B)  consumer price index. 
C)  profit margin. 
D)  standard of living.

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Accepted Answer

A) True 
 B)False

Question 11

There is evidence that the recession is coming to an end for Intelligent Engine Company. New orders are coming in at a steady pace, and management is confident that new contracts will take them through the next couple of years. The company has started investing again, but not in people. Employees total the same as when the company and its competitors faced their lowest revenues of the decade. Due to __________________ , the company is producing more product and services with less people.

Accepted Answer

A)  the lack of skilled labor 
B)  new competition 
C)  social changes 
D)  technological advancement 
A)  the lack of skilled labor 
B)  new competition 
C)  social changes 
D)  technological advancement

Question 12

It was reported by a Beijing newspaper that China succeeded in improving its people's standard of living and establishing a relatively affluent society recently. 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 13

During the past 150 years, the U.S. has evolved from:

Accepted Answer

A)  an agrarian economy to an information technology economy. 
B)  a business to business economy to a business to consumer economy. 
C)  an agrarian economy to a manufacturing economy to a service oriented economy. 
D)  a manufacturing economy to a service economy, to a cottage economy, and now we are trending back to an agrarian economy. 
A)  an agrarian economy to an information technology economy. 
B)  a business to business economy to a business to consumer economy. 
C)  an agrarian economy to a manufacturing economy to a service oriented economy. 
D)  a manufacturing economy to a service economy, to a cottage economy, and now we are trending back to an agrarian economy.

Question 14

If a business's costs and expenses are greater than its revenue, it will suffer a loss.

Accepted Answer

A) True 
 B)False

Question 15

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The statement that best describes this difference is:

Accepted Answer

A)  people with disabilities, people with different sexual orientations, religious preferences, and even personality differences such as extroverts and introverts. 
B)  gender roles. 
C)  surface level things such as green eyes versus brown eyes. 
D)  racial differences and gender differences. 
A)  people with disabilities, people with different sexual orientations, religious preferences, and even personality differences such as extroverts and introverts. 
B)  gender roles. 
C)  surface level things such as green eyes versus brown eyes. 
D)  racial differences and gender differences.

Question 16

Which of the following government policies would be least likely to encourage entrepreneurship?

Accepted Answer

A)  Passage of laws that enable businesspeople to write enforceable contracts. 
B)  Establishment of a currency that is tradable in world markets. 
C)  Establishment of strict regulations specifying exactly how products should be made to ensure safety and affordability. 
D)  Passage of laws that eliminate corruption in government and business. 
A)  Passage of laws that enable businesspeople to write enforceable contracts. 
B)  Establishment of a currency that is tradable in world markets. 
C)  Establishment of strict regulations specifying exactly how products should be made to ensure safety and affordability. 
D)  Passage of laws that eliminate corruption in government and business.

Question 17

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

Accepted Answer

For most of our nation's history, the ag

Question 18

An electronic storage file where information is kept is called a CPU.

Accepted Answer

A) True 
 B)False

Question 19

Technology refers to everything that makes business operations more effective, efficient, and productive.

Accepted Answer

A) True 
 B)False

Question 20

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.

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

Which of the statements about demography is most accurate? Demographic studies:

Preferred Pet Care, Inc., a mobile veterinary care company is planning for the future. As a business student who has studied social trends, which of the following statements reflects the need for Preferred Pet Care's service in the future?

In today's competitive environment, good value means:

Nicki has joined with several other investors to form a new company that sells foot care products to consumers over the Internet. Nicki has invested in a B2C e-commerce company.

Technology can help businesses become more efficient and productive.

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe. Producers in countries like China and India have become major U.S. competitors. For example, Lenovo, a Chinese firm, recently bought IBM's PC unit.

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

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

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

The growth in the service sector in the United States appears to be giving way to an information-based global era.

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

During the past 150 years, the U.S. has evolved from:

If a business's costs and expenses are greater than its revenue, it will suffer a loss.

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The statement that best describes this difference is:

Which of the following government policies would be least likely to encourage entrepreneurship?

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

An electronic storage file where information is kept is called a CPU.

Technology refers to everything that makes business operations more effective, efficient, and productive.

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 Union and 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

Managing the Marketing Mix: Product, Price, Place and Promotion

Extension: Working Within the Legal Environment

Extension: Using Technology to Manage Information

Extension: Managing Risk

Extension: Managing Personal Finances

Filters