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

Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.

For-profit businesses and nonprofit organizations are similar in that they both:

In countries where businesses are government owned:

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of life.

The primary focus of successful firms is designing and producing high quality goods. Advertising is then used to convince consumers to buy their superior products.

Laws that allow companies to write enforceable contracts decrease the risk of doing business.

In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.

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

The business environment refers to the surrounding factors that either help or hinder the development of businesses.

Describe how businesses can use technology to be more responsive to customers.

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

Businesses favor:

One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.

Efficiency in distribution systems around the world has led to:

The growth of Hispanic owned businesses:

Leanne owns a nursery. The trucks, handcarts, and forklift she purchased for the business are called __________ investments.

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

St. Claire Hospital is considering a program that would allow some of its workers to use flextime. One group of workers who would probably benefit from flextime is:

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?