Question 1

Which of the following best describes recent job growth in the service sector?

Accepted Answer

A)  The service sector has generated almost all new jobs in the American economy since the mid 1980s,but the rate of job growth in services has slowed in recent years. 
B)  Jobs in the service sector have increased slowly over the past decade,but most new jobs are created in the manufacturing industries. 
C)  Employment in the service sector has declined in recent years,and this decline is expected to continue. 
D)  There has been little change in the number of jobs in the service sector in recent years,however employment is expected to increase rapidly. 
A)  The service sector has generated almost all new jobs in the American economy since the mid 1980s,but the rate of job growth in services has slowed in recent years. 
B)  Jobs in the service sector have increased slowly over the past decade,but most new jobs are created in the manufacturing industries. 
C)  Employment in the service sector has declined in recent years,and this decline is expected to continue. 
D)  There has been little change in the number of jobs in the service sector in recent years,however employment is expected to increase rapidly.

Question 2

One advantage of a database is:

Accepted Answer

A)  it permits a retail store to directly gather information on the customers who do business with its competitors,so it can target promotional materials to those people. 
B)  it creates efficiency in that the store can quickly replenish items that are purchased. 
C)  it prevents identity theft. 
D)  it prevents stores from exchanging customer information with each other. 
A)  it permits a retail store to directly gather information on the customers who do business with its competitors,so it can target promotional materials to those people. 
B)  it creates efficiency in that the store can quickly replenish items that are purchased. 
C)  it prevents identity theft. 
D)  it prevents stores from exchanging customer information with each other.

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

When businesses sell to other businesses over the Internet,these transactions are known as:

Accepted Answer

A)  B2C transactions. 
B)  e-wholesale transactions. 
C)  B2B transactions. 
D)  intermediate e-commerce transactions. 
A)  B2C transactions. 
B)  e-wholesale transactions. 
C)  B2B transactions. 
D)  intermediate e-commerce transactions.

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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 7

New welfare rules have made it easier for single parents to remain at home with their young children without being required to seek employment.

Accepted Answer

A) True 
 B)False

Question 8

Traditional businesses have a managerial focus rather than a customer focus.

Accepted Answer

A) True 
 B)False

Question 9

Often in business the greater the risk,the ___________.

Accepted Answer

A)  greater the potential reward 
B)  lower the expected revenues 
C)  lower the value provided to society 
D)  greater the number of stakeholders 
A)  greater the potential reward 
B)  lower the expected revenues 
C)  lower the value provided to society 
D)  greater the number of stakeholders

Question 10

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 11

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites.Ntercon is an example of a company that is engaged in:

Accepted Answer

A)  B2C e-commerce. 
B)  N2Y e-commerce. 
C)  Y2K e-commerce. 
D)  B2B e-commerce. 
A)  B2C e-commerce. 
B)  N2Y e-commerce. 
C)  Y2K e-commerce. 
D)  B2B e-commerce.

Question 12

An important environmental change in the global environment is the growth of international competition.

Accepted Answer

A) True 
 B)False

Question 13

Mark recently graduated with honors from his college.He has bragged to his friends that his academic performance has prepared him so well for a successful career that he can forget school or training in his future.In evaluating the future of the workplace,Mark is:

Accepted Answer

A)  exactly right.His past performance should carry him to success. 
B)  completely wrong.Studies show that a college education has little to do with success. 
C)  over confident.Global competition means that continuous learning will be needed in the future to adapt to rapid changes. 
D)  probably right.Specialized training today is a key to continued success in the future. 
A)  exactly right.His past performance should carry him to success. 
B)  completely wrong.Studies show that a college education has little to do with success. 
C)  over confident.Global competition means that continuous learning will be needed in the future to adapt to rapid changes. 
D)  probably right.Specialized training today is a key to continued success in the future.

Question 14

Which of the following best describes the main difference between B2B and B2C transactions? B2B transactions:

Accepted Answer

A)  involve transactions where the buyers and sellers are both businesses,while B2C involves transactions between businesses and consumers. 
B)  focus on financial transactions while B2C e-commerce focuses on the sale of manufactured goods. 
C)  refer to business between nonprofit organizations while B2C e-commerce is carried out by business firms seeking to earn a profit. 
D)  involve sales in foreign markets while B2C e-commerce is restricted to domestic markets. 
A)  involve transactions where the buyers and sellers are both businesses,while B2C involves transactions between businesses and consumers. 
B)  focus on financial transactions while B2C e-commerce focuses on the sale of manufactured goods. 
C)  refer to business between nonprofit organizations while B2C e-commerce is carried out by business firms seeking to earn a profit. 
D)  involve sales in foreign markets while B2C e-commerce is restricted to domestic markets.

Question 15

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

Accepted Answer

A)  profit 
B)  revenue 
C)  loss 
D)  retained earnings 
A)  profit 
B)  revenue 
C)  loss 
D)  retained earnings

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

Brett runs a lawn care service.Although he and his employees could service eight households in one day,he averages six yards per crewmember,per day.Brett recently restructured his work crew and provided each cutter with an incentive to acquire two new customers each month through customer referrals.As a recent business graduate,you tell him he's probably on the right track.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

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

Which of the following best describes recent job growth in the service sector?

One advantage of a database is:

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

When businesses sell to other businesses over the Internet,these transactions are known as:

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

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.

New welfare rules have made it easier for single parents to remain at home with their young children without being required to seek employment.

Traditional businesses have a managerial focus rather than a customer focus.

Often in business the greater the risk,the ___________.

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

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites.Ntercon is an example of a company that is engaged in:

An important environmental change in the global environment is the growth of international competition.

Mark recently graduated with honors from his college.He has bragged to his friends that his academic performance has prepared him so well for a successful career that he can forget school or training in his future.In evaluating the future of the workplace,Mark is:

Which of the following best describes the main difference between B2B and B2C transactions? B2B transactions:

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

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

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

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

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

Understanding How Economics 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

Adapting Organizations to Todays Markets

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employee-Management Issues and Relationships

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 A: Using Technology to Manage Information

Appendix B: Managing Risk

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