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

Honesty,integrity,and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

Technology helped the manufacturing industry to become more productive.

Technology affects people in:

According to the Connecting with Small Business box,Marie Gelin's idea has been successful because she:

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

The only real purpose of a business is to make money for entrepreneurs.

Working as an entrepreneur is the only way to succeed in business.

Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.

Historically jobs lost in one sector of the economy have been replaced by increased employment opportunities in other sectors.

Technological innovation has a ripple effect.With the advent of the Internet,Tyler Hanley,a certified tech-nerd,is being courted by companies to write the next generation of antivirus software.He tells us its big business!

Effectiveness means producing goods and services using the least amount of resources.

Companies have responded to a diverse customer base by hiring a more diverse workforce.

Mini-Case Sergio Gonzales is employed by Bigbux National Bank,one of the largest banks in the Midwest.He is a loan officer,specializing in home equity loans.Tio Raul,Sergio's favorite (and wealthiest)uncle,passed away last month and left Sergio a sizable amount of money.Sergio is looking at the best way to invest his newly acquired wealth.He is considering many options,ranging from simply putting the money into a savings account to the possibility of starting his own business.Although his bank job pays well and offers pleasant working conditions,Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor.Besides,he's a bit bored and looking for a challenge.He thinks he might get a lot of satisfaction from owning his own business.Sergio has not made a definite decision yet,but has talked to a lot of people searching for a good idea for a new business.If he can come up with an idea he likes,he might just quit his current job and use his inheritance to go into business for himself! -Sergio's frustration with his lack of freedom and flexibility at work indicates that Bigbux:

The statistical study of the human population to describe its size,age,gender,and income is known as diversity recognition.

The failure to uphold high ethical business standards by a few companies can negatively impact the entire U.S.business community.

E-commerce is the buying and selling of goods over the Internet.

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

Certain industries of the U.S.economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment.Which of the following best explains this job loss?

Contemporary governments promote business development by:

The B2B Internet market consists of selling goods and services to consumers.