Question 1

The current philosophy among managers today is best described as transaction management.

Accepted Answer

A) True 
 B)False  False

Question 2

Technology has revolutionized business communications.

Accepted Answer

A) True 
 B)False  True

Question 3

The most important factor for determining whether or not a company is admired is profitability.

Accepted Answer

A) True 
 B)False  False

Question 4

_____ is a collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.

Accepted Answer

A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) strategic alliance
F)capital
G)vision
H)factors of production
I)brand
J)relationship management
K)not-for-profit organizations
L)business ethics 
A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) strategic alliance
F)capital
G)vision
H)factors of production
I)brand
J)relationship management
K)not-for-profit organizations
L)business ethics

Question 5

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under ________.

Accepted Answer

A)  the private enterprise system 
B)  a social democracy 
C)  a monopoly 
D)  socialism 
A)  the private enterprise system 
B)  a social democracy 
C)  a monopoly 
D)  socialism

Question 6

The right to profit means the ________.

Accepted Answer

A)  risk taker is guaranteed the right to all profits (after taxes)that are earned by the business 
B)  right to go into or out of business at any point and for any reason 
C)  government will guarantee a profit 
D)  right to all benefits resulting from the ownership of property 
A)  risk taker is guaranteed the right to all profits (after taxes)that are earned by the business 
B)  right to go into or out of business at any point and for any reason 
C)  government will guarantee a profit 
D)  right to all benefits resulting from the ownership of property

Question 7

Critical thinking skills and creativity are essential qualities for today's managers.

Accepted Answer

A) True 
 B)False

Question 8

________ refers to standards of conduct and moral values of a firm.

Accepted Answer

A)  business ethics 
B)  social responsibility 
C)  a social audit 
D)  creativity 
A)  business ethics 
B)  social responsibility 
C)  a social audit 
D)  creativity

Question 9

Not-for-profit organizations are commonly exempt from federal,provincial,and local taxes.

Accepted Answer

A) True 
 B)False

Question 10

A(n)_____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.

Accepted Answer

A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) strategic alliance
F)capital
G)vision
H)factors of production
I)brand
J)relationship management
K)not-for-profit organizations
L)business ethics 
A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) strategic alliance
F)capital
G)vision
H)factors of production
I)brand
J)relationship management
K)not-for-profit organizations
L)business ethics

Question 11

The number of companies forming partnerships and strategic alliances has declined in recent years.

Accepted Answer

A) True 
 B)False

Question 12

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity.This company is practicing ________.

Accepted Answer

A)  business ethics 
B)  social responsibility 
C)  customer satisfaction 
D)  creativity 
A)  business ethics 
B)  social responsibility 
C)  customer satisfaction 
D)  creativity

Question 13

Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 14

Capital includes money,machines,tools,buildings,and human resources.

Accepted Answer

A) True 
 B)False

Question 15

When a business employs an outside company to handle all customer correspondence and phone calls,the business is ________ its customer service department.

Accepted Answer

A)  multitasking 
B)  shrinking 
C)  outsourcing 
D)  branding 
A)  multitasking 
B)  shrinking 
C)  outsourcing 
D)  branding

Question 16

In the Canadian economy,________ are considered the reward for the risk of entering business.

Accepted Answer

A)  revenues 
B)  profits 
C)  sales 
D)  generated income amounts 
A)  revenues 
B)  profits 
C)  sales 
D)  generated income amounts

Question 17

High-end technology,such as the Global Positioning Satellite System offered in some new cars,is considered a capital resource.

Accepted Answer

A) True 
 B)False

Question 18

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

Accepted Answer

A) True 
 B)False

Question 19

Just as with a for-profit business,the first priority for a not-for-profit organization is making a profit.

Accepted Answer

A) True 
 B)False

Question 20

List the four factors of production and the corresponding factor payments.

Accepted Answer

The four factors, and the fact

The current philosophy among managers today is best described as transaction management.

Technology has revolutionized business communications.

The most important factor for determining whether or not a company is admired is profitability.

_____ is a collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under ________.

The right to profit means the ________.

Critical thinking skills and creativity are essential qualities for today's managers.

________ refers to standards of conduct and moral values of a firm.

Not-for-profit organizations are commonly exempt from federal,provincial,and local taxes.

A(n)_____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.

The number of companies forming partnerships and strategic alliances has declined in recent years.

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity.This company is practicing ________.

Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.

Capital includes money,machines,tools,buildings,and human resources.

When a business employs an outside company to handle all customer correspondence and phone calls,the business is ________ its customer service department.

In the Canadian economy,________ are considered the reward for the risk of entering business.

High-end technology,such as the Global Positioning Satellite System offered in some new cars,is considered a capital resource.

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

Just as with a for-profit business,the first priority for a not-for-profit organization is making a profit.

List the four factors of production and the corresponding factor payments.

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: The Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

Exam 1: The Changing Face of Business

The current philosophy among managers today is best described as transaction management.

Technology has revolutionized business communications.

The most important factor for determining whether or not a company is admired is profitability.

_____ is a collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under ________.

The right to profit means the ________.

Critical thinking skills and creativity are essential qualities for today's managers.

________ refers to standards of conduct and moral values of a firm.

Not-for-profit organizations are commonly exempt from federal,provincial,and local taxes.

A(n)_____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.

The number of companies forming partnerships and strategic alliances has declined in recent years.

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity.This company is practicing ________.

Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.

Capital includes money,machines,tools,buildings,and human resources.

When a business employs an outside company to handle all customer correspondence and phone calls,the business is ________ its customer service department.

In the Canadian economy,________ are considered the reward for the risk of entering business.

High-end technology,such as the Global Positioning Satellite System offered in some new cars,is considered a capital resource.

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

Just as with a for-profit business,the first priority for a not-for-profit organization is making a profit.

List the four factors of production and the corresponding factor payments.

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: The Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters