Question 1

Although the number of college-educated workers has doubled in the last 20 years,the demand for workers is still greater than the supply.

Accepted Answer

A) True 
 B)False

Question 2

Private property is considered the most important right in the private enterprise system.

Accepted Answer

A) True 
 B)False

Question 3

In accounting terms,profits are ________.

Accepted Answer

A)  the difference between revenues and expenses 
B)  the difference between commissions earned and receipts 
C)  the difference between sales and expenses 
D)  the sum of sales and expenses 
A)  the difference between revenues and expenses 
B)  the difference between commissions earned and receipts 
C)  the difference between sales and expenses 
D)  the sum of sales and expenses

Question 4

All of the following are basic rights within a private enterprise system EXCEPT ________.

Accepted Answer

A)  private property 
B)  guaranteed profits 
C)  freedom of choice of investment 
D)  freedom of choice of employment 
A)  private property 
B)  guaranteed profits 
C)  freedom of choice of investment 
D)  freedom of choice of employment

Question 5

A strategic alliance is a partnership formed to create competitive advantage for the businesses involved.

Accepted Answer

A) True 
 B)False

Question 6

Information technology has been the key driver behind the relationship era.

Accepted Answer

A) True 
 B)False

Question 7

Citizens in a private enterprise system have the right to choose their employment,purchases,and investments,illustrating their right to ________.

Accepted Answer

A)  profit 
B)  credit 
C)  freedom of choice 
D)  private property 
A)  profit 
B)  credit 
C)  freedom of choice 
D)  private property

Question 8

Natural resources are essential for certain companies but are not required for all economic systems.

Accepted Answer

A) True 
 B)False

Question 9

The use of blogs as a link between companies and their customers is on the decline.

Accepted Answer

A) True 
 B)False

Question 10

Outsourcing ________.

Accepted Answer

A)  reduces the diversity of the workforce 
B)  can make a firm more competitive 
C)  increases staffing requirements 
D)  increases costs 
A)  reduces the diversity of the workforce 
B)  can make a firm more competitive 
C)  increases staffing requirements 
D)  increases costs

Question 11

The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

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 12

Donovan Corporation's sources of capital can include all of the following EXCEPT ________.

Accepted Answer

A)  investments from stockholders 
B)  reinvested profits 
C)  cash dividends declared by Donovan's board of directors and paid to the stockholders 
D)  investments from venture capitalists 
A)  investments from stockholders 
B)  reinvested profits 
C)  cash dividends declared by Donovan's board of directors and paid to the stockholders 
D)  investments from venture capitalists

Question 13

_____ refers to technology,tools,information,and physical facilities.

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 14

The production era preceded the age of industrial entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 15

Explain how business ethics differs from social responsibility.

Accepted Answer

Business ethics refers to st andards of

Question 16

A company that values employees as sources of ideas and innovation is utilizing its _________________.

Accepted Answer

A)  entrepreneurship 
B)  natural resources 
C)  capital 
D)  human resources 
A)  entrepreneurship 
B)  natural resources 
C)  capital 
D)  human resources

Question 17

Critical thinking is the ability to analyze and assess information to pinpoint problems and opportunities.

Accepted Answer

A) True 
 B)False

Question 18

Emily works for a pharmaceutical company and gives a presentation on the need to expand the company's geriatric division within the next ten years.Emily is helping to establish the company's ________.

Accepted Answer

A)  creativity 
B)  productivity 
C)  vision 
D)  critical thinking 
A)  creativity 
B)  productivity 
C)  vision 
D)  critical thinking

Question 19

When farmers rent land in order to increase crop production,they are acquiring capital.

Accepted Answer

A) True 
 B)False

Question 20

When Greenlawn Inc.finds itself losing contracts because Lo-Price Lawn Co.charges less money,Greenlawn responds by lowering its bids.This reaction demonstrates ________.

Accepted Answer

A)  the right to private property 
B)  the invisible hand of competition 
C)  collusion 
D)  social responsibility 
A)  the right to private property 
B)  the invisible hand of competition 
C)  collusion 
D)  social responsibility

Although the number of college-educated workers has doubled in the last 20 years,the demand for workers is still greater than the supply.

Private property is considered the most important right in the private enterprise system.

In accounting terms,profits are ________.

All of the following are basic rights within a private enterprise system EXCEPT ________.

A strategic alliance is a partnership formed to create competitive advantage for the businesses involved.

Information technology has been the key driver behind the relationship era.

Citizens in a private enterprise system have the right to choose their employment,purchases,and investments,illustrating their right to ________.

Natural resources are essential for certain companies but are not required for all economic systems.

The use of blogs as a link between companies and their customers is on the decline.

Outsourcing ________.

The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

Donovan Corporation's sources of capital can include all of the following EXCEPT ________.

_____ refers to technology,tools,information,and physical facilities.

The production era preceded the age of industrial entrepreneurs.

Explain how business ethics differs from social responsibility.

A company that values employees as sources of ideas and innovation is utilizing its _________________.

Critical thinking is the ability to analyze and assess information to pinpoint problems and opportunities.

Emily works for a pharmaceutical company and gives a presentation on the need to expand the company's geriatric division within the next ten years.Emily is helping to establish the company's ________.

When farmers rent land in order to increase crop production,they are acquiring capital.

When Greenlawn Inc.finds itself losing contracts because Lo-Price Lawn Co.charges less money,Greenlawn responds by lowering its bids.This reaction demonstrates ________.

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

Although the number of college-educated workers has doubled in the last 20 years,the demand for workers is still greater than the supply.

Private property is considered the most important right in the private enterprise system.

In accounting terms,profits are ________.

All of the following are basic rights within a private enterprise system EXCEPT ________.

A strategic alliance is a partnership formed to create competitive advantage for the businesses involved.

Information technology has been the key driver behind the relationship era.

Citizens in a private enterprise system have the right to choose their employment,purchases,and investments,illustrating their right to ________.

Natural resources are essential for certain companies but are not required for all economic systems.

The use of blogs as a link between companies and their customers is on the decline.

Outsourcing ________.

The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

Donovan Corporation's sources of capital can include all of the following EXCEPT ________.

_____ refers to technology,tools,information,and physical facilities.

The production era preceded the age of industrial entrepreneurs.

Explain how business ethics differs from social responsibility.

A company that values employees as sources of ideas and innovation is utilizing its _________________.

Critical thinking is the ability to analyze and assess information to pinpoint problems and opportunities.

Emily works for a pharmaceutical company and gives a presentation on the need to expand the company's geriatric division within the next ten years.Emily is helping to establish the company's ________.

When farmers rent land in order to increase crop production,they are acquiring capital.

When Greenlawn Inc.finds itself losing contracts because Lo-Price Lawn Co.charges less money,Greenlawn responds by lowering its bids.This reaction demonstrates ________.

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