Exam 1: Business Now: Change Is the Only Constant

Leading-edge companies have focused on customer satisfaction, with a goal to develop long-term, mutually beneficial relationships with customers. Which of the following dimensions of a business environment does this illustrate?

Which of the following is an example of a nonprofit organization?

Which of the following dimensions of a business environment embodies the values, attitudes, customs, and beliefs shared by groups of people?

In the context of the history of American business, which of the following statements is true of the industrial revolution?

In the context of factors of production, which of the following is a natural resource?

In the context of the history of American business, during the _____, businesses began to develop distinctive identities to help customers understand the differences among various products.

Melina and Carl want to start an event management company that would provide local artists with a platform to showcase their talent and gain an audience. Melina and Carl are willing to invest their own resources in this project. In the context of factors of production, the given scenario exemplifies the concept of _____.

High taxation, excess regulation, and limited choices in a business environment are likely to result in:

Pride of Peers is a bakery chain that specializes in preparing homemade confectionaries. The company donates most of its earnings to rehabilitation centers for war victims and keeps just enough to buy raw materials. The primary goal of the company is to contribute to the rehabilitation of war victims. In this scenario, Pride of Peers would most likely be classified as a _____.

Speed-to-market is the rate at which a company's competitors copy its product innovations.

Judith plans to start a prosthetic company to help physically challenged people avail prosthetics at affordable prices. She researches and develops a cost-effective way of crafting durable prosthetics. In the context of factors of production, the given scenario exemplifies the concept of _____.

In the context of the history of American business, during the _____, jobs became more specialized, increasing productivity and lowering costs and prices.

Gormath Inc., a shoe manufacturing company, employs 750 workers to create handcrafted shoes. In the context of factors of production, the employees of Gormath Inc. can be classified as _____.

In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the _____.

Temont Esson, a pharmaceutical company, saw a drastic increase in its sales in 2016 when compared to 2015. A survey showed that the growing percentage of the elderly was directly responsible for improving the company's sales. Identify the dimension of the social environment that this scenario exemplifies.

Which of the following statements is true of profit in a business?

When a business brings in less money than it needs to cover expenses, it incurs a__________.