Question 1

One characteristic of all not-for-profit organizations is that they do not earn any revenue.

Accepted Answer

A) True 
 B)False

Question 2

Which statement represents how consumers and workers react to socially responsible behaviour by business?

Accepted Answer

A) A large majority of both consumers and workers tend to respond favourably to socially responsible business behaviour. 
B) Workers tend to respond favourably to socially responsible behaviour, but consumers tend to ignore the benefits of such behaviour. 
C) Most workers and consumers base decisions on monetary considerations and largely ignore issues dealing with socially responsible behaviour. 
D) The purchasing decisions of most consumers are influenced by socially responsible behaviour, but most workers have no interest in whether their employer is socially responsible. 
A) A large majority of both consumers and workers tend to respond favourably to socially responsible business behaviour. 
B) Workers tend to respond favourably to socially responsible behaviour, but consumers tend to ignore the benefits of such behaviour. 
C) Most workers and consumers base decisions on monetary considerations and largely ignore issues dealing with socially responsible behaviour. 
D) The purchasing decisions of most consumers are influenced by socially responsible behaviour, but most workers have no interest in whether their employer is socially responsible.

Question 3

Not-for-profit organizations do not play a critical role in economic development.

Accepted Answer

A) True 
 B)False

Question 4

Businesses focus on consumer needs and long-term profitability.

Accepted Answer

A) True 
 B)False

Question 5

A not-for-profit organization's primary goal is to improve the quality of life in society.

Accepted Answer

A) True 
 B)False

Question 6

A core goal for successful businesses is to deliver value to customers while generating long-term profits.

Accepted Answer

A) True 
 B)False

Question 7

People who risk their time,money,and other resources to start and manage a business are called entrepreneurs.How do entrepreneurs contribute to the community they serve?

Accepted Answer

Interestingly,as entrepreneurs create we

Question 8

"Natural resources" includes which of the following?

Accepted Answer

A) activities such as printing money, building offices, and creating wealth 
B) all people working in the business to create value 
C) only the mineral deposits used by a business to make products 
D) all inputs offering value in their natural state, such as land, fresh water, wind, and mineral deposits 
A) activities such as printing money, building offices, and creating wealth 
B) all people working in the business to create value 
C) only the mineral deposits used by a business to make products 
D) all inputs offering value in their natural state, such as land, fresh water, wind, and mineral deposits

Question 9

Factors of production are the resources a business needs to achieve its objectives.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is a key feature of an organization that adopts the marketing concept?

Accepted Answer

A) Executive management and the board of directors focus mainly on the financial aspects of the company's operations. 
B) The goal of the organization is to maximize market share by keeping prices as low as possible. 
C) Departments throughout the organization adopt a customer orientation. 
D) The marketing department is seen as the only department capable of creating lasting value. 
A) Executive management and the board of directors focus mainly on the financial aspects of the company's operations. 
B) The goal of the organization is to maximize market share by keeping prices as low as possible. 
C) Departments throughout the organization adopt a customer orientation. 
D) The marketing department is seen as the only department capable of creating lasting value.

Question 11

As products flooded the market after World War II,how did firms respond?

Accepted Answer

A) by focusing on a low-cost strategy 
B) by cultivating their customers 
C) by branding their products to create distinctive identities 
D) by adopting a bleeding-edge approach to the introduction of products in an attempt to be first to market 
A) by focusing on a low-cost strategy 
B) by cultivating their customers 
C) by branding their products to create distinctive identities 
D) by adopting a bleeding-edge approach to the introduction of products in an attempt to be first to market

Question 12

Children's Campground is a summer program for school-age children.It advertises that there is one counsellor for every four children and that several other highly trained professionals are on staff.Its advertisements indicate that Children's Campground relies heavily on what factor of production?

Accepted Answer

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

Question 13

Your college has contracted with a construction company to build a new bookstore; in doing so the contractor will use heavy machinery and equipment.How are these items classified?

Accepted Answer

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

Question 14

What are not-for-profit organizations commonly known for supporting?

Accepted Answer

A) politicians 
B) community service 
C) companies 
D) sports teams 
A) politicians 
B) community service 
C) companies 
D) sports teams

Question 15

What was a major reason for the surge in production efficiency during the Industrial Revolution?

Accepted Answer

A) There was a switch from an economy that produced mostly goods to an economy that produced mainly services. 
B) Workers in this era began to take more pride and increased ownership in their ability to produce quality goods and services. 
C) Technological advances gave rise to the mass production of goods in huge factories. 
D) Major new sources of natural resources such as coal, iron, and petroleum were discovered. 
A) There was a switch from an economy that produced mostly goods to an economy that produced mainly services. 
B) Workers in this era began to take more pride and increased ownership in their ability to produce quality goods and services. 
C) Technological advances gave rise to the mass production of goods in huge factories. 
D) Major new sources of natural resources such as coal, iron, and petroleum were discovered.

Question 16

Human resources include the physical,intellectual,and creative contributions of people in an economy.

Accepted Answer

A) True 
 B)False

Question 17

Businesses raise the standard of living through the payment of taxes,which can be used by the government to pay for socially desirable projects.

Accepted Answer

A) True 
 B)False

Question 18

The four factors of production are natural resources,capital,money,and entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 19

Henry Ford's focus on producing a consistent and quality product represented a shift from the production era to the relationship era.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following statements is most consistent with the marketing concept?

Accepted Answer

A) Consumers always care more about price than about quality. The goal of business is to market to as many customers as possible. 
B) Controlling the market for natural resources can give a firm a huge competitive advantage. 
C) All aspects of a business organization should focus on the needs of the customer. 
D) The primary purpose of a business is to dominate its market. 
A) Consumers always care more about price than about quality. The goal of business is to market to as many customers as possible. 
B) Controlling the market for natural resources can give a firm a huge competitive advantage. 
C) All aspects of a business organization should focus on the needs of the customer. 
D) The primary purpose of a business is to dominate its market.

Exam 1: Business Now: Change Is the Only Constant

One characteristic of all not-for-profit organizations is that they do not earn any revenue.

Which statement represents how consumers and workers react to socially responsible behaviour by business?

Not-for-profit organizations do not play a critical role in economic development.

Businesses focus on consumer needs and long-term profitability.

A not-for-profit organization's primary goal is to improve the quality of life in society.

A core goal for successful businesses is to deliver value to customers while generating long-term profits.

People who risk their time,money,and other resources to start and manage a business are called entrepreneurs.How do entrepreneurs contribute to the community they serve?

"Natural resources" includes which of the following?

Factors of production are the resources a business needs to achieve its objectives.

Which of the following is a key feature of an organization that adopts the marketing concept?

As products flooded the market after World War II,how did firms respond?

Children's Campground is a summer program for school-age children.It advertises that there is one counsellor for every four children and that several other highly trained professionals are on staff.Its advertisements indicate that Children's Campground relies heavily on what factor of production?

Your college has contracted with a construction company to build a new bookstore; in doing so the contractor will use heavy machinery and equipment.How are these items classified?

What are not-for-profit organizations commonly known for supporting?

What was a major reason for the surge in production efficiency during the Industrial Revolution?

Human resources include the physical,intellectual,and creative contributions of people in an economy.

Businesses raise the standard of living through the payment of taxes,which can be used by the government to pay for socially desirable projects.

The four factors of production are natural resources,capital,money,and entrepreneurship.

Henry Ford's focus on producing a consistent and quality product represented a shift from the production era to the relationship era.

Which of the following statements is most consistent with the marketing concept?

Business Communication: Creating and Delivering Messages That Matter

Business Ethics and Social Responsibility: Doing Well by Doing Good

Economics: the Framework for Business

Business Formation: Choosing the Form That Fits

Small Business and Entrepreneurship: Economic Rocket Fuel

Accounting: Decision Making by the Numbers

Finance: Acquiring and Using Funds to Maximize Value

Securities Markets : Trading Financial Resources

Marketing: Building Profitable Customer Connections

Part 1: Product and Promotion: Creating and Communicating Value

Part 2: Product and Promotion: Creating and Communicating Value

Distribution and Pricing: Right Product, right Person, right Place, right Price

Management, motivation, and Leadership: Bringing Business to Life

Human Resource Management: Building a Top-Quality Workforce

Managing Information and Technology: Finding New Ways to Learn and Link

Operations Management: Putting It All Together

The World Marketplace: Business Without Borders

Labour-Management Relations

Business Law

Personal Finance

Filters