Question 1

Which of the following is the best example of capital as a factor of production?

Accepted Answer

A) a tractor 
B) sunlight 
C) corporate bonds 
D) cash 
A) a tractor 
B) sunlight 
C) corporate bonds 
D) cash

Question 2

Following your passion in making a career choice is foolishness not supported by the broader business environment.

Accepted Answer

A) True 
 B)False

Question 3

With technological developments changing businesses byte by byte,many traditional career choices have become dead ends.What skills and attributes do you have that could provide you with both personal and financial opportunities?

Accepted Answer

Student answers will vary grea

Question 4

What is a business and how does it survive and maintain a profit?

Accepted Answer

A business is an organization that provi

Question 5

What will companies have to do as aging baby boomers retire?

Accepted Answer

A) compete for top talent, driving up the costs of recruitment and payroll 
B) rely mainly on unskilled labour in the future, spurring companies to go offshore for cheap labour 
C) face few problems finding labour, because the next generation of workers is larger than the generation that is retiring 
D) take advantage of the retirements by replacing them with workers earning lower wages and salaries, thus reducing labour costs 
A) compete for top talent, driving up the costs of recruitment and payroll 
B) rely mainly on unskilled labour in the future, spurring companies to go offshore for cheap labour 
C) face few problems finding labour, because the next generation of workers is larger than the generation that is retiring 
D) take advantage of the retirements by replacing them with workers earning lower wages and salaries, thus reducing labour costs

Question 6

Challenges in managing human resources have evolved due to changing demographics affecting the workforce.Describe how demographic changes such as diversity,the aging population,worker expectations,ethics,and social responsibility affect the management of human resources.

Accepted Answer

Canada has become more ethnically divers

Question 7

Speedy Car Imports has a primary goal to recruit employees within its own community first because it is the responsibility of business to increase profits.

Accepted Answer

A) True 
 B)False

Question 8

Not-for-profit organizations are measured by different standards than are for-profit businesses.Who is responsible for regulating these organizations?

Accepted Answer

A) their customers 
B) their vendors 
C) their suppliers 
D) the government 
A) their customers 
B) their vendors 
C) their suppliers 
D) the government

Question 9

A firm will experience a loss when its revenue is less than its expenses.

Accepted Answer

A) True 
 B)False

Question 10

A major goal of the World Trade Organization (WTO)is to continue the success of GATT by continuing to promote a worldwide movement toward free trade.

Accepted Answer

A) True 
 B)False

Question 11

Successful businesses embrace change and take reasonable risks.

Accepted Answer

A) True 
 B)False

Question 12

Explain the differences between a for-profit organization and a not-for-profit organization.

Accepted Answer

All businesses are regulated by the gove

Question 13

Capital,as a factor of production,includes machines,tools,buildings,information,and technology.

Accepted Answer

A) True 
 B)False

Question 14

Buckeye's Bowling Alley has recently decided to develop a franchise venture overseas.What concept would Buckeye's use in creating a distinctive business for the global market?

Accepted Answer

A) entrepreneurial concept 
B) relationship concept 
C) production concept 
D) marketing concept 
A) entrepreneurial concept 
B) relationship concept 
C) production concept 
D) marketing concept

Question 15

Natural resources are created by people as a factor of production and include agricultural products.

Accepted Answer

A) True 
 B)False

Question 16

Compare and contrast the relationship era and the entrepreneurship era.

Accepted Answer

Relationship era
From the text: Building

Question 17

Producers today deliver better goods more quickly and cheaply than ever before.

Accepted Answer

A) True 
 B)False

Question 18

Entrepreneurs participate in which of the following business environments?

Accepted Answer

A) capital, economic, and competitive environments 
B) competitive, economic, and social environments 
C) economic, competitive, technological, social, and global environments 
D) human resources, competitive, and social environments 
A) capital, economic, and competitive environments 
B) competitive, economic, and social environments 
C) economic, competitive, technological, social, and global environments 
D) human resources, competitive, and social environments

Question 19

Companies use capital to produce goods and services.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following was introduced in the marketing era?

Accepted Answer

A) the marketing concept 
B) the marketing strategy 
C) the marketing approach 
D) the 4 P's of marketing 
A) the marketing concept 
B) the marketing strategy 
C) the marketing approach 
D) the 4 P's of marketing

Exam 1: Business Now: Change Is the Only Constant

Which of the following is the best example of capital as a factor of production?

Following your passion in making a career choice is foolishness not supported by the broader business environment.

With technological developments changing businesses byte by byte,many traditional career choices have become dead ends.What skills and attributes do you have that could provide you with both personal and financial opportunities?

What is a business and how does it survive and maintain a profit?

What will companies have to do as aging baby boomers retire?

Challenges in managing human resources have evolved due to changing demographics affecting the workforce.Describe how demographic changes such as diversity,the aging population,worker expectations,ethics,and social responsibility affect the management of human resources.

Speedy Car Imports has a primary goal to recruit employees within its own community first because it is the responsibility of business to increase profits.

Not-for-profit organizations are measured by different standards than are for-profit businesses.Who is responsible for regulating these organizations?

A firm will experience a loss when its revenue is less than its expenses.

A major goal of the World Trade Organization (WTO)is to continue the success of GATT by continuing to promote a worldwide movement toward free trade.

Successful businesses embrace change and take reasonable risks.

Explain the differences between a for-profit organization and a not-for-profit organization.

Capital,as a factor of production,includes machines,tools,buildings,information,and technology.

Buckeye's Bowling Alley has recently decided to develop a franchise venture overseas.What concept would Buckeye's use in creating a distinctive business for the global market?

Natural resources are created by people as a factor of production and include agricultural products.

Compare and contrast the relationship era and the entrepreneurship era.

Producers today deliver better goods more quickly and cheaply than ever before.

Entrepreneurs participate in which of the following business environments?

Companies use capital to produce goods and services.

Which of the following was introduced in the marketing era?

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

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