Question 1

An operations manager is most likely to be responsible for ________.

Accepted Answer

A)  developing relationships with potential customers 
B)  using social media to interact with customers 
C)  helping to promote products to retailers 
D)  creating branding and advertising strategies 
E)  arranging to buy the necessary materials for manufacturing 
A)  developing relationships with potential customers 
B)  using social media to interact with customers 
C)  helping to promote products to retailers 
D)  creating branding and advertising strategies 
E)  arranging to buy the necessary materials for manufacturing E

Question 2

The ________ function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products.

Accepted Answer

A)  finance 
B)  logistics 
C)  human resource 
D)  purchasing 
E)  sales 
A)  finance 
B)  logistics 
C)  human resource 
D)  purchasing 
E)  sales B

Question 3

Explain the concept of adding value to satisfy customers and provide an example.

Accepted Answer

Each company in the chain of producing a product enhances its value in some way before it is offered to the final customer.For example,a wheat farm converts soil,seed,and time to wheat.The flour mill then converts that wheat to flour.The bakery converts that flour to bread.The grocery store makes the bread easier for the consumer to purchase.The consumer benefits from the value added at every stage.

Question 4

The conditions and forces that affect the cost and availability of goods,services and labor,and shape the behavior of buyers and sellers are BEST described as the ________ environment.

Accepted Answer

A)  market 
B)  regulatory 
C)  legal 
D)  economic 
E)  social 
A)  market 
B)  regulatory 
C)  legal 
D)  economic 
E)  social

Question 5

Profit refers to the money the company brings in through the sale of goods and services.

Accepted Answer

A) True 
 B)False

Question 6

The advent of ________ has put buyers and sellers on much more equal footing.

Accepted Answer

A)  cloud computing 
B)  B2B marketing 
C)  adaptive technology 
D)  social media 
E)  pop-up advertising 
A)  cloud computing 
B)  B2B marketing 
C)  adaptive technology 
D)  social media 
E)  pop-up advertising

Question 7

In general,accounting managers are responsible for planning,while financial managers are responsible for monitoring and reporting.

Accepted Answer

A) True 
 B)False

Question 8

Why is being a team player an important aspect of professionalism?

Accepted Answer

Professionals know that they are contrib

Question 9

Which of the following statements is TRUE regarding business services?

Accepted Answer

A)  Business services refer to those functions of business that are performed by external firms. 
B)  Business services refer to the in-house department of a company that is responsible for providing customer support. 
C)  Business services create the goods and services that a company can manufacture or perform for its customers. 
D)  Business services are found more in labor-intensive firms, as compared to capital-intensive firms. 
E)  Business services exist to help companies with specific needs in law, banking, real estate, and other areas. 
A)  Business services refer to those functions of business that are performed by external firms. 
B)  Business services refer to the in-house department of a company that is responsible for providing customer support. 
C)  Business services create the goods and services that a company can manufacture or perform for its customers. 
D)  Business services are found more in labor-intensive firms, as compared to capital-intensive firms. 
E)  Business services exist to help companies with specific needs in law, banking, real estate, and other areas.

Question 10

A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful.

Accepted Answer

A) True 
 B)False

Question 11

Business is any profit-seeking organization that provides goods and services designed to satisfy customers' needs.

Accepted Answer

A) True 
 B)False

Question 12

Taxation,fees,efforts to coordinate multiple regulatory agencies,labor rules,environmental restrictions,protection for assets such as patents and brand names,roads and other infrastructure,and the transparency and consistency of decision making are a part of the ________ environment.

Accepted Answer

A)  economic 
B)  market 
C)  legal and regulatory 
D)  political 
E)  social 
A)  economic 
B)  market 
C)  legal and regulatory 
D)  political 
E)  social

Question 13

Which of the following statements is TRUE about etiquette?

Accepted Answer

A)  The rules of etiquette are easily understood and memorized. 
B)  Etiquette means meeting your commitments, such as staying on schedule and within budgets. 
C)  Etiquette blunders can have serious financial costs through lower productivity and lost business opportunities. 
D)  It is preferable not to ask questions regarding the etiquette of a culture, as people will tend to become offended by your curiosity. 
E)  Travel guidebooks are a poor source of information about etiquette in other countries. 
A)  The rules of etiquette are easily understood and memorized. 
B)  Etiquette means meeting your commitments, such as staying on schedule and within budgets. 
C)  Etiquette blunders can have serious financial costs through lower productivity and lost business opportunities. 
D)  It is preferable not to ask questions regarding the etiquette of a culture, as people will tend to become offended by your curiosity. 
E)  Travel guidebooks are a poor source of information about etiquette in other countries.

Question 14

________ activities are intended to identify new ideas that have the potential to result in new goods and services.

Accepted Answer

A)  Capital-intensive 
B)  Regulatory 
C)  Research and development 
D)  Demographic 
E)  Economic 
A)  Capital-intensive 
B)  Regulatory 
C)  Research and development 
D)  Demographic 
E)  Economic

Question 15

Dependability includes meeting your commitments,such as staying on schedule and within budgets.

Accepted Answer

A) True 
 B)False

Question 16

Typical service businesses tend to ________.

Accepted Answer

A)  operate as not-for-profit enterprises 
B)  rely more on human resources to prosper 
C)  use a command-and-control operational strategy 
D)  depend on property, machinery, and equipment to prosper 
E)  be resistant to using customer feedback to change the way they do business 
A)  operate as not-for-profit enterprises 
B)  rely more on human resources to prosper 
C)  use a command-and-control operational strategy 
D)  depend on property, machinery, and equipment to prosper 
E)  be resistant to using customer feedback to change the way they do business

Question 17

In the USA,the service sector now accounts for roughly 45 percent of the nation's economic output and 50 percent of all jobs in the country.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements is TRUE about professionalism?

Accepted Answer

A)  Professionalism involves striving to excel in a single area, instead of attempting to excel at every level. 
B)  Professionalism consists of working individually, rather than in a team. 
C)  Professionalism involves prioritizing business goals over ethical considerations. 
D)  Professionalism involves being accountable. 
E)  Professionalism involves having the confidence to present opinions as facts. 
A)  Professionalism involves striving to excel in a single area, instead of attempting to excel at every level. 
B)  Professionalism consists of working individually, rather than in a team. 
C)  Professionalism involves prioritizing business goals over ethical considerations. 
D)  Professionalism involves being accountable. 
E)  Professionalism involves having the confidence to present opinions as facts.

Question 19

Compare and contrast between capital-intensive businesses and labor-intensive businesses.

Accepted Answer

Capital-intensive businesses require lar

Question 20

Compare and contrast the perspective of a business professional with that of a consumer.

Accepted Answer

Consumer experiences include the impact

An operations manager is most likely to be responsible for ________.

The ________ function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products.

Explain the concept of adding value to satisfy customers and provide an example.

The conditions and forces that affect the cost and availability of goods,services and labor,and shape the behavior of buyers and sellers are BEST described as the ________ environment.

Profit refers to the money the company brings in through the sale of goods and services.

The advent of ________ has put buyers and sellers on much more equal footing.

In general,accounting managers are responsible for planning,while financial managers are responsible for monitoring and reporting.

Why is being a team player an important aspect of professionalism?

Which of the following statements is TRUE regarding business services?

A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful.

Business is any profit-seeking organization that provides goods and services designed to satisfy customers' needs.

Taxation,fees,efforts to coordinate multiple regulatory agencies,labor rules,environmental restrictions,protection for assets such as patents and brand names,roads and other infrastructure,and the transparency and consistency of decision making are a part of the ________ environment.

Which of the following statements is TRUE about etiquette?

________ activities are intended to identify new ideas that have the potential to result in new goods and services.

Dependability includes meeting your commitments,such as staying on schedule and within budgets.

Typical service businesses tend to ________.

In the USA,the service sector now accounts for roughly 45 percent of the nation's economic output and 50 percent of all jobs in the country.

Which of the following statements is TRUE about professionalism?

Compare and contrast between capital-intensive businesses and labor-intensive businesses.

Compare and contrast the perspective of a business professional with that of a consumer.

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 1: Developing a Business Mindset

An operations manager is most likely to be responsible for ________.

The ________ function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products.

Explain the concept of adding value to satisfy customers and provide an example.

The conditions and forces that affect the cost and availability of goods,services and labor,and shape the behavior of buyers and sellers are BEST described as the ________ environment.

Profit refers to the money the company brings in through the sale of goods and services.

The advent of ________ has put buyers and sellers on much more equal footing.

In general,accounting managers are responsible for planning,while financial managers are responsible for monitoring and reporting.

Why is being a team player an important aspect of professionalism?

Which of the following statements is TRUE regarding business services?

A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful.

Business is any profit-seeking organization that provides goods and services designed to satisfy customers' needs.

Taxation,fees,efforts to coordinate multiple regulatory agencies,labor rules,environmental restrictions,protection for assets such as patents and brand names,roads and other infrastructure,and the transparency and consistency of decision making are a part of the ________ environment.

Which of the following statements is TRUE about etiquette?

________ activities are intended to identify new ideas that have the potential to result in new goods and services.

Dependability includes meeting your commitments,such as staying on schedule and within budgets.

Typical service businesses tend to ________.

In the USA,the service sector now accounts for roughly 45 percent of the nation's economic output and 50 percent of all jobs in the country.

Which of the following statements is TRUE about professionalism?

Compare and contrast between capital-intensive businesses and labor-intensive businesses.

Compare and contrast the perspective of a business professional with that of a consumer.

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters