Question 1

Assembly lines were introduced during the production era.

Accepted Answer

A) True 
 B)False

Question 2

The Industrial Revolution introduced a strong emphasis on the factory system.

Accepted Answer

A) True 
 B)False

Question 3

Explain how consumers benefit from business competition.

Accepted Answer

Competition forces a business that wants

Question 4

The managerial quality of vision is the ability to perceive marketplace needs and what an organization must do to satisfy them.

Accepted Answer

A) True 
 B)False

Question 5

Capital includes money,machines,tools,buildings,and human resources.

Accepted Answer

A) True 
 B)False

Question 6

MATCHING
Complete the following using the terms listed.
-_____ refers to technology,tools,information,and physical facilities.

Accepted Answer

A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics 
A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Question 7

Adam Smith's "invisible hand" refers to the battle among businesses for consumer acceptance.

Accepted Answer

A) True 
 B)False

Question 8

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach cultivated in the ____________.

Accepted Answer

A) relationship era 
B) colonial period 
C) industrial revolution 
D) marketing era 
A) relationship era 
B) colonial period 
C) industrial revolution 
D) marketing era

Question 9

MATCHING
Complete the following using the terms listed.
-A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.

Accepted Answer

A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics 
A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Question 10

Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called ________.

Accepted Answer

A) relationship management 
B) marketing management 
C) a strategic alliance 
D) transaction management 
A) relationship management 
B) marketing management 
C) a strategic alliance 
D) transaction management

Question 11

MATCHING
Complete the following using the terms listed.
-A(n)_____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.

Accepted Answer

A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics 
A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Question 12

In the private enterprise system,government has no role to play in ensuring fair competition.

Accepted Answer

A) True 
 B)False

Question 13

Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is considered to be the most fundamental right of the private enterprise system?

Accepted Answer

A) the right to private property 
B) the right to guaranteed profits 
C) freedom of choice 
D) the right to fair competition 
A) the right to private property 
B) the right to guaranteed profits 
C) freedom of choice 
D) the right to fair competition

Question 15

Diverse employee teams tend to perform ________ and develop ________ than do homogenous employee groups.

Accepted Answer

A) less effectively;better solutions 
B) more effectively;better solutions 
C) less effectively;worse solutions 
D) more effectively;worse solutions 
A) less effectively;better solutions 
B) more effectively;better solutions 
C) less effectively;worse solutions 
D) more effectively;worse solutions

Question 16

Large corporations are defined as businesses,whereas small companies are more of an investment.

Accepted Answer

A) True 
 B)False

Question 17

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

Accepted Answer

A) True 
 B)False

Question 18

MATCHING
Complete the following using the terms listed.
-The right to ______ is the most basic freedom of the private enterprise system.

Accepted Answer

A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics 
A) outsourcing 
B) diversity 
C) entrepreneur 
D) competitive differentiation 
E) private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Question 19

When a U.S.company contracts work to Mexico,it is ________.

Accepted Answer

A) nearshoring 
B) nearsourcing 
C) exporting 
D) offshoring 
A) nearshoring 
B) nearsourcing 
C) exporting 
D) offshoring

Question 20

The private enterprise system encourages government intervention.

Accepted Answer

A) True 
 B)False

Assembly lines were introduced during the production era.

The Industrial Revolution introduced a strong emphasis on the factory system.

Explain how consumers benefit from business competition.

The managerial quality of vision is the ability to perceive marketplace needs and what an organization must do to satisfy them.

Capital includes money,machines,tools,buildings,and human resources.

MATCHING Complete the following using the terms listed. -_____ refers to technology,tools,information,and physical facilities.

Adam Smith's "invisible hand" refers to the battle among businesses for consumer acceptance.

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach cultivated in the ____________.

MATCHING Complete the following using the terms listed. -A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.

Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called ________.

MATCHING Complete the following using the terms listed. -A(n)_____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.

In the private enterprise system,government has no role to play in ensuring fair competition.

Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.

Which of the following is considered to be the most fundamental right of the private enterprise system?

Diverse employee teams tend to perform and develop than do homogenous employee groups.

Large corporations are defined as businesses,whereas small companies are more of an investment.

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

MATCHING Complete the following using the terms listed. -The right to ______ is the most basic freedom of the private enterprise system.

When a U.S.company contracts work to Mexico,it is ________.

The private enterprise system encourages government intervention.

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Small Business and Forms of Business Ownership

Starting Your Own Business

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labor 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

Assembly lines were introduced during the production era.

The Industrial Revolution introduced a strong emphasis on the factory system.

Explain how consumers benefit from business competition.

The managerial quality of vision is the ability to perceive marketplace needs and what an organization must do to satisfy them.

Capital includes money,machines,tools,buildings,and human resources.

MATCHING Complete the following using the terms listed. -_____ refers to technology,tools,information,and physical facilities.

Adam Smith's "invisible hand" refers to the battle among businesses for consumer acceptance.

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach cultivated in the ____________.

MATCHING Complete the following using the terms listed. -A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.

Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called ________.

MATCHING Complete the following using the terms listed. -A(n)_____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.

In the private enterprise system,government has no role to play in ensuring fair competition.

Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.

Which of the following is considered to be the most fundamental right of the private enterprise system?

Diverse employee teams tend to perform ________ and develop ________ than do homogenous employee groups.

Large corporations are defined as businesses,whereas small companies are more of an investment.

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

MATCHING Complete the following using the terms listed. -The right to ______ is the most basic freedom of the private enterprise system.

When a U.S.company contracts work to Mexico,it is ________.

The private enterprise system encourages government intervention.

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Small Business and Forms of Business Ownership

Starting Your Own Business

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labor 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

Diverse employee teams tend to perform and develop than do homogenous employee groups.