Question 1

____________ refers to the human resource requirements of the business.

Accepted Answer

A)  Labour 
B)  Capital 
C)  Assets 
D)  Efficiency 
E)  None of the above 
A)  Labour 
B)  Capital 
C)  Assets 
D)  Efficiency 
E)  None of the above A

Question 2

____________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.

Accepted Answer

A)  Vision 
B)  Planning 
C)  Strategy 
D)  Execution 
E)  Tactic 
A)  Vision 
B)  Planning 
C)  Strategy 
D)  Execution 
E)  Tactic C

Question 3

If a business is to be successful in the long run,it must treat its customers,employees,and community with social

Accepted Answer

A)  meetings. 
B)  responsibility. 
C)  agendas. 
D)  insight. 
E)  interests. 
A)  meetings. 
B)  responsibility. 
C)  agendas. 
D)  insight. 
E)  interests. B

Question 4

A value proposition which has a positive price/quality relationship is considered superior to those of your competitors,if it:

Accepted Answer

A)  is more unique 
B)  is more important 
C)  your product is more value-driven 
D)  provides greater opportunity to communicate to the potential purchaser 
E)  all of the above 
A)  is more unique 
B)  is more important 
C)  your product is more value-driven 
D)  provides greater opportunity to communicate to the potential purchaser 
E)  all of the above

Question 5

To start any business you must first have

Accepted Answer

A)  investors. 
B)  an idea. 
C)  capital. 
D)  employees. 
E)  a business plan. 
A)  investors. 
B)  an idea. 
C)  capital. 
D)  employees. 
E)  a business plan.

Question 6

Too much emphasis on developing future products and/or services,versus responding to customer needs today,may result in the business:

Accepted Answer

A)  falling short of social responsibility expectations 
B)  liquidity issues if it is unable to cover its expenses in the short term 
C)  remaining healthy and continues to grow 
D)  acquiring external capital funding commitments which will enable them to reinvest in the organization 
E)  ensuring that it remains vibrant and responsive to community needs 
A)  falling short of social responsibility expectations 
B)  liquidity issues if it is unable to cover its expenses in the short term 
C)  remaining healthy and continues to grow 
D)  acquiring external capital funding commitments which will enable them to reinvest in the organization 
E)  ensuring that it remains vibrant and responsive to community needs

Question 7

A loss occurs when expenses are greater than:

Accepted Answer

A)  assets 
B)  profit 
C)  revenue 
D)  costs 
A)  assets 
B)  profit 
C)  revenue 
D)  costs

Question 8

Which of the following is NOT integral in how an organization can succeed in identifying solutions to needs the marketplace desires?

Accepted Answer

A)  right time 
B)  right customer 
C)  right place 
D)  right invention 
E)  right price 
A)  right time 
B)  right customer 
C)  right place 
D)  right invention 
E)  right price

Question 9

The _______ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation,versus the _____ of your competitors' value propositions measured across these same benefit areas.

Accepted Answer

A)  Total; strength 
B)  Strength; strength 
C)  Strength; weakness 
D)  Weakness; weakness 
E)  Weakness; strength 
A)  Total; strength 
B)  Strength; strength 
C)  Strength; weakness 
D)  Weakness; weakness 
E)  Weakness; strength

Question 10

Given the lack of discipline and short attention spans of today's workers,modern managers must watch their workers closely,set strict rules,and vigorously enforce them.

Accepted Answer

A) True 
 B)False

Question 11

Management is the art of getting things done through organizational resources.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is not a product?

Accepted Answer

A)  A Dell personal computer 
B)  A veterinarian's treatment of a pet's injuries 
C)  A lawyer's advice in a divorce case 
D)  Business profit 
E)  A checkup by a doctor 
A)  A Dell personal computer 
B)  A veterinarian's treatment of a pet's injuries 
C)  A lawyer's advice in a divorce case 
D)  Business profit 
E)  A checkup by a doctor

Question 13

What is a value proposition?

Accepted Answer

Simply stated,a value proposition is a s

Question 14

_______________ is the art of getting things done using organizational resources.

Accepted Answer

A)  Socialization 
B)  Justification 
C)  Preparation 
D)  Management 
A)  Socialization 
B)  Justification 
C)  Preparation 
D)  Management

Question 15

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Accepted Answer

A) True 
 B)False

Question 16

Producing a high quality product will ensure success in the competitive environment.

Accepted Answer

A) True 
 B)False

Question 17

When does a business have a competitive advantage?

Accepted Answer

A company has a competitive advantage wh

Question 18

Businesses have the right to keep and use their profits as they choose,without limitations.

Accepted Answer

A) True 
 B)False

Question 19

A business incurs a ___________ if its costs and expenses exceed its revenues.

Accepted Answer

A)  loss 
B)  liability 
C)  debit 
D)  dividend 
A)  loss 
B)  liability 
C)  debit 
D)  dividend

Question 20

Technology affects people in most,but not all industries.

Accepted Answer

A) True 
 B)False

____________ refers to the human resource requirements of the business.

____________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.

If a business is to be successful in the long run,it must treat its customers,employees,and community with social

A value proposition which has a positive price/quality relationship is considered superior to those of your competitors,if it:

To start any business you must first have

Too much emphasis on developing future products and/or services,versus responding to customer needs today,may result in the business:

A loss occurs when expenses are greater than:

Which of the following is NOT integral in how an organization can succeed in identifying solutions to needs the marketplace desires?

The ___ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation,versus the _ of your competitors' value propositions measured across these same benefit areas.

Given the lack of discipline and short attention spans of today's workers,modern managers must watch their workers closely,set strict rules,and vigorously enforce them.

Management is the art of getting things done through organizational resources.

Which of the following is not a product?

What is a value proposition?

_______________ is the art of getting things done using organizational resources.

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Producing a high quality product will ensure success in the competitive environment.

When does a business have a competitive advantage?

Businesses have the right to keep and use their profits as they choose,without limitations.

A business incurs a ___________ if its costs and expenses exceed its revenues.

Technology affects people in most,but not all industries.

The Canadian Economic Environment

The Global Marketplace

The Environment and Sustainable Business Practices

Ethics and Corporate Social Responsibility

Developing a Business Strategy

Entrepreneurship and Forms of Business Ownership

Developing Your Business Structure and Culture

Managing and Leading the Organizations Talent

The Marketing Challenge

Understanding the Marketing Effort

Technology and Operations Management

Understanding Business Finances

Financial Statements Structure and Interpretation

Analyzing New Business Ventures

Filters

Exam 1: What Is Business

____________ refers to the human resource requirements of the business.

____________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.

If a business is to be successful in the long run,it must treat its customers,employees,and community with social

A value proposition which has a positive price/quality relationship is considered superior to those of your competitors,if it:

To start any business you must first have

Too much emphasis on developing future products and/or services,versus responding to customer needs today,may result in the business:

A loss occurs when expenses are greater than:

Which of the following is NOT integral in how an organization can succeed in identifying solutions to needs the marketplace desires?

The _______ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation,versus the _____ of your competitors' value propositions measured across these same benefit areas.

Given the lack of discipline and short attention spans of today's workers,modern managers must watch their workers closely,set strict rules,and vigorously enforce them.

Management is the art of getting things done through organizational resources.

Which of the following is not a product?

What is a value proposition?

_______________ is the art of getting things done using organizational resources.

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Producing a high quality product will ensure success in the competitive environment.

When does a business have a competitive advantage?

Businesses have the right to keep and use their profits as they choose,without limitations.

A business incurs a ___________ if its costs and expenses exceed its revenues.

Technology affects people in most,but not all industries.

The Canadian Economic Environment

The Global Marketplace

The Environment and Sustainable Business Practices

Ethics and Corporate Social Responsibility

Developing a Business Strategy

Entrepreneurship and Forms of Business Ownership

Developing Your Business Structure and Culture

Managing and Leading the Organizations Talent

The Marketing Challenge

Understanding the Marketing Effort

Technology and Operations Management

Understanding Business Finances

Financial Statements Structure and Interpretation

Analyzing New Business Ventures

Filters

The ___ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation,versus the _ of your competitors' value propositions measured across these same benefit areas.