Question 1

A company has a competitive advantage when it can:

Accepted Answer

A)  offer customers a product/service that has more value to them than similar products offered by other companies 
B)  the business plan is competitive and executed properly 
C)  customers are attracted to the company's product/service offering(s) 
D)  the company generates money, or revenue, from the sale of the product. 
E)  All of the above 
A)  offer customers a product/service that has more value to them than similar products offered by other companies 
B)  the business plan is competitive and executed properly 
C)  customers are attracted to the company's product/service offering(s) 
D)  the company generates money, or revenue, from the sale of the product. 
E)  All of the above

Question 2

Every business is faced with the reality of having less uses for resources than resources available.

Accepted Answer

A) True 
 B)False

Question 3

Mystic Beverages,a producer of soft drinks,wants to differentiate its products from those of other soft drink providers.To implement this strategy successfully will require Mystic to create recognizable differences in the physical product it offers.

Accepted Answer

A) True 
 B)False

Question 4

What is visionary leadership?

Accepted Answer

Visionary leadership refers to the abili

Question 5

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Accepted Answer

A) True 
 B)False

Question 6

The business plan should do all of the following except

Accepted Answer

A)  explain the business. 
B)  include estimates of income and expenses. 
C)  establish a strategy for acquiring sufficient funds. 
D)  include an analysis of the competition. 
E)  act as a shackle to limit the business's flexibility and decision making. 
A)  explain the business. 
B)  include estimates of income and expenses. 
C)  establish a strategy for acquiring sufficient funds. 
D)  include an analysis of the competition. 
E)  act as a shackle to limit the business's flexibility and decision making.

Question 7

Last year,MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million.Based on this information,MacTeck:

Accepted Answer

A)  earned a profit of $12 million. 
B)  earned a profit of $56 million. 
C)  suffered a loss of $12 million. 
D)  suffered a loss of $22 million. 
A)  earned a profit of $12 million. 
B)  earned a profit of $56 million. 
C)  suffered a loss of $12 million. 
D)  suffered a loss of $22 million.

Question 8

Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus.His largest competitors are large nationally known organizations.The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

_______ expenditures are expenses incurred as a result of the normal business operations.The salaries/wages of employees,the purchase of raw materials for the fabrication of products,the costs of shipping products from point A to point B,or the costs of advertising campaigns,are examples of such expenses.

Accepted Answer

A)  Asset-based 
B)  Working 
C)  Operating 
D)  Functioning 
E)  Past 
A)  Asset-based 
B)  Working 
C)  Operating 
D)  Functioning 
E)  Past

Question 11

The goal of business activities is profit.

Accepted Answer

A) True 
 B)False

Question 12

of the organization.

Accepted Answer

A)  Human capital 
B)  Assets 
C)  Business Acumen 
D)  Visionary leadership 
E)  Managerial Acumen 
A)  Human capital 
B)  Assets 
C)  Business Acumen 
D)  Visionary leadership 
E)  Managerial Acumen

Question 13

Any activity which seeks to earn a profit by providing a good or service is known as a(n): :

Accepted Answer

A)  industry 
B)  corporation 
C)  business 
D)  service 
A)  industry 
B)  corporation 
C)  business 
D)  service

Question 14

Business has changed over time,traditionally business was more focused on the product and how to sell it.Today business is more focused on:

Accepted Answer

A)  quality and service. 
B)  reliability. 
C)  marketing. 
D)  production. 
A)  quality and service. 
B)  reliability. 
C)  marketing. 
D)  production.

Question 15

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

Accepted Answer

A)  total product offer. 
B)  product mix. 
C)  product differentiation. 
D)  product package. 
A)  total product offer. 
B)  product mix. 
C)  product differentiation. 
D)  product package.

Question 16

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Accepted Answer

A) True 
 B)False

Question 17

Managers coordinate resources to achieve organizational objectives.

Accepted Answer

A) True 
 B)False

Question 18

Non-profit organizations,

Accepted Answer

A)  last for only short periods of time as their objective is not to create profits for their owners. 
B)  Have a hard time hiring employees as they have no means of paying them. 
C)  Are not concerned about meeting their financial needs. 
D)  Can provide an opportunity for individuals to address social issues. 
A)  last for only short periods of time as their objective is not to create profits for their owners. 
B)  Have a hard time hiring employees as they have no means of paying them. 
C)  Are not concerned about meeting their financial needs. 
D)  Can provide an opportunity for individuals to address social issues.

Question 19

What makes up the 3C assessment?

Accepted Answer

A)  ceremony, competencies, capacity 
B)  capabilities, customers, cyclical 
C)  company, competencies, capacity 
D)  ceremony, customers, capacity 
E)  capabilities, competencies, capacity 
A)  ceremony, competencies, capacity 
B)  capabilities, customers, cyclical 
C)  company, competencies, capacity 
D)  ceremony, customers, capacity 
E)  capabilities, competencies, capacity

Question 20

Because of advancements in technology,managers now have an easier time obtaining long-term commitments from workers.

Accepted Answer

A) True 
 B)False

A company has a competitive advantage when it can:

Every business is faced with the reality of having less uses for resources than resources available.

Mystic Beverages,a producer of soft drinks,wants to differentiate its products from those of other soft drink providers.To implement this strategy successfully will require Mystic to create recognizable differences in the physical product it offers.

What is visionary leadership?

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

The business plan should do all of the following except

Last year,MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million.Based on this information,MacTeck:

Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus.His largest competitors are large nationally known organizations.The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.

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

The goal of business activities is profit.

of the organization.

Any activity which seeks to earn a profit by providing a good or service is known as a(n): :

Business has changed over time,traditionally business was more focused on the product and how to sell it.Today business is more focused on:

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Managers coordinate resources to achieve organizational objectives.

Non-profit organizations,

What makes up the 3C assessment?

Because of advancements in technology,managers now have an easier time obtaining long-term commitments from workers.

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

A company has a competitive advantage when it can:

Every business is faced with the reality of having less uses for resources than resources available.

Mystic Beverages,a producer of soft drinks,wants to differentiate its products from those of other soft drink providers.To implement this strategy successfully will require Mystic to create recognizable differences in the physical product it offers.

What is visionary leadership?

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

The business plan should do all of the following except

Last year,MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million.Based on this information,MacTeck:

Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus.His largest competitors are large nationally known organizations.The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.

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

The goal of business activities is profit.

of the organization.

Any activity which seeks to earn a profit by providing a good or service is known as a(n): :

Business has changed over time,traditionally business was more focused on the product and how to sell it.Today business is more focused on:

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Managers coordinate resources to achieve organizational objectives.

Non-profit organizations,

What makes up the 3C assessment?

Because of advancements in technology,managers now have an easier time obtaining long-term commitments from workers.

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