Question 1

Profits of a business include the salaries paid to the owners and employees of that business.

Accepted Answer

A) True 
 B)False

Question 2

of the organization.

Accepted Answer

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

Question 3

The need for better-educated and self-directed workers has made it easier for managers to obtain the trust and loyalty of their workers.

Accepted Answer

A) True 
 B)False

Question 4

When purchasing a product,the consumer is actually buying its anticipated benefits and

Accepted Answer

A)  satisfaction. 
B)  price. 
C)  costs. 
D)  productivity. 
E)  form. 
A)  satisfaction. 
B)  price. 
C)  costs. 
D)  productivity. 
E)  form.

Question 5

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 6

Technology enables Canadian workers to make more money than workers in low wage rate countries.

Accepted Answer

A) True 
 B)False

Question 7

The total amount of money that businesses earn by selling goods and services is called ________.

Accepted Answer

A)  profit 
B)  revenue 
C)  loss 
D)  retained earnings 
A)  profit 
B)  revenue 
C)  loss 
D)  retained earnings

Question 8

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 9

Businesses seek to earn a profit by providing goods and services to others.

Accepted Answer

A) True 
 B)False

Question 10

Strategy:

Accepted Answer

A)  Is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance 
B)  Focuses on the vision of the firm and the opportunity which it believes exists in the marketplace 
C)  checks that the life expectancy of the product or service is long enough to ensure that the initial investment can be recovered and that the firm can make a profit. 
D)  a) and c) 
E)  a), b) and c) 
A)  Is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance 
B)  Focuses on the vision of the firm and the opportunity which it believes exists in the marketplace 
C)  checks that the life expectancy of the product or service is long enough to ensure that the initial investment can be recovered and that the firm can make a profit. 
D)  a) and c) 
E)  a), b) and c)

Question 11

____________ is the amount a business earns over and above what it spends for salaries and other expenses.

Accepted Answer

A)  Profit 
B)  Revenue 
C)  Interest 
D)  Dividends 
A)  Profit 
B)  Revenue 
C)  Interest 
D)  Dividends

Question 12

When consumers decide to purchase a particular product,they:

Accepted Answer

A)  will search for the retailer that offers the lowest price. 
B)  consider the total collection of benefits that the product offers. 
C)  base their decision on a brand name nearly all of the time. 
D)  initially evaluate the product's package. 
A)  will search for the retailer that offers the lowest price. 
B)  consider the total collection of benefits that the product offers. 
C)  base their decision on a brand name nearly all of the time. 
D)  initially evaluate the product's package.

Question 13

To be successful in today's markets,businesses must:

Accepted Answer

A)  provide the greatest variety of products to consumers. 
B)  spend more money on marketing and less on production. 
C)  focus their resources on achieving the goal of zero defects. 
D)  delight customers with a quality product at a good price and outstanding service. 
A)  provide the greatest variety of products to consumers. 
B)  spend more money on marketing and less on production. 
C)  focus their resources on achieving the goal of zero defects. 
D)  delight customers with a quality product at a good price and outstanding service.

Question 14

Marketers utilize pricing,advertising,and packaging to successfully differentiate their products from competitors' products even when actual differences are quite small.

Accepted Answer

A) True 
 B)False

Question 15

The only way a firm can increase its profits is to increase its sales revenue.

Accepted Answer

A) True 
 B)False

Question 16

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 17

The functions of organizing,staffing,planning,and controlling are most closely associated with

Accepted Answer

A)  employees. 
B)  customers. 
C)  managers. 
D)  stockholders. 
E)  accountants. 
A)  employees. 
B)  customers. 
C)  managers. 
D)  stockholders. 
E)  accountants.

Question 18

Businesses differ from nonprofit organizations in that a business's focus is on

Accepted Answer

A)  price. 
B)  goods. 
C)  profit. 
D)  organization. 
E)  plans. 
A)  price. 
B)  goods. 
C)  profit. 
D)  organization. 
E)  plans.

Question 19

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

Accepted Answer

A)  total product offer 
B)  product line 
C)  competitive environment 
D)  marginal utility package 
A)  total product offer 
B)  product line 
C)  competitive environment 
D)  marginal utility package

Question 20

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.

Profits of a business include the salaries paid to the owners and employees of that business.

of the organization.

The need for better-educated and self-directed workers has made it easier for managers to obtain the trust and loyalty of their workers.

When purchasing a product,the consumer is actually buying its anticipated benefits and

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

Technology enables Canadian workers to make more money than workers in low wage rate countries.

The total amount of money that businesses earn by selling goods and services is called ________.

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

Businesses seek to earn a profit by providing goods and services to others.

Strategy:

____________ is the amount a business earns over and above what it spends for salaries and other expenses.

When consumers decide to purchase a particular product,they:

To be successful in today's markets,businesses must:

Marketers utilize pricing,advertising,and packaging to successfully differentiate their products from competitors' products even when actual differences are quite small.

The only way a firm can increase its profits is to increase its sales revenue.

A company has a competitive advantage when it can:

The functions of organizing,staffing,planning,and controlling are most closely associated with

Businesses differ from nonprofit organizations in that a business's focus is on

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

Non-profit organizations,

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

Profits of a business include the salaries paid to the owners and employees of that business.

of the organization.

The need for better-educated and self-directed workers has made it easier for managers to obtain the trust and loyalty of their workers.

When purchasing a product,the consumer is actually buying its anticipated benefits and

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

Technology enables Canadian workers to make more money than workers in low wage rate countries.

The total amount of money that businesses earn by selling goods and services is called ________.

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

Businesses seek to earn a profit by providing goods and services to others.

Strategy:

____________ is the amount a business earns over and above what it spends for salaries and other expenses.

When consumers decide to purchase a particular product,they:

To be successful in today's markets,businesses must:

Marketers utilize pricing,advertising,and packaging to successfully differentiate their products from competitors' products even when actual differences are quite small.

The only way a firm can increase its profits is to increase its sales revenue.

A company has a competitive advantage when it can:

The functions of organizing,staffing,planning,and controlling are most closely associated with

Businesses differ from nonprofit organizations in that a business's focus is on

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

Non-profit organizations,

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