Question 1

____________ 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 
E)  Assets 
A)  Profit 
B)  Revenue 
C)  Interest 
D)  Dividends 
E)  Assets

Question 2

What is a business?

Accepted Answer

A Business can most easily be thought of

Question 3

The Buckmaker Corporation generated total revenues of $30 million dollars while incurring expenses of $17 million.During the year Buckmaker earned a profit of $13 million.

Accepted Answer

A) True 
 B)False

Question 4

When consumers calculate the value of a product,they:

Accepted Answer

A)  subtract cost of production from market price. 
B)  eliminate all nontangible elements that might affect their perception of the product. 
C)  look at the benefits the product provides then subtract the cost. 
D)  identify the variable and the fixed components of the product's benefits. 
A)  subtract cost of production from market price. 
B)  eliminate all nontangible elements that might affect their perception of the product. 
C)  look at the benefits the product provides then subtract the cost. 
D)  identify the variable and the fixed components of the product's benefits.

Question 5

Low prices can help retailers create an attractive total product offer.

Accepted Answer

A) True 
 B)False

Question 6

____________ 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 7

The goal of business activities is profit.

Accepted Answer

A) True 
 B)False

Question 8

Profit is what it costs to make and sell a product.

Accepted Answer

A) True 
 B)False

Question 9

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Accepted Answer

A) True 
 B)False

Question 10

Today,managers have to make allocation decisions around the use of which scarce resources,

Accepted Answer

A)  financial 
B)  human 
C)  natural 
D)  all resources 
A)  financial 
B)  human 
C)  natural 
D)  all resources

Question 11

"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid.The manufacturer claims that their antacid works faster and tastes better than any competing brand.These claims are part of the firm's strategy to achieve:

Accepted Answer

A)  deceptive marketing recognition. 
B)  the creation of knockoff products. 
C)  new product development. 
D)  product differentiation. 
A)  deceptive marketing recognition. 
B)  the creation of knockoff products. 
C)  new product development. 
D)  product differentiation.

Question 12

Today's progressive managers:

Accepted Answer

A)  usually prefer to use the autocratic style of leadership. 
B)  tend to emphasize teamwork and cooperation rather than discipline and order-giving. 
C)  face fewer challenges and problems than managers in the past. 
D)  can rely on a much higher level of worker loyalty to the organization than in the past. 
A)  usually prefer to use the autocratic style of leadership. 
B)  tend to emphasize teamwork and cooperation rather than discipline and order-giving. 
C)  face fewer challenges and problems than managers in the past. 
D)  can rely on a much higher level of worker loyalty to the organization than in the past.

Question 13

The purpose of __________ is to create real or perceived product differences.

Accepted Answer

A)  niche marketing 
B)  product differentiation 
C)  product mixing 
D)  target marketing 
A)  niche marketing 
B)  product differentiation 
C)  product mixing 
D)  target marketing

Question 14

All of the following would allow a firm to utilize product differentiation :

Accepted Answer

A)  pricing differences. 
B)  increased production. 
C)  elaborate packaging. 
D)  intensive advertising. 
A)  pricing differences. 
B)  increased production. 
C)  elaborate packaging. 
D)  intensive advertising.

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

Which of the following is NOT part of the process called The Business Planning Cycle?

Accepted Answer

A)  Management team understands its strategic opportunities and its capabilities, competencies and overall capacity 
B)  Management team develops a business plan via a process which outlines its focus and methodology for using its resources 
C)  Management team capitalizes on its identified strategic opportunities 
D)  Management team creates valuable products and services 
E)  Management team creates a unique position in the marketplace built around a competitive advantage. 
A)  Management team understands its strategic opportunities and its capabilities, competencies and overall capacity 
B)  Management team develops a business plan via a process which outlines its focus and methodology for using its resources 
C)  Management team capitalizes on its identified strategic opportunities 
D)  Management team creates valuable products and services 
E)  Management team creates a unique position in the marketplace built around a competitive advantage.

Question 17

A key element of business success is a business plan.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following does NOT make up a business?

Accepted Answer

A)  A system of integrated actions 
B)  develops and grows a market for its goods and/or services 
C)  creates organizational value (wealth) on behalf of its stakeholders 
D)  develops wealth for its employees 
E)  delivers the right solution to the right customer 
A)  A system of integrated actions 
B)  develops and grows a market for its goods and/or services 
C)  creates organizational value (wealth) on behalf of its stakeholders 
D)  develops wealth for its employees 
E)  delivers the right solution to the right customer

Question 19

Which of the following is the best example of a business?

Accepted Answer

A)  A community college 
B)  The Salvation Army 
C)  The Girl Guides of Canada 
D)  Wal-Mart 
A)  A community college 
B)  The Salvation Army 
C)  The Girl Guides of Canada 
D)  Wal-Mart

Question 20

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

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

What is a business?

The Buckmaker Corporation generated total revenues of $30 million dollars while incurring expenses of $17 million.During the year Buckmaker earned a profit of $13 million.

When consumers calculate the value of a product,they:

Low prices can help retailers create an attractive total product offer.

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

The goal of business activities is profit.

Profit is what it costs to make and sell a product.

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Today,managers have to make allocation decisions around the use of which scarce resources,

"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid.The manufacturer claims that their antacid works faster and tastes better than any competing brand.These claims are part of the firm's strategy to achieve:

Today's progressive managers:

The purpose of __________ is to create real or perceived product differences.

All of the following would allow a firm to utilize product differentiation :

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

Which of the following is NOT part of the process called The Business Planning Cycle?

A key element of business success is a business plan.

Which of the following does NOT make up a business?

Which of the following is the best example of a business?

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

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

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

What is a business?

The Buckmaker Corporation generated total revenues of $30 million dollars while incurring expenses of $17 million.During the year Buckmaker earned a profit of $13 million.

When consumers calculate the value of a product,they:

Low prices can help retailers create an attractive total product offer.

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

The goal of business activities is profit.

Profit is what it costs to make and sell a product.

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Today,managers have to make allocation decisions around the use of which scarce resources,

"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid.The manufacturer claims that their antacid works faster and tastes better than any competing brand.These claims are part of the firm's strategy to achieve:

Today's progressive managers:

The purpose of __________ is to create real or perceived product differences.

All of the following would allow a firm to utilize product differentiation :

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

Which of the following is NOT part of the process called The Business Planning Cycle?

A key element of business success is a business plan.

Which of the following does NOT make up a business?

Which of the following is the best example of a business?

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

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