Question 1

A company that values employees as sources of ideas and innovation is utilizing its _____.

Accepted Answer

A)  entrepreneurship 
B)  natural resources 
C)  capital 
D)  human resources 
A)  entrepreneurship 
B)  natural resources 
C)  capital 
D)  human resources D

Question 2

Outsourcing usually _____.

Accepted Answer

A)  reduces the diversity of the workforce 
B)  makes a firm more competitive 
C)  increases staffing requirements 
D)  increases costs 
A)  reduces the diversity of the workforce 
B)  makes a firm more competitive 
C)  increases staffing requirements 
D)  increases costs B

Question 3

When government sets ground rules for competitive activity, the intent is to reduce "cutthroat" competition.

Accepted Answer

A) True 
 B)False  True

Question 4

All factors of production are found in equal amounts in all businesses.

Accepted Answer

A) True 
 B)False

Question 5

In business, _____ refers to the ability to see better and different ways of doing business.

Accepted Answer

A)  critical thinking 
B)  social responsibility 
C)  creativity 
D)  vision 
A)  critical thinking 
B)  social responsibility 
C)  creativity 
D)  vision

Question 6

If Motorola and Microsoft work on developing a new cell phone that also is a PDA, then such a merger would be an example of a strategic alliance.

Accepted Answer

A) True 
 B)False

Question 7

All of the following are typically part of the not-for-profit sector EXCEPT _____.

Accepted Answer

A)  labor unions 
B)  religious organizations 
C)  hotels 
D)  museums 
A)  labor unions 
B)  religious organizations 
C)  hotels 
D)  museums

Question 8

When Greenlawn Inc. finds itself losing contracts because Instillite Inc. charges less money, Greenlawn responds by lowering its bids. According to Adam Smith, this reaction demonstrates _____.

Accepted Answer

A)  the invisible hand of competition 
B)  collision 
C)  the right to private property 
D)  social responsibility 
A)  the invisible hand of competition 
B)  collision 
C)  the right to private property 
D)  social responsibility

Question 9

In accounting terms, profits are _____.

Accepted Answer

A)  the difference between revenues and expenses 
B)  the sum of commissions earned and receipts 
C)  the difference between sales and expenses 
D)  the sum of sales and expenses 
A)  the difference between revenues and expenses 
B)  the sum of commissions earned and receipts 
C)  the difference between sales and expenses 
D)  the sum of sales and expenses

Question 10

Hispanics and Asians represent the fastest-growing segments of the U.S. population.

Accepted Answer

A) True 
 B)False

Question 11

When 3M managers decided to manufacture Post-it ® notes, a new product was born. This was an example of _____ in action.

Accepted Answer

A)  critical-thinking skills 
B)  vision 
C)  social responsibility 
D)  creativity 
A)  critical-thinking skills 
B)  vision 
C)  social responsibility 
D)  creativity

Question 12

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under _____.

Accepted Answer

A)  the private enterprise system 
B)  a social democracy 
C)  a monopoly 
D)  state ownership 
A)  the private enterprise system 
B)  a social democracy 
C)  a monopoly 
D)  state ownership

Question 13

Amazon is an example of a successful e-business.

Accepted Answer

A) True 
 B)False

Question 14

The Industrial Revolution began in Germany and quickly spread to the rest of Europe.

Accepted Answer

A) True 
 B)False

Question 15

MATCHING
Complete the following using these terms.
-_____ refers to the standards of conduct and moral values involving decisions made in the work environment.

Accepted Answer

A) outsourcing 
B) Diversity 
C) entrepreneur 
D) Competitive differentiation 
E) strategic alliance
F)Capital
G)vision
H)factors of production
I)brand
J)Relationship management
K)Not-for-profit organizations
L)Business ethics 
A) outsourcing 
B) Diversity 
C) entrepreneur 
D) Competitive differentiation 
E) strategic alliance
F)Capital
G)vision
H)factors of production
I)brand
J)Relationship management
K)Not-for-profit organizations
L)Business ethics

Question 16

MATCHING
Complete the following using these terms.
-A partnership formed to create a competitive advantage for the businesses involved is known as a(n) _____.

Accepted Answer

A) outsourcing 
B) Diversity 
C) entrepreneur 
D) Competitive differentiation 
E) strategic alliance
F)Capital
G)vision
H)factors of production
I)brand
J)Relationship management
K)Not-for-profit organizations
L)Business ethics 
A) outsourcing 
B) Diversity 
C) entrepreneur 
D) Competitive differentiation 
E) strategic alliance
F)Capital
G)vision
H)factors of production
I)brand
J)Relationship management
K)Not-for-profit organizations
L)Business ethics

Question 17

Which of the following are primarily organized for profit and provide goods and services?

Accepted Answer

A)  Businesses 
B)  Public schools 
C)  Government 
D)  Churches 
A)  Businesses 
B)  Public schools 
C)  Government 
D)  Churches

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

During the next few years, the average age of the workforce is expected to increase.

Accepted Answer

A) True 
 B)False

Question 20

Describe how the aging population in the United States and abroad directly affect changes in the workforce.

Accepted Answer

Employers must deal with issues such as

A company that values employees as sources of ideas and innovation is utilizing its _____.

Outsourcing usually _____.

When government sets ground rules for competitive activity, the intent is to reduce "cutthroat" competition.

All factors of production are found in equal amounts in all businesses.

In business, _____ refers to the ability to see better and different ways of doing business.

If Motorola and Microsoft work on developing a new cell phone that also is a PDA, then such a merger would be an example of a strategic alliance.

All of the following are typically part of the not-for-profit sector EXCEPT _____.

When Greenlawn Inc. finds itself losing contracts because Instillite Inc. charges less money, Greenlawn responds by lowering its bids. According to Adam Smith, this reaction demonstrates _____.

In accounting terms, profits are _____.

Hispanics and Asians represent the fastest-growing segments of the U.S. population.

When 3M managers decided to manufacture Post-it ^® notes, a new product was born. This was an example of _____ in action.

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under _____.

Amazon is an example of a successful e-business.

The Industrial Revolution began in Germany and quickly spread to the rest of Europe.

MATCHING Complete the following using these terms. -_____ refers to the standards of conduct and moral values involving decisions made in the work environment.

MATCHING Complete the following using these terms. -A partnership formed to create a competitive advantage for the businesses involved is known as a(n) _____.

Which of the following are primarily organized for profit and provide goods and services?

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

During the next few years, the average age of the workforce is expected to increase.

Describe how the aging population in the United States and abroad directly affect changes in the workforce.

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

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

A company that values employees as sources of ideas and innovation is utilizing its _____.

Outsourcing usually _____.

When government sets ground rules for competitive activity, the intent is to reduce "cutthroat" competition.

All factors of production are found in equal amounts in all businesses.

In business, _____ refers to the ability to see better and different ways of doing business.

If Motorola and Microsoft work on developing a new cell phone that also is a PDA, then such a merger would be an example of a strategic alliance.

All of the following are typically part of the not-for-profit sector EXCEPT _____.

When Greenlawn Inc. finds itself losing contracts because Instillite Inc. charges less money, Greenlawn responds by lowering its bids. According to Adam Smith, this reaction demonstrates _____.

In accounting terms, profits are _____.

Hispanics and Asians represent the fastest-growing segments of the U.S. population.

When 3M managers decided to manufacture Post-it ® notes, a new product was born. This was an example of _____ in action.

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under _____.

Amazon is an example of a successful e-business.

The Industrial Revolution began in Germany and quickly spread to the rest of Europe.

MATCHING Complete the following using these terms. -_____ refers to the standards of conduct and moral values involving decisions made in the work environment.

MATCHING Complete the following using these terms. -A partnership formed to create a competitive advantage for the businesses involved is known as a(n) _____.

Which of the following are primarily organized for profit and provide goods and services?

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

During the next few years, the average age of the workforce is expected to increase.

Describe how the aging population in the United States and abroad directly affect changes in the workforce.

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

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

When 3M managers decided to manufacture Post-it ^® notes, a new product was born. This was an example of _____ in action.