Exam 1: The Changing Face of Business

Today, workers are much less likely to remain with the same employer throughout their entire careers.

Which of the following statements is NOT true regarding businesses?

Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called _____.

Explain how consumers benefit from business competition.

The Industrial Revolution in England transformed America's economy by introducing _____.

Which of the following is NOT an example of an internal force that requires organizational change?

Explain how business ethics differs from social responsibility.

Business ethics deal with the right versus wrong actions that arise in a work environment.

The private enterprise system is also referred to as capitalism.

Social responsibility would include all of the following EXCEPT _____.

When a company's management decisions align with social and economic issues, the company is _____.

Which of the following is a benefit of entrepreneurship?

The Gyvenopolis County Library provides a wide variety of library services to its neighborhood. It also provides free online support to its members, and any fee collected from its members goes directly to charity. The library is an example of a(n) _____.

By offering a lifetime warranty on its products, Warner Electronics has set itself apart from its competitors. This difference is known as Warner Electronics' _____.

Which of the following is most likely to result from the use of technology in a firm?

_____ are essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services.

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

The number of companies forming partnerships and strategic alliances has grown in recent years.

Entrepreneurs are very conservative and usually invest only in sure winners.

In consumer orientation, a company creates a product first and then determines if a consumer is likely to purchase the product.