Question 1

Even with advances in management and communications, manufacturing still accounts for most of the annual output in the United States.

Accepted Answer

A) True 
 B)False

Question 2

In the private enterprise system, government has no role to play in ensuring fair competition.

Accepted Answer

A) True 
 B)False

Question 3

The number of people of ages 65 and over will _____ by 2030.

Accepted Answer

A)  decrease drastically 
B)  double 
C)  increase 
D)  remain constant 
A)  decrease drastically 
B)  double 
C)  increase 
D)  remain constant

Question 4

Assembly lines were introduced during the production era.

Accepted Answer

A) True 
 B)False

Question 5

The Nike swoosh is an example of a brand.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?

Accepted Answer

A)  The marketing era was more consumer oriented. 
B)  The production era occurred after World War II. 
C)  The marketing era advocated price discrimination. 
D)  The production era was more consumer oriented. 
A)  The marketing era was more consumer oriented. 
B)  The production era occurred after World War II. 
C)  The marketing era advocated price discrimination. 
D)  The production era was more consumer oriented.

Question 7

It is predicted that technology will completely eliminate all cubicle jobs.

Accepted Answer

A) True 
 B)False

Question 8

Mental exercises like brainstorming often foster creativity.

Accepted Answer

A) True 
 B)False

Question 9

MATCHING
Complete the following using these terms.
-_____ refers to technology, tools, information, and physical facilities.

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 10

Alejandro is seeking to revitalize his graphic design company with new innovations and has called for a brainstorming meeting with his top designers. Alejandro is _____.

Accepted Answer

A)  enacting his company's vision 
B)  improving his productivity 
C)  thinking critically 
D)  utilizing his creativity 
A)  enacting his company's vision 
B)  improving his productivity 
C)  thinking critically 
D)  utilizing his creativity

Question 11

Which of the following is given the LEAST importance by managers of today?

Accepted Answer

A)  The ability to work by strict rules 
B)  The ability to envision the firm's future 
C)  The ability to think critically 
D)  The ability to be creative 
A)  The ability to work by strict rules 
B)  The ability to envision the firm's future 
C)  The ability to think critically 
D)  The ability to be creative

Question 12

Dizzel Inc. is a small-scale mining company that started its business in 2001. By the year 2008, the firm had to close its operations. The company had been continuously laying off its employees since 2006, which led to the further downsizing of the firm. The decline in the availability of minerals in its operating region since 2004 has contributed vastly to its downfall and also reduced the need to inject new capital since then. Which of the following factors of production has primarily caused the firm to end its operations?

Accepted Answer

A)  Natural resources 
B)  Capital 
C)  Human resources 
D)  Entrepreneurship 
A)  Natural resources 
B)  Capital 
C)  Human resources 
D)  Entrepreneurship

Question 13

MATCHING
Complete the following using these terms.
-_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

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 14

MATCHING
Complete the following using these terms.
-_____ is the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.

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 15

List the seven eras of business history. Name and describe the era used by businesses today.

Accepted Answer

The seven eras are the Colonial period,

Question 16

Technology and capital are considered as two separate factors of production.

Accepted Answer

A) True 
 B)False

Question 17

Competitive differentiation is discouraged for a business to be successful.

Accepted Answer

A) True 
 B)False

Question 18

Explain the difference between transaction management and relationship management.

Accepted Answer

Building and promoting products with the

Question 19

Managers are beginning to recognize the different needs of workers of different ages.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is a public sector, not-for-profit organization?

Accepted Answer

A)  Library 
B)  Museum 
C)  Charitable group 
D)  Labor union 
A)  Library 
B)  Museum 
C)  Charitable group 
D)  Labor union

Even with advances in management and communications, manufacturing still accounts for most of the annual output in the United States.

In the private enterprise system, government has no role to play in ensuring fair competition.

The number of people of ages 65 and over will _____ by 2030.

Assembly lines were introduced during the production era.

The Nike swoosh is an example of a brand.

Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?

It is predicted that technology will completely eliminate all cubicle jobs.

Mental exercises like brainstorming often foster creativity.

MATCHING Complete the following using these terms. -_____ refers to technology, tools, information, and physical facilities.

Alejandro is seeking to revitalize his graphic design company with new innovations and has called for a brainstorming meeting with his top designers. Alejandro is _____.

Which of the following is given the LEAST importance by managers of today?

MATCHING Complete the following using these terms. -_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

MATCHING Complete the following using these terms. -_____ is the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.

List the seven eras of business history. Name and describe the era used by businesses today.

Technology and capital are considered as two separate factors of production.

Competitive differentiation is discouraged for a business to be successful.

Explain the difference between transaction management and relationship management.

Managers are beginning to recognize the different needs of workers of different ages.

Which of the following is a public sector, not-for-profit organization?

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

Even with advances in management and communications, manufacturing still accounts for most of the annual output in the United States.

In the private enterprise system, government has no role to play in ensuring fair competition.

The number of people of ages 65 and over will _____ by 2030.

Assembly lines were introduced during the production era.

The Nike swoosh is an example of a brand.

Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?

It is predicted that technology will completely eliminate all cubicle jobs.

Mental exercises like brainstorming often foster creativity.

MATCHING Complete the following using these terms. -_____ refers to technology, tools, information, and physical facilities.

Alejandro is seeking to revitalize his graphic design company with new innovations and has called for a brainstorming meeting with his top designers. Alejandro is _____.

Which of the following is given the LEAST importance by managers of today?

MATCHING Complete the following using these terms. -_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

MATCHING Complete the following using these terms. -_____ is the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.

List the seven eras of business history. Name and describe the era used by businesses today.

Technology and capital are considered as two separate factors of production.

Competitive differentiation is discouraged for a business to be successful.

Explain the difference between transaction management and relationship management.

Managers are beginning to recognize the different needs of workers of different ages.

Which of the following is a public sector, not-for-profit organization?

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