Question 1

Timber Trails, a northwest lumber company, utilizes _____ as its primary production factor.

Accepted Answer

A)  human resources 
B)  Entrepreneurship 
C)  Capital 
D)  natural resources 
A)  human resources 
B)  Entrepreneurship 
C)  Capital 
D)  natural resources

Question 2

Transaction management was introduced during the era of Industrial Revolution.

Accepted Answer

A) True 
 B)False

Question 3

In his book The Wealth of Nations, the economist Adam Smith was the first person to describe _____.

Accepted Answer

A)  socialism 
B)  communism 
C)  capitalism 
D)  entrepreneurship 
A)  socialism 
B)  communism 
C)  capitalism 
D)  entrepreneurship

Question 4

MATCHING
Complete the following using these terms.
-The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

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 5

Technology, tools, information, and physical facilities for the operation of a business are examples of _____.

Accepted Answer

A)  profits 
B)  wages 
C)  capital 
D)  liability 
A)  profits 
B)  wages 
C)  capital 
D)  liability

Question 6

Describe critical thinking and creativity and explain why they are important qualities for the 21st-century manager.

Accepted Answer

Critical thinking is the ability to anal

Question 7

Outsourcing is the use of outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.

Accepted Answer

A) True 
 B)False

Question 8

Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit.

Accepted Answer

A) True 
 B)False

Question 9

Tarek, a former middle manager from Alexander Manufacturing, owns and operates a Subway franchise. Tarek is demonstrating _____.

Accepted Answer

A)  social responsibility 
B)  socialism 
C)  entrepreneurship 
D)  pure competition 
A)  social responsibility 
B)  socialism 
C)  entrepreneurship 
D)  pure competition

Question 10

Relationship management concentrates on short-term interactions with customers.

Accepted Answer

A) True 
 B)False

Question 11

Describe offshoring and its related trends.

Accepted Answer

Offshoring is the relocation of business

Question 12

What is profit? Do you agree with the statement, "The success of a business is measured only by the profit it earns"? Explain your answer.

Accepted Answer

Profit is the financial reward received

Question 13

MATCHING
Complete the following using these terms.
-To operate effectively, certain inputs called _____ are required for all economic systems.

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

Capital usually includes entrepreneurs, buildings, and human resources.

Accepted Answer

A) True 
 B)False

Question 15

Large corporations are defined as businesses, whereas small companies are more of an investment.

Accepted Answer

A) True 
 B)False

Question 16

Physical exercise releases endorphins, which can help a manager come up with creative ideas.

Accepted Answer

A) True 
 B)False

Question 17

During the era of Industrial Revolution, the focus was on agriculture and other rural activities.

Accepted Answer

A) True 
 B)False

Question 18

Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the _____.

Accepted Answer

A)  relationship era 
B)  marketing era 
C)  era of industrial revolution 
D)  production era 
A)  relationship era 
B)  marketing era 
C)  era of industrial revolution 
D)  production era

Question 19

Participating in nonprofit programs is an example of exhibiting social responsibility.

Accepted Answer

A) True 
 B)False

Question 20

Briefly describe the Industrial Revolution and its contribution to the evolution of business.

Accepted Answer

The Industrial Revolution began in Engla

Timber Trails, a northwest lumber company, utilizes _____ as its primary production factor.

Transaction management was introduced during the era of Industrial Revolution.

In his book The Wealth of Nations, the economist Adam Smith was the first person to describe _____.

MATCHING Complete the following using these terms. -The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

Technology, tools, information, and physical facilities for the operation of a business are examples of _____.

Describe critical thinking and creativity and explain why they are important qualities for the 21st-century manager.

Outsourcing is the use of outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.

Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit.

Tarek, a former middle manager from Alexander Manufacturing, owns and operates a Subway franchise. Tarek is demonstrating _____.

Relationship management concentrates on short-term interactions with customers.

Describe offshoring and its related trends.

What is profit? Do you agree with the statement, "The success of a business is measured only by the profit it earns"? Explain your answer.

MATCHING Complete the following using these terms. -To operate effectively, certain inputs called _____ are required for all economic systems.

Capital usually includes entrepreneurs, buildings, and human resources.

Large corporations are defined as businesses, whereas small companies are more of an investment.

Physical exercise releases endorphins, which can help a manager come up with creative ideas.

During the era of Industrial Revolution, the focus was on agriculture and other rural activities.

Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the _____.

Participating in nonprofit programs is an example of exhibiting social responsibility.

Briefly describe the Industrial Revolution and its contribution to the evolution of business.

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

Timber Trails, a northwest lumber company, utilizes _____ as its primary production factor.

Transaction management was introduced during the era of Industrial Revolution.

In his book The Wealth of Nations, the economist Adam Smith was the first person to describe _____.

MATCHING Complete the following using these terms. -The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

Technology, tools, information, and physical facilities for the operation of a business are examples of _____.

Describe critical thinking and creativity and explain why they are important qualities for the 21st-century manager.

Outsourcing is the use of outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.

Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit.

Tarek, a former middle manager from Alexander Manufacturing, owns and operates a Subway franchise. Tarek is demonstrating _____.

Relationship management concentrates on short-term interactions with customers.

Describe offshoring and its related trends.

What is profit? Do you agree with the statement, "The success of a business is measured only by the profit it earns"? Explain your answer.

MATCHING Complete the following using these terms. -To operate effectively, certain inputs called _____ are required for all economic systems.

Capital usually includes entrepreneurs, buildings, and human resources.

Large corporations are defined as businesses, whereas small companies are more of an investment.

Physical exercise releases endorphins, which can help a manager come up with creative ideas.

During the era of Industrial Revolution, the focus was on agriculture and other rural activities.

Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the _____.

Participating in nonprofit programs is an example of exhibiting social responsibility.

Briefly describe the Industrial Revolution and its contribution to the evolution of business.

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