Question 1

Entrepreneurship is synonymous with "risk-taking."

Accepted Answer

A) True 
 B)False

Question 2

When farmers rent land in order to increase crop production, they are acquiring capital.

Accepted Answer

A) True 
 B)False

Question 3

Technology is considered to be a form of capital.

Accepted Answer

A) True 
 B)False

Question 4

The factors of production in an economic system are _____.

Accepted Answer

A)  land, rent, capital, and human resources 
B)  capital, perseverance, natural resources, and human resources 
C)  rent, wages, interest, and profit 
D)  natural resources, human resources, capital, and entrepreneurship 
A)  land, rent, capital, and human resources 
B)  capital, perseverance, natural resources, and human resources 
C)  rent, wages, interest, and profit 
D)  natural resources, human resources, capital, and entrepreneurship

Question 5

One factor that led to the Industrial Revolution was the mechanization of agriculture.

Accepted Answer

A) True 
 B)False

Question 6

By supporting local charities, a firm is demonstrating social responsibility.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is considered to be the most fundamental right of the private enterprise system?

Accepted Answer

A)  The right to private property 
B)  The right to guaranteed profits 
C)  The right to exercise price discrimination 
D)  The right to fair competition 
A)  The right to private property 
B)  The right to guaranteed profits 
C)  The right to exercise price discrimination 
D)  The right to fair competition

Question 8

The Industrial Revolution introduced a strong emphasis on the factory system.

Accepted Answer

A) True 
 B)False

Question 9

Blogs and social networking use _____ to manage relationships.

Accepted Answer

A)  strategic alliances 
B)  marketing research analyses 
C)  technology 
D)  business etiquette 
A)  strategic alliances 
B)  marketing research analyses 
C)  technology 
D)  business etiquette

Question 10

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

Accepted Answer

A) True 
 B)False

Question 11

Define the term vision. Why is vision an important skill today?

Accepted Answer

Vision is the ability to perce

Question 12

The current philosophy among managers today is best described as transaction management.

Accepted Answer

A) True 
 B)False

Question 13

The right to profit means that the _____.

Accepted Answer

A)  owner is legally guaranteed the right to all profits (after taxes) that are earned by a business 
B)  right to such profits without any form of deduction 
C)  government will guarantee a profit 
D)  firm has to earn only profits 
A)  owner is legally guaranteed the right to all profits (after taxes) that are earned by a business 
B)  right to such profits without any form of deduction 
C)  government will guarantee a profit 
D)  firm has to earn only profits

Question 14

MATCHING
Complete the following using these terms.
-_____ is the collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.

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

The supply for jobs is slowly becoming greater than the demand for workers.

Accepted Answer

A) True 
 B)False

Question 16

Explain how e-business has created a new type of strategic alliance among companies.

Accepted Answer

An e-business strategic alliance enables

Entrepreneurship is synonymous with "risk-taking."

When farmers rent land in order to increase crop production, they are acquiring capital.

Technology is considered to be a form of capital.

The factors of production in an economic system are _____.

One factor that led to the Industrial Revolution was the mechanization of agriculture.

By supporting local charities, a firm is demonstrating social responsibility.

Which of the following is considered to be the most fundamental right of the private enterprise system?

The Industrial Revolution introduced a strong emphasis on the factory system.

Blogs and social networking use _____ to manage relationships.

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

Define the term vision. Why is vision an important skill today?

The current philosophy among managers today is best described as transaction management.

The right to profit means that the _____.

MATCHING Complete the following using these terms. -_____ is the collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.

The supply for jobs is slowly becoming greater than the demand for workers.

Explain how e-business has created a new type of strategic alliance among companies.

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

Entrepreneurship is synonymous with "risk-taking."

When farmers rent land in order to increase crop production, they are acquiring capital.

Technology is considered to be a form of capital.

The factors of production in an economic system are _____.

One factor that led to the Industrial Revolution was the mechanization of agriculture.

By supporting local charities, a firm is demonstrating social responsibility.

Which of the following is considered to be the most fundamental right of the private enterprise system?

The Industrial Revolution introduced a strong emphasis on the factory system.

Blogs and social networking use _____ to manage relationships.

The new employer-employee relationship requires firms to establish rigid rules to govern employee activities.

Define the term vision. Why is vision an important skill today?

The current philosophy among managers today is best described as transaction management.

The right to profit means that the _____.

MATCHING Complete the following using these terms. -_____ is the collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.

The supply for jobs is slowly becoming greater than the demand for workers.

Explain how e-business has created a new type of strategic alliance among companies.

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