Exam 1: The Changing Face of Business

______ refers to standards of conduct and moral values of a firm.

The owner of a small business is part of the human resources of his/her organization.

Explain how entrepreneurship can be used in used in an existing organization, to improve operations. Give two examples of companies that encourage such entrepreneurship (intrapreneurship).

Capital includes money, machines, tools, buildings, and human resources.

Relationship management refers to ongoing, mutually beneficial ties between a company and its vendors.

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

Unfair or "cutthroat" competition, designed to eliminate competitors, is prohibited by the U.S. government.

The business philosophy that advocates determining what consumers want and need, and then designing products to satisfy those needs, is known as ______.

The managerial quality of vision is the ability to see all of the problems that might occur.

Successful entrepreneurs usually create large corporations.

The concept of branding first emerged during the ______.

Social responsibility is another way of saying ethics.

Employees and founders of not-for-profit organizations do NOT usually earn any income from their operations.

Critical thinking skills and creativity are essential qualities for today's managers.

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 ______.

What are not-for-profit organizations and how do they contribute to the Canadian economy?

Which of the following is a benefit of entrepreneurship?

A public-sector not-for-profit organization would include which of the following?

A key element of the production era was the use of consumer research.

The Nike swoosh is NOT considered a brand; only the company name can be a brand.