Question 1

Relationship management concentrates on short-term interactions with customers.

Accepted Answer

A) True 
 B)False

Question 2

According to Adam Smith,competition would lead to consumers receiving the best possible products and prices because _____.

Accepted Answer

A) government interference in economic activity would be maximized 
B) less efficient producers would be driven out of the market 
C) increased supply of raw materials would lead to increased production 
D) natural resources would be utilized more efficiently 
A) government interference in economic activity would be maximized 
B) less efficient producers would be driven out of the market 
C) increased supply of raw materials would lead to increased production 
D) natural resources would be utilized more efficiently

Question 3

_____ 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.

Accepted Answer

A) Coupons 
B) Profits 
C) Discounts 
D) Rebates 
A) Coupons 
B) Profits 
C) Discounts 
D) Rebates

Question 4

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

Accepted Answer

A) Creativity 
B) Business ethics 
C) A social audit 
D) A social responsibility 
A) Creativity 
B) Business ethics 
C) A social audit 
D) A social responsibility

Question 5

List and describe the four basic rights in the private enterprise system.

Accepted Answer

The right to private property guarantees

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Creativity is the capacity to develop well-tested solutions to common organizational problems.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) consumer orientation 
B) self-sufficiency 
C) work ethics 
D) production enhancement 
A) consumer orientation 
B) self-sufficiency 
C) work ethics 
D) production enhancement

Question 9

Complete the following using these terms.
-A(n)_____ is a name,term,sign,symbol,design,or combination that identifies the products of one firm.

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

Mental exercises like brainstorming often foster creativity.

Accepted Answer

A) True 
 B)False

Question 11

Explain the difference between transaction management and relationship management.

Accepted Answer

Transaction management is an approach th

Question 12

The human resources of a firm refers to _____.

Accepted Answer

A) household consumers 
B) everyone who works for the business 
C) full-time employees 
D) top management executives 
A) household consumers 
B) everyone who works for the business 
C) full-time employees 
D) top management executives

Question 13

Evlis uses a weblog to sell his products.His blog has generated massive sales for his products.His capital expenditure was the lowest in comparison to most of the other online firms.Which of the following eras is he most likely to be originating from?

Accepted Answer

A) Production era 
B) Social era 
C) Industrial era 
D) Marketing era 
A) Production era 
B) Social era 
C) Industrial era 
D) Marketing era

Question 14

Explain strategic alliance with an example.

Accepted Answer

Strategic alliance is a partnership form

Question 15

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

Accepted Answer

A) private enterprise system 
B) competitive differentiation 
C) capitalism 
D) checkoff 
A) private enterprise system 
B) competitive differentiation 
C) capitalism 
D) checkoff

Question 16

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 17

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

Accepted Answer

A) True 
 B)False

Question 18

Technology is considered to be a form of capital.

Accepted Answer

A) True 
 B)False

Question 19

During the next few years,the average age of the workforce is expected to increase.

Accepted Answer

A) True 
 B)False

Question 20

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

Relationship management concentrates on short-term interactions with customers.

According to Adam Smith,competition would lead to consumers receiving the best possible products and prices because _____.

_____ 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.

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

List and describe the four basic rights in the private enterprise system.

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

Creativity is the capacity to develop well-tested solutions to common organizational problems.

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

Complete the following using these terms. -A(n)_____ is a name,term,sign,symbol,design,or combination that identifies the products of one firm.

Mental exercises like brainstorming often foster creativity.

Explain the difference between transaction management and relationship management.

The human resources of a firm refers to _____.

Evlis uses a weblog to sell his products.His blog has generated massive sales for his products.His capital expenditure was the lowest in comparison to most of the other online firms.Which of the following eras is he most likely to be originating from?

Explain strategic alliance with an example.

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

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

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

Technology is considered to be a form of capital.

During the next few years,the average age of the workforce is expected to increase.

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

Business Ethics and Social Responsibility

Economic Challenges Facing Todays 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

Trends in E-Commerce

Filters

Exam 1: The Changing Face of Business

Relationship management concentrates on short-term interactions with customers.

According to Adam Smith,competition would lead to consumers receiving the best possible products and prices because _____.

_____ 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.

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

List and describe the four basic rights in the private enterprise system.

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

Creativity is the capacity to develop well-tested solutions to common organizational problems.

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

Complete the following using these terms. -A(n)_____ is a name,term,sign,symbol,design,or combination that identifies the products of one firm.

Mental exercises like brainstorming often foster creativity.

Explain the difference between transaction management and relationship management.

The human resources of a firm refers to _____.

Evlis uses a weblog to sell his products.His blog has generated massive sales for his products.His capital expenditure was the lowest in comparison to most of the other online firms.Which of the following eras is he most likely to be originating from?

Explain strategic alliance with an example.

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

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

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

Technology is considered to be a form of capital.

During the next few years,the average age of the workforce is expected to increase.

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

Business Ethics and Social Responsibility

Economic Challenges Facing Todays 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

Trends in E-Commerce

Filters