Deck 1: Introduction

Question 1

The business environment consists of the surrounding factors that either help or hinder the development of business.

Answer 1

True

Question 2

An entrepreneur is a person who risks time and money to start and manage a business.

Answer 2

True

Question 3

Today there are more jobs in the manufacturing sector than in the service producing sector.

Answer 3

False

Question 4

Businesses may be classified according to their profit motive.

Question 5

Revenue occurs when a business's expenses are more than its revenues.

Question 6

Medium-sized enterprises employ between 50 and 500 individuals.

Question 7

After the 1700s most people were self-sustaining and made their own clothing.

Question 8

Businesses that provide intangible products are in the manufacturing sector of the community.

Question 9

Profit is the amount of money a business earns above and beyond what it spends for goods services,salaries,and other expenses.

Question 10

Return on investment is the money gained from taking on a business.

Question 11

Profit is the total amount of money a business takes in during a given period by selling goods and services.

Question 12

A stakeholder is an owner of a company.

Question 13

The automotive industry is an example of an industry seeing the effects of global outsourcing.

Question 14

Businesses that provide service are said to be in the service sector of the community.

Question 15

Global competition has affected the future employment and income level of businesses.

Question 16

Loss is when a business's revenues are more than its expenses.

Question 17

Advances in technology have had little or no effect on businesses' ability to remain competitive.

Question 18

The United States has long been known for having a high standard of living.

Question 19

A business is any person,partnership,or corporation that seeks to provide goods/and or services to others at a profit.

Question 20

Standard of living refers to the amount of goods and services people can buy with the money they have.

Question 21

E-commerce is the buying and selling of goods over the Internet.

Question 22

Factors of production include land,labor,capital,entrepreneurship,and knowledge.

Question 23

The Capitalist system is a system of government in which companies and businesses are generally owned by citizens instead of the government.

Question 24

Productivity is the amount of output you generate given the amount of input such as hours worked.

Question 25

__________ are intangible products such as education,insurance and travel.

Question 26

Small enterprises employ less than 50 individuals and are managed on a day to day basis by the owners themselves.

Question 27

__________ is the amount of money a business earns above and beyond what it pays out for salaries and other expenses.

Question 28

The B2B Internet market consists of selling goods and services to customers.

Question 29

An important change in the global environment has been the increase in free trade among nations.

Question 30

More than half of all small businesses today are micro businesses.

Question 31

Return on investment means the money gained from taking a business venture risk.

Question 32

Examples of service include education,health care and insurance.

Question 33

__________ are tangible products such as cameras,food,computers and clothing.

Question 34

A(n)___________ is a person,partnership,or corporation that seeks to provide goods and services to others at a profit.

Question 35

Business provides good or services in the hopes of making a profit.

Question 36

Value refers to offering your customers both high-quality products and outstanding service at competitive prices.

Question 37

Effectiveness means producing goods and services using the least amount of resources.

Question 38

Risk is the chance an individual organization takes of losing time and money on a business that may not prove profitable.

Question 39

Empowerment means giving frontline workers the ability to make decisions without consulting the manager.

Question 40

Non-profit organizations strive for financial gains but the gains are used to finance the social or educational goals of the organization.

Question 41

Any person,partnership or corporation that seeks to provide goods and services to others at a profit is known as a:

A) Manager
B) Corporation
C) Business
D) Service

Question 42

Which one of the following is NOT a means by which businesses can be classified?

A) Size
B) Profit motive
C) Profit margin
D) Sector

Question 43

Workers moved to __________ industry jobs as technology and machination eliminated manufacturing jobs.

Question 44

Historically workers have moved from rural farm labor positions to the ____________ industry.

Question 45

The __________ of production include land,labor,capital,entrepreneurship,and knowledge.

Question 46

_________ is the total amount of money a business takes in during a given period as a result of selling its good or services.

Question 47

__________ is the buying and selling of goods over the Internet.

Question 48

__________ are the costs of purchasing the goods and services that are needed to operate business.

Question 49

When classifying a business according to __________,the number of employees is a primary criterion.

Question 50

__________ is the reduction of barriers to trade,such as elimination of tariffs on goods brought into another country.

Question 51

__________ are all the people who stand to gain or lose by the policies and activities of a business.

Question 52

__________ played a significant role in farming as it increased efficiency and reduced the number of laborers.

Question 53

Missy owns and operates her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Missy is an example of a(n)__________.

Question 54

The __________ Internet market consists of selling goods and services to consumers.

Question 55

An electronic storage file where information is kept is called a (n)__________.

Question 56

An increase in __________ indicates that more can be produced in a given time period with the same amount of resources.

Question 57

__________ is assigning various functions,such as accounting,production,security,maintenance and legal work,to organizations outside of the business.

Question 58

More than 96% of job openings in the U.S.were recently in the __________ industry.

Question 59

__________ is the quality and quantity of products available to people and how these goods are distributed over the population.

Question 60

__________ means producing goods using the least amount of resources.

Question 61

Service industry businesses produce:

A) Technology products
B) Intangible products
C) Tangible products
D) Sought after products

Question 62

__________ is the amount of money a business earns above and beyond what it pays out for salaries and other expenses.

A) Profit
B) Revenue
C) Dividends
D) Interest

Question 63

The practice of foreign companies setting up design and production facilities in the United States,creating U.S.jobs is:

A) Outsourcing
B) Insourcing
C) Globalization
D) Management prerogative

Question 64

Which one of the following is not an element in the business environment?

A) The economic and legal environment
B) The technological environment
C) The agricultural environment
D) The social environment

Question 65

A business incurs a __________ if its expenses are more than its revenues.

A) Loss
B) Liability
C) Debt
D) Dividend

Question 66

A __________ is a person who owns and operates his or her own business.

A) Manager
B) Entrepreneur
C) Private Investor
D) Stakeholder

Question 67

Key legislation that must be enforced when operating a business includes:

A) Licenses and permit regulations
B) Ethics codes
C) Property boundaries
D) Revenue caps

Question 68

The chance an individual or organization takes of losing time and money on a business that may not prove profitable is called?

A) Loss
B) Risk
C) Luck
D) Initiative

Question 69

A law to protect workers as a part of the legal environment affecting business:

A) Equal Pay Act
B) Sherman Anti-Trust Law
C) Uniform Commercial Code
D) Common laws

Question 70

Empowerment requires that managers focus more on __________ lower level employees.

A) Directly supervising
B) Training
C) Simplifying the jobs of
D) Controlling and correcting

Question 71

__________ can be defined as the quality and quantity of products available to people and how these goods are distributed over the population.

A) Standard of Living
B) Quality of life
C) Gross national income
D) Social satisfaction index

Question 72

Microenterprises are typically:

A) medium-sized
B) employ fewer than five people
C) owned by a group of people
D) operated in large facilities

Question 73

Nearly 70% of the country's economic activity is this kind of industry:

A) Service
B) Manufacturing
C) Technology
D) Education

Question 74

To stay competitive in world markets,companies must:

A) Provide the greatest variety of products
B) Spend more money on marketing
C) Focus their resources on achieving zero defects
D) Offer both high quality products and outstanding service at competitive prices.

Question 75

Government can do a lot to lessen the risk of starting a business including:

A) Increasing business regulations
B) Providing government ownership of businesses
C) Allowing business people to conduct business without contracts
D) Establishing a currency that's tradable in world markets

Question 76

For-profit organizations are motivated to earn:

A) Awards
B) Profit
C) Revenues
D) Customers

Question 77

The total amount of money a business takes in during a giver period by selling goods and services is called:

A) Profit
B) Revenue
C) Loss
D) Retained earnings

Question 78

____________ is the chance an individual or organization takes of losing time and money on a business that may or may not prove to be profitable.

A) Depreciation
B) Risk
C) Fallibility
D) Redundancy

Question 79

Successful organizations must now listen more closely to:

A) Customers
B) Managers
C) Creditors
D) Bureaucrats

Question 80

In an ever increasing quest to produce goods at lower cost,many U.S.manufacturers have:

A) Moved their factories where labor and materials are cheaper
B) Sold their business and started all over
C) Hired more employees to make more goods
D) Raised prices to increase the value of the products