Question 1

Producing a high quality product will ensure success in the competitive environment.

Accepted Answer

A) True 
 B)False

Question 2

A business incurs a________ if its costs and expenses exceed its revenues.

Accepted Answer

A) dividend 
B) loss 
C) liability 
D) debit

Question 3

Making a new type of automobile involves what?

Accepted Answer

A) high risk 
B) profits 
C) arbitrage 
D) the service economy

Question 4

A charitable organization,whose goals do not include making a personal profit for its owners or organizers,such as the Red Cross or the Salvation Army,is best classified as a small business.

Accepted Answer

A) True 
 B)False

Question 5

Generation Y are also known as baby boomers.

Accepted Answer

A) True 
 B)False

Question 6

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is NOT a stakeholder?

Accepted Answer

A) non-profit businesses 
B) employees 
C) government 
D) customers

Question 8

Since the recession,competition has decreased.

Accepted Answer

A) True 
 B)False

Question 9

When looking at the global environment,one recent change has been:

Accepted Answer

A) the growth of global competition 
B) disenfranchisement 
C) fast response theory 
D) centralized management

Question 10

There are six elements to the business environment.

Accepted Answer

A) True 
 B)False

Question 11

Manufacturers in China,and India pose little threat to Canadian firms because they are unable to meet the quality levels demanded by Canadian and European consumers.

Accepted Answer

A) True 
 B)False

Question 12

Canada is insulated from economic problems in other parts of the world.

Accepted Answer

A) True 
 B)False

Question 13

Business decisions should consider the interests of customers,employees,suppliers,government officials,and stockholders.

Accepted Answer

A) True 
 B)False

Question 14

Laws that allow businesses to write enforceable contracts decrease the risk of doing business.

Accepted Answer

A) True 
 B)False

Question 15

Industry Canada sets out the ground rules for how private sector organizations may collect,use,or disclose personal information in the course of commercial activities.

Accepted Answer

A) True 
 B)False

Question 16

The portion of the Canadian population that is very young (0-4)is forecast to decrease.

Accepted Answer

A) True 
 B)False

Question 17

Most students are part of Generation X.

Accepted Answer

A) True 
 B)False

Question 18

One way an organization can restructure to better meet the needs of customers is to train front-line people to make decisions within certain limits.

Accepted Answer

A) True 
 B)False

Question 19

Nadine has started up a new printing business.The printers,computers,and copying machines she has leased are examples of:

Accepted Answer

A) natural resources. 
B) capital. 
C) current assets. 
D) intangible resources.

Question 20

Which of the following describes a reason for the recent job growth in the service sector?

Accepted Answer

A) The Canadian economy has been growing over the past decade. 
B) The increasing interest in the environment has led to the creation of service oriented jobs.There has been little change in the number of jobs in the service sector in recent years,however employment is expected to increase rapidly. 
C) Large manufacturing firms seeking efficiency have contracted out an increasing number of services. 
D) Offshoring has led to service industry.

Exam 1: The Dynamic Business Environment

Producing a high quality product will ensure success in the competitive environment.

A business incurs a________ if its costs and expenses exceed its revenues.

Making a new type of automobile involves what?

A charitable organization,whose goals do not include making a personal profit for its owners or organizers,such as the Red Cross or the Salvation Army,is best classified as a small business.

Generation Y are also known as baby boomers.

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

Which of the following is NOT a stakeholder?

Since the recession,competition has decreased.

When looking at the global environment,one recent change has been:

There are six elements to the business environment.

Manufacturers in China,and India pose little threat to Canadian firms because they are unable to meet the quality levels demanded by Canadian and European consumers.

Canada is insulated from economic problems in other parts of the world.

Business decisions should consider the interests of customers,employees,suppliers,government officials,and stockholders.

Laws that allow businesses to write enforceable contracts decrease the risk of doing business.

Industry Canada sets out the ground rules for how private sector organizations may collect,use,or disclose personal information in the course of commercial activities.

The portion of the Canadian population that is very young (0-4)is forecast to decrease.

Most students are part of Generation X.

One way an organization can restructure to better meet the needs of customers is to train front-line people to make decisions within certain limits.

Nadine has started up a new printing business.The printers,computers,and copying machines she has leased are examples of:

Which of the following describes a reason for the recent job growth in the service sector?