Question 1

Identify the business era during which managers began to pay more attention to what consumers wanted and needed rather than simply to what the firm could produce.

Accepted Answer

A)   The Industrial Revolution
B)   The Production Era
C)   The Marketing Era
D)   The Relationship Era C

Question 2

Which of the following is a major new force in business that influences consumers' choices?

Accepted Answer

A)   environmental concerns
B)   health concerns
C)   children's concerns
D)   safety concerns A

Question 3

Which country has become a prime location for offshoring production?

Accepted Answer

A)   China
B)   India
C)   Bangladesh
D)   Brazil A

Question 4

Which of the following inputs would not be considered a factor of production?

Accepted Answer

A)   money
B)   time
C)   human resources
D)   processes

Question 5

The right to ________ is the most basic freedom under the private enterprise system.

Accepted Answer

A)   private property
B)   protection
C)   freedom of speech
D)   information

Question 6

Capital includes

Accepted Answer

A)   money that the firm raises for expansion.
B)   employees, both current and future.
C)   land, building sites, and mineral deposits.
D)   technology, tools, information, and physical facilities.

Question 7

The Internet has made possible another business tool for staffing flexibility: __________, or using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.

Accepted Answer

A)   outsourcing
B)   nearshoring
C)   offshoring
D)   partnered

Question 8

Many businesses now recognize the value of a partnership with employees that encourage

Accepted Answer

A)   creative thinking and problem solving.
B)   rewards innovation and risk taking.
C)   collaboration and team efforts.
D)   all of these.

Question 9

Outsourcing production or services near a firm's home base is referred to as

Accepted Answer

A)   offshoring.
B)   contracting out.
C)   nearshoring.
D)   offloading.

Question 10

Keeping pace with the rapid rate of change in today's business world is essential. Which of the following is an essential resource for this?

Accepted Answer

A)   low cost workforce
B)   skilled and knowledgeable workforce
C)   expensive equipment
D)   technological capability

Question 11

Which of the following is true today regarding the business workforce?

Accepted Answer

A)   The workforce is adequate for business despite the aging population.
B)   The workforce is less independent in nature, rather more collaborative.
C)   The workforce members can expect more employer loyalty to their life-long career.
D)   The workforce is less mobile and less flexible.

Question 12

____________ refers to the standards of conduct and moral values involving decisions made in the work environment.

Accepted Answer

A)   Social Responsibility
B)   Business Ethics
C)   Moral Corporate Culture
D)   Best Business Practices

Question 13

The Canadian Red Cross and Toronto's Hospital for Sick Children are called

Accepted Answer

A)   businesses.
B)   not-for-profit organizations.
C)   local philanthropic endeavours.
D)   corporations.

Question 14

A partnership formed to create a competitive advantage for the business involved is an example of

Accepted Answer

A)   branding.
B)   a strategic alliance.
C)   relationship management.
D)   co-marketing.

Question 15

Which generation was born between the years 1965 to 1981?

Accepted Answer

A)   Baby Boom generation
B)   Generation X
C)   Generation Y
D)   Echo generation

Question 16

Which of the following can enhance a firm's chance of success?

Accepted Answer

A)   a diverse workforce
B)   a low cost workforce
C)   a technologically advanced workforce
D)   a young workforce

Question 17

Why are the four factors of production important?

Accepted Answer

A)   The factors of production are regulated by the government.
B)   Human resources will always be the most important factor of production.
C)   Managing all four of the factors of production is critical for the successful operation of a business.
D)   An economic system requires the factors of production for successful operation.

Question 18

For capitalism to operate effectively, the citizens of a private enterprise economy must have certain rights. Which of the following would not be considered part of the Private Enterprise System?

Accepted Answer

A)   private property
B)   profits
C)   government assistance
D)   competition

Question 19

Which company was ranked the most admired company in 2011 by Fortune magazine?

Accepted Answer

A)   Coca Cola
B)   Target
C)   Royal Bank
D)   Apple

Question 20

Which of the following traits are needed by today's business managers?

Accepted Answer

A)   vision
B)   creativity and critical thinking
C)   ability to lead change
D)   all of these

Exam 1: The Changing Face of Business