Question 1

Explain the differences between a for-profit organization and a not-for-profit organization.

Accepted Answer

All businesses are regulated by the government and must comply with established standards. Like their profit-driven counterparts, not-for-profit organizations also offer products and services, collect revenues, and employ workers. For-profit organizations are profit driven and have the opportunity to offer their consumer products and services for a fee. Not-for-profit organizations' primary goal is to improve the quality of life for society. They also partner with their communities by providing services to those who are not financially capable to purchase their products or services.

Question 2

Sabiha will be opening a catering business in Canada soon, but she still needs to hire a few more employees to fill the schedule. Which of the following economic freedoms does she enjoy?

Accepted Answer

A)   She can hire whom she chooses.
B)   She will hire only those employing natural resources.
C)   She can only hire whom the federal government says she can hire.
D)   She will be given her labour force once she pays her business taxes. A

Question 3

The 500 largest North American companies anticipate losing about half of their senior managers over the next five to six years.

Accepted Answer

A) True 
 B)False  True

Question 4

Bhinder's Bowling Alley has recently decided to develop a franchise venture overseas. What concept would Bhinder's use in creating a distinctive business for the global market?

Accepted Answer

A)   entrepreneurial concept
B)   relationship concept
C)   production concept
D)   marketing concept

Question 5

Entrepreneurs are motivated to risk their time, money, and other resources in an effort to gain a profit for themselves. But their efforts yield benefits to many others in society, in addition to their personal profits.

Accepted Answer

A) True 
 B)False

Question 6

What does a business try to deliver to its customers while maintaining its core goal to generate long-term profits?

Accepted Answer

A)   data
B)   communication
C)   consistency
D)   value

Question 7

Factors of production are the resources a business needs to achieve its objectives.

Accepted Answer

A) True 
 B)False

Question 8

When businesses create more goods and services, their activities increase the standard of living, but have no impact on the quality of life.

Accepted Answer

A) True 
 B)False

Question 9

Assume Jamal and Cora are competing for a job position as an elementary school teacher. Jamal tells the potential employer about his skills on the computer in making report cards. Cora tells the potential employer about her skills in creating an innovative classroom learning environment. In today's work environment, which skills have more value to employers?

Accepted Answer

A)   creativity, communication, and caring
B)   timeliness, communication, and computing
C)   organization, planning, and caring
D)   creativity, organization, and computing

Question 10

The huge gains in production efficiency during the Industrial Revolution were mainly the result of changes in the nature of the production process that encouraged workers to take more pride and ownership in their work.

Accepted Answer

A) True 
 B)False

Question 11

For fast-moving companies, what can the technological environment represent?

Accepted Answer

A)   major threats
B)   a rich source of competitive advantage
C)   lower efficiency and effectiveness
D)   employee resistance to change

Question 12

People can create natural resources by growing and harvesting agricultural products.

Accepted Answer

A) True 
 B)False

Question 13

The Tide-to-Go bleach stick and the Swiffer are examples of what type of breakthrough products?

Accepted Answer

A)   market-focused products
B)   consumer-focused products
C)   business-focused products
D)   government-focused products

Question 14

List the five key dimensions of the broader business environment and describe the impact each has on the ability of individuals to find employment or start a business.

Accepted Answer

The answer of List the five key dimensions of the...

Question 15

Following your passion in making career choices can lead to both financial and personal success.

Accepted Answer

A) True 
 B)False

Question 16

Human resources include the physical, intellectual, and creative contributions of people in an economy.

Accepted Answer

A) True 
 B)False

Question 17

How do enforceable contracts help to keep the Canadian economy relatively strong?

Accepted Answer

A)   They reduce the risk of running a business.
B)   They are enforceable in most business in most countries.
C)   The government receives taxes for every contract that is written.
D)   They are ethical and most companies will abide by them.

Question 18

Which of the following is the best characterization of entrepreneurs?

Accepted Answer

A)   the most productive workers employed by corporations
B)   risk takers and decision makers
C)   price manipulators
D)   disgruntled employees

Question 19

Natural resources are created by people as a factor of production and include agricultural products.

Accepted Answer

A) True 
 B)False

Question 20

The standard of living reflects the quality and quantity of goods available to a nation's population.

Accepted Answer

A) True 
 B)False

Exam 1: Business Now: Change Is the Only Constant

Explain the differences between a for-profit organization and a not-for-profit organization.

Sabiha will be opening a catering business in Canada soon, but she still needs to hire a few more employees to fill the schedule. Which of the following economic freedoms does she enjoy?

The 500 largest North American companies anticipate losing about half of their senior managers over the next five to six years.

Bhinder's Bowling Alley has recently decided to develop a franchise venture overseas. What concept would Bhinder's use in creating a distinctive business for the global market?

Entrepreneurs are motivated to risk their time, money, and other resources in an effort to gain a profit for themselves. But their efforts yield benefits to many others in society, in addition to their personal profits.

What does a business try to deliver to its customers while maintaining its core goal to generate long-term profits?

Factors of production are the resources a business needs to achieve its objectives.

When businesses create more goods and services, their activities increase the standard of living, but have no impact on the quality of life.

The huge gains in production efficiency during the Industrial Revolution were mainly the result of changes in the nature of the production process that encouraged workers to take more pride and ownership in their work.

For fast-moving companies, what can the technological environment represent?

People can create natural resources by growing and harvesting agricultural products.

The Tide-to-Go bleach stick and the Swiffer are examples of what type of breakthrough products?

List the five key dimensions of the broader business environment and describe the impact each has on the ability of individuals to find employment or start a business.

Following your passion in making career choices can lead to both financial and personal success.

Human resources include the physical, intellectual, and creative contributions of people in an economy.

How do enforceable contracts help to keep the Canadian economy relatively strong?

Which of the following is the best characterization of entrepreneurs?

Natural resources are created by people as a factor of production and include agricultural products.

The standard of living reflects the quality and quantity of goods available to a nation's population.