Deck 1: Business Now: Change Is the Only Constant

Question 1

The industrial revolution era is recognized for its technological advances.

Answer 1

True

Question 2

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

Answer 2

False

Question 3

One personality trait shared by most entrepreneurs is the desire to avoid risk.

Answer 3

False

Question 4

During the entrepreneurship era,government began regulating business to protect the consumer and provide guidelines for products and services.

Question 5

Speedy Car Imports has a primary goal to recruit employees within its own community first because it is the responsibility of business to increase profits.

Question 6

During the entrepreneurship era,the government began to regulate business practices.

Question 7

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

Question 8

Henry Ford's introduction of the assembly line occurred during the production era.

Question 9

A firm will experience a loss when its revenue is less than its expenses.

Question 10

Producers today deliver better goods more quickly and cheaply than ever before.

Question 11

Typically,socially responsible businesses act as advocates for the well-being of the community.

Question 12

Businesses are primarily focused on creating profits by offering products and services desired by the consumer.

Question 13

Successful businesses embrace change and take reasonable risks.

Question 14

"Quality of life" is a narrow measure of social welfare that is based exclusively on the quantity and quality of goods and services produced by a society.

Question 15

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.

Question 16

Businesses raise the standard of living through the payment of taxes,which can be used by the government to pay for socially desirable projects.

Question 17

Sal Garmin's business offers computer support to local not-for-profit organizations.If he is like most entrepreneurs,Sal's primary goal is to create wealth for his community.

Question 18

A core goal for successful businesses is to deliver value to customers while generating long-term profits.

Question 19

One characteristic of all not-for-profit organizations is that they do not earn any revenue.

Question 20

Businesses focus on consumer needs and long-term profitability.

Question 21

Not-for-profit organizations are in business to make money.

Question 22

The marketing era came immediately before the entrepreneurship era.

Question 23

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

Question 24

The primary goal of not-for-profit organizations is to ensure community interests are addressed when providing products or services.

Question 25

Not-for-profit organizations focus mainly on health,human services,and religion.

Question 26

Not-for-profit organizations contribute to their region's economic stability and growth.

Question 27

Companies use capital to produce goods and services.

Question 28

The four factors of production are natural resources,capital,money,and entrepreneurship.

Question 29

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.

Question 30

Not-for-profit organizations can be economic magnets within a community.

Question 31

Capital,as a factor of production,includes machines,tools,buildings,information,and technology.

Question 32

Henry Ford's focus on producing a consistent and quality product represented a shift from the production era to the relationship era.

Question 33

Not-for-profits are business-like establishments,although their primary goal is not to make a profit.

Question 34

Businesses and not-for-profit organizations rely on factors of production to achieve their objectives.

Question 35

A not-for-profit organization's primary goal is to improve the quality of life in society.

Question 36

The four factors of production are natural resources,capital,human resources,and entrepreneurship.

Question 37

During the Industrial Revolution,the production process shifted from skilled artisans working in small workshops to semiskilled workers employed in huge factories.

Question 38

Not-for-profit organizations do not play a critical role in economic development.

Question 39

The production era is also referred to as the era of mass production.

Question 40

A group of concerned community leaders formed Homeless Help,a not-for-profit organization providing shelter for homeless individuals.Aside from the fact that it doesn't seek a profit,Homeless Help is likely to operate much like a regular business in many respects.

Question 41

Demographic factors that affect business include population size and density,age,gender,race,education,and income.

Question 42

The World Wide Web allows computer users to easily access and share information on the Internet via text,graphics,video,and animation.

Question 43

Investing in worker satisfaction will not affect profitability of a business.

Question 44

Entrepreneurship is the resource that appears to be the most important determinant of economic growth.

Question 45

Susan is the Human Resource Director of ABC Cosmetics.In her job,she is responsible for recruiting,hiring,and training employees.She is,therefore,a factor of production for the company.

Question 46

Value is defined as the relationship between the price of a good or service and the benefit that it offers a consumer.

Question 47

Speed-to-market is the rate at which consumers achieve value.

Question 48

Demographics are measurable characteristics of a population.

Question 49

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

Question 50

There are three key dimensions to the business environment: financial,technical,and ethical.

Question 51

Entrepreneurs are individuals willing to take the risk of owning and operating a business.

Question 52

In the context of factors of production,the term capital means the money businesses use to finance their operations.

Question 53

The economic dimension of the business environment includes Canadian government legislation that supports enforceable contracts.

Question 54

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

Question 55

The government in Canada has helped foster free enterprise and fair competition by reducing the risks of starting and running a business.

Question 56

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

Question 57

Differences in the factors of production among countries can help explain the differences of wealth among nations.

Question 58

Using corn to create ethanol as an alternative fuel source will increase the price of corn in the grocery store.

Question 59

The only advantage of technology in business is that it increases the business's effectiveness.

Question 60

Scott started mowing his neighbour's lawn while he was in school.After returning from college,he started a landscaping business and hired some of his friends.Scott is an entrepreneur.

Question 61

Changes in natural resources are the main reason some traditional career choices have become dead ends.

Question 62

Diversity,the aging population,rising worker expectations,ethics,and social responsibility are all challenges for human resource managers in recruiting,training,and managing employees.

Question 63

Following your passion in making a career choice is foolishness not supported by the broader business environment.

Question 64

Urban Outfitters delivers small batches of new merchandise to each store every day.What is the effect of this practice?

A)It causes customers to shop somewhere else because the store changes too much.
B)It increases store traffic, as customers want to see what's new on a regular basis.
C)It decreases store traffic, as the store looks too busy.
D)It has no effect on store traffic at all.

Question 65

Satellite systems that are built to enhance wireless communications represent an effective use of business technology.

Question 66

Technology and global free trade have made it difficult to distinguish between individual economies worldwide.

Question 67

Urban Outfitters has mastered the art of managing change.With the placement of Xbox 360 consoles and other video games in the menswear section of each store,sales have grown because men are kept busy while women shop.What is this company doing in this example?

A)not listening to its customers
B)not caring about women
C)creating customer anxiety
D)reinventing itself to meet customer needs

Question 68

Which of the following was introduced in the marketing era?

A)the marketing concept
B)the marketing strategy
C)the marketing approach
D)the 4 P's of marketing

Question 69

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

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

Question 70

A key trend in the competitive dimension of the business environment is the tendency of an increasing number of firms to focus on short-run profitability.

Question 71

Which term refers to the products and goods available to a population for a period of time?

A)economic growth
B)entrepreneurship
C)quality of life
D)standard of living

Question 72

Which statement best describes entrepreneurs?

A)They are primarily motivated by the desire to help others.
B)They have little or no impact on others in society.
C)They create benefits for others while seeking profit for themselves.
D)They create value for themselves at the expense of others.

Question 73

Which of the following is the best characterization of entrepreneurs?

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

Question 74

A major goal of the World Trade Organization (WTO)is to continue the success of GATT by continuing to promote a worldwide movement toward free trade.

Question 75

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

Question 76

What occurs when expenses are higher than revenues for a business?

A)risk
B)profit
C)surplus
D)loss

Question 77

What is the term for an organization that provides goods and services in an effort to earn a profit?

A)not-for-profit
B)government
C)charity
D)business

Question 78

Which of the following statements is most consistent with the marketing concept?

A)Consumers always care more about price than about quality. The goal of business is to market to as many customers as possible.
B)Controlling the market for natural resources can give a firm a huge competitive advantage.
C)All aspects of a business organization should focus on the needs of the customer.
D)The primary purpose of a business is to dominate its market.

Question 79

Which of the following is a negative aspect of the entrepreneurship era?

A)Inflation spiralled out of control, resulting in a decline in standards of living.
B)Powerful businesses gained the ability to manipulate prices and exploit workers.
C)Governments began running huge deficits.
D)Productivity declined in many key industries as work shifted away from mass production to more labour-intensive methods.

Question 80

Leading-edge firms offer products sooner than bleeding-edge firms.