Deck 1: Business Now: Change Is the Only Constant

Question 1

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.

Answer 1

False

Question 2

As entrepreneurs create wealth for themselves, they produce a ripple effect that enriches everyone around them.

Answer 2

True

Question 3

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

Answer 3

False

Question 4

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 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.

Question 6

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

Question 7

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

Question 8

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

Question 9

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

Question 10

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

Question 11

The Industrial Revolution era is recognized for its technological advances.

Question 12

"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 13

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

Question 14

Successful businesses embrace change and carefully evaluate risks.

Question 15

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

Question 16

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

Question 17

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

Question 18

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

Question 19

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

Question 20

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

Question 21

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 22

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

Question 23

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

Question 24

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

Question 25

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

Question 26

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

Question 27

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

Question 28

The marketing era came immediately before the entrepreneurship era.

Question 29

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

Question 30

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

Question 31

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

Question 32

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

Question 33

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 34

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

Question 35

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

Question 36

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

Question 37

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

Question 38

Companies use capital to produce goods and services.

Question 39

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

Question 40

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

Question 41

Apple provides an excellent example of being on the leading edge.

Question 42

Recent research suggests that investing in worker satisfaction yields tangible bottom-line results.

Question 43

The value of all natural resources tends to rise with high supply.

Question 44

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

Question 45

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

Question 46

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

Question 47

The free-trade movement has lowered prices and increased quality across virtually every product category.

Question 48

Technology can be a major threat for companies that are slow to integrate new approaches.

Question 49

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

Question 50

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

Question 51

Migration of jobs relates closely to the global movement of free trade.

Question 52

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

Question 53

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

Question 54

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 55

Demographics are measurable characteristics of a population.

Question 56

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

Question 57

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

Question 58

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

Question 59

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

Question 60

China has been a magnet for manufacturing jobs because of its large population and low wages.

Question 61

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

Question 62

What do we call the quality and quantity of goods and services available to a population?

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

Question 63

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

A) Consumers 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 64

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

Question 65

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 66

In which era of business do managers focus on efficiency, and the customer is an afterthought?

A) the entrepreneurship era
B) the marketing era
C) the production era
D) the relationship era

Question 67

One reason that the Canadian economy remains relatively strong is that the government takes active steps to reduce the risks of starting and running a business.

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

One of the ways provincial governments attempt to compete for business development is by providing investment and tax incentives for new businesses.

Question 70

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 71

India has been especially adept at attracting high-tech jobs.

Question 72

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

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

Question 73

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 74

Replacing baby boomers in the workforce will be easy, as there are many workers to choose from.

Question 75

Leading-edge firms offer products well before the market becomes ready to embrace them.

Question 76

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 77

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

Question 78

The cheapest product represents the best value.

Question 79

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 80

Getting current customers to buy more of your product is a lot less expensive than convincing potential customers to try your product for the first time.