Question 1

The standard of living for a nation's people depends mainly on:

Accepted Answer

A)  the quality of the natural environment.
B)  how much political freedom they have.
C)  their income and the prices of the goods and services they buy.
D)  the amount of labor and capital available employed in the manufacturing sector.E) C) and D)
F) All of the above

Question 2

Starting a business always involves ________.

Accepted Answer

A)  profit
B)  loss
C)  revenue
D)  riskE) B) and C)
F) A) and D)

Question 3

Traditional businesses have a managerial focus rather than a customer focus.

Accepted Answer

A) True 
 B)False

Question 4

Empowerment means giving frontline workers the responsibility,authority,and freedom to respond quickly to customer requests.

Accepted Answer

A) True 
 B)False

Question 5

_______________ is/are the external and internal circumstances that surround the business.

Accepted Answer

A)  The business environment
B)  The factors of production
C)  The business corral
D)  The business disciplinesE) A) and C)
F) B) and D)

Question 6

As he explores his options,Sergio notices that some opportunities appear to be riskier than others.When considering various opportunities,Sergio should keep in mind that:

Accepted Answer

A)  he will be better off picking a low risk business opportunity,since the safest ones are usually the most profitable as well.
B)  even though some opportunities appear riskier than others,the level of risk actually varies little from one opportunity to another.
C)  high risk business opportunities often have the potential for high returns as well.
D)  government regulations are in place to protect investors and entrepreneurs from failure,so there is no need to worry about risk.E) B) and D)
F) B) and C)

Question 7

Health care availability,a clean environment,and good schools all contribute to a high quality of life.

Accepted Answer

A) True 
 B)False

Question 8

Describe several ways that governments can foster entrepreneurship and encourage the creation of wealth.

Accepted Answer

One of the best things government can do...

Question 9

In recent years,almost all new job creation in the United States has occurred in the __________ sector:

Accepted Answer

A)  service
B)  manufacturing
C)  agricultural
D)  telecommunicationsE) All of the above
F) C) and D)

Question 10

The service industry represents ________ of the value of the U.S.economy.

Accepted Answer

A)  about 30%
B)  under 50%
C)  about 70%
D)  about 50%E) C) and D)
F) A) and C)

Question 11

The only real purpose of a business is to make money for entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 12

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

Accepted Answer

A) True 
 B)False

Question 13

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Accepted Answer

A) True 
 B)False

Question 14

Efforts are underway to serve the needs of a diverse population.Diversity means:

Accepted Answer

A)  selling products to immigrants.
B)  dealing sensitively with workers and cultures around the world.
C)  providing government programs such as free health care for illegal and legal immigrants.
D)  meeting employment quotas so that diverse groups are always represented in your workforce.E) A) and B)
F) A) and C)

Question 15

Jay and Jim Spears own a lawn irrigation system business.They perform installations and maintenance of these systems.Several of their customers are golf courses,but they serve a large group of residential customers as well.When they started the business ten years ago,they made a pact to always operate within the legal limits of the law,but lately,the competition is eating them alive.Local competitors have hired illegal immigrants to perform the manual labor.They do not pay taxes on these employees - they just pay them in cash at the end of the week.Employment taxes are a burden for small businesses.Jay and Jim do not want to hire illegal workers.There's a risk if you permit an illegal worker to drive a truck;or,if he/she has an accident on the job.You have just studied business ethics in your class.You inform this partnership that:

Accepted Answer

A)  Taxes only need to be paid for the owners.
B)  They are not only taking a chance that a bigger problem may occur,they are indirectly setting the ethics code for their firm.
C)  Small businesses may not be able to worry about ethics codes.These types of documents are better suited for big business.
D)  It is not unethical to try to better the lives of others.Everyone needs jobs.E) A) and B)
F) All of the above

Question 16

The primary focus of successful firms is designing and producing high quality goods.Advertising is then used to convince consumers to buy their superior products.

Accepted Answer

A) True 
 B)False

Question 17

Successful businesses are keenly focused on their:

Accepted Answer

A)  customers.
B)  managers.
C)  creditors.
D)  bureaucrats.E) All of the above
F) B) and C)

Question 18

Diversity is more than recruiting and keeping minorities and women.Diversity means appreciating and understanding other differences in our customers and in our workforce.The statement that best describes this difference is:

Accepted Answer

A)  disabilities,sexual orientation,religious preferences,and even personality differences such as extroverts and introverts.
B)  gender roles.
C)  surface level things such as green eyes versus brown eyes.
D)  racial differences and gender differences.E) A) and C)
F) All of the above

Question 19

Appliance repair firms,tax consultants,law firms,and insurance companies are all business firms that are part of the:

Accepted Answer

A)  production sector.
B)  management sector.
C)  neo-industrial sector.
D)  service sector. All of these companies provide an intangible product.Thus,they are included in the service sector.E) B) and C)
F) None of the above

Question 20

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Accepted Answer

A) True 
 B)False

Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

The primary focus of successful firms is designing and producing high quality goods.Advertising is then used to convince consumers to buy their superior products.

Correct Answer
verified

Traditional businesses have a managerial focus rather than a customer focus.

Correct Answer
verified

_______________ is/are the external and internal circumstances that surround the business.

Correct Answer
verified

The standard of living for a nation's people depends mainly on:

Correct Answer
verified

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Correct Answer
verified

Correct Answer
verified

The only real purpose of a business is to make money for entrepreneurs.

Correct Answer
verified

Empowerment means giving frontline workers the responsibility,authority,and freedom to respond quickly to customer requests.

Correct Answer
verified

As he explores his options,Sergio notices that some opportunities appear to be riskier than others.When considering various opportunities,Sergio should keep in mind that:

Correct Answer
verified

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Correct Answer
verified

Describe several ways that governments can foster entrepreneurship and encourage the creation of wealth.

Correct Answer
verified
One of the best things government can do...
View Answer

Health care availability,a clean environment,and good schools all contribute to a high quality of life.

Correct Answer
verified

Starting a business always involves ________.

Correct Answer
verified

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

Correct Answer
verified

Appliance repair firms,tax consultants,law firms,and insurance companies are all business firms that are part of the:

Correct Answer
verified

The service industry represents ________ of the value of the U.S.economy.

Correct Answer
verified

Efforts are underway to serve the needs of a diverse population.Diversity means:

Correct Answer
verified

Successful businesses are keenly focused on their:

Correct Answer
verified

In recent years,almost all new job creation in the United States has occurred in the __________ sector:

Correct Answer
verified

Diversity is more than recruiting and keeping minorities and women.Diversity means appreciating and understanding other differences in our customers and in our workforce.The statement that best describes this difference is:

Correct Answer
verified

Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

The primary focus of successful firms is designing and producing high quality goods.Advertising is then used to convince consumers to buy their superior products.

Correct AnswerverifiedShow Answer

Traditional businesses have a managerial focus rather than a customer focus.

Correct AnswerverifiedShow Answer

_______________ is/are the external and internal circumstances that surround the business.

Correct AnswerverifiedShow Answer

The standard of living for a nation's people depends mainly on:

Correct AnswerverifiedShow Answer

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The only real purpose of a business is to make money for entrepreneurs.

Correct AnswerverifiedShow Answer

Empowerment means giving frontline workers the responsibility,authority,and freedom to respond quickly to customer requests.

Correct AnswerverifiedShow Answer

As he explores his options,Sergio notices that some opportunities appear to be riskier than others.When considering various opportunities,Sergio should keep in mind that:

Correct AnswerverifiedShow Answer

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Correct AnswerverifiedShow Answer

Describe several ways that governments can foster entrepreneurship and encourage the creation of wealth.

Correct AnswerverifiedOne of the best things government can do...View AnswerShow Answer

Health care availability,a clean environment,and good schools all contribute to a high quality of life.

Correct AnswerverifiedShow Answer

Starting a business always involves ________.

Correct AnswerverifiedShow Answer

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

Correct AnswerverifiedShow Answer

Appliance repair firms,tax consultants,law firms,and insurance companies are all business firms that are part of the:

Correct AnswerverifiedShow Answer

The service industry represents ________ of the value of the U.S.economy.

Correct AnswerverifiedShow Answer

Efforts are underway to serve the needs of a diverse population.Diversity means:

Correct AnswerverifiedShow Answer

Successful businesses are keenly focused on their:

Correct AnswerverifiedShow Answer

In recent years,almost all new job creation in the United States has occurred in the __________ sector:

Correct AnswerverifiedShow Answer

Diversity is more than recruiting and keeping minorities and women.Diversity means appreciating and understanding other differences in our customers and in our workforce.The statement that best describes this difference is:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
One of the best things government can do...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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