Question 1

Global trade has suffered because of increased problems with the Internet.

Accepted Answer

A) True 
 B)False

Question 2

Businesses collect ________ information on where people live,what they buy,and how they spend their time.

Accepted Answer

A)  geometric
B)  econometric
C)  demographic
D)  anthropologicE) A) and B)
F) A) and C)

Question 3

Which of the following is the most accurate statement about the impact of business on society?

Accepted Answer

A)  When businesses earn a profit for their owners,they usually do so at the expense of the rest of society,which proves it is never a win-win situation.
B)  While businesses often improve the standard of living within a society,they can do little to improve the quality of life.
C)  Businesses often improve the quality of life,but can do little to improve the standard of living of most people due to inflation.
D)  Businesses can have a positive impact on both the standard of living and the quality of life within a society.E) C) and D)
F) None of the above

Question 4

___________ means producing the desired result.

Accepted Answer

A)  Effectiveness
B)  Technology
C)  E-production
D)  ProductivityE) None of the above
F) A) and B)

Question 5

Which of the following is an advantage of utilizing technology?

Accepted Answer

A)  Technology increases the cost of production.
B)  Technology reduces the need for a marketing plan.
C)  Productivity increases.
D)  Management becomes isolated from the demands of stakeholders. Technology is everything from phones to software programs that make businesses more efficient and productive.Productivity is the amount of output you generate given the amount of input.E) B) and C)
F) A) and B)

Question 6

Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S.is at war.

Accepted Answer

A) True 
 B)False

Question 7

Questionable business practices such as those followed by many mortgage lending companies in the past few years:

Accepted Answer

A)  encouraged investors to increase their stock market holdings.
B)  fundamentally weakened the entire economic environment.
C)  helped retired employees at the expense of current employees.
D)  resulted from too much government regulation.E) B) and D)
F) None of the above

Question 8

E-commerce is the buying and selling of goods over the Internet.

Accepted Answer

A) True 
 B)False

Question 9

The customers,employees,stockholders,suppliers,creditors,and others who stand to gain or lose by the policies and activities of a business represent the firm's:

Accepted Answer

A)  market makers.
B)  economic environment.
C)  stakeholders.
D)  social mentors.E) A) and B)
F) A) and C)

Question 10

In recent years,manufacturing firms in the United States have laid off workers.The best explanation of this trend is that:

Accepted Answer

A)  firms have been trying to weaken unions by reducing their reliance on labor.
B)  workers in the U.S.have become less productive and are no longer able to compete in the global economy.
C)  firms in many industries have become so efficient that they need fewer workers.
D)  the economy has been in a prolonged depression that has lasted more than a decade.E) A) and B)
F) A) and C)

Question 11

In order to create more wealth and provide better services,some nations recognize that _________________________________.

Accepted Answer

A)  raising taxes benefits all businesses
B)  a good strategy is to minimize interference with the free exchange of goods and services
C)  restricting trade with other countries always helps domestic businesses
D)  taking control of privately owned businesses and making them government -run will decrease taxes and improve the lives of everyoneE) A) and B)
F) None of the above

Question 12

Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:

Accepted Answer

A)  Centralized management.
B)  Fast response theory.
C)  Enfranchisement.
D)  Empowerment.E) C) and D)
F) A) and D)

Question 13

Companies have responded to a diverse customer base by hiring a more diverse workforce.

Accepted Answer

A) True 
 B)False

Question 14

An) ____________ is a person who assumes the risk of starting a business.

Accepted Answer

A)  manager
B)  entrepreneur
C)  private investor
D)  stakeholderE) A) and B)
F) B) and D)

Question 15

When corruption is present in the business environment:

Accepted Answer

A)  company leaders can threaten competitors and minimize competition.
B)  factories are easier to build without a government permit.
C)  it promotes fair competition.
D)  laborers can make more money.E) None of the above
F) C) and D)

Question 16

An important environmental change in the global environment is the growth of international competition.

Accepted Answer

A) True 
 B)False

Question 17

Certain industries of the U.S.economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment.Which of the following best explains this job loss?

Accepted Answer

A)  The cause is a decline in the productivity of labor in these industries.
B)  Workers lost these jobs because technological advances increased productivity.
C)  The U.S.economy cannot compete in these industries any longer.
D)  Government regulations have eliminated profit opportunities in these industries.E) A) and C)
F) None of the above

Question 18

Customer-driven organizations require managers to closely direct and control their employees.

Accepted Answer

A) True 
 B)False

Question 19

Last year,Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.Based on this information,Adventure reported:

Accepted Answer

A)  profits of $14 million.
B)  profits of $34 million.
C)  losses of $14 million.
D)  losses off $34 million.E) C) and D)
F) All of the above

Question 20

Susan quit her job in a big city to take a less stressful position in a small town located in a scenic are
A.She earns less money at her new job and has had to cut back on her purchases of material goods,but she has more leisure time and really enjoys the clean air and scenic beauty of her new home.Susan has accepted a lower standard of living in order to enjoy a higher quality of life.

Accepted Answer

A) True 
 B)False

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

When corruption is present in the business environment:

Correct Answer
verified

Companies have responded to a diverse customer base by hiring a more diverse workforce.

Correct Answer
verified

The customers,employees,stockholders,suppliers,creditors,and others who stand to gain or lose by the policies and activities of a business represent the firm's:

Correct Answer
verified

Global trade has suffered because of increased problems with the Internet.

Correct Answer
verified

In recent years,manufacturing firms in the United States have laid off workers.The best explanation of this trend is that:

Correct Answer
verified

___________ means producing the desired result.

Correct Answer
verified

Questionable business practices such as those followed by many mortgage lending companies in the past few years:

Correct Answer
verified

Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:

Correct Answer
verified

Which of the following is the most accurate statement about the impact of business on society?

Correct Answer
verified

Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S.is at war.

Correct Answer
verified

Last year,Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.Based on this information,Adventure reported:

Correct Answer
verified

Correct Answer
verified

Which of the following is an advantage of utilizing technology?

Correct Answer
verified

Customer-driven organizations require managers to closely direct and control their employees.

Correct Answer
verified

An) ____________ is a person who assumes the risk of starting a business.

Correct Answer
verified

An important environmental change in the global environment is the growth of international competition.

Correct Answer
verified

Certain industries of the U.S.economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment.Which of the following best explains this job loss?

Correct Answer
verified

E-commerce is the buying and selling of goods over the Internet.

Correct Answer
verified

In order to create more wealth and provide better services,some nations recognize that _________________________________.

Correct Answer
verified

Businesses collect ________ information on where people live,what they buy,and how they spend their time.

Correct Answer
verified

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

When corruption is present in the business environment:

Correct AnswerverifiedShow Answer

Companies have responded to a diverse customer base by hiring a more diverse workforce.

Correct AnswerverifiedShow Answer

The customers,employees,stockholders,suppliers,creditors,and others who stand to gain or lose by the policies and activities of a business represent the firm's:

Correct AnswerverifiedShow Answer

Global trade has suffered because of increased problems with the Internet.

Correct AnswerverifiedShow Answer

In recent years,manufacturing firms in the United States have laid off workers.The best explanation of this trend is that:

Correct AnswerverifiedShow Answer

___________ means producing the desired result.

Correct AnswerverifiedShow Answer

Questionable business practices such as those followed by many mortgage lending companies in the past few years:

Correct AnswerverifiedShow Answer

Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:

Correct AnswerverifiedShow Answer

Which of the following is the most accurate statement about the impact of business on society?

Correct AnswerverifiedShow Answer

Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S.is at war.

Correct AnswerverifiedShow Answer

Last year,Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.Based on this information,Adventure reported:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is an advantage of utilizing technology?

Correct AnswerverifiedShow Answer

Customer-driven organizations require managers to closely direct and control their employees.

Correct AnswerverifiedShow Answer

An) ____________ is a person who assumes the risk of starting a business.

Correct AnswerverifiedShow Answer

An important environmental change in the global environment is the growth of international competition.

Correct AnswerverifiedShow Answer

Certain industries of the U.S.economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment.Which of the following best explains this job loss?

Correct AnswerverifiedShow Answer

E-commerce is the buying and selling of goods over the Internet.

Correct AnswerverifiedShow Answer

In order to create more wealth and provide better services,some nations recognize that _________________________________.

Correct AnswerverifiedShow Answer

Businesses collect ________ information on where people live,what they buy,and how they spend their time.

Correct AnswerverifiedShow Answer

Correct Answer
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