Question 1

Eve and her three college friends enjoy perfumes. As a special gift to each of them last holiday season, she found a way to make scented candles with each friend's favorite perfume scent. The three friends loved her gift idea and encouraged Eve to create more and sell them online. Recently, she is filling orders from her website, and turning a profit. Eve is proof that:

Accepted Answer

A)   me-too businesses work.
B)   when you successfully fill a market need, you can make money.
C)   the Internet is a way to distribute just about anything.
D)   the cost of supplies to make candles is relatively cheap.E) None of the above
F) A) and D)

Question 2

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.

Accepted Answer

A) True 
 B)False

Question 3

Airline companies around the world are experiencing increased costs in part due to

Accepted Answer

A)   decreases in the cost of fuel.
B)   decreasing world trade.
C)   the threat of terrorism.
D)   lack of interest in flying.E) B) and D)
F) B) and C)

Question 4

Lux Ladies, Inc., is a company that specializes in expensive and unusual gifts for all occasions. It keeps a large file of information on all of its regular customers, including names, addresses, and type of gifts they have ordered in the past, and the size and frequency of their orders. The electronic file which stores this information is a(n)

Accepted Answer

A)   spreadsheet.
B)   MP3 file.
C)   PERT file.
D)   database.E) A) and D)
F) All of the above

Question 5

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) A) and C)
F) B) and C) D

Question 6

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

Accepted Answer

A) True 
 B)False  False

Question 7

Effectiveness means producing goods and services using the least amount of resources.

Accepted Answer

A) True 
 B)False

Question 8

Competition among businesses has never been greater. Identify and describe two ways that businesses can become more competitive.

Accepted Answer

Businesses can compete by exceeding cust...

Question 9

Wars are costly to all companies.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

An electronic storage file where firms keep customer information is known as a(n)  ________.

Accepted Answer

A)   MP3 file
B)   management information system
C)   database
D)   e-mail serverE) All of the above
F) A) and D)

Question 12

Since the beginning of the 1900s, the agricultural sector of the United States has:

Accepted Answer

A)   seen the number of family farms more than double.
B)   become less and less competitive in the global economy.
C)   produced a consistent output per farm.
D)   experienced a significant drop in employment, mainly because of tremendous improvements in efficiency.E) A) and B)
F) A) and D) D

Question 13

The continuing increase in the number of U.S. workers in the service sector means that more and more workers are employed in low-wage positions.

Accepted Answer

A) True 
 B)False

Question 14

For-profit businesses and nonprofit organizations are similar in that they both:

Accepted Answer

A)   contribute to the welfare of society.
B)   seek to earn a profit.
C)   have a limited life.
D)   must be controlled by a board of directors.E) A) and C)
F) None of the above

Question 15

An entity that seeks to earn a profit by providing a good or service is known as a(n)

Accepted Answer

A)   industry.
B)   corporation.
C)   business.
D)   service.E) A) and D)
F) A) and C)

Question 16

Julia finds it easy to do all her holiday shopping online. She can take comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Globalization has increased among nations.

Accepted Answer

A) True 
 B)False

Question 19

Tools, machinery, and buildings are examples of capital resources.

Accepted Answer

A) True 
 B)False

Question 20

Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of products that enhance the lives of consumers. Identity theft and other forms of cybercrime are also by-products of these technological advancements. Which of the following statements describes a form of identity theft?

Accepted Answer

A)   Smartphone apps that permit the consumer to price compare by scanning the barcode of a product, such as a cell phone.
B)   Hacking into a business's database to obtain customer credit card numbers, and then selling those numbers to others for use.
C)   GPS technology that permits you to find the exact location of a person, by entering that person's phone number into your application.
D)   The application of cookies to a consumer's computer system that identify his/her purchasing patterns.E) All of the above
F) A) and C)

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

Correct Answer
verified

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.

Correct Answer
verified

Airline companies around the world are experiencing increased costs in part due to

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified
D

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

Correct Answer
verified
False

Effectiveness means producing goods and services using the least amount of resources.

Correct Answer
verified

Competition among businesses has never been greater. Identify and describe two ways that businesses can become more competitive.

Correct Answer
verified
Businesses can compete by exceeding cust...
View Answer

Wars are costly to all companies.

Correct Answer
verified

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

Correct Answer
verified

An electronic storage file where firms keep customer information is known as a(n) ________.

Correct Answer
verified

Since the beginning of the 1900s, the agricultural sector of the United States has:

Correct Answer
verified
D

The continuing increase in the number of U.S. workers in the service sector means that more and more workers are employed in low-wage positions.

Correct Answer
verified

For-profit businesses and nonprofit organizations are similar in that they both:

Correct Answer
verified

An entity that seeks to earn a profit by providing a good or service is known as a(n)

Correct Answer
verified

Julia finds it easy to do all her holiday shopping online. She can take comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

Correct Answer
verified

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

Correct Answer
verified

Globalization has increased among nations.

Correct Answer
verified

Tools, machinery, and buildings are examples of capital resources.

Correct Answer
verified

Correct Answer
verified

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

Correct AnswerverifiedShow Answer

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.

Correct AnswerverifiedShow Answer

Airline companies around the world are experiencing increased costs in part due to

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedD

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

Correct AnswerverifiedFalse

Effectiveness means producing goods and services using the least amount of resources.

Correct AnswerverifiedShow Answer

Competition among businesses has never been greater. Identify and describe two ways that businesses can become more competitive.

Correct AnswerverifiedBusinesses can compete by exceeding cust...View AnswerShow Answer

Wars are costly to all companies.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An electronic storage file where firms keep customer information is known as a(n) ________.

Correct AnswerverifiedShow Answer

Since the beginning of the 1900s, the agricultural sector of the United States has:

Correct AnswerverifiedD

The continuing increase in the number of U.S. workers in the service sector means that more and more workers are employed in low-wage positions.

Correct AnswerverifiedShow Answer

For-profit businesses and nonprofit organizations are similar in that they both:

Correct AnswerverifiedShow Answer

An entity that seeks to earn a profit by providing a good or service is known as a(n)

Correct AnswerverifiedShow Answer

Julia finds it easy to do all her holiday shopping online. She can take comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Globalization has increased among nations.

Correct AnswerverifiedShow Answer

Tools, machinery, and buildings are examples of capital resources.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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D

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False

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Businesses can compete by exceeding cust...
View Answer

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D

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