Question 1

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) None of the above
F) A) and B)

Question 2

The total amount of money that businesses take in by selling goods and services is called .

Accepted Answer

A)  profit
B)  revenue
C)   loss
D)  retained earningsE) A) and C)
F) A) and B)

Question 3

Efficiency means:

Accepted Answer

A)  producing the desired result.
B)  producing goods and services using the least amount of resources.
C)   the amount of output you generate given the amount of input.
D)  the buying and selling of goods using the most amount of resources.E) B) and D)
F) A) and B)

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Leanne owns a nursery business. The trucks, handcarts, and forklift she purchased for the business are called investments.

Accepted Answer

A)  natural resources
B)   intangible resources
C)   current asset
D)  capitalE) C) and D)
F) B) and D)

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:

Accepted Answer

A)  B2C e-commerce.
B)   N2Y e-commerce.
C)   Y2K e-commerce.
D)  B2B e-commerce.E) B) and D)
F) None of the above

Question 8

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize)  describes their challenge?

Accepted Answer

A)  Social entrepreneurs may switch social causes several times before finding their niche.
B)   Social entrepreneurs understand that their business environments are less dynamic than other businesses, especially during a recession.
C)   Social entrepreneurs use different business skills than entrepreneurs who start other businesses. They should focus on a different educational curriculum than other entrepreneurs.
D)  Using the same business skills as other entrepreneurs, social entrepreneurs develop businesses to improve the skill(s)  and/or quality of life of others.E) All of the above
F) None of the above

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

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

Question 12

The term "standard of living" refers to the amount of debt people can incur on a given income.

Accepted Answer

A) True 
 B)False

Question 13

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society.

Accepted Answer

A) True 
 B)False

Question 16

The major advantage rich nations have over poor nations is an abundance of land and labor.

Accepted Answer

A) True 
 B)False

Question 17

The 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) None of the above
F) C) and D)

Question 18

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

Accepted Answer

A) True 
 B)False

Question 19

One factor that has had a major effect on businesses is the growth of single-parent families.

Accepted Answer

A) True 
 B)False

Question 20

A(n)  is a person who assumes the risk of starting a business.

Accepted Answer

A)  manager
B)  entrepreneur
C)   private investor
D)  stakeholderE) All of the above
F) A) and D)

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

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

Correct AnswerverifiedShow Answer

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Correct AnswerverifiedShow Answer

One factor that has had a major effect on businesses is the growth of single-parent families.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A(n) is a person who assumes the risk of starting a business.

Correct AnswerverifiedShow Answer

Efficiency means:

Correct AnswerverifiedShow Answer

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:

Correct AnswerverifiedShow Answer

Leanne owns a nursery business. The trucks, handcarts, and forklift she purchased for the business are called investments.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

Correct AnswerverifiedShow Answer

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

Correct AnswerverifiedShow Answer

The term "standard of living" refers to the amount of debt people can incur on a given income.

Correct AnswerverifiedShow Answer

The total amount of money that businesses take in by selling goods and services is called .

Correct AnswerverifiedShow Answer

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

Correct AnswerverifiedShow Answer

The major advantage rich nations have over poor nations is an abundance of land and labor.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society.

Correct AnswerverifiedShow Answer

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