Question 1

Max is in charge of production for a family-owned firm that makes and sells sports gloves including baseball gloves,softball gloves,golf gloves,and more.He has stated that speed of delivery is the most important factor for success in the competitive environment.Which of the following would be the best response to Max?

Accepted Answer

A)   You are right on target,Max.Time is money.
B)   You are the man,Max.As long as our price is competitive,speedy delivery will win in today's changing marketplace.
C)   Well Max,speed isn't everything.What would exceed our customers' expectations? Some consumers may put more importance on high quality and/or lower prices.
D)   Dude,you couldn't be more wrong.Quality is the name of the game.He who has the best product will win in the competitive environment.E) All of the above
F) C) and D)

Question 2

St.Claire Hospital is considering a program that would allow some of its workers to use flextime.One group of workers who would probably benefit from flextime is:

Accepted Answer

A)   Workers who do not have access to computers at home.
B)   Workers who have little self-motivation to work eight-hour days.
C)   Front-line workers who frequently go out to meet with home furnishing designers.
D)   Single-parent families.E) A) and C)
F) B) and C)

Question 3

The resources that contribute to the creation of wealth are known as _______.

Accepted Answer

A)   production coefficients
B)   factors of production
C)   production technologies
D)   production aggregatesE) All of the above
F) A) and B)

Question 4

Globalization:

Accepted Answer

A)   has greatly improved living standards around the world.
B)   has significantly reduced living standards around the world.
C)   has opened doors to only a handful of markets.
D)   has greatly changed companies that hire people to sell products,but not for companies that hire people to provide services.E) 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.E) C) and D)
F) B) and D)

Question 6

The best employment strategy for today's college graduates is to search for jobs that are closely related to their college major.

Accepted Answer

A) True 
 B)False

Question 7

Jing is a recent U.S.college graduate who is interested in starting an import tea business.If she follows through with her plans,she will be a pioneer,because only a handful of women choose to start businesses in the U.S.

Accepted Answer

A) True 
 B)False

Question 8

Laura and Tim McNash recently moved to North Carolina on a three-acre home site.They purposefully purchased their home within biking distance to the university where they are both employed,and their bikes each have room for two cloth bags for groceries if they need to purchase food on the way home,although they plan to grow much of their own.Laura and Tim are examples of a growing number of young people who:

Accepted Answer

A)   have developed a health conscious attitude.
B)   want to change their lifestyle to be more in tune to saving energy.
C)   dislike urban centers and wish to live in the country.
D)   stay away from urban areas due to increased threats of terrorist attacks in those localities.E) B) and D)
F) B) and C)

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

The number of businesses owned by Asians,Hispanics,and Native Americans has grown dramatically.

Accepted Answer

A) True 
 B)False

Question 11

Social entrepreneurs are people who start and manage organizations that are not-for-profit.Their mission is to help others improve their quality of life.

Accepted Answer

A) True 
 B)False

Question 12

Over the past several years,workers in the small nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday that has reduced the total number of hours they work each year.However,the output per worker in Rainland is higher now than it was before the reduction in hours.These facts suggest that productivity in Rainland has increased.

Accepted Answer

A) True 
 B)False

Question 13

Profits of a business include the salaries paid to its employees.

Accepted Answer

A) True 
 B)False

Question 14

The main difference between B2C and B2B e-commerce is that B2C uses only the Internet,while B2B combines e-commerce with traditional (bricks-and-mortar)outlets.

Accepted Answer

A) True 
 B)False

Question 15

In countries where businesses are government owned:

Accepted Answer

A)   there is less incentive to work hard.
B)   the right amount of each good is produced.
C)   profits tend to be higher.
D)   the quality of goods is high but profits are low.E) All of the above
F) C) and D)

Question 16

The immigrant population (both legal and illegal) is having a dramatic effect on

Accepted Answer

A)   car and truck makers
B)   mining and minerals industry
C)   schools,hospitals and other services type industries
D)   ice cream and confection industryE) A) and B)
F) A) and C)

Question 17

A charitable organization,such as the American Red Cross or Salvation Army,is classified as a for-profit organization.

Accepted Answer

A) True 
 B)False

Question 18

Preferred Pet Care,Inc. ,a mobile veterinary care company is planning for the future.As a business student who has studied social trends,which of the following statements reflects the need for Preferred Pet Care's service in the future?

Accepted Answer

A)   Mobile pet care will not be needed because the majority of people are working which means that nobody is home.
B)   People will always prefer to take their pets to the veterinary clinic.
C)   The aging population will be a sizeable market for this firm.
D)   People who would require this service would be higher income individuals.Retired people would not be a market for this firm because they do not have money to care for pets.E) A) and B)
F) B) and C)

Question 19

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

Question 20

Which of the following industries will benefit from an aging population?

Accepted Answer

A)   Financial services to help clients plan for their education
B)   Home health care businesses
C)   Children's day-care centers
D)   Auto industryE) B) and C)
F) A) and B)

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

In countries where businesses are government owned:

Correct Answer
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When corruption is present in the business environment:

Correct Answer
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Jing is a recent U.S.college graduate who is interested in starting an import tea business.If she follows through with her plans,she will be a pioneer,because only a handful of women choose to start businesses in the U.S.

Correct Answer
verified

Profits of a business include the salaries paid to its employees.

Correct Answer
verified

The best employment strategy for today's college graduates is to search for jobs that are closely related to their college major.

Correct Answer
verified

Which of the following is an advantage of utilizing technology?

Correct Answer
verified

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

Correct Answer
verified

Which of the following industries will benefit from an aging population?

Correct Answer
verified

Correct Answer
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Social entrepreneurs are people who start and manage organizations that are not-for-profit.Their mission is to help others improve their quality of life.

Correct Answer
verified

The immigrant population (both legal and illegal) is having a dramatic effect on

Correct Answer
verified

St.Claire Hospital is considering a program that would allow some of its workers to use flextime.One group of workers who would probably benefit from flextime is:

Correct Answer
verified

Preferred Pet Care,Inc. ,a mobile veterinary care company is planning for the future.As a business student who has studied social trends,which of the following statements reflects the need for Preferred Pet Care's service in the future?

Correct Answer
verified

Correct Answer
verified

The main difference between B2C and B2B e-commerce is that B2C uses only the Internet,while B2B combines e-commerce with traditional (bricks-and-mortar)outlets.

Correct Answer
verified

The number of businesses owned by Asians,Hispanics,and Native Americans has grown dramatically.

Correct Answer
verified

The resources that contribute to the creation of wealth are known as _______.

Correct Answer
verified

Globalization:

Correct Answer
verified

A charitable organization,such as the American Red Cross or Salvation Army,is classified as a for-profit organization.

Correct Answer
verified

Correct Answer
verified

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

In countries where businesses are government owned:

Correct AnswerverifiedShow Answer

When corruption is present in the business environment:

Correct AnswerverifiedShow Answer

Jing is a recent U.S.college graduate who is interested in starting an import tea business.If she follows through with her plans,she will be a pioneer,because only a handful of women choose to start businesses in the U.S.

Correct AnswerverifiedShow Answer

Profits of a business include the salaries paid to its employees.

Correct AnswerverifiedShow Answer

The best employment strategy for today's college graduates is to search for jobs that are closely related to their college major.

Correct AnswerverifiedShow Answer

Which of the following is an advantage of utilizing technology?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following industries will benefit from an aging population?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Social entrepreneurs are people who start and manage organizations that are not-for-profit.Their mission is to help others improve their quality of life.

Correct AnswerverifiedShow Answer

The immigrant population (both legal and illegal) is having a dramatic effect on

Correct AnswerverifiedShow Answer

St.Claire Hospital is considering a program that would allow some of its workers to use flextime.One group of workers who would probably benefit from flextime is:

Correct AnswerverifiedShow Answer

Preferred Pet Care,Inc. ,a mobile veterinary care company is planning for the future.As a business student who has studied social trends,which of the following statements reflects the need for Preferred Pet Care's service in the future?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The main difference between B2C and B2B e-commerce is that B2C uses only the Internet,while B2B combines e-commerce with traditional (bricks-and-mortar)outlets.

Correct AnswerverifiedShow Answer

The number of businesses owned by Asians,Hispanics,and Native Americans has grown dramatically.

Correct AnswerverifiedShow Answer

The resources that contribute to the creation of wealth are known as _______.

Correct AnswerverifiedShow Answer

Globalization:

Correct AnswerverifiedShow Answer

A charitable organization,such as the American Red Cross or Salvation Army,is classified as a for-profit organization.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
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