Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

In order to compete well and gain market share, contemporary businesses are changing to be more

Accepted Answer

A)   customer-driven.
B)   cash-driven.
C)   management-driven.
D)   production-driven.E) C) and D)
F) B) and C)

Question 3

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Accepted Answer

A) True 
 B)False

Question 4

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

Question 5

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

Accepted Answer

A)   land and labor.
B)   land and capital.
C)   entrepreneurship and labor.
D)   entrepreneurship and knowledge.E) B) and C)
F) A) and B)

Question 6

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 7

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation?

Accepted Answer

A)   It is becoming more difficult to provide expert pre-natal care for women, resulting in a negative impact on the future of childbirth.
B)   The increase in older citizens may impact an employee's take-home pay if programs such as Social Security will need to be funded at a higher level. Skilled employees may require higher wages to make up the shortfall.
C)   With less money to spend, older Americans over 65 will no longer require transportation, entertainment, education, and lodging. This is highly likely to negatively impact these industries.
D)   Business taxes are very likely to spike due to the fact that welfare laws are making it relatively easy for single parents to stay home with their children, rather than find jobs.E) A) and B)
F) None of the above

Question 8

Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 9

Last year, Archer Electronics reported revenues of $34 million while its total expenses were $10 million. Based on this information, Archer reported

Accepted Answer

A)   profits of $24 million.
B)   profits of $34 million.
C)   losses of $24 million.
D)   losses off $34 million.E) All of the above
F) A) and B)

Question 10

Greening refers to

Accepted Answer

A)   the need for more carbon dioxide in our air.
B)   firms acquiring more greenbacks (U.S. dollars)  from world trade.
C)   finding ways to save energy and lessen the harm on our environment.
D)   the agricultural industry's push to develop and produce new green vegetables to feed the world.E) B) and C)
F) All of the above

Question 11

Land, sometimes called a natural resource, is the most critical factor of production in explaining why some countries are poor while others are rich.

Accepted Answer

A) True 
 B)False

Question 12

In today's competitive environment, good value means:

Accepted Answer

A)   making products with zero defects.
B)   superior quality that translates into durable products.
C)   offering the latest trends without seeming like you are over the top.
D)   providing quality products and services at competitive prices.E) A) and B)
F) All of the above

Question 13

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 14

A New York Times article about Bernie Madoff and his illegal Ponzi scheme stated, "When money goes global, fraud does too." Although the goal of investors who trusted Madoff's investment company was to earn the highest return possible on their investments, they turned a blind eye toward the fact that some of those returns were too good to be true. Individual investors, companies, and even charities lost large sums of money by investing with Madoff's company. Which of the following statements relates to this story?

Accepted Answer

A)   The unethical behavior of one company had a worldwide ripple effect that can impact the well-being of an economy.
B)   Too much regulation caused the capitalistic nature of Mr. Madoff's business model to fail.
C)   People lost money because of the fluctuations in world trading currencies, questioning the legitimacy of trading abroad.
D)   Investors did not sign contracts with Mr. Madoff's company. The government can only protect individuals and companies who sign enforceable contracts.E) A) and D)
F) A) and C)

Question 15

One way for a government to actively promote entrepreneurship is to establish a currency that's tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.

Accepted Answer

A) True 
 B)False

Question 16

Almost all of the growth in employment opportunities since the mid-1980s has been generated by the service sector.

Accepted Answer

A) True 
 B)False

Question 17

Efforts are under way 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) All of the above
F) A) and C)

Question 18

Employers provide tools and technology for their employees in order to:

Accepted Answer

A)   increase the cost of production and profitability.
B)   improve their efficiency and productivity.
C)   reduce corruption in business and eliminate scandals.
D)   encourage the private ownership of businesses.E) A) and B)
F) B) and D)

Question 19

Describe what we mean by greening and thinking green. List five ways that people and businesses are participating in the green movement. List business opportunities that may emerge from this movement.

Accepted Answer

Greening refers to a movement to save en...

Question 20

Businesses provide goods, jobs, and services to others.

Accepted Answer

A) True 
 B)False

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

Correct Answer
verified

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

Correct Answer
verified

One way for a government to actively promote entrepreneurship is to establish a currency that's tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.

Correct Answer
verified

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Correct Answer
verified

Land, sometimes called a natural resource, is the most critical factor of production in explaining why some countries are poor while others are rich.

Correct Answer
verified

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

Correct Answer
verified

Last year, Archer Electronics reported revenues of $34 million while its total expenses were $10 million. Based on this information, Archer reported

Correct Answer
verified

In order to compete well and gain market share, contemporary businesses are changing to be more

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation?

Correct Answer
verified

In today's competitive environment, good value means:

Correct Answer
verified

Businesses provide goods, jobs, and services to others.

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

Almost all of the growth in employment opportunities since the mid-1980s has been generated by the service sector.

Correct Answer
verified

Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.

Correct Answer
verified

Greening refers to

Correct Answer
verified

Employers provide tools and technology for their employees in order to:

Correct Answer
verified

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

Correct Answer
verified

Describe what we mean by greening and thinking green. List five ways that people and businesses are participating in the green movement. List business opportunities that may emerge from this movement.

Correct Answer
verified
Greening refers to a movement to save en...
View Answer

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

Correct AnswerverifiedShow Answer

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

Correct AnswerverifiedShow Answer

One way for a government to actively promote entrepreneurship is to establish a currency that's tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.

Correct AnswerverifiedShow Answer

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Correct AnswerverifiedShow Answer

Land, sometimes called a natural resource, is the most critical factor of production in explaining why some countries are poor while others are rich.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Last year, Archer Electronics reported revenues of $34 million while its total expenses were $10 million. Based on this information, Archer reported

Correct AnswerverifiedShow Answer

In order to compete well and gain market share, contemporary businesses are changing to be more

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation?

Correct AnswerverifiedShow Answer

In today's competitive environment, good value means:

Correct AnswerverifiedShow Answer

Businesses provide goods, jobs, and services to others.

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

Almost all of the growth in employment opportunities since the mid-1980s has been generated by the service sector.

Correct AnswerverifiedShow Answer

Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.

Correct AnswerverifiedShow Answer

Greening refers to

Correct AnswerverifiedShow Answer

Employers provide tools and technology for their employees in order to:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Describe what we mean by greening and thinking green. List five ways that people and businesses are participating in the green movement. List business opportunities that may emerge from this movement.

Correct AnswerverifiedGreening refers to a movement to save en...View AnswerShow Answer

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verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified
Greening refers to a movement to save en...
View Answer