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

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Question 41

Multiple Choice

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The amount of goods and services people can buy with the money they have is called their:

A) nominal income.
B) consumer price index.
C) profit margin.
D) standard of living.

E) None of the above
F) All of the above

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Question 42

True/False

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Women currently own less than ten percent of all businesses.

A) True
B) False

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Question 43

Multiple Choice

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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?

Which of the following statements best describes how firms must treat their front-line workers in order to remain competitive? Front-line workers must be ___________.

Business consultant Peter Drucker said that the most important factor of production is knowledge.

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

Health care,insurance,recreation and other intangible products are provided by the:

Outsourcing means selling goods and services to people in other countries.

The number of U.S.jobs in manufacturing has increased in the past five years.

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

Companies from the United States are building many of their products overseas,and unfortunately foreign companies are not building products in the United States.

An entrepreneur risks time and money to start and manage a business.

Jay and Jim Spears own a lawn irrigation system business.They perform installations and maintenance of these systems.Several of their customers are golf courses,but they serve a large group of residential customers as well.When they started the business ten years ago,they made a pact to always operate within the legal limits of the law,but lately,the competition is eating them alive.Local competitors have hired illegal immigrants to perform the manual labor.They do not pay taxes on these employees - they just pay them in cash at the end of the week.Employment taxes are a burden for small businesses.Jay and Jim do not want to hire illegal workers.There's a risk if you permit an illegal worker to drive a truck;or,if he/she has an accident on the job.You have just studied business ethics in your class.You inform this partnership that:

The only real purpose of a business is to make money for entrepreneurs. Businesses don't just make money for entrepreneurs.Businesses provide all of us with necessities such as food,clothing,housing,medical care,and transportation,as well as other goods and services that make our lives easier and better.

Producing a high quality product will ensure success in the competitive environment.

Jenna Leigh is an information savvy,20-something person who is trying to select between two marketing job offers.She can either join a company that makes small hammers and screwdrivers for the do-it-yourself hardware store business,or she can join a company developing the fourth generation cell phone service.She is quite impressed that the hardware business is growing quite nicely in China,Mexico,and India where people are starting to expand their living spaces.She is also aware of:

Bar codes are a form of technology that has enhanced a company's ability to be responsive to consumer needs.

Niki has joined with several other investors to form a new company that sells foot care products to consumers over the Internet.Niki has invested in a B2C e-commerce company. B2C companies specialize in selling goods to consumers over the Internet.

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

Improved distribution systems have led to more global trade.