Question 1

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

Accepted Answer

A) True 
 B)False

Question 2

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 3

Globalization has greatly increased living standards around the world.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

One of the problems with globalization is that distribution systems and communication systems lack efficiency.

Accepted Answer

A) True 
 B)False

Question 6

Charles Malone recently renewed his card membership at DiscountMani A.The card has an annual $40 fee,but Charles believes that it pays for itself because he receives good prices on electronics,contact lenses,and even tires for his car.Shortly after renewing the card,Charles began receiving calls from collection agencies claiming that he owed money.With the help of others,he learned that another Charles Malone also owned a DiscountMania card,and wrote checks with insufficient bank funds when making purchases.DiscountMania had linked Charles' personal information with the other Charles Malone's personal information.Charles experienced _______________.

Accepted Answer

A)  Buyer myopia
B)  Database fraud
C)  Information trafficking
D)  Identity theftE) None of the above
F) A) and C)

Question 7

According to the Social Media in Business box,mega-retailer JCPenney is aggressively addressing changes in the social environment to reach its customers.Which of the following statements best expands upon strategies that this company recently acted upon?

Accepted Answer

A)  JCPenney spent promotional dollars on ads during the Super Bowl and World Cup to target the Millennial generation.It plans to constantly sponsor global events broadcast through traditional media.
B)  JCPenney argued that it is a traditional company with traditional values,so it refused to be forward thinking about joining the YouTube generation when it comes to promoting its clothing lines.In order to attract its loyal market,it agreed to continue to reach them in the same way as in the past.
C)  Realizing that the stores were looking outdated,JCPenney strategized to put more marketing dollars into revamping the look of its stores,and less money on advertising.It was confident that it would reach the 18-24-year-old market because this group spends more time in the store than online.
D)  Addressing the surge in interactive media such as blogs and social media sites,JCPenney created a promotional campaign featuring well-known fashion bloggers.It was the only retail sponsor for the Oscars;and it launched a sweepstakes on its Facebook™ page.E) A) and D)
F) None of the above

Question 8

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-drivenE) B) and D)
F) A) and B)

Question 9

Competition is fierce! One way to respond quickly to customer needs is to develop a strategy of empowering employees.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is a benefit of owning your own business?

Accepted Answer

A)  Freedom to keep the profits from your business
B)  Government supported health insurance
C)  More camaraderie with employees
D)  Shorter work hoursE) A) and C)
F) B) and C)

Question 11

Insourcing creates new jobs,and helps offset the number of jobs being outsourced.

Accepted Answer

A) True 
 B)False

Question 12

When we compare the factors of production in wealthy and poor nations,we find:

Accepted Answer

A)  poor nations have plenty of land and knowledge,but very little labor.
B)  poor and wealthy nations both) have an abundance of knowledge,it is the land that varies,with rich nations always having more.
C)  wealthy nations have knowledge and entrepreneurial opportunities,while poor nations are often lacking in these areas.
D)  wealthy nations have land and labor,while poor nations have capital and entrepreneurship.E) All of the above
F) A) and B)

Question 13

Political freedom,quality education,access to health care,and a clean environment are all factors that contribute to an improved quality of life.

Accepted Answer

A) True 
 B)False

Question 14

The U.S.population tends to buy the same things and spend time in roughly the same way as people did a decade ago.

Accepted Answer

A) True 
 B)False

Question 15

In order to make an intelligent investment decision,entrepreneurs should:

Accepted Answer

A)  limit their options to those business investments that are backed by the U.S.government.
B)  invest in businesses that have generated a stable rate of profit for at least the past ten years.
C)  invest only in business opportunities where it is possible to take an active role in management.
D)  compare the risks of potential investments to their expected profits and find the right balance between profit and risk.E) C) and D)
F) All of the above

Question 16

The growth of Hispanic owned businesses:

Accepted Answer

A)  remained relatively constant during the past decade.
B)  slowly increased during the past decade.
C)  increased dramatically in recent years.
D)  decreased slightly compared to other minority groups who have stared businesses.E) None of the above
F) A) and B)

Question 17

__________ is illegally obtaining and illegally using private information about a person,such as using someone's credit card number.

Accepted Answer

A)  Petty theft
B)  Identity theft
C)  Banking theft
D)  Online theftE) None of the above
F) All of the above

Question 18

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Accepted Answer

A) True 
 B)False

Question 19

The United States has one of the highest standards of living in the world.

Accepted Answer

A) True 
 B)False

Question 20

An effort to please one group of stakeholders eventually pleases all stakeholders.

Accepted Answer

A) True 
 B)False

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

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 growth of Hispanic owned businesses:

Correct Answer
verified

Insourcing creates new jobs,and helps offset the number of jobs being outsourced.

Correct Answer
verified

In order to make an intelligent investment decision,entrepreneurs should:

Correct Answer
verified

According to the Social Media in Business box,mega-retailer JCPenney is aggressively addressing changes in the social environment to reach its customers.Which of the following statements best expands upon strategies that this company recently acted upon?

Correct Answer
verified

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

Correct Answer
verified

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct Answer
verified

Competition is fierce! One way to respond quickly to customer needs is to develop a strategy of empowering employees.

Correct Answer
verified

Which of the following is a benefit of owning your own business?

Correct Answer
verified

The U.S.population tends to buy the same things and spend time in roughly the same way as people did a decade ago.

Correct Answer
verified

When we compare the factors of production in wealthy and poor nations,we find:

Correct Answer
verified

Correct Answer
verified

Political freedom,quality education,access to health care,and a clean environment are all factors that contribute to an improved quality of life.

Correct Answer
verified

__________ is illegally obtaining and illegally using private information about a person,such as using someone's credit card number.

Correct Answer
verified

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

Correct Answer
verified

The United States has one of the highest standards of living in the world.

Correct Answer
verified

Globalization has greatly increased living standards around the world.

Correct Answer
verified

One of the problems with globalization is that distribution systems and communication systems lack efficiency.

Correct Answer
verified

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

Correct Answer
verified

An effort to please one group of stakeholders eventually pleases all stakeholders.

Correct Answer
verified

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

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 growth of Hispanic owned businesses:

Correct AnswerverifiedShow Answer

Insourcing creates new jobs,and helps offset the number of jobs being outsourced.

Correct AnswerverifiedShow Answer

In order to make an intelligent investment decision,entrepreneurs should:

Correct AnswerverifiedShow Answer

According to the Social Media in Business box,mega-retailer JCPenney is aggressively addressing changes in the social environment to reach its customers.Which of the following statements best expands upon strategies that this company recently acted upon?

Correct AnswerverifiedShow Answer

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

Correct AnswerverifiedShow Answer

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct AnswerverifiedShow Answer

Competition is fierce! One way to respond quickly to customer needs is to develop a strategy of empowering employees.

Correct AnswerverifiedShow Answer

Which of the following is a benefit of owning your own business?

Correct AnswerverifiedShow Answer

The U.S.population tends to buy the same things and spend time in roughly the same way as people did a decade ago.

Correct AnswerverifiedShow Answer

When we compare the factors of production in wealthy and poor nations,we find:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Political freedom,quality education,access to health care,and a clean environment are all factors that contribute to an improved quality of life.

Correct AnswerverifiedShow Answer

__________ is illegally obtaining and illegally using private information about a person,such as using someone's credit card number.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The United States has one of the highest standards of living in the world.

Correct AnswerverifiedShow Answer

Globalization has greatly increased living standards around the world.

Correct AnswerverifiedShow Answer

One of the problems with globalization is that distribution systems and communication systems lack efficiency.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An effort to please one group of stakeholders eventually pleases all stakeholders.

Correct AnswerverifiedShow Answer

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