Question 1

Honesty,integrity,and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

Accepted Answer

A) True 
 B)False

Question 2

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 ____________.

Accepted Answer

A)  empowered with the authority to respond quickly to the unmet needs of customers
B)  closely supervised to reduce the risk of product liability and discrimination law suits
C)  eliminated and replaced with automated equipment whenever possible
D)  relieved of any burden to make a customer decisionE) B) and C)
F) A) and D)

Question 3

The statistical study of the human population to describe its size,age,gender,and income is known as diversity recognition.

Accepted Answer

A) True 
 B)False

Question 4

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Accepted Answer

A) True 
 B)False

Question 5

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) C) and D)
F) B) and D)

Question 6

Maintaining a high quality of life requires the combined efforts of businesses,nonprofit organizations,and government agencies.

Accepted Answer

A) True 
 B)False

Question 7

The war on terrorism has had a significant effect in drawing many resources from the U.S.economy and led to many additional costs for businesses.

Accepted Answer

A) True 
 B)False

Question 8

Competition among businesses has never been greater.Identify and describe several ways that businesses can become more competitive.

Accepted Answer

Businesses can compete by exceeding cust...

Question 9

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.

Accepted Answer

A) True 
 B)False

Question 10

It was 8:00 A.m.on Saturday morning.Liz just learned that her well-meaning cousins were headed over to help her unpack her household.She had just moved back to Chicago from the west coast.Were they really planning to work,or were they expecting brunch? A bagel and pastry shop was just up the road.She would call in a food order.When she arrived to pick up,it was not what she ordered.The store associate quickly made it right,and offered an extra dozen bagels to make-up for the mistake.There was no need to check with the supervisor,as the employee was _______________ to make decisions that translate into good customer service.

Accepted Answer

A)  structured
B)  empowered
C)  asked by the customer
D)  deputizedE) A) and D)
F) B) and C)

Question 11

How is the profile of business owners changing?

Accepted Answer

A)  In the U.S. ,men between the ages of 18 and 24 are starting businesses at a faster rate than men of all ages,or women of all ages.
B)  Recent male immigrants,who can legally work in the U.S. ,are starting businesses at a faster rate than natural-born male citizens,and at a faster rate than all women.
C)  Businesses owned by minority women are growing at a faster rate than businesses owned by men or nonminority women.
D)  It is difficult to collect information on the profile of business owners.Most new businesses do not file so they don't have to pay taxes.E) C) and D)
F) A) and B)

Question 12

Efficiency in distribution systems around the world has led to:

Accepted Answer

A)  increased world trade.
B)  decreased world trade.
C)  decreased international competition.
D)  reduced standards of living around the world.E) C) and D)
F) A) and D)

Question 13

Which of the following organizations is an example of the goods-producing sector of the economy?

Accepted Answer

A)  Ford Motor Company
B)  Florida State University
C)  Children's Hospital
D)  H & R Block Tax ConsultingE) B) and D)
F) A) and C)

Question 14

The capitalist system relies heavily on:

Accepted Answer

A)  protectionist policies with respect to world markets.
B)  minimizing government intervention in corrupt business practices.
C)  making sure that currencies are never under-valued.
D)  honesty,integrity,and high ethical business standards.E) B) and C)
F) A) and C)

Question 15

Contemporary governments promote business development by:

Accepted Answer

A)  increasing business regulations.
B)  providing government ownership of businesses.
C)  permitting businesspeople to conduct business without the use of contracts.
D)  establishing a currency that's tradable in world markets.E) C) and D)
F) B) and C)

Question 16

John earned the same amount of money this year as he did last year.Thus,his standard of living must be the same as it was last year.

Accepted Answer

A) True 
 B)False

Question 17

Companies that sell goods to consumers over the Internet are engaging in:

Accepted Answer

A)  B2C transactions.
B)  IOU transactions.
C)  B2B transactions.
D)  Y2K transactions.E) B) and C)
F) A) and D)

Question 18

The threat of terrorism,

Accepted Answer

A)  benefits most businesses because just about all companies contribute toward averting these threats.
B)  will certainly affect companies that participate in global trade,but most large U.S.companies do their business domestically.
C)  has increased the quality of life of most people because companies employ more workers when the threat is high,and workers help companies increase profits.
D)  is costly to most firms because it is costly to governments who increase taxes to pay for added protection.E) A) and B)
F) None of the above

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Robin has started her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Robin is an example of an entrepreneur.

Accepted Answer

A) True 
 B)False

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

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

The threat of terrorism,

Correct Answer
verified

Robin has started her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Robin is an example of an entrepreneur.

Correct Answer
verified

Honesty,integrity,and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

Correct Answer
verified

How is the profile of business owners changing?

Correct Answer
verified

John earned the same amount of money this year as he did last year.Thus,his standard of living must be the same as it was last year.

Correct Answer
verified

The war on terrorism has had a significant effect in drawing many resources from the U.S.economy and led to many additional costs for businesses.

Correct Answer
verified

Efficiency in distribution systems around the world has led to:

Correct Answer
verified

Contemporary governments promote business development by:

Correct Answer
verified

Maintaining a high quality of life requires the combined efforts of businesses,nonprofit organizations,and government agencies.

Correct Answer
verified

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Correct Answer
verified

Which of the following organizations is an example of the goods-producing sector of the economy?

Correct Answer
verified

The statistical study of the human population to describe its size,age,gender,and income is known as diversity recognition.

Correct Answer
verified

Competition among businesses has never been greater.Identify and describe several ways that businesses can become more competitive.

Correct Answer
verified
Businesses can compete by exceeding cust...
View Answer

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 ____________.

Correct Answer
verified

Companies that sell goods to consumers over the Internet are engaging in:

Correct Answer
verified

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.

Correct Answer
verified

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

Correct Answer
verified

The capitalist system relies heavily on:

Correct Answer
verified

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

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

The threat of terrorism,

Correct AnswerverifiedShow Answer

Robin has started her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Robin is an example of an entrepreneur.

Correct AnswerverifiedShow Answer

Honesty,integrity,and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

Correct AnswerverifiedShow Answer

How is the profile of business owners changing?

Correct AnswerverifiedShow Answer

John earned the same amount of money this year as he did last year.Thus,his standard of living must be the same as it was last year.

Correct AnswerverifiedShow Answer

The war on terrorism has had a significant effect in drawing many resources from the U.S.economy and led to many additional costs for businesses.

Correct AnswerverifiedShow Answer

Efficiency in distribution systems around the world has led to:

Correct AnswerverifiedShow Answer

Contemporary governments promote business development by:

Correct AnswerverifiedShow Answer

Maintaining a high quality of life requires the combined efforts of businesses,nonprofit organizations,and government agencies.

Correct AnswerverifiedShow Answer

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Correct AnswerverifiedShow Answer

Which of the following organizations is an example of the goods-producing sector of the economy?

Correct AnswerverifiedShow Answer

The statistical study of the human population to describe its size,age,gender,and income is known as diversity recognition.

Correct AnswerverifiedShow Answer

Competition among businesses has never been greater.Identify and describe several ways that businesses can become more competitive.

Correct AnswerverifiedBusinesses can compete by exceeding cust...View AnswerShow Answer

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 ____________.

Correct AnswerverifiedShow Answer

Companies that sell goods to consumers over the Internet are engaging in:

Correct AnswerverifiedShow Answer

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The capitalist system relies heavily on:

Correct AnswerverifiedShow Answer

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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified
Businesses can compete by exceeding cust...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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