Question 1

Technology refers to everything that makes business operations more effective, efficient, and productive.

Accepted Answer

A) True 
 B)False

Question 2

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The statement that best describes this difference is:

Accepted Answer

A)   people with disabilities, people with different sexual orientations, religious preferences, and even personality differences such as extroverts and introverts.
B)   gender roles.
C)   surface level things such as green eyes versus brown eyes.
D)   racial differences and gender differences.E) A) and D)
F) B) and C)

Question 3

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

Question 4

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe.
Producers in countries like China and India have become major U.S. competitors. For example, Lenovo, a Chinese firm, recently bought IBM's PC unit.

Accepted Answer

A) True 
 B)False

Question 5

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following government policies would be least likely to encourage entrepreneurship?

Accepted Answer

A)   Passage of laws that enable businesspeople to write enforceable contracts.
B)   Establishment of a currency that is tradable in world markets.
C)   Establishment of strict regulations specifying exactly how products should be made to ensure safety and affordability.
D)   Passage of laws that eliminate corruption in government and business.E) A) and B)
F) C) and D)

Question 7

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

Accepted Answer

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

Question 8

Eve and her three college friends enjoy perfumes. As a special gift to each of them last holiday season, she found a way to make scented candles with each friend's favorite perfume scent. The three friends loved her gift idea and encouraged Eve to create more and sell them online. Recently, she is filling orders from her website, and turning a profit. Eve is proof that:

Accepted Answer

A)   me too businesses work.
B)   when you successfully fill a market need, you can make money.
C)   the Internet is a way to distribute just about anything.
D)   the cost of supplies to make candles is relatively cheap.E) All of the above
F) A) and D)

Question 9

If a business's costs and expenses are greater than its revenue, it will suffer a loss.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

An electronic storage file where information is kept is called a CPU.

Accepted Answer

A) True 
 B)False

Question 13

Diversity management would not be an issue if firms would treat all of their employees the same.

Accepted Answer

A) True 
 B)False

Question 14

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

Accepted Answer

For most of our nation's history, the ag...

Question 15

During the past 150 years, the U.S. has evolved from:

Accepted Answer

A)   an agrarian economy to an information technology economy.
B)   a business to business economy to a business to consumer economy.
C)   an agrarian economy to a manufacturing economy to a service oriented economy.
D)   a manufacturing economy to a service economy, to a cottage economy, and now we are trending back to an agrarian economy.E) B) and C)
F) A) and D)

Question 16

Which of the statements about demography is most accurate? Demographic studies:

Accepted Answer

A)   focus on factors that have great political relevance, but little relevance to business firms.
B)   suggest that the number of single-parent families will decline in the future.
C)   provide businesses and individuals with insights into business and career opportunities for the future.
D)   are an important source of information about changes in health patterns.E) B) and C)
F) All of the above

Question 17

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) All of the above
F) None of the above

Question 18

There is evidence that the recession is coming to an end for Intelligent Engine Company. New orders are coming in at a steady pace, and management is confident that new contracts will take them through the next couple of years. The company has started investing again, but not in people. Employees total the same as when the company and its competitors faced their lowest revenues of the decade. Due to __________________ , the company is producing more product and services with less people.

Accepted Answer

A)   the lack of skilled labor
B)   new competition
C)   social changes
D)   technological advancementE) C) and D)
F) A) and B)

Question 19

Technology can help businesses become more efficient and productive.

Accepted Answer

A) True 
 B)False

Question 20

It was reported by a Beijing newspaper that China succeeded in improving its people's standard of living and establishing a relatively affluent society recently. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

Accepted Answer

A) True 
 B)False

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

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

Correct Answer
verified

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

Correct Answer
verified

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Correct Answer
verified

In today's competitive environment, good value means:

Correct Answer
verified

Diversity management would not be an issue if firms would treat all of their employees the same.

Correct Answer
verified

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The statement that best describes this difference is:

Correct Answer
verified

Technology refers to everything that makes business operations more effective, efficient, and productive.

Correct Answer
verified

Which of the statements about demography is most accurate? Demographic studies:

Correct Answer
verified

It was reported by a Beijing newspaper that China succeeded in improving its people's standard of living and establishing a relatively affluent society recently. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

Correct Answer
verified

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe. Producers in countries like China and India have become major U.S. competitors. For example, Lenovo, a Chinese firm, recently bought IBM's PC unit.

Correct Answer
verified

Which of the following government policies would be least likely to encourage entrepreneurship?

Correct Answer
verified

During the past 150 years, the U.S. has evolved from:

Correct Answer
verified

Correct Answer
verified

Technology can help businesses become more efficient and productive.

Correct Answer
verified

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

Correct Answer
verified

An electronic storage file where information is kept is called a CPU.

Correct Answer
verified

If a business's costs and expenses are greater than its revenue, it will suffer a loss.

Correct Answer
verified

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

Correct Answer
verified
For most of our nation's history, the ag...
View Answer

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

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

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Correct AnswerverifiedShow Answer

In today's competitive environment, good value means:

Correct AnswerverifiedShow Answer

Diversity management would not be an issue if firms would treat all of their employees the same.

Correct AnswerverifiedShow Answer

Diversity is more than recruiting and keeping minorities. Diversity means appreciating and understanding other differences in our customers and in our workforce. The statement that best describes this difference is:

Correct AnswerverifiedShow Answer

Technology refers to everything that makes business operations more effective, efficient, and productive.

Correct AnswerverifiedShow Answer

Which of the statements about demography is most accurate? Demographic studies:

Correct AnswerverifiedShow Answer

It was reported by a Beijing newspaper that China succeeded in improving its people's standard of living and establishing a relatively affluent society recently. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

Correct AnswerverifiedShow Answer

In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe. Producers in countries like China and India have become major U.S. competitors. For example, Lenovo, a Chinese firm, recently bought IBM's PC unit.

Correct AnswerverifiedShow Answer

Which of the following government policies would be least likely to encourage entrepreneurship?

Correct AnswerverifiedShow Answer

During the past 150 years, the U.S. has evolved from:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Technology can help businesses become more efficient and productive.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An electronic storage file where information is kept is called a CPU.

Correct AnswerverifiedShow Answer

If a business's costs and expenses are greater than its revenue, it will suffer a loss.

Correct AnswerverifiedShow Answer

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

Correct AnswerverifiedFor most of our nation's history, the ag...View AnswerShow Answer

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 Answer
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For most of our nation's history, the ag...
View Answer

Correct Answer
verified

Correct Answer
verified