Question 1

Wars are costly to all companies.

Accepted Answer

A) True 
 B)False

Question 2

Zero defects means that there is a company goal of no mistakes in making products.

Accepted Answer

A) True 
 B)False

Question 3

The threat of terrorism more often __________ the cost of operating a business.

Accepted Answer

A)   increases
B)   decreases
C)   stabilize
D)   destabilizesE) B) and C)
F) None of the above

Question 4

The war on terrorism in many parts of the world should lead to _____.

Accepted Answer

A)   an decrease in warring nations
B)   consumers spending more because they feel more patriotic
C)   an increase in prosperity and peace throughout the world
D)   consumer and economic hardship due to increased military spendingE) C) and D)
F) B) and D)

Question 5

The federal government requires companies to take diversity very seriously,even recommending establishing a chief diversity officer in the executive suite.

Accepted Answer

A) True 
 B)False

Question 6

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 7

Which of the following policies would tend to foster entrepreneurship?

Accepted Answer

A)   Minimize taxes and regulations.
B)   Promote more regulations to protect the environment.
C)   Develop policies to reduce corruption between individuals.
D)   Encourage public ownership of businesses.E) B) and C)
F) None of the above

Question 8

By balancing the demands of customers and stockholders,businesses satisfy the demands of all stakeholders.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is the most accurate statement about the impact of business on society?

Accepted Answer

A)   When businesses earn a profit for their owners,they usually do so at the expense of the rest of society,which proves it is never a win-win situation.
B)   While businesses often improve the standard of living within a society,they can do little to improve the quality of life.
C)   Businesses often improve the quality of life,but can do little to improve the standard of living of most people due to inflation.
D)   Businesses can have a positive impact on both the standard of living and the quality of life within a society.E) A) and B)
F) A) and D)

Question 10

Leanne owns a nursery business.The trucks,handcarts,and forklift she purchased for the business are called __________ investments.

Accepted Answer

A)   natural resources
B)   intangible resources
C)   current asset
D)   capitalE) C) and D)
F) A) and B) D

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

People living in San Jose,CA on average earn more money than people living in St.Louis,MO.The citizens of San Jose enjoy a higher standard of living than the citizens of St.Louis.

Accepted Answer

A) True 
 B)False

Question 13

Bruno and Gino are worthy competitors in the bakery business in a small upscale resort town.Gino recently negotiated a contract with a supplier for really cheap cooking oil.He knows that bakery customers want cheap products.In this competitive environment,keeping the price down is all that matters.

Accepted Answer

A) True 
 B)False

Question 14

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Accepted Answer

A) True 
 B)False  True

Question 15

World trade has both benefits and costs.Which of the following statements attests to this fact?

Accepted Answer

A)   The U.S.economy and all businesses that participate in this economy were negatively impacted by the wars in Iraq and Afghanistan.
B)   The standard of living for citizens in developing nations has significantly decreased due to globalization.
C)   Economists are convinced that global job creation will never occur if our politicians support world trade.
D)   Large companies and small companies agree that the green movement is a global issue.Firms are embracing opportunities to bring value to consumers by creating green products and services.E) A) and B)
F) None of the above

Question 16

Lucy owns a restaurant in Los Angeles.She heard on the radio that the homeland security threat level has been increased due to anticipated terrorist activities,especially in large cities in the U.S.She will likely not be able to get insurance to cover any losses her business may suffer should an attack occur in L.A.

Accepted Answer

A) True 
 B)False

Question 17

The social security system,

Accepted Answer

A)   continues to burden businesses due to the fact that businesses must provide and pay for this benefit for their employees.
B)   met the needs of our nation when it was conceived,but needs an overhaul.
C)   will continue to serve the needs of U.S.citizens into the distant future,due to the fact that there are so few retirees placing a strain on it.
D)   is failing because the U.S.government failed to invest the money that employees contributeD.E) None of the above
F) A) and C)

Question 18

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

Accepted Answer

A)   Social entrepreneurs may switch social causes several times before finding their niche.
B)   Social entrepreneurs understand that their business environments are less dynamic than other businesses,especially during a recession.
C)   Social entrepreneurs use different business skills than entrepreneurs who start other businesses.They should focus on a different educational curriculum than other entrepreneurs.
D)   Using the same business skills as other entrepreneurs,social entrepreneurs develop businesses to improve the skill(s) and/or quality of life of others.E) B) and C)
F) A) and D) D

Question 19

Businesses that cater to older consumers in the future will likely not be successful.

Accepted Answer

A) True 
 B)False

Question 20

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

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

Wars are costly to all companies.

Correct Answer
verified

Zero defects means that there is a company goal of no mistakes in making products.

Correct Answer
verified

The threat of terrorism more often __________ the cost of operating a business.

Correct Answer
verified

The war on terrorism in many parts of the world should lead to _____.

Correct Answer
verified

The federal government requires companies to take diversity very seriously,even recommending establishing a chief diversity officer in the executive suite.

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

Which of the following policies would tend to foster entrepreneurship?

Correct Answer
verified

By balancing the demands of customers and stockholders,businesses satisfy the demands of all stakeholders.

Correct Answer
verified

Which of the following is the most accurate statement about the impact of business on society?

Correct Answer
verified

Leanne owns a nursery business.The trucks,handcarts,and forklift she purchased for the business are called __________ investments.

Correct Answer
verified
D

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

Correct Answer
verified

People living in San Jose,CA on average earn more money than people living in St.Louis,MO.The citizens of San Jose enjoy a higher standard of living than the citizens of St.Louis.

Correct Answer
verified

Bruno and Gino are worthy competitors in the bakery business in a small upscale resort town.Gino recently negotiated a contract with a supplier for really cheap cooking oil.He knows that bakery customers want cheap products.In this competitive environment,keeping the price down is all that matters.

Correct Answer
verified

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Correct Answer
verified
True

World trade has both benefits and costs.Which of the following statements attests to this fact?

Correct Answer
verified

Correct Answer
verified

The social security system,

Correct Answer
verified

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

Correct Answer
verified
D

Businesses that cater to older consumers in the future will likely not be successful.

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

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

Wars are costly to all companies.

Correct AnswerverifiedShow Answer

Zero defects means that there is a company goal of no mistakes in making products.

Correct AnswerverifiedShow Answer

The threat of terrorism more often __________ the cost of operating a business.

Correct AnswerverifiedShow Answer

The war on terrorism in many parts of the world should lead to _____.

Correct AnswerverifiedShow Answer

The federal government requires companies to take diversity very seriously,even recommending establishing a chief diversity officer in the executive suite.

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

Which of the following policies would tend to foster entrepreneurship?

Correct AnswerverifiedShow Answer

By balancing the demands of customers and stockholders,businesses satisfy the demands of all stakeholders.

Correct AnswerverifiedShow Answer

Which of the following is the most accurate statement about the impact of business on society?

Correct AnswerverifiedShow Answer

Leanne owns a nursery business.The trucks,handcarts,and forklift she purchased for the business are called __________ investments.

Correct AnswerverifiedD

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

Correct AnswerverifiedShow Answer

People living in San Jose,CA on average earn more money than people living in St.Louis,MO.The citizens of San Jose enjoy a higher standard of living than the citizens of St.Louis.

Correct AnswerverifiedShow Answer

Bruno and Gino are worthy competitors in the bakery business in a small upscale resort town.Gino recently negotiated a contract with a supplier for really cheap cooking oil.He knows that bakery customers want cheap products.In this competitive environment,keeping the price down is all that matters.

Correct AnswerverifiedShow Answer

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Correct AnswerverifiedTrue

World trade has both benefits and costs.Which of the following statements attests to this fact?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The social security system,

Correct AnswerverifiedShow Answer

Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

Correct AnswerverifiedD

Businesses that cater to older consumers in the future will likely not be successful.

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

Correct Answer
verified

Correct Answer
verified

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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Correct Answer
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Correct Answer
verified

Correct Answer
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D

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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True

Correct Answer
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Correct Answer
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Correct Answer
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D

Correct Answer
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Correct Answer
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