Question 1

Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.

Accepted Answer

A) True 
 B)False

Question 2

One of the major advantages to firms involved in e-commerce is that the technology is still so new that the Internet-based firms face very little competition.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Information in a database allows firms to carry only the products that the local population wants.

Accepted Answer

A) True 
 B)False

Question 5

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

Accepted Answer

A) True 
 B)False

Question 6

As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

Accepted Answer

A) True 
 B)False

Question 7

The only real purpose of a business is to make money for entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 8

The number of businesses owned by Asians, Hispanics, and Native Americans has grown dramatically.

Accepted Answer

A) True 
 B)False

Question 9

Starting a business always involves ________.

Accepted Answer

A)   profit
B)   loss
C)   revenue
D)   riskE) A) and B)
F) None of the above

Question 10

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

Question 11

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:

Accepted Answer

A)   B2C e-commerce.
B)   N2Y e-commerce.
C)   Y2K e-commerce.
D)   B2B e-commerce.E) A) and D)
F) A) and B)

Question 12

High tax rates tend to:

Accepted Answer

A)   promote economic development.
B)   make a nation's currency tradable.
C)   discourage entrepreneurship.
D)   reduce the amount of money created by the government.E) A) and B)
F) C) 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) A) and B)
F) A) and C)

Question 14

Wars are costly to all companies.

Accepted Answer

A) True 
 B)False

Question 15

Sue is a single mother with two small children. Her employer is considering providing family leave. Since Sue is a single mom with small children, she is unlikely to benefit from this program.

Accepted Answer

A) True 
 B)False

Question 16

Social entrepreneurs are people who start and manage organizations that are not-for-profit. Their mission is to help others improve their quality of life.

Accepted Answer

A) True 
 B)False

Question 17

___________ refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour.

Accepted Answer

A)   Efficiency
B)   Technology
C)   Telecommuting
D)   ProductivityE) A) and D)
F) A) and C)

Question 18

A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.

Accepted Answer

A) True 
 B)False

Question 19

A policy of empowerment encourages managers to make decisions quickly for their front line employees.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

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

___________ refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour.

Correct AnswerverifiedShow Answer

The only real purpose of a business is to make money for entrepreneurs.

Correct AnswerverifiedShow Answer

Information in a database allows firms to carry only the products that the local population wants.

Correct AnswerverifiedShow Answer

A policy of empowerment encourages managers to make decisions quickly for their front line employees.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

Correct AnswerverifiedShow 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

Starting a business always involves ________.

Correct AnswerverifiedShow Answer

Wars are costly to all companies.

Correct AnswerverifiedShow Answer

Sue is a single mother with two small children. Her employer is considering providing family leave. Since Sue is a single mom with small children, she is unlikely to benefit from this program.

Correct AnswerverifiedShow Answer

A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.

Correct AnswerverifiedShow Answer

The number of businesses owned by Asians, Hispanics, and Native Americans has grown dramatically.

Correct AnswerverifiedShow Answer

Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.

Correct AnswerverifiedShow Answer

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

Correct AnswerverifiedShow Answer

Social entrepreneurs are people who start and manage organizations that are not-for-profit. Their mission is to help others improve their quality of life.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:

Correct AnswerverifiedShow Answer

One of the major advantages to firms involved in e-commerce is that the technology is still so new that the Internet-based firms face very little competition.

Correct AnswerverifiedShow Answer

High tax rates tend to:

Correct AnswerverifiedShow Answer

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