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

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Question 31

True/False

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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.

A) True
B) False

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Question 32

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Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S.is at war.

A) True
B) False

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Question 33

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___________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom,safety,education,and a clean environment.

The current Social Security system will ensure that the young people of today will have Social Security benefits in the future when they retire.

Laws that allow companies to write enforceable contracts decrease the risk of doing business.

A common characteristic of most entrepreneurs is that they:

The business environment refers to the surrounding factors that either help or hinder the development of businesses.

Global trade has suffered because of increased problems with the Internet.

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

The goal of empowerment in the work environment is to prevent mistakes.Mistakes can be prevented by giving management more control over the actions of lower-level workers.

Successful businesses are keenly focused on their:

Appliance repair firms,tax consultants,law firms,and insurance companies are all business firms that are part of the:

The rise of Internet marketing has become particularly important in doing business in the B2B markets.

Business consultant Peter Drucker said that the most important factor of production is knowledge.

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.

There are more high-paying jobs in the service sector than in the goods-producing sector.

SleekWrap is a company that produces industrial coatings for the steel industry.Until recently it relied on wholesalers to distribute its products to other businesses,but now it also sells directly to its business customers through its website.This is an example of the largest and most important type of e-commerce transaction.

Tools,machinery,and buildings are examples of capital resources.

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Which of the following business policies would most likely help a single-parent family?