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

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Question 141

Multiple Choice

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Businesses are supporting single-parent families with:

A) social security benefits.
B) a more lenient welfare system.
C) more flexible work benefits such as flex time and family leave.
D) limited benefits due to the declining numbers of these families.Five-member families are steadily growing.

E) A) and B)
F) All of the above

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Question 142

True/False

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Jared is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes.Several years ago,his Uncle Mike made it big and now owns a ski lodge just north of Aspen.He promised Jared a management trainee position and the opportunity to buy into the company by contributing a portion of his paycheck each month back into the business.As he dreams about the opportunity to be his own boss,reality bites as Jared scans his business book and reads,"freedom to succeed also means freedom to fail." Entrepreneurship promises its participants the opportunity for great success;however the potential of failure also looms in the process.

A) True
B) False

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Question 143

True/False

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

The two main types of e-commerce are:

The service industry represents ________ of the value of the U.S.economy.

The statistical study of human population to learn its size,density,and characteristics is called:

Cee Duction is a financial planner who helps people find ways to save for retirement and lower their taxes.Cee is employed in the service sector of the economy. The service sector produces intangible goods.Financial planning is one type of service.

In order to make an intelligent investment decision,entrepreneurs should:

Which of the following statements about factors of production is the most accurate?

Although employment in the service sector has increased rapidly in recent years,the vast majority of workers are still employed in the goods producing sector.

Globalization has greatly increased living standards around the world.

Mini-Case Sergio Gonzales is employed by Bigbux National Bank,one of the largest banks in the Midwest.He is a loan officer,specializing in home equity loans.Tio Raul,Sergio's favorite (and wealthiest) uncle,passed away last month and left Sergio a sizable amount of money.Sergio is looking at the best way to invest his newly acquired wealth.He is considering many options,ranging from simply putting the money into a savings account to the possibility of starting his own business.Although his bank job pays well and offers pleasant working conditions,Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor.Besides,he's a bit bored and looking for a challenge.He thinks he might get a lot of satisfaction from owning his own business.Sergio has not made a definite decision yet,but has talked to a lot of people searching for a good idea for a new business.If he can come up with an idea he likes,he might just quit his current job and use his inheritance to go into business for himself! -Sergio's frustration with his lack of freedom and flexibility at work indicates that Bigbux:

Which of the following industries will benefit from an aging population?

One of the problems with globalization is that distribution systems and communication systems lack efficiency. Distribution systems and Communication systems have improved dramatically,and have contributed toward world trade.

Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.

Effectiveness means producing goods and services using the least amount of resources.

Andy Blake got a call yesterday from Planet Bank,the company that issued his credit card inquiring about an $85.00 charge made in Caracas,Venezuela.Upon learning that Andy had not made this purchase,the Bank quickly took steps to cancel the card and issue a new one.Given the circumstances that Andy's credit card number had an illegal transaction,Andy may also want to:

The main difference between B2C and B2B e-commerce is that B2C uses only the Internet,while B2B combines e-commerce with traditional (bricks-and-mortar)outlets. The major difference between B2C and B2B is the customer.B2C stands for business-to-consumer.Businesses involved in B2C sell mainly to households.B2B stands for business-to-business.Businesses involved in B2B sell mainly to other businesses.

The total amount of money that businesses take in by selling goods and services is called _______.

Technological innovation has a ripple effect.With the advent of the Internet,Tyler Hanley,a certified techno-nerd,is being courted by companies to write the next generation of antivirus software.He tells us its big business! Tyler is right;the Internet has created tremendous job opportunities for specialists like him.