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

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Question 21

True/False

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An effort to please one group of stakeholders eventually pleases all stakeholders. Balancing the demands of all stakeholders is a tremendous challenge for organizations.Tradeoffs are common.Actions benefiting one group may have a negative impact on another group of stakeholders.

A) True
B) False

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Question 22

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

A) production sector.
B) management sector.
C) neo-industrial sector.
D) service sector.

E) C) and D)
F) A) and B)

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Question 23

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The baby-boom echo includes those people born after 1995.

The transition from an agricultural economy to a manufacturing economy to a service-based economy has resulted in a serious increase in long-term unemployment.

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.

E-commerce only covers one aspect of e-business.

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

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues. Profit is the difference between a firm's revenue and its expenses.

After losing her manufacturing job in the Canadian automobile industry,Juanita has found that well-paid service sector jobs require retraining and further education. High-paying service sector jobs can be found in health care,accounting,finance,entertainment,telecommunications,architecture,law,and software engineering.However,these jobs require specialized training and education.

Bar codes allow retailers to scan information about products consumers buy,directly into a database.

The resources that contribute to the creation of wealth are known as:

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

A retailer can store a lot of customer records that include their name,address,and telephone numbers and past purchases in a database.This allows the retailer to only stock what the customers in their area want.This saves the retailer money in:

Money is one of the five factors of production that contribute to the creation of wealth. see Figure 1.2.

The advice provided by a lawyer is an example of the service industry.

A lesson to learn from the story of Ron Joyce,who became a franchisee in the first Tim Hortons,is that to be a successful entrepreneur you need to find something that you love to do.

Offshoring entails:

To remain competitive in today's market,firms must produce a quality product and offer outstanding service and products at a reasonable price.

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

As businesses expand to serve global markets,new jobs will be created in the manufacturing sector.