Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

Accepted Answer

A)   Social progress will evolve when capital is apportioned to everyone in equal amounts.
B)   A city, state, or nation's social progress needs the right business environment.
C)   The foundation for social progress is a handful of wealthy entrepreneurs willing to spread the wealth.
D)   Social progress can only improve when there is a strong labor pool to draw from.E) A) and C)
F) B) and C)

Question 3

One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.

Accepted Answer

A) True 
 B)False

Question 4

The primary focus of successful firms is designing and producing high quality goods. Advertising is then used to convince consumers to buy their superior products.

Accepted Answer

A) True 
 B)False

Question 5

St. Claire Hospital is considering a program that would allow some of its workers to use flextime. One group of workers who would probably benefit from flextime is:

Accepted Answer

A)   workers who do not have access to computers at home.
B)   workers who have little self-motivation to work eight-hour days.
C)   front-line workers who frequently go out to meet with home furnishing designers.
D)   single-parent families.E) All of the above
F) A) and B)

Question 6

Businesses favor:

Accepted Answer

A)   minimal government spending because it keeps taxes to a minimum.
B)   more government services because it minimizes tax consequences.
C)   maximum government spending because it raises business profits.
D)   less government spending because it lowers business profits.E) A) and B)
F) A) and C)

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

The growth of Hispanic owned businesses:

Accepted Answer

A)   remained relatively constant during the past decade.
B)   slowly increased during the past decade.
C)   increased dramatically in recent years.
D)   decreased slightly compared to other minority groups who have stared businesses.E) A) and D)
F) None of the above

Question 9

Leanne owns a nursery. 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) B) and D)
F) All of the above

Question 10

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Accepted Answer

A) True 
 B)False

Question 11

Efficiency in distribution systems around the world has led to:

Accepted Answer

A)   increased world trade.
B)   decreased world trade.
C)   decreased international competition.
D)   reduced standards of living around the world.E) A) and C)
F) A) and D)

Question 12

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation?

Accepted Answer

A)   It is becoming more difficult to provide expert pre-natal care for women, resulting in a negative impact on the future of live births.
B)   The increase in older citizens may impact an employee's take-home pay if programs such as Social Security will need to be funded at a higher level. Skilled employees may require higher wages to make up the shortfall.
C)   With less money to spend, older Americans between the ages of 65 and 74 will no longer require transportation, entertainment, education, and lodging. This is highly likely to negatively impact these industries.
D)   Business taxes are very likely to spike (rise quickly)  due to the fact that welfare laws are making it relatively easy for single parents to stay home with their children, rather than find jobs. Taxes will have to support parents choosing the stay-at-home lifestyle.E) A) and B)
F) A) and C)

Question 13

In countries where businesses are government owned:

Accepted Answer

A)   there is less incentive to work hard.
B)   the right amount of each good is produced.
C)   profits tend to be higher.
D)   the quality of goods is high but profits are low.E) A) and B)
F) B) and C)

Question 14

Businesses that produce and sell tangible products such as steel and machines are part of the:

Accepted Answer

A)   manufacturing industry.
B)   knowledge-based industry.
C)   service industry.
D)   production sector.E) None of the above
F) B) and C)

Question 15

Describe how businesses can use technology to be more responsive to customers.

Accepted Answer

Businesses continually search for new te...

Question 16

Airline companies around the world are experiencing increased costs in part due to ___________.

Accepted Answer

A)   decreases in the cost of fuel.
B)   decreasing world trade.
C)   the threat of terrorism.
D)   lack of interest in flying.E) C) and D)
F) B) and D)

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 19

For-profit businesses and nonprofit organizations are similar in that they both:

Accepted Answer

A)   contribute to the welfare of society.
B)   seek to earn a profit.
C)   have a limited life.
D)   must be controlled by a board of directors.E) B) and C)
F) A) and D)

Question 20

Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of life.

Accepted Answer

A) True 
 B)False

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

Correct Answer
verified

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Describe how businesses can use technology to be more responsive to customers.

Correct Answer
verified
Businesses continually search for new te...
View Answer

St. Claire Hospital is considering a program that would allow some of its workers to use flextime. One group of workers who would probably benefit from flextime is:

Correct Answer
verified

For-profit businesses and nonprofit organizations are similar in that they both:

Correct Answer
verified

One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.

Correct Answer
verified

Businesses favor:

Correct Answer
verified

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

The growth of Hispanic owned businesses:

Correct Answer
verified

In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.

Correct Answer
verified

The primary focus of successful firms is designing and producing high quality goods. Advertising is then used to convince consumers to buy their superior products.

Correct Answer
verified

Efficiency in distribution systems around the world has led to:

Correct Answer
verified

In countries where businesses are government owned:

Correct Answer
verified

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

Correct Answer
verified

Airline companies around the world are experiencing increased costs in part due to ___________.

Correct Answer
verified

Businesses that produce and sell tangible products such as steel and machines are part of the:

Correct Answer
verified

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

Correct AnswerverifiedShow Answer

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Describe how businesses can use technology to be more responsive to customers.

Correct AnswerverifiedBusinesses continually search for new te...View AnswerShow Answer

St. Claire Hospital is considering a program that would allow some of its workers to use flextime. One group of workers who would probably benefit from flextime is:

Correct AnswerverifiedShow Answer

For-profit businesses and nonprofit organizations are similar in that they both:

Correct AnswerverifiedShow Answer

One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.

Correct AnswerverifiedShow Answer

Businesses favor:

Correct AnswerverifiedShow Answer

If you were to discuss and analyze the social changes affecting the future of business, which of the following statements should be part of that conversation?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The growth of Hispanic owned businesses:

Correct AnswerverifiedShow Answer

In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.

Correct AnswerverifiedShow Answer

The primary focus of successful firms is designing and producing high quality goods. Advertising is then used to convince consumers to buy their superior products.

Correct AnswerverifiedShow Answer

Efficiency in distribution systems around the world has led to:

Correct AnswerverifiedShow Answer

In countries where businesses are government owned:

Correct AnswerverifiedShow Answer

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

Correct AnswerverifiedShow Answer

Airline companies around the world are experiencing increased costs in part due to ___________.

Correct AnswerverifiedShow Answer

Businesses that produce and sell tangible products such as steel and machines are part of the:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
Businesses continually search for new te...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

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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