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

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Question 51

True/False

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

A) True
B) False

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Question 52

Multiple Choice

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Mark recently graduated with honors from his college. He has bragged to his friends that his academic performance has prepared him so well for a successful career that he can forget school or training in his future. In evaluating the future of the workplace, Mark is:

A) exactly right. His past performance should carry him to success.
B) completely wrong. Studies show that a college education has little to do with success.
C) over confident. Global competition means that continuous learning will be needed in the future to adapt to rapid changes.
D) probably right. Specialized training today is a key to continued success in the future.

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

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Question 53

Multiple Choice

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Certain industries of the U.S. economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment. Which of the following best explains this job loss?

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.

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

The series of lines on a product packaging that the cashier scans when you check out at a grocery store or discount store is called a:

Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

After losing her manufacturing job in the U.S. automobile industry, Juanita has found that well paid service sector jobs require retraining and further education.

Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.

China is a nation with a vast amount of land and a very large population. Another characteristic of this nation is its people's affinity for saving money. Referring to the five factors of production, the government of China has made significant progress in building its business environment by focusing on factors that needed improvement. Its strategy was to:

The term "standard of living" refers to the amount of debt people can incur on a given income.

___________ means producing the desired result.

Nick is a recent finance graduate who has two passions: music and finance. Upon graduation, he was offered an opportunity to join a struggling rock band with a lot of potential, or a job at a large well-established financial services company. By joining the band, he will forego which of the following?

Which of the following is a benefit of owning your own business?

Charles Malone recently renewed his card membership at DiscountMania. The card has an annual $40 fee, but Charles believes that it pays for itself because he receives good prices on electronics, contact lenses, and even tires for his car. Shortly after renewing the card, Charles began receiving calls from collection agencies claiming that he owed money. With the help of others, he learned that another Charles Malone also owned a DiscountMania card, and wrote checks with insufficient bank funds when making purchases. DiscountMania had linked Charles' personal information with the other Charles Malone's personal information. Charles experienced _______________.

Women currently own less than ten percent of all businesses.

When we compare the factors of production in wealthy and poor nations, we find:

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

The databases of a business often include a great deal of information about the firm's customers.

The new era of business is likely to be dominated by the: