Question 1

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.

Accepted Answer

A) True 
 B)False

Question 2

________ is illegally obtaining and illegally using private information about a person, such as using someone's credit card number.

Accepted Answer

A)   Petty theft
B)   Identity theft
C)   Banking theft
D)   Online theftE) A) and D)
F) None of the above

Question 3

________ means producing the desired result.

Accepted Answer

A)   Effectiveness
B)   Technology
C)   E-production
D)   ProductivityE) All of the above
F) A) and C)

Question 4

New welfare rules have made it easier for single parents to remain at home with their young children without being required to seek employment.

Accepted Answer

A) True 
 B)False

Question 5

Pets on the Run, Inc., a mobile pet care company, is planning for the future. As a business student who has studied social trends, which of the following statements reflects the need for Pets on the Run's service in the future?

Accepted Answer

A)   Mobile pet care will not be needed because the majority of people are working which means that nobody is home.
B)   People will always prefer to take their pets to the veterinary clinic and groomer.
C)   The aging population will be a sizeable market for this firm.
D)   People who would require this service would be higher income individuals. Retired people would not be a market for this firm because they do not have money to care for pets.E) A) and B)
F) None of the above

Question 6

The standard of living for a nation's people depends mainly on:

Accepted Answer

A)   the quality of the natural environment.
B)   how much political freedom they have.
C)   their income and the prices of the goods and services they buy.
D)   the amount of labor and capital available employed in the manufacturing sector.E) None of the above
F) A) and C)

Question 7

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Accepted Answer

A) True 
 B)False

Question 8

To implement a policy of empowerment, the organization will restructure so that:

Accepted Answer

A)   managers have more responsibility and employees learn to follow directions.
B)   employees assume more responsibility.
C)   workers agree to work overtime without extra pay.
D)   an entire level of management is removed from the organization.E) A) and D)
F) B) and C)

Question 9

Describe three ways that governments can foster entrepreneurship and encourage the creation of wealth.

Accepted Answer

One of the best things government can do...

Question 10

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 11

It was recently reported that Japan succeeded in improving its people's standard of living and establishing a relatively affluent society. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

Accepted Answer

A) True 
 B)False

Question 12

China and India have become major U.S. competitors.

Accepted Answer

A) True 
 B)False

Question 13

Effectiveness means producing the desired result.

Accepted Answer

A) True 
 B)False

Question 14

Taxes and government regulations are part of the ________ environment of business.

Accepted Answer

A)   economic and legal
B)   competitive
C)   social
D)   technologicalE) None of the above
F) All of the above

Question 15

Since the 1800s, the U.S. has evolved

Accepted Answer

A)   straight from an agrarian economy to an information technology economy.
B)   from a business to business economy to a business to consumer economy.
C)   from an agrarian economy to a manufacturing economy to a service-oriented economy.
D)   from a manufacturing economy to a service economy, to a cottage economy, and now we are trending back to an agrarian economy.E) A) and D)
F) A) and C)

Question 16

Often in business the greater the risk, the ________.

Accepted Answer

A)   greater the potential reward
B)   lower the expected revenues
C)   lower the value provided to society
D)   greater the number of stakeholdersE) C) and D)
F) B) and C)

Question 17

Businesses satisfy the demands of all stakeholders by balancing the demands of customers and stockholders.

Accepted Answer

A) True 
 B)False

Question 18

________ is the amount a business earns after deducting what it spends for salaries and other expenses.

Accepted Answer

A)   Profit
B)   Revenue
C)   Interest
D)   DividendsE) A) and B)
F) B) and C)

Question 19

The evidence for climate change is highly suspect. Well-known U.S. companies are taking a wait-and-see approach toward addressing climate change.

Accepted Answer

A) True 
 B)False

Question 20

Businesses that cater to older consumers in the future will likely not be successful.

Accepted Answer

A) True 
 B)False

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

Describe three ways that governments can foster entrepreneurship and encourage the creation of wealth.

Correct AnswerverifiedOne of the best things government can do...View AnswerShow Answer

The standard of living for a nation's people depends mainly on:

Correct AnswerverifiedShow Answer

China and India have become major U.S. competitors.

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

Pets on the Run, Inc., a mobile pet care company, is planning for the future. As a business student who has studied social trends, which of the following statements reflects the need for Pets on the Run's service in the future?

Correct AnswerverifiedShow Answer

________ is the amount a business earns after deducting what it spends for salaries and other expenses.

Correct AnswerverifiedShow Answer

________ means producing the desired result.

Correct AnswerverifiedShow Answer

Businesses that cater to older consumers in the future will likely not be successful.

Correct AnswerverifiedShow Answer

Effectiveness means producing the desired result.

Correct AnswerverifiedShow Answer

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

To implement a policy of empowerment, the organization will restructure so that:

Correct AnswerverifiedShow Answer

New welfare rules have made it easier for single parents to remain at home with their young children without being required to seek employment.

Correct AnswerverifiedShow Answer

Taxes and government regulations are part of the ________ environment of business.

Correct AnswerverifiedShow Answer

________ is illegally obtaining and illegally using private information about a person, such as using someone's credit card number.

Correct AnswerverifiedShow Answer

Often in business the greater the risk, the ________.

Correct AnswerverifiedShow Answer

Since the 1800s, the U.S. has evolved

Correct AnswerverifiedShow Answer

It was recently reported that Japan succeeded in improving its people's standard of living and establishing a relatively affluent society. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

Correct AnswerverifiedShow Answer

Businesses satisfy the demands of all stakeholders by balancing the demands of customers and stockholders.

Correct AnswerverifiedShow Answer

The evidence for climate change is highly suspect. Well-known U.S. companies are taking a wait-and-see approach toward addressing climate change.

Correct AnswerverifiedShow Answer

Correct Answer
verified
One of the best things government can do...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified