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

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Question 161

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Effectiveness means producing the desired result.

A) True
B) False

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Question 162

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Backstreet Books,an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million.During the year Backstreet Books earned a profit of $3 million. The profit a firm earns is found by subtracting total costs from total revenue.

A) True
B) False

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Question 163

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Workplace changes due to the rise of single-parent families create many job opportunities in day care,counseling,and other related fields.

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

Which of the following organizations is an example of the goods-producing sector of the economy?

Empowerment requires that managers focus more on __________ lower-level employees.

Retired people will be draining the U.S.economy of wealth.This is due to:

Which of the following policies would tend to foster entrepreneurship?

The goal of empowerment in the work environment is to prevent mistakes.Mistakes can be prevented by giving management more control over the actions of lower-level workers.

Health care availability,a clean environment,and good schools all contribute to a high quality of life.

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

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. 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.

Efficiency means:

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Life of Luxury,Inc. ,is a mail order firm that specializes in expensive and unusual gifts for all occasions.The company keeps a large file of information on all of its regular customers,including names,addresses,type of gifts they have ordered in the past,and the size and frequency of their orders.The electronic file which stores this information is a(n) :

The B2B Internet market consists of selling goods and services to consumers.

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

Eve and her three college friends enjoy perfumes.As a special gift to each of them last holiday season,Eve found a way to make scented candles with each friend's favorite perfume scent.The three friends loved her gift idea and encouraged Eve to create more and sell them on the Internet.Recently,she is filling orders from her website,and turning a profit.Eve is proof that:

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

Diversity groups identified in the market today include extroverts,introverts,atheists,and the devout.