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

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Question 1

Multiple Choice

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Andy Blake got a call yesterday from Planet Bank,the company that issued his credit card inquiring about an $85.00 charge made in Caracas,Venezuel A.Upon learning that Andy had not made this purchase,the Bank quickly took steps to cancel the card and issue a new one.Given the circumstances that Andy's credit card number had an illegal transaction,Andy may also want to:

A) Check his computer's firewall to make sure its working.
B) Cancel his account with Planet Bank,altogether and eliminate credit cards from his life.
C) Check his credit report.
D) Diversify his spending habits by using one of several credit cards when making purchases.

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

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Question 2

Multiple Choice

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During the past 150 years,the U.S.has evolved from:

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

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

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C

Question 3

Multiple Choice

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Empowerment means:

Land,sometimes called natural resources,is the most critical factor of production in explaining why some countries are poor while others are rich.

Which of the following statements about social entrepreneurs such as Muhammad Yunus who won the Nobel Prize) describes their challenge?

The government of the nation of Bingland is trying to achieve a high quality of life by imposing strict regulations to protect the environment and ensure safe working conditions in factories and mines.The government also has established ambitious programs to help the poor,financing them by setting high tax rates.These efforts by Bingland's government should create an atmosphere that encourages entrepreneurship.

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

The federal government requires companies to take diversity very seriously,even recommending establishing a chief diversity officer in the executive suite.

People between the ages of 65 and 74 represent:

One of the major advantages to firms involved in e-commerce is that the technology is still so new that the Internet-based firms face very little competition.

Productivity is the amount of output you generate given the amount of input such as hours worked.

Greg is working as a marketing trainee for an online Music CD and video retailer.His boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Greg plans to provide the following response:

Several years ago,the government of the small nation of Allegro owned the nation's telephone company and landlines.This relatively poor government relied on taxes to develop this industry and provide service to its citizens.If the government desired to rapidly improve people's access to phone service,its best course of action would involve selling the telephone company to private investors.

A common characteristic of most entrepreneurs is that they:

The immigrant population both legal and illegal) is having a dramatic effect on

The best employment strategy for today's college graduates is to search for jobs that are closely related to their college major.

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

If a business's costs and expenses are greater than its revenue,it will suffer a loss.

Identity theft is when individuals or firms access people's personal information and then use it for illegal purposes and activities.

Laura and Tim McNash recently moved to North Carolina on a three-acre home site.They purposefully purchased their home within biking distance to the university where they are both employed,and their bikes each have room for two cloth bags for groceries if they need to purchase food on the way home,although they plan to grow much of their own.Laura and Tim are examples of a growing number of young people who: