Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

Accepted Answer

A)   Standard of living
B)   Quality of life
C)   Gross national income
D)   Social satisfaction indexE) None of the above
F) B) and C)

Question 3

Tomas 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 find a job with ease and forget school or training in his future. In evaluating the future of the workplace, Tomas is

Accepted Answer

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)   overconfident. 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) C) and D)
F) B) and D)

Question 4

A common characteristic of most entrepreneurs is that they:

Accepted Answer

A)   accept the risks involved in starting and managing a business.
B)   have a high level of scientific and technical expertise.
C)   possess a great deal of personal wealth.
D)   have experience in running large, complex organizations.E) C) and D)
F) A) and B)

Question 5

A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.

Accepted Answer

A) True 
 B)False

Question 6

An electronic storage file where information is kept is called a CPU.

Accepted Answer

A) True 
 B)False

Question 7

Jose 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.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Demographic changes create new business opportunities.

Accepted Answer

A) True 
 B)False

Question 10

People over 65 years old represent

Accepted Answer

A)   the unemployed generation.
B)   the single-parent family generation.
C)   a potentially lucrative market.
D)   a group that has never contributed to Social Security.E) A) and D)
F) A) and C)

Question 11

In today's competitive environment, good value means:

Accepted Answer

A)   making products with zero defects.
B)   superior quality that translates into durable products.
C)   offering the latest trends without seeming like you are over the top.
D)   providing quality products and services at competitive prices.E) B) and C)
F) B) and D)

Question 12

Public schools, charities, and government agencies generally ________.

Accepted Answer

A)   are incorporated
B)   do not seek to earn a profit
C)   provide goods rather than services
D)   do not have any stakeholdersE) C) and D)
F) All of the above

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Maintaining a high quality of life requires the combined efforts of businesses, nonprofit organizations, and government agencies.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Though it has received a lot of attention, the development of information technology (IT) has had less of an impact on the way businesses operate than many other changes.

Accepted Answer

A) True 
 B)False

Question 17

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

Accepted Answer

For most of our nation's history, the ag...

Question 18

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

Accepted Answer

A) True 
 B)False

Question 19

Michelle recently started selling her invention: A bed that looks like it floats in mid-air. The bed is actually suspended by magnetic forces. Michelle is a(n)

Accepted Answer

A)   arbitrageur.
B)   entrepreneur.
C)   speculator.
D)   account manager.E) A) and C)
F) None of the above

Question 20

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

Accepted Answer

A)   Freedom to keep the profits from your business
B)   Government-supported health insurance
C)   More camaraderie with employees
D)   Shorter work hoursE) A) and D)
F) B) and D)

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

Demographic changes create new business opportunities.

Correct AnswerverifiedShow Answer

A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.

Correct AnswerverifiedShow Answer

Though it has received a lot of attention, the development of information technology (IT) has had less of an impact on the way businesses operate than many other changes.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

People over 65 years old represent

Correct AnswerverifiedShow Answer

Trace the evolution of American business. Identify the key trends, and discuss the implications these trends have for the future.

Correct AnswerverifiedFor most of our nation's history, the ag...View AnswerShow Answer

An electronic storage file where information is kept is called a CPU.

Correct AnswerverifiedShow Answer

Jose 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.

Correct AnswerverifiedShow Answer

Tomas 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 find a job with ease and forget school or training in his future. In evaluating the future of the workplace, Tomas is

Correct AnswerverifiedShow Answer

________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

Correct AnswerverifiedShow Answer

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.

Correct AnswerverifiedShow Answer

A common characteristic of most entrepreneurs is that they:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Michelle recently started selling her invention: A bed that looks like it floats in mid-air. The bed is actually suspended by magnetic forces. Michelle is a(n)

Correct AnswerverifiedShow Answer

Public schools, charities, and government agencies generally ________.

Correct AnswerverifiedShow Answer

In today's competitive environment, good value means:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Maintaining a high quality of life requires the combined efforts of businesses, nonprofit organizations, and government agencies.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
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For most of our nation's history, the ag...
View Answer

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Correct Answer
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Correct Answer
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