Question 1

It is legal to outsource and offshore.

Accepted Answer

A) True 
 B)False

Question 2

The two main types of e-commerce are:

Accepted Answer

A)  M2M and M2N.
B)  B2B and B2C.
C)  online and offline.
D)  wholesale and retail.E) None of the above
F) A) and B)

Question 3

The loss of farm workers over the last century is what?

Accepted Answer

A)  an indication of growing productivity
B)  going to reverse in the future
C)  a symptom of global competition
D)  a negative signE) None of the above
F) B) and C)

Question 4

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Accepted Answer

A)  larger farms
B)  the manufacturing sector
C)  cities
D)  the production sectorE) None of the above
F) All of the above

Question 5

For an entrepreneur to achieve success in the business world he has to be willing to take:

Accepted Answer

A)  losses.
B)  government assistance.
C)  risks.
D)  bribes.E) A) and B)
F) A) and C)

Question 6

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

Accepted Answer

A)  factors of production.
B)  production technologies.
C)  production aggregates.
D)  production coefficients.E) B) and C)
F) B) and D)

Question 7

The service producing sector employs almost ___% of the working population

Accepted Answer

A)  78
B)  68
C)  58
D)  48E) C) and D)
F) B) and D)

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

To remain competitive in today's market,firms must produce a quality product and offer outstanding service and products at a reasonable price.

Accepted Answer

A) True 
 B)False

Question 10

As a factor of production,the term capital includes:

Accepted Answer

A)  tools,machinery,and buildings.
B)  stocks and bonds issued by corporations.
C)  natural resources such as land and water.
D)  services provided by the government that enable businesses to be more productive.E) A) and B)
F) A) and C)

Question 11

The total amount of money that businesses take in over a given period of time for selling goods and services is called _________.

Accepted Answer

A)  profit
B)  revenue
C)  retained earnings
D)  lossE) A) and D)
F) A) and C)

Question 12

Which of the following is the most accurate statement about the impact of entrepreneurs?

Accepted Answer

A)  capital is the primary source of wealth today,followed by the impact of entrepreneurs.
B)  land is a more important factor of production than the impact of entrepreneurs.
C)  entrepreneurs,and the use of knowledge are the primary source of wealth today.
D)  labour is the primary source of wealth today,followed by the impact of entrepreneurs.E) A) and B)
F) None of the above

Question 13

Money is one of the five factors of production that contribute to the creation of wealth.

Accepted Answer

A) True 
 B)False

Question 14

Identity theft is no longer a problem in Canada and the United States.

Accepted Answer

A) True 
 B)False

Question 15

The number of Canadian jobs in manufacturing has increased in the past five years.

Accepted Answer

A) True 
 B)False

Question 16

A retailer can store a lot of customer records that include their name,address,and telephone numbers and past purchases in a database.This allows the retailer to only stock what the customers in their area want.This saves the retailer's money in:

Accepted Answer

A)  wages.
B)  accounting costs.
C)  benefits.
D)  financing.E) None of the above
F) B) and C)

Question 17

Well-managed businesses will grow and prosper regardless of the business environment in which they operate.

Accepted Answer

A) True 
 B)False

Question 18

provides information to businesses concerning where people live,what they buy,and how they spend their time.

Accepted Answer

A)  Sociography
B)  Demography
C)  Econometrics
D)  AnthropologyE) A) and B)
F) A) and C)

Question 19

Two important changes to the global environment of business in recent years are:

Accepted Answer

A)  growth of international competition & free trade.
B)  foreign exchange & free trade.
C)  high quality goods & prices.
D)  growth of international competition & low prices.E) A) and C)
F) A) and D)

Question 20

Some areas of the service sector will grow rapidly,while other areas of the service sector may _________.

Accepted Answer

A)  decline
B)  not grow as quickly as manufacturing jobs
C)  not grow as quickly as agricultural jobs
D)  have slower growthE) C) and D)
F) B) and D)

Exam 1: The Dynamic Business Environment

It is legal to outsource and offshore.

Correct AnswerverifiedShow Answer

The loss of farm workers over the last century is what?

Correct AnswerverifiedShow Answer

Some areas of the service sector will grow rapidly,while other areas of the service sector may _________.

Correct AnswerverifiedShow Answer

The service producing sector employs almost ___% of the working population

Correct AnswerverifiedShow Answer

provides information to businesses concerning where people live,what they buy,and how they spend their time.

Correct AnswerverifiedShow Answer

The number of Canadian jobs in manufacturing has increased in the past five years.

Correct AnswerverifiedShow Answer

Well-managed businesses will grow and prosper regardless of the business environment in which they operate.

Correct AnswerverifiedShow Answer

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Identity theft is no longer a problem in Canada and the United States.

Correct AnswerverifiedShow Answer

The total amount of money that businesses take in over a given period of time for selling goods and services is called _________.

Correct AnswerverifiedShow Answer

For an entrepreneur to achieve success in the business world he has to be willing to take:

Correct AnswerverifiedShow Answer

Money is one of the five factors of production that contribute to the creation of wealth.

Correct AnswerverifiedShow Answer

Which of the following is the most accurate statement about the impact of entrepreneurs?

Correct AnswerverifiedShow Answer

A retailer can store a lot of customer records that include their name,address,and telephone numbers and past purchases in a database.This allows the retailer to only stock what the customers in their area want.This saves the retailer's money in:

Correct AnswerverifiedShow Answer

Two important changes to the global environment of business in recent years are:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

As a factor of production,the term capital includes:

Correct AnswerverifiedShow Answer

The two main types of e-commerce are:

Correct AnswerverifiedShow Answer

To remain competitive in today's market,firms must produce a quality product and offer outstanding service and products at a reasonable price.

Correct AnswerverifiedShow Answer

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