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

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Question 161

Multiple Choice

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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:

A) me too businesses work.
B) when you successfully fill a market need,you can make money.
C) the Internet is a way to distribute just about anything.
D) the cost of supplies to make candles is relatively cheap.

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

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Question 162

True/False

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With the emergence of the Internet,Jasmine finds it easy to do all her gift buying online.She takes comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

A) True
B) False

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Question 163

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Describe what we mean by greening and thinking green.List several ways that people and businesses are participating in the green movement.List business opportunities that may emerge from this movement.

Which of the following statements about the competitive environment is most accurate?

The threat of terrorism increases the costs of operating most businesses.

Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.

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

In rich countries such as the United States,changes in the level of taxation have little impact on the incentives of entrepreneurs.

Due to population shifts,

A policy of empowerment encourages managers to make decisions quickly for their front line employees.

___________ means producing the desired result.

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

Charles Malone recently renewed his card membership at DiscountMania.The card has an annual $40 fee,but Charles believes that it pays for itself because he receives good prices on electronics,contact lenses,and even tires for his car.Shortly after renewing the card,Charles began receiving calls from collection agencies claiming that he owed money.With the help of others,he learned that another Charles Malone also owned a DiscountMania card,and wrote checks with insufficient bank funds when making purchases.DiscountMania had linked Charles' personal information with the other Charles Malone's personal information.Charles experienced ______________.

In an effort to increase wealth and their country's standard of living,many governments are taking over major industries and operating them as nonprofit organizations.

Businesses seek to earn a profit by providing goods and services to others.

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.

Businesses collect ________ information on where people live,what they buy,and how they spend their time.

Companies that sell goods to consumers over the Internet are engaging in:

Efficiency means:

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