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

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Question 1

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Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society. Businesses are not the only organizations that produce goods and services.Government agencies,public schools,and charities such as the Salvation Army provide goods or services,but are classified as nonprofit organizations since there is no profit motive.

A) True
B) False

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Question 2

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Starting a business is a riskier path toward business success than working your way up the ranks of a large business.

A) True
B) False

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Xavier,a recent college graduate,is thinking of investing in a home health care business.He believes this will be a profitable venture because of the increasing number of people in the U.S.that will be over 60 in the near future and more likely to need this type of service.This accurately describes a demographic trend that will affect his business choice. When scanning the social environment for opportunities and threats,business professionals study demographic changes in their respective markets.Demographic changes can have a significant impact on business choices and career opportunities.

___________ means producing the desired result.

Unlike businesses,employees of nonprofit organizations are not required to learn the business skills of information management,marketing,or financial management. In order to achieve their goals,nonprofit organizations need people with many of the same skills required by for profit businesses.For example,even though nonprofit organizations do not seek a profit,they still may deal with large sums of money and must keep financial records.Nonprofit organizations also need people with leadership,marketing,and information management skills.

Appliance repair firms,tax consultants,law firms,and insurance companies are all business firms that are part of the:

St.Claire Hospital is considering a program that would allow some of its workers to use flextime.One group of workers who would probably benefit from flextime is:

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

An important environmental change in the global environment is the growth of international competition.

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

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

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

The advice provided by a marriage counselor is an example of the service industry.

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

___________ refers to the amount of output generated with a given amount of input,e.g. ,the number of pizzas produced per worker per hour.

It's important that firms are as efficient as possible.This is done by becoming management-driven for efficiency. Business is becoming customer-driven,not management-driven as in the past.This means that customers' wants and needs must come first.

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. One of the things a government can do to encourage entrepreneurship and the formation of wealth is to keep regulations and taxes to a minimum.

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

World-class businesses attempt to meet the needs of:

Two factors of production that seem to contribute the most to a nation's ability to create wealth are: