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

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Question 121

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Mini-Case Sergio Gonzales is employed by Bigbux National Bank,one of the largest banks in the Midwest.He is a loan officer,specializing in home equity loans.Tio Raul,Sergio's favorite (and wealthiest) uncle,passed away last month and left Sergio a sizable amount of money.Sergio is looking at the best way to invest his newly acquired wealth.He is considering many options,ranging from simply putting the money into a savings account to the possibility of starting his own business.Although his bank job pays well and offers pleasant working conditions,Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor.Besides,he's a bit bored and looking for a challenge.He thinks he might get a lot of satisfaction from owning his own business.Sergio has not made a definite decision yet,but has talked to a lot of people searching for a good idea for a new business.If he can come up with an idea he likes,he might just quit his current job and use his inheritance to go into business for himself! -As he explores his options for starting a new business,Sergio has looked into the tax implications and government regulations that he would encounter.He wants to maintain an office in a different location from his home.He has discovered that some nearby communities offer tax credits and lower taxes than his town.Sergio's decision will be influenced by the:

A) demographic environment.
B) technological environment.
C) socio-religious environment.
D) economic and legal environment.

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

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Question 122

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The war on terrorism has had a significant effect in drawing many resources from the U.S.economy and led to many additional costs for businesses.

A) True
B) False

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Question 123

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One reason given for the decline in the number of U.S.workers employed in manufacturing is that manufacturing firms in the U.S.have become more efficient. Technology has allowed U.S.workers to be more productive,resulting in the need for fewer workers.Many American manufacturing firms have downsized because of this increased efficiency.

The statistical study of the human population to describe its size,age,gender,and income is known as diversity recognition.

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

As you consider the factors of production,which of the following did management theorist,Peter Drucker believe to be one of the most important contributing factors to increasing our nation's wealth?

Questionable business practices such as those followed by many mortgage lending companies in the past few years:

Describe how businesses can use technology to be more responsive to customers.

Gabriella wants to compare the price of a designer bag she saw in a local department store,with other stores that may have the same.She locates the product on three different websites on the Internet,and then stumbles on a site that does the price shopping for her.Gabriella's quest is an example of how customers are using __________ to solve problems.

The Internet and the emergence of an information-based economy are important parts of the ___________ environment in which businesses operate.

Which of the following is a factor of production?

Leanne owns a nursery business.The trucks,handcarts,and forklift she purchased for the business are called __________ investments.

Which of the following best describes the main difference between B2B and B2C transactions? B2B transactions:

Jill is looking into the possibility of opening up a day care center in her community,because she is aware of many single-parent families that need a place for their children to stay while the parents work.She is concerned about the long-term prospects for such a business.Jill believes the future of her center will depend on whether birth rates and the number of single-parent families remain high.These concerns illustrate how businesses can be affected by:

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Robin has started her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Robin is an example of an entrepreneur. An entrepreneur is someone who risks time and money to start and manage a business.

The war on terrorism in many parts of the world should lead to _____.

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.

Due to population shifts,

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