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

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Question 71

Multiple Choice

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Businesses that produce and sell tangible products such as steel and machines are part of the:

A) manufacturing industry.
B) knowledge-based industry.
C) service industry.
D) production sector.

E) B) and C)
F) All of the above

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Question 72

Multiple Choice

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In order to create more wealth and provide better services,some nations recognize that ________________________________.

A) raising taxes benefits all businesses
B) a good strategy is to minimize interference with the free exchange of goods and services
C) restricting trade with other countries always helps domestic businesses
D) taking control of privately owned businesses and making them government-run will decrease taxes and improve the lives of everyone

E) All of the above
F) C) and D)

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Question 73

Multiple Choice

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Lamar is a salesperson for Bi-State Direct.He really appreciates the amount of freedom and authority Bi-State gives its sales people in order to better meet the needs of customers.Lamar's experience suggests that Bi-State practices:

Nick is a recent finance graduate who has two passions: music and finance.Upon graduation,he was offered an opportunity to join a struggling rock band with a lot of potential,or a job at a large well-established financial services company.By joining the band,he will forego which of the following?

_______________ is/are the external and internal circumstances that surround the business.

Political freedom,quality education,access to health care,and a clean environment are all factors that contribute to an improved quality of life.

It was 8:00 a.m.on Saturday morning.Liz just learned that her well-meaning cousins were headed over to help her unpack her household.She had just moved back to Chicago from the west coast.Were they really planning to work,or were they expecting brunch? A bagel and pastry shop was just up the road.She would call in a food order.When she arrived to pick up,it was not what she ordered.The store associate quickly made it right,and offered an extra dozen bagels to make-up for the mistake.There was no need to check with the supervisor,as the employee was _______________ to make decisions that translate into good customer service.

The United States has one of the highest standards of living in the world.

Greening refers to:

Although the Internet is exciting,very few people have access to it outside the U.S.

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:

Productivity is the amount of output you generate given the amount of input such as hours worked.

__________ is illegally obtaining and illegally using private information about a person,such as using someone's credit card number.

Diversity is more than recruiting and keeping minorities and women.Diversity means appreciating and understanding other differences in our customers and in our workforce.The statement that best describes this difference is:

Which of the following statements about factors of production is the most accurate?

Empowerment requires that managers focus more on __________ lower-level employees.

Backstreet Books,an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million.During the year Backstreet Books earned a profit of $3 million.

Efforts are underway to serve the needs of a diverse population.Diversity means:

Ben and Chris combined their love of football with a business venture.They purchased a small portable cart and began selling football memorabilia outside of the hometown stadium.Their first year went well,but the past two years have been a real struggle.Due to poor economic conditions including loss of jobs,ticket sales at the stadium are down,which has significantly hurt their sales as well.As a recent business school graduate,you explain to Ben and Chris that:

Jared is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes.Several years ago,his Uncle Mike made it big and now owns a ski lodge just north of Aspen.He promised Jared a management trainee position and the opportunity to buy into the company by contributing a portion of his paycheck each month back into the business.As he dreams about the opportunity to be his own boss,reality bites as Jared scans his business book and reads,"freedom to succeed also means freedom to fail."