Question 1

Empowerment means:

Accepted Answer

A)   giving employees the authority to make decisions.
B)   making certain that employees always defer to management when making decisions.
C)   hiring employees that do not require training due to the costly nature of this activity.
D)   asking employees to write the policies which govern their jobs.E) A) and B)
F) A) and C)

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Working as an entrepreneur is the only way to succeed in business.

Accepted Answer

A) True 
 B)False

Question 4

Since all businesses make a profit, starting a business is not risky.

Accepted Answer

A) True 
 B)False

Question 5

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Accepted Answer

A) True 
 B)False

Question 6

Jackson is supposed to be studying for finals but his mind keeps wandering to the beach. Several years ago, his Uncle Mitch made it big and now owns a small resort near Fort Lauderdale. He promised Jackson 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 daydreams about being his own boss, he should realize that freedom to succeed also means freedom to fail.

Accepted Answer

A) True 
 B)False

Question 7

High tax rates tend to:

Accepted Answer

A)   promote economic development.
B)   make a nation's currency tradable.
C)   discourage entrepreneurship.
D)   reduce the amount of money created by the government.E) None of the above
F) B) and C)

Question 8

Retired people will be draining the U.S. economy of wealth. This is due to

Accepted Answer

A)   the fact that most have smoked all their lives and now are accumulating large healthcare bills.
B)   the fact there are not enough workers in subsequent generations to support the ongoing drain of older persons into the Social Security system.
C)   their lack of interest in supporting restaurants, resorts, educational institutions, and service-intensive companies.
D)   the fact that they refuse to use current information technology to improve efficiency.E) B) and D)
F) A) and B)

Question 9

Diversity management would not be an issue if firms would treat all of their employees the same.

Accepted Answer

A) True 
 B)False

Question 10

The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.

Accepted Answer

A) True 
 B)False

Question 11

Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

Businesses continually search for new te...

Question 13

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

Accepted Answer

A)   B2B transactions involve transactions where the buyers and sellers are both businesses, while B2C involves transactions between businesses and consumers.
B)   B2B transactions focus on financial transactions while B2C e-commerce focuses on the sale of manufactured goods.
C)   B2B transactions refer to business between nonprofit organizations while B2C e-commerce is carried out by business firms seeking to earn a profit.
D)   B2B transactions involve sales in foreign markets while B2C e-commerce is restricted to domestic markets.E) None of the above
F) B) and C)

Question 14

The amount of goods and services people can buy with the money they have is called their:

Accepted Answer

A)   nominal income.
B)   consumer price index.
C)   profit margin.
D)   standard of living.E) B) and C)
F) A) and D)

Question 15

An effort to please one group of stakeholders eventually pleases all stakeholders.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A)   The business environment
B)   The factors of production
C)   The business corral
D)   The business disciplinesE) None of the above
F) A) and C)

Question 17

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

Accepted Answer

A)   Social progress will evolve when capital is apportioned to everyone in equal amounts.
B)   A city, state, or nation's social progress needs the right business environment.
C)   The foundation for social progress is a handful of wealthy entrepreneurs willing to spread the wealth.
D)   Social progress can only improve when there is a strong labor pool to draw from.E) None of the above
F) B) and C)

Question 18

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass up on are:

Accepted Answer

A)   the freedom to make their own decisions.
B)   local government benefits such as enterprise zone tax credits.
C)   employer-paid benefits such as paid vacation and health insurance.
D)   tickets to sporting events that trading partners may provide.E) B) and C)
F) A) and C)

Question 19

One factor that has had a major effect on businesses is the growth of single-parent families.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following business policies would most likely help a single-parent family?

Accepted Answer

A)   Requiring the employee to work regularly scheduled hours each day
B)   Allowing sick leave to be used only if the employee is ill
C)   Requiring education outside of regular business hours to help the employee advance
D)   Allowing family leave and flextimeE) A) and B)
F) All of the above

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

Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society.

Correct Answer
verified

One factor that has had a major effect on businesses is the growth of single-parent families.

Correct Answer
verified

Correct Answer
verified

High tax rates tend to:

Correct Answer
verified

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

Correct Answer
verified

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct Answer
verified

Working as an entrepreneur is the only way to succeed in business.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified
Businesses continually search for new te...
View Answer

An effort to please one group of stakeholders eventually pleases all stakeholders.

Correct Answer
verified

Retired people will be draining the U.S. economy of wealth. This is due to

Correct Answer
verified

The amount of goods and services people can buy with the money they have is called their:

Correct Answer
verified

The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.

Correct Answer
verified

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

Correct Answer
verified

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

Correct Answer
verified

Which of the following business policies would most likely help a single-parent family?

Correct Answer
verified

Diversity management would not be an issue if firms would treat all of their employees the same.

Correct Answer
verified

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass up on are:

Correct Answer
verified

Since all businesses make a profit, starting a business is not risky.

Correct Answer
verified

Empowerment means:

Correct Answer
verified

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

Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society.

Correct AnswerverifiedShow Answer

One factor that has had a major effect on businesses is the growth of single-parent families.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

High tax rates tend to:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct AnswerverifiedShow Answer

Working as an entrepreneur is the only way to succeed in business.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedBusinesses continually search for new te...View AnswerShow Answer

An effort to please one group of stakeholders eventually pleases all stakeholders.

Correct AnswerverifiedShow Answer

Retired people will be draining the U.S. economy of wealth. This is due to

Correct AnswerverifiedShow Answer

The amount of goods and services people can buy with the money they have is called their:

Correct AnswerverifiedShow Answer

The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.

Correct AnswerverifiedShow Answer

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following business policies would most likely help a single-parent family?

Correct AnswerverifiedShow Answer

Diversity management would not be an issue if firms would treat all of their employees the same.

Correct AnswerverifiedShow Answer

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass up on are:

Correct AnswerverifiedShow Answer

Since all businesses make a profit, starting a business is not risky.

Correct AnswerverifiedShow Answer

Empowerment means:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Businesses continually search for new te...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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