Question 1

In recent years,the fastest growing firms are in the __________sector.

Accepted Answer

A)  agricultural
B)  telecommunications
C)  service
D)  manufacturingE) A) and B)
F) B) and D)

Question 2

Empowerment consists of employees from different departments within an organization formed to improve employee effectiveness.

Accepted Answer

A) True 
 B)False

Question 3

The chance of loss is known as _________.

Accepted Answer

A)  stakeholder
B)  bankruptcy
C)  risk
D)  small businessE) A) and D)
F) None of the above

Question 4

The book Boom Bust & Echo economist David Foot suggests that________ explains about two-thirds of everything,including what products will be in demand in five years.

Accepted Answer

A)  E-commerce
B)  knowledge
C)  capital
D)  demographicsE) A) and B)
F) A) and C)

Question 5

Two important global environment changes in recent years have been the growth of global competition and the decline of free trade.

Accepted Answer

A) True 
 B)False

Question 6

Unlike businesses,employees of non-profit organizations are not required to learn the business skills of accounting,marketing,or financial management.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following predictions about the impact of e-commerce on traditional businesses is likely to be most accurate?

Accepted Answer

A)  Traditional firms will enter the e-commerce market.
B)  E-commerce will prove to be very successful in competing against traditional firms in B2C markets,but will have much less success in B2B markets.
C)  E-commerce will have little impact on most traditional businesses,because only a few types of products can be sold effectively over the Internet.
D)  Traditional businesses will cease to exist within twenty years.E) A) and B)
F) A) and C)

Question 8

Technology affects people in all industries.

Accepted Answer

A) True 
 B)False

Question 9

Kisa is a production manager at Western Widgets,Inc. ,a manufacturing corporation that sells its products worldwide.Thanks in part to Kisa's efforts,Western Widgets has dramatically improved the quality of its products.Kisa believes that the high quality of its output will give Western Widgets a competitive edge.Kisa's view is:

Accepted Answer

A)  not wrong,but it is too limited.Consumers demand high quality goods,along with competitive prices and outstanding service.
B)  incorrect.The typical consumer is more interested in price than quality.
C)  not exactly correct.The best strategy for market success is to develop new products quickly and get them to the market before the competition,even if quality suffers a bit.
D)  correct.Producing high quality goods is the key to success in the competitive marketplace.E) None of the above
F) A) and B)

Question 10

One of the elements of risk is the chance of a loss.

Accepted Answer

A) True 
 B)False

Question 11

Shelley recently opened a new restaurant specializing in fast foods prepared with less fat and calories for health-conscious diners who are in a hurry.Shelley knows that there are some risks associated with opening and managing a restaurant,but she is confident that she can earn a profit.Shelley is an example of a(n) :

Accepted Answer

A)  speculator.
B)  entrepreneur.
C)  arbitrageur.
D)  account manager.E) C) and D)
F) B) and D)

Question 12

A business is any activity that provides goods and services while operating _________.

Accepted Answer

A)  with social goals
B)  revenue
C)  at a profit
D)  machineryE) A) and B)
F) None of the above

Question 13

An owner who closes a business to start a new one is reported as an exit by Industry Canada.

Accepted Answer

A) True 
 B)False

Question 14

A recent study indicated that outsourcing will continue to grow at 5-10% across functions such as information technology,legal services,and human resource management.

Accepted Answer

A) True 
 B)False

Question 15

Successful businesses are keenly focused on their:

Accepted Answer

A)  managers
B)  customers
C)  creditors
D)  bureaucratsE) A) and B)
F) All of the above

Question 16

Climate change is not important to the international business community.

Accepted Answer

A) True 
 B)False

Question 17

If they wish to create more wealth,poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.

Accepted Answer

A) True 
 B)False

Question 18

A loss occurs when a business's expenses are greater than its:

Accepted Answer

A)  debit
B)  profit
C)  revenue
D)  creditsE) B) and C)
F) A) and B)

Question 19

To be successful in today's markets,businesses must:

Accepted Answer

A)  focus their resources on understanding economic cycles.
B)  spend more money on marketing and less on production.
C)  delight customers with a quality product at a good price and outstanding service.
D)  provide the greatest variety of products to consumers.E) A) and B)
F) C) and D)

Question 20

Companies have gone from outsourcing production jobs to offshoring research and development.

Accepted Answer

A) True 
 B)False

Exam 1: The Dynamic Business Environment

Empowerment consists of employees from different departments within an organization formed to improve employee effectiveness.

Correct Answer
verified

Unlike businesses,employees of non-profit organizations are not required to learn the business skills of accounting,marketing,or financial management.

Correct Answer
verified

The chance of loss is known as _________.

Correct Answer
verified

Which of the following predictions about the impact of e-commerce on traditional businesses is likely to be most accurate?

Correct Answer
verified

The book Boom Bust & Echo economist David Foot suggests that________ explains about two-thirds of everything,including what products will be in demand in five years.

Correct Answer
verified

If they wish to create more wealth,poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.

Correct Answer
verified

A loss occurs when a business's expenses are greater than its:

Correct Answer
verified

Companies have gone from outsourcing production jobs to offshoring research and development.

Correct Answer
verified

Technology affects people in all industries.

Correct Answer
verified

Successful businesses are keenly focused on their:

Correct Answer
verified

An owner who closes a business to start a new one is reported as an exit by Industry Canada.

Correct Answer
verified

Correct Answer
verified

Two important global environment changes in recent years have been the growth of global competition and the decline of free trade.

Correct Answer
verified

One of the elements of risk is the chance of a loss.

Correct Answer
verified

Climate change is not important to the international business community.

Correct Answer
verified

In recent years,the fastest growing firms are in the __________sector.

Correct Answer
verified

A recent study indicated that outsourcing will continue to grow at 5-10% across functions such as information technology,legal services,and human resource management.

Correct Answer
verified

Correct Answer
verified

To be successful in today's markets,businesses must:

Correct Answer
verified

A business is any activity that provides goods and services while operating _________.

Correct Answer
verified

Exam 1: The Dynamic Business Environment

Empowerment consists of employees from different departments within an organization formed to improve employee effectiveness.

Correct AnswerverifiedShow Answer

Unlike businesses,employees of non-profit organizations are not required to learn the business skills of accounting,marketing,or financial management.

Correct AnswerverifiedShow Answer

The chance of loss is known as _________.

Correct AnswerverifiedShow Answer

Which of the following predictions about the impact of e-commerce on traditional businesses is likely to be most accurate?

Correct AnswerverifiedShow Answer

The book Boom Bust & Echo economist David Foot suggests that________ explains about two-thirds of everything,including what products will be in demand in five years.

Correct AnswerverifiedShow Answer

If they wish to create more wealth,poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.

Correct AnswerverifiedShow Answer

A loss occurs when a business's expenses are greater than its:

Correct AnswerverifiedShow Answer

Companies have gone from outsourcing production jobs to offshoring research and development.

Correct AnswerverifiedShow Answer

Technology affects people in all industries.

Correct AnswerverifiedShow Answer

Successful businesses are keenly focused on their:

Correct AnswerverifiedShow Answer

An owner who closes a business to start a new one is reported as an exit by Industry Canada.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Two important global environment changes in recent years have been the growth of global competition and the decline of free trade.

Correct AnswerverifiedShow Answer

One of the elements of risk is the chance of a loss.

Correct AnswerverifiedShow Answer

Climate change is not important to the international business community.

Correct AnswerverifiedShow Answer

In recent years,the fastest growing firms are in the __________sector.

Correct AnswerverifiedShow Answer

A recent study indicated that outsourcing will continue to grow at 5-10% across functions such as information technology,legal services,and human resource management.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

To be successful in today's markets,businesses must:

Correct AnswerverifiedShow Answer

A business is any activity that provides goods and services while operating _________.

Correct AnswerverifiedShow Answer

Correct Answer
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