Business chpt 1

in what ways has the Internet impacted business operations?

- It allows businesses to target customers with direct mail campaigns. - It allows retailers to collect consumer data at the point of sale on what types of products are selling. - It allows consumers to shop from home

Select all the ways that the Internet has impacted business operations.

- It allows retailers to collect consumer data at the point of sale on what types of products are selling. - It allows consumers to shop from home. - It allows businesses to target customers with direct mail campaigns.

What are two advantages of being an entrepreneur?

- You have the opportunity to keep any profits from the business. - You get to be your own boss.

Technology improves the productivity of a farmer by enabling access to the latest prices for commodities, using satellites to view his fields. What are two other ways that technology has improved the productivity of a farmer?

- accessing websites to communicate with farmers around the world - using satellites to show the farmer which fields have the best yields

Changes in the technological environment include the emergence of Information Technology that includes such tools as

- computers - cell phones - the Internet

Experts advise that the ways to reduce the damage from identity theft include:

- creating new passwords for each account - activating two-factor authentication

Businesses can be more successful by responding to a customer's needs and wants they track using:

- databases that track a customer's specific choices - databases of customer buying preferences - databases that use bar codes to track customer's purchases

what are the five elements of the business environment?

- economic and legal - technological - competitive -social - global

The five ____ of ____ are land, labor, capital, entrepreneurship, and knowledge.

- factors - production

Capitalist and mixed economies provide incentives for entrepreneurs by:

- passing laws that support writing enforceable contracts - establishing a currency tradeable in world markets - allowing private ownership of business

What are two reasons that companies trade database information?

-So they can send customers direct mail advertising products that they are likely to want - So they know what customers buy and from whom

The purposes of nonprofit organizations include:

-filling a societal need -filling an educational need

Limiting those to whom you give personal information such as your Social Security number, credit cards, and using antivirus software on your computer:

reduces the potential for identity theft

e-commerce

refers to the buying and selling of goods online

The monetary value of what a firm received for goods sold, services rendered, and other payments is termed:

revenue

___ is the monetary value of what a company received for goods sold, services rendered, and all other payments to the firm.r

revenue

What two factors are key in making the global environment of business so important that it encompasses all the other environmental influences? Multiple select question. a. the growth of global competition b. fluctuating currency exchange rates c. government protection of domestic producers d. the negotiation of trade agreements among nations

a. the growth of global competition d. the negotiation of trade agreements among nations

Companies strive for zero defects in making their products because Multiple choice question. a. it increases the cost of waste b. it creates a lot of waste and byproducts c. it increases customer satisfaction d. they know it is not really an achievable goal

c. it increases customer satisfaction

Among the options being considered to reduce the future shortfall in Social Security are Multiple select question. a. increasing payments to those who are disabled b. reducing taxes c. raising taxes d. raising the retirement age

c. raising taxes d. raising the retirement age

Among the options being considered to reduce the future shortfall in Social Security are Multiple select question. a. reducing taxes b. increasing payments to those who are disabled c. raising the retirement age d. raising taxes

c. raising the retirement age d. raising taxes

Limiting those to whom you give personal information such as your Social Security number, credit cards, and using antivirus software on your computer: Multiple choice question. a. reduces the potential for identity theft b. eliminates the potential for identity theft c. reduces the cost of doing business for you d. leaves you open to charges by the Internal Revenue Service

c. reduces the potential for identity theft

Managers today must be sensitive to differing cultural backgrounds because: Multiple choice question. a. it is illegal not to be aware of diversity b. there are heavy fines and penalties for insensitivity c. the workforce is increasingly diverse, with workers around the world d. it is easier than ignoring them and treating everyone the same

c. the workforce is increasingly diverse, with workers around the world

Changes in the technological environment create increases in worldwide ___ production, in all sectors of the economy, creating exciting challenges for future leaders.

competition

Global trade means more markets and opportunities, but there is also more _____ for those markets.

competition

Global trade means more opportunities, but it also means more global _____.

competition

Globalization has led to ___ increased with countries such as China and India.

competition

what is an example of a legal element of the business environment

contract laws

Fill in the blank question. One of the ways government can encourage business is to provide ______ that is easily exchanged or traded for that of other countries.

currency

what is an example of a competitive element of the business environment

customer service

Businesses that listen carefully to their customers, believe their "customers are king" and adjust their products and services to meet customer needs are ______.

customer-driven

Which of the following economic sectors has more high-paying jobs? Multiple choice question. a. Farm sector b. Mining sector c. Manufacturing sector d. Service sector

d. Service sector

Since the 1800s, strong economic development and technological inventions in the Blank______ industry have reduced the number farmers around the world. Multiple choice question. a. communications b. transportation c. manufacturing d. agricultural

d. agricultural

What is the most likely reason you see "made in China" stickers on products sold in the United States? Multiple choice question. a. poor quality of U.S. products b. government embargoes on domestic products c. increase in demand for foreign made products d. an increase in globalization

d. an increase in globalization

Improved technology since the 1800s improved farm productivity: Multiple choice question. a. but reduced food productivity worldwide b. that started a trend away from city living c. that increased the number of family farms d. and led to large-scale farming

d. and led to large-scale farming

In the information age, a company's value is based on its: Multiple choice question. a. manufacturing equipment b. quality processes c. number of service employees d. intellectual capital

d. intellectual capital

Expenditures on war and terrorism creates much debate because: Multiple choice question. a. most people want to spend the money on foreign aid b. sectors such as tourism grow more rapidly c. people in the country do not want to support the troops d. it drains money from the economy

d. it drains money from the economy

Some companies who produce armaments have benefited from the wars in Iraq and Afghanistan, whereas others have Multiple choice question. a. been able to import oil more cheaply. b. started production facilities in Iraq and Afghanistan c. imported goods from those countries more cheaply than before. d. lost workers and added costly safety equipment and procedures.

d. lost workers and added costly safety equipment and procedures.

True or False - All companies will be negatively affected when war and terrorism are present in the global economy.

false

True or false: The term stakeholders refers only to those who own stock in a company.

false

A benefit of _____ is the improved living standards in developing countries such as China and India.

globalization, technology, or outsourcing

The Internet has affected business because the explosion of B2B and B2C transactions means that:

websites have become as important as brick-and-mortar stores in our economy

An important effect of changed communication technology is that we communicate Multiple choice question.

with people worldwide instantly.

Fill in the blank question. Unless there are changes in the system, paying for Social Security in the future will draw huge amounts of money from the _____ population.

working

True or false: Many small businesses fail every year.

true

True or false: People 75 and over are currently the richest demographic group in the United States.

true

standard of living

the amount of goods and services people can buy with the money they have

Legal and illegal immigrants have had a significant effect on the operations of businesses, ____, and ____.

Blank 1: schools, education, or school Blank 2: hospitals or healthcare

The agriculture industry in the U.S. has changed from millions of ____ farms to fewer but ____ farms.

Blank 1: small, family, or smaller Blank 2: large, larger, huge, large-scale, or bigger

The U.S. government's ability to pay for Social Security in the near future is a problem because: Multiple select question. A. there will be fewer retirees drawing Social Security than when the program started B. demographic shifts mean there are fewer workers to support more retirees C. there will be more workers to support each retiree D. the ratio of people in the labor force for each retiree will be far lower than when the program started in the 1940s

B. demographic shifts mean there are fewer workers to support more retirees D. the ratio of people in the labor force for each retiree will be far lower than when the program started in the 1940s

As businesses expand to serve ___ markets, new jobs will be created in service and manufacturing. There will also be more ____ to fill those jobs.

Blank 1: global, world, or international Blank 2: competition or opportunities

What are two reasons that many companies strive for high-quality products with "zero defects"? Multiple select question. A: They produce more scrap materials and byproducts. B: It increases production time and labor. C: Their customers are happier with their products. D: Fewer defects means less material wasted doing it over.

C. Their customers are happier with their products. D. Fewer defects means less material wasted doing it over.

In the United States, businesses are able to rely on the law to enforce contracts if they comply with the:

Uniform Commercial Code

The service sector employs which percentage of the U.S. workforce today? Multiple choice question. a. 85 percent b. 45 percent c. 75 percent d. 55 percent

a. 85 percent

Municipalities have adapted to increased diversity in their populations by: Multiple choice question. a. adding languages other than English to their signs and websites b. reducing services to all c. creating separate facilities for those who don't speak English d. changing their tax structures to include illegal immigrants

a. adding languages other than English to their signs and websites

Since the 1800s, strong economic development and technological inventions in the Blank______ industry have reduced the number farmers around the world. Multiple choice question. a. agricultural b. manufacturing c. transportation d. communications

a. agricultural

The wars in Iraq and Afghanistan have __ some sectors of the U.S. economy such as those that manufacture arms, but has __ growth in others such as tourism. Multiple select question. a. benefited; slowed b. grown; decreased c. reduced; increased d. slowed; benefited

a. benefited; slowed b. grown; decreased

Productivity in the U.S. has risen because: Multiple select question. a. computers have increased the speed of production b. businesses are hiring more workers to get the job done c. technology has improved productivity by reducing the number of workers needed d. businesses are paying higher wages to more workers

a. computers have increased the speed of production c. technology has improved productivity by reducing the number of workers needed

Some local governments are making efforts to adapt to a more diverse population by: Multiple select question. a. developing brochures in more than one language b. trying to rely only on English as a language choice c. changing websites and telephone messaging to include more language choices d. changing signs to include languages other than English

a. developing brochures in more than one language c. changing websites and telephone messaging to include more language choices d. changing signs to include languages other than English

When companies create a workplace that promotes inclusion and belonging, they are Multiple choice question. a. effectively managing diversity. b. creating competition among employees. c. practicing stereotypical behavior. d. less likely to be profitable.

a. effectively managing diversity.

New technologies that connect people all over the world and the increased amount of information available to institutional, wholesale and retail consumers have created: Multiple choice question. a. greater levels of competition among businesses than ever before b.lower levels of competition between businesses than ever before c. conflict between nations competing for new business d. greater control of customer accounts by the business that first has access to them

a. greater levels of competition among businesses than ever before

Increases in the legal and illegal immigrant population have affected: Multiple select question. a. hospitals in many regions of the U.S. b. schools in many regions of the U.S. c. very little in most regions of the U.S. d. businesses in many regions of the U.S.

a. hospitals in many regions of the U.S. b. schools in many regions of the U.S.ses in many regions of the U.S.

An example of the effect of globalization on U.S. consumers is Multiple choice question. a. many goods and services are provided more cheaply by outsourcing their production to India or China. b .many U.S. employees have much better jobs. c. many goods we use are now produced offshore, increasing delivery times and costs. d. that there has been an increase in the cost of health care.

a. many goods and services are provided more cheaply by outsourcing their production to India or China.

The sector of the U.S. economy that generates 85% of its value is the Multiple choice question. a. service sector b. manufacturing sector c. extraction and mining sector d. underground economy

a. service sector

A business can be defined as

any activity that seeks to provide goods and services to others while operating at a profit.

Which demographic group is currently the richest in the United States? Multiple choice question. a. Children from 0-12 b. Seniors 75 and older c. Children from 8-14 d. Middle class workers aged 18-29

b. Seniors 75 and older

What are three ways in which companies manage diversity? Multiple select question. a. They only recruit female and minority employees. b. They are sensitive to those from other cultures. c. They pay everyone the same amount. d. They are inclusive of those who are different. e. They create a sense of belonging to a community.

b. They are sensitive to those from other cultures. d. They are inclusive of those who are different. e. They create a sense of belonging to a community

A benefit of globalization is that it has greatly improved the standard of living: Multiple choice question. a. only in India, South Korea, and Japan b. around the world c. only in the United States and UK d. only in China

b. around the world

The movement of the temperature up or down over time is: Multiple choice question. a. part of the sociological environment b. climate change c. a demographic trend d. part of the technological environment

b. climate change

Listening carefully to customers to determine their wants and needs, then adjusting the organization's products, policies, and practices is indicative of a(n) ______ ______ organization. Multiple choice question. a. supplier-driven b. customer-driven c. production-driven d. management-driven

b. customer-driven

The Blank______ environment of business impacts all of the other environmental influences. Multiple choice question. a. financial b. global c. competitive d. social

b. global

One of the main explanations for the relatively sharp increases in the U.S. manufacturing sector productivity is: Multiple choice question. a. today most manufacturing workers are college graduates b. improved technology makes the production process faster c. the corresponding decrease in the service sector productivity d. the increase in service sector jobs

b. improved technology makes the production process faster.

Expenditures on war and terrorism have: Multiple select question. a. benefited all sectors of the economy b. increased risks for businesses c. drained money from the economy d. reduced risks for businesses

b. increased risks for businesses c. drained money from the economy

Challenges for new leaders since the global information-based revolution include: Multiple select question. a. manufacturing jobs are the only ones that pay well b. learning about world quality standards c. that the service era is coming to a close d. training employees takes too much time

b. learning about world quality standards c. that the service era is coming to a close

A result of business expansion to global markets is that it creates new jobs in manufacturing and service businesses. It also: Multiple select question. a. maintains the existing job base here b. means some jobs have moved to different locations around the world c. creates greater global competition between businesses and for jobs d. makes it much easier for existing businesses to maintain the status quo

b. means some jobs have moved to different locations around the world c. creates greater global competition between businesses and for jobs

Climate change can be defined as the: Multiple choice question. a. lack of temperature change in the planet over time b. movement of the temperature of the planet up or down over time c. movement upward of the temperature of the planet over time d. movement of the temperature of the planet downward over time

b. movement of the temperature of the planet up or down over time

The sector of the U.S. economy that generates 85% of its value is the Multiple choice question. a. underground economy b. service sector c. extraction and mining sector d. manufacturing sector

b. service sector

The U.S. government's ability to pay for Social Security in the near future is a problem because: Multiple select question. a. there will be fewer retirees drawing Social Security than when the program started b. the ratio of people in the labor force for each retiree will be far lower than when the program started in the 1940s c. demographic shifts mean there are fewer workers to support more retirees d. there will be more workers to support each retiree

b. the ratio of people in the labor force for each retiree will be far lower than when the program started in the 1940s c. demographic shifts mean there are fewer workers to support more retirees

Funding Social Security in the future is a problem because: Multiple select question. a. Social Security has lowered the age of those who can collect benefits to 60 b. there are fewer workers paying in than older people who are collecting benefits c. the government has used Social Security funds for other purposes d. Social Security no longer requires workers to pay into the fund

b. there are fewer workers paying in than older people who are collecting benefits c. the government has used Social Security funds for other purposes

Funding Social Security in the future is a problem because: Multiple select question. a. Social Security no longer requires workers to pay into the fund b. there are fewer workers paying in than older people who are collecting benefits c. Social Security has lowered the age of those who can collect benefits to 60 d. the government has used Social Security funds for other purposes

b. there are fewer workers paying in than older people who are collecting benefits d. the government has used Social Security funds for other purposes

As the economy evolves, the use of new technologies means the need for jobs in some industries disappears and: Multiple choice question. a. workers are able to remain with the same job for a lifetime b. workers may lose their jobs in one industry, but then have different opportunities c. productivity overall decreases as countries change over d. workers can stay in their old jobs if they re-train

b. workers may lose their jobs in one industry, but then have different opportunities

Dealing with a diverse workforce requires managers to:

be sensitive to workers and cultures around the world

Why is it that U.S-based companies are able to buy and sell goods and services anywhere in the world?

because governments have established tradeable currencies

Why might you choose to work for a company instead of being an entrepreneur?

because the company assumes the risk if the business fails

e-commerce is:

buying and selling goods over the Internet.

The increase in farm productivity as a result of the invention of the harvester and other farm equipment has Multiple choice question. a. reduced the world's food supplies. b. created starvation in many cities. c. increased the world's food supplies. d. led to an oversupply of food worldwide.

c. increased the world's food supplies.

The service era is giving way to a new era based on: Multiple choice question. a. agriculture b. mining c. information d. manufacturing

c. information

In the information age, a company's value is based on its: Multiple choice question. a. quality processes b. number of service employees c. intellectual capital d. manufacturing equipment

c. intellectual capital

An example of the effect of globalization on U.S. consumers is Multiple choice question. a. many U.S. employees have much better jobs. b. that there has been an increase in the cost of health care. c. many goods we use are now produced offshore, increasing delivery times and costs. d. many goods and services are provided more cheaply by outsourcing their production to India or China.

d. many goods and services are provided more cheaply by outsourcing their production to India or China.

One of the challenges for future leaders is that the information-based global revolution is moving the economy in new directions that: Multiple choice question. a. completely exclude the manufacturing sector b. make low-tech businesses very attractive c. make it harder to succeed internationally because we are not an innovative country d. require innovation to succeed in global markets

d. require innovation to succeed in global markets

One result of the wars in Afghanistan and Iraq is that: Multiple choice question. a. the U.S. economy has been unable to adjust to new safety procedures b. businesses have found it easier to plan c. the U.S. economy has benefited by adding billions of dollars in income d. they have drained the U.S. economy of trillions of dollars

d. they have drained the U.S. economy of trillions of dollars

When farmers used technology to improve productivity, farm workers moved to the cities to fill new manufacturing jobs. Eventually, manufacturers: Multiple choice question. a. hired highly trained service workers b. improved productivity and their workers went back to the farms c. reduced their use of technology and improved their products d. used technology to improve productivity and workers lost manufacturing jobs

d. used technology to improve productivity and workers lost manufacturing jobs

Bar codes on products purchased help retailers build ____ a(n) about customer preferences.

database

Retailers scan bar codes on products to build a(n) ______ containing information about customers.

database

what is an example of a social element of the business environment

demographic changes

The statistical description of a population using characteristics such as age, gender, and income is ____.

demography

Businesses are part of a country's:

economic system

The businesses that contribute to the quality of life and standard of living in a country are part of its:

economic system

Minimizing government interference with the free exchange of goods and services can help developing countries. Why?

it encourages entrepreneurs to start businesses that create jobs and wealth.

Companies strive for zero defects in making their products because

it increases customer satisfaction

The Uniform Commercial Code is important to businesses in the United States because:

it makes business agreements such as contracts enforceable by law

Among the benefits businesses provide to their communities are:

jobs, goods and services, tax payments

It is important for a government to have a currency that is easily exchanged in world markets because it:

lets you buy and sell goods and services anywhere in the world

Entrepreneurs start businesses because they expect to be profitable and add to their wealth. It is also true that

many small businesses fail to be profitable.

What should governments of developing countries do to promote entrepreneurship? Multiple choice question.

minimize the interference with the free exchange of goods and services

Economic well-being and the quality of life improve when businesses create more jobs because:

more people can purchase more goods and services

The businesses that will succeed in today's economy will be those that are:

most responsive to customer wants and needs

The term "factors of production" refers to the:

natural, human, and financial resources used to produce goods and services

One way for government to actively promote entrepreneurship is to allow private _____ of businesses.

ownership

There are more high-paying jobs in the ____ producing sector of the economy than in the goods-producing sector.

service

Groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators, are called

stakeholders

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

standard of living

Equipment such as phones, fax machines, and computers are all examples of which of the elements of the business environment?

technological

Coca-Cola is able to do business in China because

the United States and China have currencies that are easily exchanged.

Demography is the statistical study of:

the human population's characteristics such as size, density, age, gender, and income

what is an example of a technological element of the business environment

the internet

When businesses and their employees pay taxes in a community:

the quality of life is improved for many

Farmers now use computers to track each year's harvest and show where to spread fertilizer and seed. This relates to which aspect of the business environment?

the technological

What is the goal of a nonprofit organization?

to make a contribution to the welfare of society

Retailers share information about customer preferences:

to reach customers with specific needs and wants