Busniess 1 chpt 1

Which of the following is a similarity between millennials and digital natives? a. Like millennials, digital natives tend to have very long attention spans. b. Like millennials, digital natives approach adulthood to be discovered. C. Like millennials, digital natives tend to be extremely tolerant and inclusive. d. Like millennials, digital natives feel entitled to great job when they graduate college.

C. Like millennials, digital natives tend to be extremely tolerant and inclusive.

In a business, which of the following statements best describes profit? a. It is the total revenue that a business generates, including the cost of salaries. b. It is the increase in the value of a firm's assets that are not resold It is the income that a firm receives from its secondary business activities. d. It is the money that a business earns in sales, minus expenses.

It is the money that a business earns in sales, minus expenses.

In the context of the social environment of the United States, which of the following statements is true of diversity? a. Effectively managing it in a workplace would only become tougher as time goes by. b. The population has become less ethnically diverse in recent years than it was during previous years. c. Its growth in a workplace limits innovation and creativity. O d. The growth in ethnic populations offers robust profit potential for firms pursuing them.

O d. The growth in ethnic populations offers robust profit potential for firms pursuing them.

In the context of factors of production that businesses and nonprofits rely on, which of the following statements is true of natural resources? Oa. Most of them must be extracted, purified, or harnessed. b. Most of their value tends to decline as demand increases or supply decreases. C. They include agricultural products, which people create through planting and tending. d. They are created and upgraded by businesses using capital.

Oa. Most of them must be extracted, purified, or harnessed.

In the context of the history of American business, which of the following statements is true of the marketing era? a. Businesses focused on refining production processes and creating greater efficiencies. Ob. Businesses that dominated their markets ousted competitors, manipulated prices, and exploited workers. Oc. Businesses began to develop brands to help customers understand the differences among various products. d. Businesses lost individual ownership as large factories emerged to increase production.

Oc. Businesses began to develop brands to help customers understand the differences among various products.

Which of the following statements is true of millennials? a. They shaped the Internet. b. They were born between 1975 and 1980. C. They approached adulthood planning to work for success. d. They did not feel entitled to a great job when they graduated from college.

They shaped the Internet.

(blank) are four fundamental resources-natural resources, capital, human resources, and entrepreneurship-that both businesses and nonprofits rely on.

a. Aspects of competition b. Factors of production c. Basics of living d. Terms of union

In the context of the history of American business, which of the following statements is true of the relationship era? a. Businesses aim to build long-term relationships with customers because satisfied customers can become advocates for a business. b. Businesses build strategies to constantly seek new customers as it is more profitable than cultivating current ones. c.Businesses focus on efficient production and concentrate only on each immediate transaction with a customer. d. Businesses identify ways to exploit workers and manipulate prices of goods offered to customers depending on changing government laws.

a. Businesses aim to build long-term relationships with customers because satisfied customers can become advocates for a business.

Which of the following scenarios illustrates the utilization of human resources as a factor of production? a. Carlos hires a content writer to develop content for his online portal that sells fashion accessories. b. Fred capitalizes on the demand in the market for animation and starts his own design company. c. Serena's company extracts and purifies coal deposits to use as a feedstock in the manufacture of chemical fertilizers. d. Tia obtains machines required to create iron blocks that her company sells.

a. Carlos hires a content writer to develop content for his online portal that sells fashion accessories.

(blank) is an international economic and political movement designed to help goods and services flow more conveniently across international boundaries. a. Free trade b. Wholesale trade C. Bulk trade d. Retail trade

a. Free trade

Which of following was a result of the bold steps taken by the General Agreement on Tariffs and Trade (GATT) to reduce trade restrictions worldwide? a. Goods moved more freely than ever across international boundaries. b. Legislations against interational dumping of goods increased. c. Subsidies to local firms were increased so that they could compete with importers. d. Import quotas were imposed to benefit domestic producers.

a. Goods moved more freely than ever across international boundaries.

In the context of factors of production that businesses and nonprofits rely on, which of the following can be classified as capital? a. Machine b. Land c. Money d. Labor

a. Machine

In the context of the competitive environment, which of the following statements is true of bleeding-edge firms? a. They launch products that fail because they are too far ahead of the market b. They launch successful products that are in high demand among consumers. c. They launch innovative products that have a small existing market. d. They launch cheaper versions of already existing successful products.

a. They launch products that fail because they are too far ahead of the market

Which of the following statements is true of entrepreneurs? a. They produce a ripple effect that enriches everyone around them. b. They serve the society instead of creating wealth for themselves. c. They are bound to face recurring loses before making a profit. d. They do not risk their time and money when managing a business.

a. They produce a ripple effect that enriches everyone around them.

During the (blank) the government of the United States stepped into the business realm to pass laws to regulate business and protect consumers and workers. a. entrepreneurship era b. production era C. marketing era d. relationship era

a. entrepreneurship era

Jason set up a textile mill in his hometown in 1865. He became a rich businessman by the time his son Earl took over the business in 1895. Soon after Earl started heading the business, the government passed laws to regulate business and protect consumers and workers. Due to this move by the government, the textile mill had to introduce a fixed salary structure for its employees and implement quality checks for the products manufactured. In the context of the history of American business, Jason had set this textile mill in the a. entrepreneurship era b. relationship era c. marketing era d. production era

a. entrepreneurship era

Which of the following marketing concepts emerged during the marketing era? a. A focus on increasing profits that result in high standards of living for people across the country b. A consumer focus that permeates successful companies in every department, at every level c. A need for nonprofit organizations to work together with businesses to improve the quality of life in a society d. A need to identify whether an overall economy thrives or disintegrates

b. A consumer focus that permeates successful companies in every department, at every level

She is responsible for acquiring capital for the company. In the context of the various factors of production that businesses rely on, which of the following functions is most likely to be a part of Anya's responsibilities? a. Looking for opportunities to expand the business and to increase profits b. Acquiring synthetic resources like computers and telephones c. Conducting interviews to recruit employees to the firm d. Conducting training sessions for new employees

b. Acquiring synthetic resources like computers and telephones

In the context of the history of American business, which of the following statements is true of the industrial revolution? a. The government passed laws to regulate business and protect consumers and workers, creating balance in the economy. b. Factories hired large numbers of semiskilled workers who specialized in a limited number of tasks. c.Balance of power shifted away from producers and toward consumers. d. Individual ownership in various production processes was promoted.

b. Factories hired large numbers of semiskilled workers who specialized in a limited number of tasks.

In the context of a business environment, which of the following is a key element of the U.S. economic environment? a. Regulations that decrease corporate accountability b. Legislation that supports enforceable contracts c. Policies that ensure high federal tax rates for businesses d. Protocols that restrict mergers between nonprofits and private businesses

b. Legislation that supports enforceable contracts

In the context of a business environment, which of the following is a key element of the U.S. economic environment? a. Regulations that decrease corporate accountability b. Legislation that supports enforceable contracts c. Protocols that restrict mergers between nonprofits and private businesses d. Policies that ensure high federal tax rates for businesses

b. Legislation that supports enforceable contracts

Which of the following factors is most likely to be covered by the social environment dimension of a business? a. Federal tax laws b. Population size and density c. Internet traffic and e-commerce d. Bank interest rates

b. Population size and density

In the context of the global environment, the has lowered prices and increased quality across virtually every product category, as competition becomes truly global. a. bulk-pack protocol b. free-trade movement c. foreign globalization measure d. federal sales act

b. free-trade movement

a. relationship era Ob. industrial revolution C. entrepreneurship era d. marketing revolution

b. industrial revolution

During the production era, in the early part of the 1900s, major businesses focused on: a. customer satisfaction and building long-term relationships with customers. refining production process and creating greater efficiencies. c. differentiating themselves from their competitors. d. creat eg wealth by manipulating prices and exploiting workers.

b. refining the production process and creating greater efficiencies.

During the production era, in the early part of the 1900s, major businesses focused on: a. customer satisfaction and building long-term relationships with customers. refining the production process and creating greater efficiencies. c. differentiating themselves from their competitors. creat eg wealth by manipulating prices and exploiting workers.

b. refining the production process and creating greater efficiencies.

In the context of the history of American business, which of the following statements is true of the entrepreneurship era? a. Entrepreneurs focused on aggressive persuasion to separate consumers from their cash. b. Entrepreneurs chose to replace huge factories with skilled artisan workshops. c. Large-scale entrepreneurs emerged in the second half of the 1800s, building business empires. d. Balance of power shifted away from entrepreneurs and toward consumers, flooding the market with enticing choices.

c. Large-scale entrepreneurs emerged in the second half of the 1800s, building business empires.

are business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain. a. Plutocracies b. Credit unions c. Nonprofits d. Restricted mergers

c. Nonprofits

In the context of the U.S. economic environment, which of the following is a government policy that supports business? a. The no-taxes policy for new firms b. The exemption from trade regulations c. The relatively low federal tax rate d. The exemption of import duties

c. The relatively low federal tax rate

Businesses that strongly focus on customer satisfaction tend to: a. believe that the cheapest product represents the best value for customers. b. develop new products for customers while compromising on its features when competition is tough. c. transform their current customers into loyal advocates for themselves. d. be less successful as there is deterioration in the quality of the products they offer to their customers.

c. transform their current customers into loyal advocates for themselves.

In the context of the history of American business, which of the following is a feature of the relationship era? a. Jobs become specialized, increasing productivity and lowering costs and prices. b. Major businesses focus more on refining production processes than on competing with each other. c. Manufacturing firms hire skilled artisans to facilitate mass production of goods. d. Cultivating current to be more profitable than constantly seeking new ones.

d. Cultivating current to be more profitable than constantly seeking new ones.

a. Greater American Free Trade Protocol b. Trans-Atlantic Trading Partnership Agreement C. North American Integrative Trade Plan d. General Agreement on Tariffs and Trade

d. General Agreement on Tariffs and Trade

Which of the following factors of production encompasses the physical, intellectual, and creative contributions of people working within an economy? a. Entrepreneurship b. Natural resources c. Capital d. Human resources

d. Human resources

Drenexa Pharmaceuticals is based in the United States. In the context of the social environment, which of the following is most likely to be an impact of the rapidly aging population on Drenexa Pharmaceuticals? a. It will be at a disadvantage as the focus of the state and federal government is currently on the younger population. b. It will benefit because it will have access to a larger labor pool that can drive its expansion plans. C. It will face a loss as the rapidly aging population will cause the size of the market for pharmaceutical companies to shrink. d. It will gain profits as the rapidly aging population will cause the companies that cater to the elderly to boom.

d. It will gain profits as the rapidly aging population will cause the companies that cater to the elderly to boom.

In the context of the history of American business, which of the following statements is true of the production era? a. Balance of power shifted away frors producers and toward consumers, flooding the market with enticing choices. b. Factories hired large numbers of semiskilled workers who specialized in a limited number of tasks. c. Laws were passed for the first time by the government to protect consumers and workers. d. Jobs became specialized, increasing productivity and lowering costs and prices

d. Jobs became specialized, increasing productivity and lowering costs and prices

Which of the following is a key dimension of the business environment? a. The natural environment b. The communal environment c. The physiological environment d. The economic environment

d. The economic environment

In the context of factors of production, which of the following statements is true of entrepreneurial enterprises? a. They focus mostly on transforming customers into loyal advocates of the company's products. b. They concentrate mostly on merging with nonprofit organizations so that huge investments by the entrepreneurs can be avoided. c. They encompass the intellectual and creative contributions of everyone who works within an economy d. They can kick-start an economy, creating a tidal wave of opportunity by harnessing other factors of production.

d. They can kick-start an economy, creating a tidal wave of opportunity by harnessing other factors of production.

In the context of the competitive environment of a business, the best measure of value is the: a. relative difference in the selling price of a product across competitors. b. difference in the market price and the selling price of a product total number of returning customers per quarter d. size of the gap between product benefits and price.

d. size of the gap between product benefits and price.

The quality and quantity of goods and services available to a population is referred to as the a. per capita income b. expectancy margin C. gross domestic revenue d. standard of living

d. standard of living