Principles of Business Quiz (whats shakin & keep the change).

Economic factors can affect a business's operations by

increasing or decreasing costs

How does technology affects a business's customers

it influences what they want and need

which of the following is a true statement about innovative management

it is more participative than traditional management

Laura is part of a group that is traveling to the state capitol to convince legislators to pass laws that are favorable for small businesses. This is a practice know as

lobbying

Jon makes custom furniture for his customers. He strives to make sure that meeting their needs and wants is his top priority. What "adaptable" strategy is Jon using

market orientation

at each organization's core should be a commitment to

meeting customers needs

Priscilla's design company is always willing to consider new ideas, trends, and ways of thinking. This is an example of which of the following characteristics of an adaptable organization

open-mindedness

which of the following "adaptable" strategies seeks to strengthen an organization by bringing employee's together as well as by empowering them as individuals

organizational learning

Which of the following actions must a business take as a result of political factors in the external environment

paying taxes

which of the following actions describes proactive management

planning in advance for change

A new law has been passed that will require Karl's business to recycle all of its plastic waste

political

Antitrust laws are created to keep competition fair. Which of the following external factors are these laws a part of

political

Kevin is preparing to make his quarterly estimated tax payment to the federal government

political

Every new business owner must pay attention to forces operating outside the company that affect its chances for success. These forces are referred to

the external environment

Customers have more to spend right now, helping Dan's luxury cruise business to prosper.

economic factor

which of the following industries is part of the fast-growing services-producing sector of the economy

education

Businesses keep track of external changes as part of a process called

environmental scanning

One of Roger's new customers doesn't speak english. He must hire a translator to negotiate the deal

ethnic/ cultural

Sheryl's company is about to undertake operations in Brazil, and she is researching the best way to hire employee's there

ethnic/ cultural

Which of the following is a true statement about how technology affects the external business environment

Businesses must look for updated technology all the time

Which of the following is a way that businesses can plan proactively for environmental changes

Conducting research on a new market

Which of the following is an example of a governmental regulatory agency

Federal Aviation Administration (FAA)

The main way that economic factors influence the external business environment is by

affecting customer's ability to spend

an organization that has the ability to adapt quickly is

agile

how have industry structure changes affected the current business environment

business now moves faster than ever

which of the following is a true statement about the external factor of competition

businesses cannot control their competition

Kelley makes sure her business runs smoothly and all employee's have fast access to important information and the latest technologies. this is an example of which of the following characteristics of an adaptable organization

cohesiveness

Another salon is opening across the street, so Betty's Beauty Barn if offering a 20% discount for new customers

competitive

striving to get new products to the market first and win scarce customer dollars is an "adaptable" strategy often called

competitive aggression

which of the following is a true statement about consumer demands

consumers want new product features

Since Amie deals with people from many different countries, she attempts to become sensitive to differences in their customs and traditions. Amie is

cultural intelligence

what characteristic has the globalization trend made it necessary for adaptable organizations to display

cultural intelligence

Businesses are affected by social factors in the external environment because

customer needs are affected by these factors as well

Because of slow market growth, Melissa hasn't been able to expand her business enough to offer new jobs

economic

Jonathan has some extra money to spend this month, so he purchases an e-reader. He dosent need this product, but he wants it, making it a

discretionary item

Industry associations differ from regulatory agencies in that they

dont have government authority

the polar bear publishing company, a publisher of children's books, has made adjustments to its promotion and pricing strategies to suit the current market. This is an illustration of which of the following characteristics of an adaptable organization.

flexibility

which of the following actions illustrates the strong leadership needed in an adaptable organization

focusing on maximizing resources

Amie talks to customers and suppliers from all over the world on a daily basis. Her companys involvement with people in so many different countries is due to the trend of

globalization

which of the following is a result of globalization

higher productivity

what actions are consumers most likely to take when the economy is poor

restrain their spending

Nick's company is making some quick changes in response to the shifting market conditions. The ability to easily realign its people and resources appropriately is called

scalability

Wyatt's laptop is only a couple of years old, bud he'd already like to replace it with a newer, updated model. What characteristic of the current business environment does this illustrate

shrinking product life cycles

Jodi needs $10,000 per month to operate her photography business. Last month, she made $13,000. The extra $3,000 are called

slack resources

A department store must get rid of last year's styles to make room for the latest shipment of jeans

social

More of the population is living in urban areas now, prompting rose's business to open more locations in big cities

social

seeing the "big picture" instead of smaller, individual parts is an organization learning concept known as

system thinking

A new robotics system is introduced that can increase the speed of certain manufacturing lines by as much as 15%

technological

Which of the following is a true statement about the social factor of lifestyle and fashion trends

they change quite frequently

true of false: certain industries are more sensitive to specific environmental changes then others

true; some environmental factors have a greater impact on certain industries