Business chapter 1

A/an ________ is a framework of how a business intends to generate revenue. a. business model b. strategic management tool c. profitability analysis d. competitive advantage e. entrepreneurial mindset

a. business model

An HR specialist is most likely to be responsible for which of the following activities? a. motivate and train diverse workforces b. production engineering c. design, implement, and maintain information systems d. lodge the annual tax returns for the company e. verify the financial reports of public companies

a. motivate and train diverse workforces

A business that relies on human resources more than on buildings, machinery, material resources, and land would be a ________ business. a. capital intensive b. labor intensive c. not for profit d. competitively disadvantage e. manufacturing

b. labor intensive

Creating branding and advertising strategies to communicate with potential customers, and setting prices would fall under the ________ function of a business. a. human resource b. accounting c. logistics d. marketing e. research and development

d. marketing

Businesses that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate are ________ businesses. a. service sector b. labor-intensive c. competitively-advantaged d. not-for-profit e. capital-intensive

e. capital-intensive

Assets refer to the tangible economic resources owned by a firm. true false

false

In a free-market economy, companies generally have limited autonomy in deciding which customers they want to focus on and how they want to compete. true false

false

In the USA, the service sector now accounts for roughly 45 percent of the nation's economic output and 50 percent of all jobs in the country. true false

false

Profit refers to the money the company brings in through the sale of goods and services. true false

false

A business mindset is a view of business that considers the various decisions a business has to make as well as the challenges that it must overcome in order to be successful. a. true b. false

true

A company has competitive advantage when its products are more appealing to its chosen customers. true false

true

Businesses add value by transforming lower-value inputs (like paper and ink) into higher-value outputs (like textbooks). a. true b. false

true

Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm. a. true b. false

true

Dependability includes meeting your commitments, such as staying on schedule and within budgets. a. true b. false

true

True professionals avoid committing ethical lapses. true false

true