BUS 101: Chapter 1 Practice Quiz

In the context of the social environment of business, which of the following is likely to happen as the American population rapidly ages?

Creative companies will reimagine their current products to serve older clients.

Nonprofit organizations:

account for more paid workers than the entire construction industry.

In the context of factors of production, the synthetic resources that a business needs to produce goods or services are referred to as _____.

capital

In the context of the history of American business, during the _____, businesses began to develop distinctive identities to help customers understand the differences among various products.

marketing era

In the context of the economic environment of business, which of the following is most likely to reduce the risks of running a business ?

A low level of corruption

In the context of factors of production, which of the following statements is true of capital?

It does not include money.

Which of the following statements is true of profit in a business?

It is the financial reward that comes from starting and running a business.

Which of the following dimensions of a business environment embodies the values, attitudes, customs, and beliefs shared by groups of people?

The social environment

Which of the following dimensions of the business environment c overs the measurable characteristics of a population?

The social environment

In the context of the history of American business, which of the following statements is true of the industrial revolution?

There was a loss of personal pride in the production process.

Russia and China are both rich in natural resources and human resources, and both countries have a solid level of capital. Yet, neither country is wealthy. The missing ingredient seems to be _____.

entrepreneurship

In the context of the relationship era, leading-edge firms believe that:

satisfied customers can promote their business with more speed than promotional campaigns.