Business Quiz Questions

Jody needs 10000 per month for photography and has extra

slack resources

One internal factor that affects the business environment is a.)management style. b.)the business cycle. c.)exchange rates. d.)industry trends.

a.)management style.

Striving to get new products to the market first

competitive aggression

business moving faster or slower

faster with technology

Product life-cycle

introduction, growth, maturity, decline

globilization>does it shrink product life cycles or does it increase productivity

Increases productivity

some succesfully business in adapting to current market situations

Car businesses adapted by building ventilators instead of building cars to adapt to the market change

I have $13,000 to start a boot business. It costs $10,000 to run the business what is the extra $3,000 for?

Slack Resources

Which of the following is an example of an economic factor that affects the business environment: a.)Business cycle b.)Long-term goals c.)Employee morale d.)Management style

a.)Business cycle

A luxury spa has experienced decreased sales. The owner believes the reason is a rise in unemployment in the area. What external environmental factor does this represent? a.)Economic b.)Governmental c.)Sociocultural d.)Technological

a.)Economic

Which of the following affects the business environment because it provides the most options for consumers: a.)Global competition b.)International sanctions c.)Command economy d.)Monopoly

a.)Global competition

Which of the following is an example of an external factor that might affect the business environment: a.)The government implements new regulations. b.)The business improves its information systems. c.)The business develops a new product. d.)Staff members are reassigned duties.

a.)The government implements new regulations.

An external factor that has influenced the ways in which businesses adapt to market changes is a.)globalization. b.)visualization. c.)compensation. d.)orientation.

a.)globalization.

PRD Manufacturing quickly realigned its production processes to meet a sudden rise in customer demand for its products. What characteristic of an adaptable organization did the manufacturing company exhibit? a.)Cultural intelligence b.)Agility c.)Competitive aggression d.)Innovation

b.)Agility

Which of the following factors affects society's basic values and behaviors that influence their buying decisions: a.)Environmental b.)Cultural c.)Political d.)Economic

b.)Cultural

The business environment is affected by many factors, including the managers' attitudes within the company, which is an example of a(n) __________ factor. a.)Innovative b.)Internal c.)External d.)Intellectual

b.)Internal

Which of the following will foster a business's ability to adapt to changing markets: a.)Conservative leadership b.)Proactive management c.)Authoritarian leadership d.)Reactive management

b.)Proactive management

Adapting to today's markets usually requires a business to a.)develop accounting procedures b.)keep up with technological changes c.)change its management style d.)overlook market trends.

b.)keep up with technological changes

What social factor has prompted many companies in the U.S. and abroad to include bilingual labels on their products and bilingual signs in their business facilities? a.)Lifestyle trends b.)Family roles c.)Demographic shifts d.)Technology changes

c.)Demographic shifts

An important factor that helps businesses remain profitable and meet customers needs a.)organization b.)geography c.)technology d.)reputation

c.)Technology

When a civil war started in an oil-abundant country, fuel prices increased dramatically around the world. As a result, businesses were forced to increase the prices of their products to offset the increases in their transportation costs. This situation illustrates the ways in which a.)technological advancements create unmet needs. b.)exclusive agreements are detrimental to society. c.)political factors affect the business environment. d.)organizational changes affect consumer attitudes.

c.)political factors affect the business environment.

For a business to determine what resources it needs to effectively adapt to market changes, the business needs to assess its a.)change leaders. b.)salary and benefits plan. c.)strengths and weaknesses. d.)motivation levels.

c.)strengths and weaknesses.

economy is poor

consumers are spending less

what is important to consumer demands

consumers want new product features

slurp my bowl in china

cultural

What do businesses often need to do to adapt to today's markets? a.)Hire new management staff b.)Participate in international trade c.)Remodel corporate facilities d.)Analyze organizational resources

d.)Analyze organizational resources

How does innovation support a business's long-term survival? a.)By enabling a business to cut costs b.)By making it impossible for employees to predict what's coming next c.)By decreasing organizational conflict d.)By giving a business a competitive edge

d.)By giving a business a competitive edge

To maintain its current customer base and attract new markets, the KMV Company lowered the prices of some of its products. What external factor most likely influenced this action? a.)Production line improvements b.)Comprehensive employee training programs c.)Operating cost increases d.)Changes in consumer spending

d.)Changes in consumer spending

To thrive in today's fast-paced markets, which of the following is the most important characteristic for a business to have: a.)Variety b.)Inelasticity c.)Value d.)Flexibility

d.)Flexibility

For a business to adapt to changing markets, it is important that it develops an internal environment that encourages a.)exclusivity. b.)insensitivity. c.)ethnocentrism. d.)creativity.

d.)creativity.

A nation's government affects the business environment because it a.)identifies exports. b.)controls performance. c.)limits demand. d.)establishes taxes.

d.)establishes taxes.

I moved my business I build wooden boxes and moving to the middle of somewhere that has timber

easy access to raw materials/resources

luxury spa during covid what environmental factor is affected

economic

Describe what scaleailiity

measure of systems Nike makes quick changes

service-producing sector

now the US is a service producer economy

service producing sectors of economy

plumbers, electritions, first responders, educatros, doctors agriculture and construction manufacturing produces goods

your phone is 5 years old it needs to be replaced or updated what characteristic of the business illustrate

product life cycles and they are shrinking