Business Chapter 1 Test

In the context of the technological environment of business, which of the following statements is true of e-commerce?

Business-to-business selling comprises the vast majority of total e-commerce sales

In the context of American business, the "hard sell" emerged during the relationship era of marketing?

False

In the context of the history of American business, the industrial revolution era encouraged worker s to take individual ownership and personal pride in the production process

False

The traditional retirement age in the US is 60.

False

Capital, one of the factors of production, includes machines, tools, buildings, information, and technology

True

Digital natives only spend when a business offers them value

True

In the context of career choices, less routine abilities tend to be more rewarding for most people than routine skills.

True

In the context of diversity in the american population, Caucasians continue to represent the largest chunk of the population at 63%

True

In the context of your career choice, the broader economy will influence the level of your personal financial success.

True

In the context of the economic environment of business, which of the following will most likely increase the cost of dong business for everyone involved?

ethical lapses

Demographic factors include the milestones achieved during the developments in the field of computers, telecommunications, and other digital products.

false

The physiological environment is a key dimension of the business environment

false

employees are classified as___________

human resources

In the context of factors of production, which is a natural resource?

land

When a company obtains diamonds what is that classified as?

natural resources

In the context of the history of american business, during the __________, jobs became more specialized, increasing productivity and lowering costs and prices.

production era

In the context of the competitive environment of business, the rate at which a new product moves from a conception to commercialization is referred to as _______________

speed to market

In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the ___________________

technological environment

In the context of the business environment, the creation of the world wide web is considered a component of the _____________

technological environment

what is it called when you start a new company?

entrepreneurship

When a business brings in less money than it needs to cover expenses, it incurs a ________

loss