Intro to Business Chapter 1 Test
In the context of factors of production, which of the following is an entrepreneurial "must"? a. Protection from corruption b. Abundant availability of natural resources c. Excess and strict government regulation d. An increase in global trading
a
Despite the U.S. economic crisis of 2008, research suggests that: a. most budding entrepreneurs still plan to launch their firms in the next three years. b. the government will most likely increase the federal tax rate, both for individuals and businesses. c. housing prices are still likely to reach a record high. d. upcoming regulations will look toward eliminating enforceable contracts.
a
In the context of factors of production, which of the following is most likely to result in a decrease in entrepreneurial activities? a. High taxation b. Limited regulation c. Private ownership of the means of production d. An increase in global trading
a
In the context of the competitive environment of business, customer satisfaction comes in large part from: a. greenwashing products. b. offering discounts on products without warranty. c. using a price skimming strategy. d. using a high/low pricing strategy.
a
In the context of the history of American business, which of the following statements is true of the industrial revolution? a. There was a loss of personal pride in the production process. b. Production efficiency was at its lowest. c. Firms aimed at building long-term relationships with their customers. d. There was a creation of individual ownership in the production process.
a
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. A high federal tax rate b. Absence of government agencies dedicated to monitoring business practices c. Legislation that contradicts enforceable contracts d. A low level of corruption
d
In the context of the workforce advantage in the business environment, finding and holding the best talent will likely become a crucial competitive issue in the next decade as the baby boom generation begins to retire. However, job market contraction may not be an issue, because: a. baby boomers include about 47 million people, while the generation that follows includes 77 million. b. baby boomers contribute to dysfunctional turnover, which is likely to reduce after they retire. c. reverse mentoring can ensure that young employees are properly trained by baby boomers. d. many baby boomers opt to postpone retirement in the face of inadequate financial resources.
d
In the context of factors of production, which of the following statements is true of capital? a. It does not include money. b. It is not a fundamental resource for nonprofits. c. It involves the creative contributions of people working within an economy. d. It includes all inputs that offer value in their natural state.
a
In the context of the technological environment of business, which of the following statements is true of online technology? a. Alternative selling strategies give rise to a more individualized buying experience. b. It restricts leading-edge firms by allowing them to offer generalized products rather than customized ones. c. It prohibits the provision of consultation services through websites or online portals. d. Business-to-consumer selling comprises the vast majority of total e-commerce sales.
a
In the context of the workforce advantage in the business environment, as the baby boom generation begins to retire, which of the following will likely become a crucial competitive issue in the next decade? a. Finding and holding the best talent b. Profitable implementation of speed-to-market strategies c. Increasing dysfunctional employee turnover d. Successful use of digital resources to find customer data
a
In the context of the economic environment of business, which of the following will most likely increase the cost of doing business for everyone involved? a. Enforceable contracts b. Ethical lapses c. A low level of corruption d. A high level of competition
b
In the context of the history of American business, which of the following statements is true of the entrepreneurship era? a. The overall standard of living across the country declined rapidly. b. Industrial titans exploited workers and decimated the environment. c. Large-scale entrepreneurs failed to dominate their markets. d. The balance of power shifted from producers and toward consumers.
b
The Federal Trade Commission: a. regulates interstate and international communications. b. actively promotes fair competitive practices. c. regulates financial institutions. d. works to eliminate employment discrimination.
b