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Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Question 101

Multiple Choice

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There is evidence that the recession is coming to an end for Intelligent Engine Company.New orders are coming in at a steady pace,and management is confident that new contracts will take them through the next couple of years.The company has started investing again,but not in people.Employees total the same as when the company and its competitors faced their lowest revenues of the decade.Due to __________________,the company is producing more product and services with less people.

A) the lack of skilled labor
B) new competition
C) social changes
D) technological advancement

E) A) and B)
F) C) and D)

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Question 102

Multiple Choice

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Which of the following is the best example of a business whose goal is to earn a profit?

A) A community college
B) The Salvation Army
C) Boy Scouts of America
D) Best Buy,Inc.

E) A) and C)
F) A) and B)

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Question 103

Multiple Choice

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Which of the following is a factor of production?

An electronic storage file where firms keep customer information is known as a(n) _________.

Jenna Leigh is an information savvy,20-something person who is trying to select between two marketing job offers.She can either join a company that makes small hammers and screwdrivers for the do-it-yourself hardware store business,or she can join a company developing the fourth generation cell phone service.She is quite impressed that the hardware business is growing quite nicely in China,Mexico,and India where people are starting to expand their living spaces.She is also aware of:

Sue is a single mother with two small children.Her employer is considering providing family leave.Since Sue is a single mom with small children,she is unlikely to benefit from this program.

To implement a policy of empowerment,the organization will restructure so that:

Mini-Case Sergio Gonzales is employed by Bigbux National Bank,one of the largest banks in the Midwest.He is a loan officer,specializing in home equity loans.Tio Raul,Sergio's favorite (and wealthiest) uncle,passed away last month and left Sergio a sizable amount of money.Sergio is looking at the best way to invest his newly acquired wealth.He is considering many options,ranging from simply putting the money into a savings account to the possibility of starting his own business.Although his bank job pays well and offers pleasant working conditions,Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor.Besides,he's a bit bored and looking for a challenge.He thinks he might get a lot of satisfaction from owning his own business.Sergio has not made a definite decision yet,but has talked to a lot of people searching for a good idea for a new business.If he can come up with an idea he likes,he might just quit his current job and use his inheritance to go into business for himself! -If Sergio starts his own business,his firm's activities and policies will impact many different groups and individuals,including employees,customers,creditors,suppliers,and people living in the community where his business is located.Which of the following statements represents how Sergio should deal with these various groups? Sergio should:

For-profit businesses and nonprofit organizations are similar in that they both:

High tax rates tend to:

Mini-Case Sergio Gonzales is employed by Bigbux National Bank,one of the largest banks in the Midwest.He is a loan officer,specializing in home equity loans.Tio Raul,Sergio's favorite (and wealthiest) uncle,passed away last month and left Sergio a sizable amount of money.Sergio is looking at the best way to invest his newly acquired wealth.He is considering many options,ranging from simply putting the money into a savings account to the possibility of starting his own business.Although his bank job pays well and offers pleasant working conditions,Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor.Besides,he's a bit bored and looking for a challenge.He thinks he might get a lot of satisfaction from owning his own business.Sergio has not made a definite decision yet,but has talked to a lot of people searching for a good idea for a new business.If he can come up with an idea he likes,he might just quit his current job and use his inheritance to go into business for himself! -Two of his friends approached Sergio with a proposal to start a language school.Sergio is fluent in English and Spanish,and also has an education degree.Sergio is strongly considering the idea but also wants to know if there is a growing demand for his services.He learns that an important demographic trend is:

The number of U.S.jobs in manufacturing has increased in the past five years.

There is less risk involved in starting an e-commerce only business than there is in trying to add e-commerce to a traditional (bricks-and-mortar)store.

The series of lines on a product packaging that the cashier scans when you check out at a grocery store or discount store is called a:

A recent New York Times article about Bernard Madoff and his illegal Ponzi scheme stated,"When money goes global,fraud does too." Although the goal of investors who trusted Madoff's investment company was to earn the highest return possible on their investments,they turned a blind-eye toward the fact that some of those returns were too good to be true.Individual investors,companies,and even charities lost large sums of money by investing with Madoff's company.Which of the following statements relates to this story?

As a factor of production,the term capital includes:

To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

Adam Ripley sells custom bicycles.Adam buys several bike parts including wheels and tires from the Good Treads Company.Although several government-supported regulations help Adam in his business,regulations that make it easy for Adam's business to enjoy good vendor relationships are:

The business-to-business segment of e-commerce is of less importance than the business-to-consumer segment of e-commerce.

In recent years,almost all new job creation in the United States has occurred in the __________ sector: