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

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Question 141

Multiple Choice

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As you consider the factors of production,which of the following did management theorist,Peter Drucker believe to be one of the most important contributing factors to increasing our nation's wealth?

A) land
B) labor
C) knowledge
D) capital

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

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Question 142

True/False

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Women currently own less than ten percent of all businesses.

A) True
B) False

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Question 143

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Zero defects means that there is a company goal of no mistakes in making products.

Businesses are supporting single-parent families with:

Max is in charge of production for a family-owned firm that makes and sells sports gloves including baseball gloves,softball gloves,golf gloves,and more.He has stated that speed of delivery is the most important factor for success in the competitive environment.Which of the following would be the best response to Max?

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.

Public schools,charities and government agencies generally ___________.

A business incurs a ___________ if its costs and expenses exceed its revenues.

Gabriella wants to compare the price of a designer bag she saw in a local department store,with other stores that may have the same.She locates the product on three different websites on the Internet,and then stumbles on a site that does the price shopping for her.Gabriella's quest is an example of how customers are using __________ to solve problems.

Sergio's frustration with his lack of freedom and flexibility at work indicates that Bigbux:

Describe what we mean by greening and thinking green.List several ways that people and businesses are participating in the green movement.List business opportunities that may emerge from this movement.

Working as an entrepreneur is the only way to succeed in business.

SleekWrap is a company that produces industrial coatings for the steel industry.Until recently it relied on wholesalers to distribute its products to other businesses,but now it also sells directly to its business customers through its website.This is an example of the largest and most important type of e-commerce transaction.

Money is one of the five factors of production that contribute to the creation of wealth.

One reason given for the decline in the number of U.S.workers employed in manufacturing is that manufacturing firms in the U.S.have become more efficient.

The two main types of e-commerce are:

Planet Earth Developers is a large nation-wide construction company with home offices in Lansing,MI.The local media often remarks about the pristine landscaping that surrounds the home office that sits on a 30-acre complex.At the back end of the complex are several large warehouses and garages that hold large equipment.The grounds surrounding these warehouses look like a well-maintained park.Across the street from the garages are several shops and businesses.The CEO,"Planet Paul" as his employees call him) ,often talks about how thankful he is that the town permits him to store the company equipment at that site,and vows to always maintain the premises for his neighbors the other businesses that thrive in that area) ,not to mention that he asks 100 employees to come to work there everyday.Which of the following statements describes Planet Paul's business philosophy?

Life of Luxury,Inc. ,is a mail order firm that specializes in expensive and unusual gifts for all occasions.The company keeps a large file of information on all of its regular customers,including names,addresses,type of gifts they have ordered in the past,and the size and frequency of their orders.The electronic file which stores this information is an) :

High tax rates tend to:

___________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom,safety,education,and a clean environment.