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

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Question 141

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Carlos Gonzalez owns a small manufacturing company that makes ventilation systems used in the construction of office buildings. As the U.S. continues to be involved in wars around the globe, Carlos may notice that his business will be growing more slowly in the future as more money continues to be put into the war effort.

A) True
B) False

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Question 142

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The best employment strategy for today's college graduates is to search for jobs that are closely related to their college major.

A) True
B) False

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Question 143

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Technology allows firms to be more responsive to their customers' wants and needs.

Backstreet Books, an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million. During the year Backstreet Books earned a profit of $3 million.

Historically jobs lost in one sector of the economy have been replaced by increased employment opportunities in other sectors.

Which of the following is the most accurate statement about the impact of business on society?

One of the problems with globalization is that distribution systems and communication systems lack efficiency.

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.

The rise of Internet marketing has become particularly important in doing business in the B2B markets.

Profits of a business include the salaries paid to its employees.

Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.

Which of the following is a factor of production?

In some cities the number of legal and illegal immigrants has caused governments to adapt by changing signs to other languages.

Which of the following statements describes a recurring theme about today's ecological environment?

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?

In recent years, businesses in general have experienced a lasting impact due to the emergence of _____________.

Andy Blake got a call yesterday from Planet Bank, the company that issued his credit card inquiring about an $85.00 charge made in Caracas, Venezuela. Upon learning that Andy had not made this purchase, the bank quickly took steps to cancel the card and issue a new one. Given the circumstances that Andy's credit card number had an illegal transaction, Andy may also want to:

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.

Effectiveness means producing the desired result.

War and terrorism in many parts of the world should lead to ______.