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Introduction to Business Environment

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1. An entrepreneur is an individual who has worked for a nonprofit organization for his entire career. (Points : 1)

2. In analyzing factors of production that make a country "rich," it has been observed that some relatively poor countries often have plenty of land and natural resources. (Points : 1)

3. Corrupt and illegal activities in one company rarely have an effect on other companies. (Points : 1)

4. Most new Internet companies have succeeded since e-commerce has become so important to our economy. (Points : 1)

5. One of the ways a company can compete is to empower frontline workers. (Points : 1)

6. The Bureau of the Census predicts that the U.S. population will remain essentially the same throughout the next century, in terms of diversity. (Points : 1)

7. Improvements in transportation and in communication have led to more global trade. (Points : 1)

8. When workers in the industrial sector were laid off, many of them went back to work in the agricultural sector. (Points : 1)

9. A loss occurs when a company: (Points : 1)
has revenues greater than expenses.
hires too many new workers.
has expenses greater than revenues.
has taken a risk.

10. Taxes would not be used to support which of the following activities? (Points : 1)
Build a new school
Support people in need
Keep a clean environment
Help run a privately-owned day care center

11. A clean environment, safety, free time and healthcare are elements which contribute to our: (Points : 1)
standard of living.
quality of life.
economic environment.
factors of production.

12. Insourcing is: (Points : 1)
contracting with other companies to do some or all of the functions of a firm.
keeping all essential functions within the firm.
when a foreign company sets up design and production facilities in the United States.
providing in-house consulting services for employees.

13. Which of the following is (are) not considered a factor of production? (Points : 1)

14. To foster entrepreneurial growth, governments must: (Points : 1)
pass laws that enable businesspeople to write contracts that are enforceable in court.
establish a high tax rate to support loans for small businesses.
take over ownership of small businesses when they are first getting started.
reduce the value of their currency to encourage foreign investment.

15. One of the most serious negative results of the increased use of databases by companies has been: (Points : 1)
a decrease in the amount of "junk mail" received by consumers.
an increase in identity theft.
increased failure rates by Internet companies.
changes in the organizational structures of companies leading to loss of jobs.

16. Efficiency means: (Points : 1)
producing items using the least amount of resources.
the amount of output you generate in a given amount of time.
using high tech equipment to do a job.
producing as much as you can as fast as you can, regardless of cost.

17. What must companies do to be competitive in today's market? (Points : 1)
Offer high quality products and outstanding service at competitive prices.
Create innovative and high quality marketing programs.
Create alliances with competitors.
Focus on those activities that will create the most profit.

18. The trend toward two-income families has led to: (Points : 1)
businesses paying lower wages and hiring fewer workers.
policies allowing only one family member to work for the same company.
programs such as flexible work schedules, pregnancy benefits, and elder care programs.
fewer opportunities in the area of human resource management.

19. Among the changes resulting from increased global trade are: (Points : 1)
less need for efficient distribution systems.
less global competition as companies set up manufacturing systems in foreign countries.
less need for employees to update skills as workers conform to U.S. standards.
improved living standards around the world.

20. Since the mid-1980s, the __________ has generated most of the increases in employment in the United States. (Points : 1)
manufacturing sector
agricultural sector
service sector
goods producing sector

  • Introduction to Business Environment -

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