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

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Question 41

Multiple Choice

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Businesses that produce and sell tangible products such as steel and machines are part of the

A) manufacturing industry.
B) knowledge-based industry.
C) service industry.
D) production sector.

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

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Question 42

Multiple Choice

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Contemporary governments promote business development by

A) increasing business regulations.
B) providing government ownership of businesses.
C) permitting businesspeople to conduct business without the use of contracts.
D) establishing a currency that's tradable in world markets.

E) All of the above
F) B) and D)

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Question 43

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Currently people between the ages of 45 and 54 are the richest group in the United States.

Nairi is an information savvy, 20-something who is trying to select between two marketing job offers. She can either join a company that makes candles and other home scents, or she can join a company enhancing the LTE phone service. She is quite impressed that the home scent business is growing as the economy is starting to bounce back. She is also aware of

Klara wants to compare the price of a wallet she saw at Nordstrom Rack with other stores that may have the same wallet. She locates the product on three different websites, including Amazon. Klara's quest is an example of how customers are using ________ to solve problems.

Aaron recently opened Twangy Tunes, a small recording studio in Nashville, TN. He probably could have set up shop in several major cities, but Nashville offered him the two most important factors, according to Peter Drucker, that would enhance the creation of wealth: labor and political freedom.

Technology affects people in:

A(n) ________ is a person who assumes the risk of starting a business.

In order to create more wealth and provide better services, some nations recognize that ________.

Hussein got a call yesterday from First Bank, the company that issued his credit card inquiring about an $105.00 charge made in Buenos Aires, Argentina. Upon learning that Hussein was in Detroit and had not made this purchase, the bank quickly took steps to cancel the card and issue a new one. Given the circumstances that Hussein's credit card number had an illegal transaction, he may also want to

Technology can help businesses become more efficient and productive.

Kira is a financial planner who helps people find ways to save for retirement and lower their taxes. Kira is employed in the service sector of the economy.

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business.

Improved distribution systems have led to more global trade.

Competition is fierce! One way to respond quickly to customer needs is to develop a strategy of empowering employees.

An entrepreneur risks time and money to start and manage a business.

NetKnowledge is an online company that provides support services for businesses that need help in setting up and maintaining their websites. NetKnowledge is an example of a company that is engaged in ________ e-commerce.

The resources that contribute to the creation of wealth are known as ________.

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

Companies that sell goods to consumers online are engaging in ________ transactions.