Test Bank For Understanding Business 11th Editionby by William Nickels

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Test Bank For Understanding Business 11th Editionby by William Nickels

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WITH ANSWERS

 

Understanding Business 11th Editionby by William Nickels  Test Bank

 

and services to people in other countries. True False
0 Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.
True   False

1 Insourcing refers to the practice of global companies setting up design and production facilities in the United States.
True   False

2 The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.
True   False

3 Businesses and nonprofit organizations often strive to accomplish the same objectives. True False

4 Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.
True   False

5 Social entrepreneurs are people who start and manage organizations that are not-for-profit. Their mission is to help others improve their quality of life.
True   False

6 The only real purpose of a business is to make money for entrepreneurs. True False

7 The only way a firm can increase its profits is to increase its sales revenue. True False

8 The amount of profit or loss earned by a business can be found by subtracting the firms expenses from its revenues.
True   False

9 Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.
True   False

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

11 Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.
True   False

12 By balancing the demands of customers and stockholders, businesses satisfy the demands of all stakeholders.
True   False

13 An effort to please one group of stakeholders eventually pleases all stakeholders. True False

14 Insourcing creates new jobs, and helps offset the number of jobs being outsourced. True False

15 Robin has started her own online consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Robin is an example of an entrepreneur.

True   False
5888 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.

True   False

5889 Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society. True False

5890 John earned the same amount of money this year as he did last year. Thus, his standard of living must be the same as it was last year.
True   False

5891 Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of life.

True   False

5892 Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.
True   False

5893 People living in San Jose, CA, on average earn more money than people living in St. Louis, MO. The citizens of San Jose enjoy a higher standard of living than the citizens of St. Louis.
True   False

5894 The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living, while only nonprofit organizations can improve the quality of life.
True   False

5895 A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.
True   False

5896 It was reported by a Beijing newspaper that China succeeded in improving its peoples standard of living and establishing a relatively affluent society recently. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

True   False

5897 Starting a business is a riskier path toward business success than working your way up the ranks of a large business.
True   False

5898 Working as an entrepreneur is the only way to succeed in business. True False

5899 Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.
True   False

5900 Women currently own less than 10 percent of all businesses. True False

5901 The number of businesses owned by Asian Americans Hispanic Americans, and Native Americans has grown dramatically.
True   False

5902 Land, sometimes called natural resources, is the most critical factor of production in explaining why some countries are poor while others are rich.
True   False
0 Money is one of the five factors of production that contribute to the creation of wealth. True False

1 Tools, machinery, and buildings are examples of capital resources. True False

2 The major advantage rich nations have over poor nations is an abundance of land and labor. True False

3 Entrepreneurship is one of the five factors of production that contribute to the creation of wealth. True False

4 Business consultant Peter Drucker said that the most important factor of production is knowledge. True False

5 Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.
True   False

6 The business environment refers to the surrounding factors that either help or hinder the development of businesses.
True   False

7 Sarah is a recent U.S. college graduate who is interested in starting an import tea business. If she follows through with her plans, she will be a pioneer, because only a handful of women choose to start businesses in the U.S.

True   False

8 Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.
True   False

9 If they wish to create more wealth, poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.
True   False

10 To realize his passion, Alex recently opened Original Tunes, Inc., a small state-of-the-art 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 that he learned in business school would enhance the creation of wealth: labor and political freedom.

True   False

11 Businesses provide goods, jobs, and services to others. True False

12 Greg recently completed his degree in construction management and is planning to start a business developing apartment buildings. After researching several potential areas, he chose Mexico City due to its high population. Greg felt that this factor would create a large labor pool, the most important of the five factors of production.

True   False

13 Jarett is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes. Several years ago, his Uncle Mike made it big and now owns a ski lodge just north of Aspen. He promised Jarett a management trainee position and the opportunity to buy into the company by contributing a portion

of his paycheck each month back into the business. As he dreams about the opportunity to be his own boss, reality bites as Jarett scans his business book and reads, freedom to succeed also means freedom to fail.

True   False
0 Businesses seek to earn a profit by providing goods and services to others. True False

1 Taxes and government regulations are part of the economic and legal environment in which businesses operate.
True   False

2 Revenue is the amount a business earns above and beyond what it spends for expenses and costs. True False

3 High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.
True   False

4 Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.
True   False

5 One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.
True   False

6 Since all businesses make a profit, starting a business is not risky. True False

7 In countries where businesses cannot enter into binding contracts, business owners assume additional risk.
True   False

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

9 In an effort to increase wealth and their countrys standard of living, many governments are taking over major industries and operating them as nonprofit organizations.
True   False

10 If a businesss costs and expenses are greater than its revenue, it will suffer a loss. True False

11 Corruption and illegal activities are expected in a capitalist system and can be beneficial. True False

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

13 One way for a government to actively promote entrepreneurship is to establish a currency thats tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.
True   False

14 Revenue is the total amount of money a business takes in during a given period by selling goods and services.
True   False

15 Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.
True   False

16 Laws that allow companies to write enforceable contracts decrease the risk of doing business. True False
0 Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
True   False

1 In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.
True   False

2 The United States has one of the highest standards of living in the world. True False

3 The failure to uphold high ethical business standards by a few companies can negatively impact the entire U.S. business community.
True   False

4 The term standard of living refers to the amount of debt people can incur on a given income. True False

5 Several years ago, the government of the small nation of Allegro owned the nations telephone company and landlines. This relatively poor government relied on taxes to develop this industry and provide service to its citizens. If the government desired to rapidly improve peoples access to phone service, its best course of action would involve selling the telephone company to private investors.

True   False

6 The government of the nation of Winstone is trying to achieve a high quality of life by imposing strict regulations to protect the environment and ensure safe working conditions in factories and mines. The government also has established ambitious programs to help the poor, financing them by setting high tax rates. These efforts by Winstones government should create an atmosphere that encourages entrepreneurship.

True   False

7 Health care availability, a clean environment, and good schools all contribute to a high quality of life. True False

8 Though it has received a lot of attention, the development of the Internet has had less of an impact on the way businesses operate than many other technological changes.
True   False

9 Maintaining a high quality of life requires the combined efforts of businesses, nonprofit organizations, and government agencies.
True   False

10 An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.
True   False

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

12 Technology can help businesses become more efficient and productive. True False

13 Stakeholders include customers, employees, stockholders, suppliers, dealers, bankers, government officials and environmentalists.
True   False

14 Productivity is the amount of output you generate given the amount of input such as hours worked. True False

15 Outsourcing means selling goods and services to people in other countries. True False
0 Effectiveness means producing goods and services using the least amount of resources. True False

1 Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.
True   False

2 Effectiveness means producing the desired result. True False

3 Technology refers to everything that makes business operations more effective, efficient, and productive.
True   False

100.Insourcing refers to the practice of global companies setting up design and production facilities in the United States.
True  False

101.E-commerce is the buying and selling of goods over the Internet.
True  False

102.The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.
True  False

103.The B2B Internet market consists of selling goods and services to consumers.
True  False

104.Businesses and nonprofit organizations often strive to accomplish the same objectives. True False

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

106.Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.
True  False

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

108.Social entrepreneurs are people who start and manage organizations that are not-for-profit. Their mission is to help others improve their quality of life.
True  False

109.Technology allows firms to be more responsive to their customers wants and needs. True False

110.The only real purpose of a business is to make money for entrepreneurs.
True  False

111.Bar codes are a form of technology that has enhanced a companys ability to be responsive to consumer needs.
True  False

112.The only way a firm can increase its profits is to increase its sales revenue.
True  False
113.The amount of profit or loss earned by a business can be found by subtracting the firms expenses from its revenues.
True  False

114.An electronic storage file where information is kept is called a CPU.
True  False

115.Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.
True  False

116.The databases of a business often include a great deal of information about the firms customers. True False

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

118.Information in a database allows firms to carry only the products that the local population wants. True False

119.Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.
True  False

120.Identity theft is when individuals or firms access peoples personal information and then use it for illegal purposes and activities.
True  False

121.By balancing the demands of customers and stockholders, businesses satisfy the demands of all stakeholders.
True  False

122.The main difference between B2C and B2B e-commerce is that B2C uses only the Internet, while B2B combines e-commerce with traditional (bricks-and-mortar) outlets.
True  False

123.An effort to please one group of stakeholders eventually pleases all stakeholders.
True  False

124.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.
True  False

125.Insourcing creates new jobs, and helps offset the number of jobs being outsourced.
True  False

126.One of the major advantages to firms involved in e-commerce is that the technology is still so new that the Internet-based firms face very little competition.
True  False

127.Robin has started her own online consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Robin is an example of an entrepreneur.
True  False

128.Nicki has joined with several other investors to form a new company that sells foot-care products to consumers over the Internet. Nicki has invested in a B2C e-commerce company.
True  False
129.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.
True  False

130.Over the past several years, workers in the small nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday that have reduced the total number of hours they work each year. However, the output per worker in Rainland is higher now than it was before the reduction in hours. These facts suggest that productivity in Rainland has increased.
True  False

131.Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society. True False

132.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.
True  False

133.John earned the same amount of money this year as he did last year. Thus, his standard of living must be the same as it was last year.
True  False

134.As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.
True  False

135.Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of life.
True  False

136.With the emergence of the Internet, Jasmine finds it easy to do all her gift buying online. She takes comfort in the fact that new technologies if installed properly are seldom used in unethical ways. True False

137.Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.
True  False

138.Technological innovation has a ripple effect. With the advent of the Internet, Tyler, a certified tech-nerd, is being courted by companies to write the next generation of antivirus software. He tells us its big business!
True  False

139.People living in San Jose, CA, on average earn more money than people living in St. Louis, MO. The citizens of San Jose enjoy a higher standard of living than the citizens of St. Louis.
True  False

140.To remain competitive in todays market, firms must produce a quality product and offer outstanding service at a reasonable price.
True  False

141.The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living, while only nonprofit organizations can improve the quality of life.
True  False
142.Producing a high-quality product will ensure success in the competitive environment. True False

143.A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.
True  False

144.Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy used in the past.
True  False

145.It was reported by a Beijing newspaper that China succeeded in improving its peoples standard of living and establishing a relatively affluent society recently. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.
True  False

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

147.Starting a business is a riskier path toward business success than working your way up the ranks of a large business.
True  False

148.Traditional businesses have a managerial focus rather than a customer focus.
True  False

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

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

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

152.A policy of empowerment encourages managers to make decisions quickly for their frontline employees.
True  False

153.Women currently own less than 10 percent of all businesses.
True  False

154.Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
True  False

155.The number of businesses owned by Asian Americans Hispanic Americans, and Native Americans has grown dramatically.
True  False

156.The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.
True  False

157.Land, sometimes called natural resources, is the most critical factor of production in explaining why some countries are poor while others are rich.
True  False
158.The primary focus of successful firms is designing and producing high-quality goods. Advertising is then used to convince consumers to buy their superior products.
True  False

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

160.Its important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.
True  False

161.Tools, machinery, and buildings are examples of capital resources.
True  False

162.Customer-driven organizations require managers to closely direct and control their employees. True False

163.The major advantage rich nations have over poor nations is an abundance of land and labor. True False

164.Bruno and Gino are worthy competitors in the bakery business in a small upscale resort town. Gino recently negotiated a contract with a supplier for really cheap cooking oil. He knows that bakery customers want cheap products. In this competitive environment, keeping the price down is all that matters.
True  False

165.Brett runs a lawn-care service. Although he and his employees could service eight households in one day, he averages six yards per crew member, per day. Brett recently restructured his work crew and provided each cutter with an incentive to acquire two new customers each month through customer referrals. As a recent business graduate, you tell him hes probably on the right track.
True  False

166.Entrepreneurship is one of the five factors of production that contribute to the creation of wealth. True False

167.The statistical study of the human population to describe its size, age, gender, and income is known as diversity recognition.
True  False

168.Business consultant Peter Drucker said that the most important factor of production is knowledge. True False

169.The U.S. population tends to buy the same things and spend time in roughly the same way as people did a decade ago.
True  False

170.Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.
True  False

171.Demographic changes create new business opportunities.
True  False

172.The business environment refers to the surrounding factors that either help or hinder the development of businesses.
True  False

173.Diversity groups identified in the market today can include extroverts, introverts, atheists, and the devout.
True  False
174.Sarah is a recent U.S. college graduate who is interested in starting an import tea business. If she follows through with her plans, she will be a pioneer, because only a handful of women choose to start businesses in the U.S.
True  False

175.Companies have responded to a diverse customer base by hiring a more diverse workforce. True False

176.Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.
True  False

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

178.If they wish to create more wealth, poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.
True  False

179.New welfare rules have made it easier for single parents to remain at home with their young children without being required to seek employment.
True  False

180.To realize his passion, Alex recently opened Original Tunes, Inc., a small state-of-the-art 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 that he learned in business school would enhance the creation of wealth: labor and political freedom.
True  False

181.Greg recently completed his degree in construction management and is planning to start a business developing apartment buildings. After researching several potential areas, he chose Mexico City due to its high population. Greg felt that this factor would create a large labor pool, the most important of the five factors of production.
True  False

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

183.Jarett is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes. Several years ago, his Uncle Mike made it big and now owns a ski lodge just north of Aspen. He promised Jarett a management trainee position and the opportunity to buy into the company by contributing a portion

of his paycheck each month back into the business. As he dreams about the opportunity to be his own boss, reality bites as Jarett scans his business book and reads, freedom to succeed also means freedom to fail.
True  False

184.The federal government requires companies to take diversity very seriously, even recommending establishing a chief diversity officer in the executive suite.
True  False

185.Taxes and government regulations are part of the economic and legal environment in which businesses operate.
True  False

186.One factor that has had a major effect on businesses is the growth of single-parent families. True False
187.High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.
True  False

188.Businesses that cater to older consumers in the future will likely not be successful.
True  False

189.One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.
True  False

190.Businesses use demographic studies to understand where people live, their lifestyles, and what they are likely to buy.
True  False

191.In countries where businesses cannot enter into binding contracts, business owners assume additional risk.
True  False

192.Diversity management would not be an issue if firms would treat all of their employees the same. True False

193.In an effort to increase wealth and their countrys standard of living, many governments are taking over major industries and operating them as nonprofit organizations.
True  False

194.Demographic trends suggest that businesses will benefit from offering flexible work schedules, elder care, and child care to help employees balance the demands of job and family.
True  False

195.The current Social Security system will ensure that the young people of today will have Social Security benefits in the future when they retire.
True  False

196.Corruption and illegal activities are expected in a capitalist system and can be beneficial. True False

197.Xavier, a recent college graduate, is thinking of investing in a home health care business. He believes this will be a profitable venture because of the increasing number of people in the U.S. that will be over 60 in the near future and more likely to need this type of service. This accurately describes a demographic trend that will affect his business choice.
True  False

198.One way for a government to actively promote entrepreneurship is to establish a currency thats tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.
True  False

199.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.
True  False

200.Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.
True  False

201.Rob is an emergency room nurse at a local hospital in Texas. On a weekly basis, he will serve a number of patients who are not legally U.S. citizens. Many of them are giving birth to babies. Fortunately, Rob speaks enough Spanish to communicate with the patients. Rob is experiencing the realities of the social environment in some states.
True  False
202.Globalization has increased among nations.
True  False

203.Laws that allow companies to write enforceable contracts decrease the risk of doing business. True False

204.An important environmental change in the global environment is the growth of international competition.
True  False

205.In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.
True  False

206.Improved distribution systems have led to more global trade.
True  False

207.The failure to uphold high ethical business standards by a few companies can negatively impact the entire U.S. business community.
True  False

208.Several years ago, the government of the small nation of Allegro owned the nations telephone company and landlines. This relatively poor government relied on taxes to develop this industry and provide service to its citizens. If the government desired to rapidly improve peoples access to phone service, its best course of action would involve selling the telephone company to private investors.
True  False

209.Global trade has suffered because of increased problems with the Internet.
True  False

210.The government of the nation of Winstone is trying to achieve a high quality of life by imposing strict
regulations to protect the environment and ensure safe working conditions in factories and mines.
The government also has established ambitious programs to help the poor, financing them by setting
high tax rates. These efforts by Winstones government should create an atmosphere that encourages
entrepreneurship.
True  False

211.Globalization has greatly increased living standards around the world.
True  False

212.Though it has received a lot of attention, the development of the Internet has had less of an impact on the way businesses operate than many other technological changes.
True  False

213.China and India have become major U.S. competitors.
True  False

214.An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.
True  False

215.The threat of terrorism increases the costs of operating most businesses.
True  False

216.Technology can help businesses become more efficient and productive.
True  False

217.Wars are costly to all companies.
True  False
218.Productivity is the amount of output you generate given the amount of input such as hours worked. True False

219.War and terrorism have had a significant effect in drawing many resources away from the U.S. economy and led to many additional costs for businesses.
True  False

220.Effectiveness means producing goods and services using the least amount of resources. True False

221.In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe.
True  False

222.Effectiveness means producing the desired result.
True  False

223.Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S. is at war.
True  False

224.According to the box Gourmet Airport Eateries Take Flight, safety regulations have made it difficult for airport restaurants to operate. Because of this, all airport food is limited to cold sandwiches and reheated entrees. This makes an airport restaurant an unprofitable business venture.
True  False

225.Technology refers to everything that makes business operations more effective, efficient, and productive.
True  False

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

227.E-commerce is the buying and selling of goods over the Internet.
True  False

228.The evidence for climate change is questionable. Well-known U.S. companies are taking a wait-and-see approach toward addressing climate change.
True  False

229.The B2B Internet market consists of selling goods and services to consumers.
True  False

230.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.
True  False

231.Lucy owns a restaurant in Los Angeles. She heard on the radio that the homeland security threat level has been increased due to anticipated terrorist activities, especially in large cities in the U.S. She will likely not be able to get insurance to cover any losses her business may suffer should an attack occur in L.A.
True  False

232.The rise of Internet marketing has become particularly important in doing business in the B2B markets.
True  False
233.After several years of study as a part-time student, Alex recently earned a degree in marketing at a local college. The growth in global markets may increase Alexs job opportunities, but it will also require him to continually update his skills or seek further education.
True  False

234.Maya is an engineer for Windy Ridge, Inc., a maker of wind turbines. Recently, a large company has shown interest in investing in this small operation. This is not surprising since firms that are creating products for alternative sources of energy are attracting the attention of governments and other businesses.
True  False

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

236.Over many years the nature of U.S. business has changed very little from century to century. True False

237.Technology allows firms to be more responsive to their customers wants and needs. True False

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

239.Bar codes are a form of technology that has enhanced a companys ability to be responsive to consumer needs.
True  False

240.Technology helped the manufacturing industry to become more productive.
True  False

241.An electronic storage file where information is kept is called a CPU.
True  False

242.While the proportion of workers employed in agriculture has remained relatively constant, the average size of farms has steadily decreased over the past century.
True  False

243.The databases of a business often include a great deal of information about the firms customers. True False

244.Increases in productivity have allowed fewer farmers to feed more and more people. True False

245.Information in a database allows firms to carry only the products that the local population wants. True False

246.The advice provided by a marriage counselor is an example of the service industry. True False

247.Identity theft is when individuals or firms access peoples personal information and then use it for illegal purposes and activities.
True  False

248.Almost all of the growth in employment opportunities since the mid-1980s has been generated by the service sector.
True  False

249.Although employment in the service sector has increased rapidly in recent years, the vast majority of workers are still employed in the goods producing sector.
True  False
250.The main difference between B2C and B2B e-commerce is that B2C uses only the Internet, while B2B combines e-commerce with traditional (bricks-and-mortar) outlets.
True  False

251.There are more high-paying jobs in the service sector than in the goods-producing sector. True False

252.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.
True  False

253.One of the major advantages to firms involved in e-commerce is that the technology is still so new that the Internet-based firms face very little competition.
True  False

254.The best employment strategy for todays college graduates is to search for jobs that are closely related to their college major.
True  False

255.Nicki has joined with several other investors to form a new company that sells foot-care products to consumers over the Internet. Nicki has invested in a B2C e-commerce company.
True  False

256.The growth in the service sector in the United States appears to be giving way to an information-based global era.
True  False

257.Over the past several years, workers in the small nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday that have reduced the total number of hours they work each year. However, the output per worker in Rainland is higher now than it was before the reduction in hours. These facts suggest that productivity in Rainland has increased.
True  False

258.The transition from an agricultural economy to a manufacturing economy to a service-based economy has resulted in a serious increase in long-term unemployment.
True  False

259.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.
True  False

260.Businesses provide goods, jobs, and services to others.
True  False

261.Businesses seek to earn a profit by providing goods and services to others.
True  False

262.Revenue is the amount a business earns above and beyond what it spends for expenses and costs. True False

263.Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.
True  False

264.Since all businesses make a profit, starting a business is not risky.
True  False

265.An entrepreneur risks time and money to start and manage a business.
True  False
266.If a businesss costs and expenses are greater than its revenue, it will suffer a loss.
True  False

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

268.Revenue is the total amount of money a business takes in during a given period by selling goods and services.
True  False

269.Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
True  False

270.The United States has one of the highest standards of living in the world.
True  False

271.The term standard of living refers to the amount of debt people can incur on a given income. True False

272.Health care availability, a clean environment, and good schools all contribute to a high quality of life. True False

273.Maintaining a high quality of life requires the combined efforts of businesses, nonprofit organizations, and government agencies.
True  False

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

275.Stakeholders include customers, employees, stockholders, suppliers, dealers, bankers, government officials and environmentalists.
True  False

276.Outsourcing means selling goods and services to people in other countries.
True  False

277.Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.
True  False

278.Insourcing refers to the practice of global companies setting up design and production facilities in the United States.
True  False

279.The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.
True  False

280.Businesses and nonprofit organizations often strive to accomplish the same objectives. True False

281.Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.
True  False

282.Social entrepreneurs are people who start and manage organizations that are not-for-profit. Their mission is to help others improve their quality of life.
True  False
283.The only real purpose of a business is to make money for entrepreneurs.
True  False

284.The only way a firm can increase its profits is to increase its sales revenue.
True  False

285.The amount of profit or loss earned by a business can be found by subtracting the firms expenses from its revenues.
True  False

286.Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.
True  False

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

288.Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.
True  False

289.By balancing the demands of customers and stockholders, businesses satisfy the demands of all stakeholders.
True  False

290.An effort to please one group of stakeholders eventually pleases all stakeholders.
True  False

291.Insourcing creates new jobs, and helps offset the number of jobs being outsourced.
True  False

292.Robin has started her own online consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Robin is an example of an entrepreneur.
True  False

293.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.
True  False

294.Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society. True False

295.John earned the same amount of money this year as he did last year. Thus, his standard of living must be the same as it was last year.
True  False

296.Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of life.
True  False

297.Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.
True  False
298.People living in San Jose, CA, on average earn more money than people living in St. Louis, MO. The citizens of San Jose enjoy a higher standard of living than the citizens of St. Louis.
True  False

299.The major difference between businesses and nonprofit organizations is that only businesses can increase the standard of living, while only nonprofit organizations can improve the quality of life.
True  False

300.A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.
True  False

301.It was reported by a Beijing newspaper that China succeeded in improving its peoples standard of living and establishing a relatively affluent society recently. This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.
True  False

302.Starting a business is a riskier path toward business success than working your way up the ranks of a large business.
True  False

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

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

305.Women currently own less than 10 percent of all businesses.
True  False

306.The number of businesses owned by Asian Americans Hispanic Americans, and Native Americans has grown dramatically.
True  False

307.Land, sometimes called natural resources, is the most critical factor of production in explaining why some countries are poor while others are rich.
True  False

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

309.Tools, machinery, and buildings are examples of capital resources.
True  False

310.The major advantage rich nations have over poor nations is an abundance of land and labor. True False

311.Entrepreneurship is one of the five factors of production that contribute to the creation of wealth. True False

312.Business consultant Peter Drucker said that the most important factor of production is knowledge. True False

313.Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.
True  False

314.The business environment refers to the surrounding factors that either help or hinder the development of businesses.
True  False
315.Sarah is a recent U.S. college graduate who is interested in starting an import tea business. If she follows through with her plans, she will be a pioneer, because only a handful of women choose to start businesses in the U.S.
True  False

316.Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.
True  False

317.If they wish to create more wealth, poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.
True  False

318.To realize his passion, Alex recently opened Original Tunes, Inc., a small state-of-the-art 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 that he learned in business school would enhance the creation of wealth: labor and political freedom.
True  False

319.Greg recently completed his degree in construction management and is planning to start a business developing apartment buildings. After researching several potential areas, he chose Mexico City due to its high population. Greg felt that this factor would create a large labor pool, the most important of the five factors of production.
True  False

320.Jarett is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes. Several years ago, his Uncle Mike made it big and now owns a ski lodge just north of Aspen. He promised Jarett a management trainee position and the opportunity to buy into the company by contributing a portion

of his paycheck each month back into the business. As he dreams about the opportunity to be his own boss, reality bites as Jarett scans his business book and reads, freedom to succeed also means freedom to fail.
True  False

321.Taxes and government regulations are part of the economic and legal environment in which businesses operate.
True  False

322.High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.
True  False

323.One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.
True  False

324.In countries where businesses cannot enter into binding contracts, business owners assume additional risk.
True  False

325.In an effort to increase wealth and their countrys standard of living, many governments are taking over major industries and operating them as nonprofit organizations.
True  False

326.Corruption and illegal activities are expected in a capitalist system and can be beneficial. True False

327.One way for a government to actively promote entrepreneurship is to establish a currency thats tradable in world markets so that you can buy and sell goods anywhere in the world using that currency.
True  False
328.Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.
True  False

329.Laws that allow companies to write enforceable contracts decrease the risk of doing business. True False

330.In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.
True  False

331.The failure to uphold high ethical business standards by a few companies can negatively impact the entire U.S. business community.
True  False

332.Several years ago, the government of the small nation of Allegro owned the nations telephone company and landlines. This relatively poor government relied on taxes to develop this industry and provide service to its citizens. If the government desired to rapidly improve peoples access to phone service, its best course of action would involve selling the telephone company to private investors.
True  False

333.The government of the nation of Winstone is trying to achieve a high quality of life by imposing strict
regulations to protect the environment and ensure safe working conditions in factories and mines.
The government also has established ambitious programs to help the poor, financing them by setting
high tax rates. These efforts by Winstones government should create an atmosphere that encourages
entrepreneurship.
True  False

334.Though it has received a lot of attention, the development of the Internet has had less of an impact on the way businesses operate than many other technological changes.
True  False

335.An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.
True  False

336.Technology can help businesses become more efficient and productive.
True  False

337.Productivity is the amount of output you generate given the amount of input such as hours worked. True False

338.Effectiveness means producing goods and services using the least amount of resources. True False

339.Effectiveness means producing the desired result.
True  False

340.Technology refers to everything that makes business operations more effective, efficient, and productive.
True  False

341.E-commerce is the buying and selling of goods over the Internet.
True  False

342.The B2B Internet market consists of selling goods and services to consumers.
True  False

343.The rise of Internet marketing has become particularly important in doing business in the B2B markets.
True  False
344.The business-to-business segment of e-commerce is of less importance than the business-to-consumer segment of e-commerce.
True  False

345.Technology allows firms to be more responsive to their customers wants and needs. True False

346.Bar codes are a form of technology that has enhanced a companys ability to be responsive to consumer needs.
True  False

347.An electronic storage file where information is kept is called a CPU.
True  False

348.The databases of a business often include a great deal of information about the firms customers. True False

349.Information in a database allows firms to carry only the products that the local population wants. True False

350.Identity theft is when individuals or firms access peoples personal information and then use it for illegal purposes and activities.
True  False

351.The main difference between B2C and B2B e-commerce is that B2C uses only the Internet, while B2B combines e-commerce with traditional (bricks-and-mortar) outlets.
True  False

352.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.
True  False

353.One of the major advantages to firms involved in e-commerce is that the technology is still so new that the Internet-based firms face very little competition.
True  False

354.Nicki has joined with several other investors to form a new company that sells foot-care products to consumers over the Internet. Nicki has invested in a B2C e-commerce company.
True  False

355.Over the past several years, workers in the small nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday that have reduced the total number of hours they work each year. However, the output per worker in Rainland is higher now than it was before the reduction in hours. These facts suggest that productivity in Rainland has increased.
True  False

356.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.
True  False

357.As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.
True  False

358.With the emergence of the Internet, Jasmine finds it easy to do all her gift buying online. She takes comfort in the fact that new technologies if installed properly are seldom used in unethical ways. True False
359.Technological innovation has a ripple effect. With the advent of the Internet, Tyler, a certified tech-nerd, is being courted by companies to write the next generation of antivirus software. He tells us its big business!
True  False

360.To remain competitive in todays market, firms must produce a quality product and offer outstanding service at a reasonable price.
True  False

361.Producing a high-quality product will ensure success in the competitive environment. True False

362.Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy used in the past.
True  False

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

364.Traditional businesses have a managerial focus rather than a customer focus.
True  False

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

366.A policy of empowerment encourages managers to make decisions quickly for their frontline employees.
True  False

367.Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
True  False

368.The goal of empowerment in the workplace is to prevent mistakes. Therefore, giving management more control over the actions of lower-level workers will prevent mistakes.
True  False

369.The primary focus of successful firms is designing and producing high-quality goods. Advertising is then used to convince consumers to buy their superior products.
True  False

370.Its important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.
True  False

371.Customer-driven organizations require managers to closely direct and control their employees. True False

372.Bruno and Gino are worthy competitors in the bakery business in a small upscale resort town. Gino recently negotiated a contract with a supplier for really cheap cooking oil. He knows that bakery customers want cheap products. In this competitive environment, keeping the price down is all that matters.
True  False

373.Brett runs a lawn-care service. Although he and his employees could service eight households in one day, he averages six yards per crew member, per day. Brett recently restructured his work crew and provided each cutter with an incentive to acquire two new customers each month through customer referrals. As a recent business graduate, you tell him hes probably on the right track.
True  False
374.The statistical study of the human population to describe its size, age, gender, and income is known as diversity recognition.
True  False

375.The U.S. population tends to buy the same things and spend time in roughly the same way as people did a decade ago.
True  False

376.Demographic changes create new business opportunities.
True  False

377.Diversity groups identified in the market today can include extroverts, introverts, atheists, and the devout.
True  False

378.Companies have responded to a diverse customer base by hiring a more diverse workforce. True False

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

380.New welfare rules have made it easier for single parents to remain at home with their young children without being required to seek employment.
True  False

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

382.The federal government requires companies to take diversity very seriously, even recommending establishing a chief diversity officer in the executive suite.
True  False

383.One factor that has had a major effect on businesses is the growth of single-parent families. True False

384.Businesses that cater to older consumers in the future will likely not be successful.
True  False

385.Businesses use demographic studies to understand where people live, their lifestyles, and what they are likely to buy.
True  False

386.Diversity management would not be an issue if firms would treat all of their employees the same. True False

387.Demographic trends suggest that businesses will benefit from offering flexible work schedules, elder care, and child care to help employees balance the demands of job and family.
True  False

388.The current Social Security system will ensure that the young people of today will have Social Security benefits in the future when they retire.
True  False

389.Xavier, a recent college graduate, is thinking of investing in a home health care business. He believes this will be a profitable venture because of the increasing number of people in the U.S. that will be over 60 in the near future and more likely to need this type of service. This accurately describes a demographic trend that will affect his business choice.
True  False
390.Sue is a single mother with two small children. Her employer is considering providing family leave

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