Exam 1: The Changing Face of Business

A common characteristic of most entrepreneurs is finding unique ways to use the factors of production.

"Risk-taking" and entrepreneurship are synonymous.

Which of the following is NOT an example of an internal force that requires organizational change?

In consumer orientation,a company creates a product first and then determines if a consumer is likely to purchase the product.

The Nike swoosh is an example of a brand.

Relationship management concentrates on short-term interactions with customers.

Stewart is a small business owner who runs a local coffee shop and a bakery.For Stewart,_____ represents an earned reward for taking the risks of running the business.

Government intervention is critically important and encouraged in the private enterprise system.

The business philosophy that advocates determining what consumers want and need,and then designing products to satisfy those needs,is known as _____.

Which of the following is NOT typically a part of the not-for-profit sector?

Creativity is the capacity to develop well-tested solutions to common organizational problems.

Accountants think of profits as:

In the private enterprise system,government has no role to play in ensuring fair competition.

Physical exercise releases endorphins,which prevents a manager from coming up with creative ideas.

Technology and capital are considered as two separate factors of production.

Jason is an accountant.When he is looking at clients' books,for him,profits are _____.

Which of these describes the unique combination of organizational abilities,products,and approaches that sets a company apart from competitors in the minds of customers?

The main characteristic of ______ era was mass production by semiskilled workers,aided by machines.

Business ethics deal with the right versus wrong actions that arise in a work environment.

For today's managers,critical thinking skills and creativity are essential qualities.