Question 1

"Computers are outdated after three years and obsolete after five." What aspect of technology does that statement BEST represent?

Accepted Answer

A)  Technological innovations can be used to keep a company well-organized. 
B)  Technological innovation is changing the focus of how many businesses are run. 
C)  Technological innovation can help streamline businesses and cut costs. 
D)  Technological innovation is necessary in order to remain competitive. 
E)  Technological innovation is expensive and time-consuming. 
A)  Technological innovations can be used to keep a company well-organized. 
B)  Technological innovation is changing the focus of how many businesses are run. 
C)  Technological innovation can help streamline businesses and cut costs. 
D)  Technological innovation is necessary in order to remain competitive. 
E)  Technological innovation is expensive and time-consuming.

Question 2

How does the pace of technological change affect businesses,both positively and negatively?

Accepted Answer

It's a necessity to stay on the cutting

Question 3

Which of the following BEST enables all companies,regardless of size,to compete in the global market?

Accepted Answer

A)  effective marketing 
B)  a talented workforce 
C)  government subsidies 
D)  technological advances 
E)  "green" policies 
A)  effective marketing 
B)  a talented workforce 
C)  government subsidies 
D)  technological advances 
E)  "green" policies

Question 4

Robert wants to upgrade his real estate company's computer systems.Which of the following factors of production would Robert find LEAST useful for his project?

Accepted Answer

A)  financial capital 
B)  technology 
C)  real capital 
D)  labor 
E)  human resources 
A)  financial capital 
B)  technology 
C)  real capital 
D)  labor 
E)  human resources

Question 5

Which of the following is often imposed by governments on multinational companies operating in their countries?

Accepted Answer

A)  laws regarding product diversity 
B)  laws regarding tax exemptions 
C)  laws regarding minimal profits 
D)  laws regarding quality control 
E)  law regarding promotional strategies 
A)  laws regarding product diversity 
B)  laws regarding tax exemptions 
C)  laws regarding minimal profits 
D)  laws regarding quality control 
E)  law regarding promotional strategies

Question 6

Addison wants her new t-shirt store to be environmentally friendly.With the concept of the green economy in mind,which of the following business initiatives would BEST make her business greener?

Accepted Answer

A)  mail out paper fliers advertising her business 
B)  raise prices to include the cost of a donation to a green nonprofit organization 
C)  sell t-shirts with environmental slogans 
D)  install solar panels on her store's roof to provide electricity 
E)  giving a discount to customers who claim to be environmentally conscious 
A)  mail out paper fliers advertising her business 
B)  raise prices to include the cost of a donation to a green nonprofit organization 
C)  sell t-shirts with environmental slogans 
D)  install solar panels on her store's roof to provide electricity 
E)  giving a discount to customers who claim to be environmentally conscious

Question 7

The physical products that a business offers are called ________.

Accepted Answer

A)  goods 
B)  services 
C)  assets 
D)  devices 
E)  intangible 
A)  goods 
B)  services 
C)  assets 
D)  devices 
E)  intangible

Question 8

Globalization is a controversial subject for many people because ________.

Accepted Answer

A)  it allows U.S. companies to import and export goods from anywhere in the world 
B)  it increases the cost of goods and services in the United States 
C)  it results in the closing of some U.S. manufacturing facilities 
D)  it allows companies of any size to compete globally 
E)  it stabilizes the value of the U.S. dollar 
A)  it allows U.S. companies to import and export goods from anywhere in the world 
B)  it increases the cost of goods and services in the United States 
C)  it results in the closing of some U.S. manufacturing facilities 
D)  it allows companies of any size to compete globally 
E)  it stabilizes the value of the U.S. dollar

Question 9

A university,an inner city health clinic,and a church are all run specifically to generate profits.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following refers to an interconnected system of different demographic factors?

Accepted Answer

A)  cultural environment 
B)  economic environment 
C)  political environment 
D)  social environment 
E)  social networking 
A)  cultural environment 
B)  economic environment 
C)  political environment 
D)  social environment 
E)  social networking

Question 11

How do the profits of a single business benefit society in general?

Accepted Answer

A successful business benefits society b

Question 12

The WAWA chain of convenience stores has over 500 locations in five states in the mid-Atlantic region of the United States.WAWA is an example of ________.

Accepted Answer

A)  a local business 
B)  a regional business 
C)  a national business 
D)  a state business 
E)  a specialty business 
A)  a local business 
B)  a regional business 
C)  a national business 
D)  a state business 
E)  a specialty business

Question 13

Car insurance is an example of a good.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following poses the MOST COMMON financial threat to local and regional businesses?

Accepted Answer

A)  employee retention 
B)  undercapitalization 
C)  low productivity 
D)  limited customer base 
E)  inefficiency 
A)  employee retention 
B)  undercapitalization 
C)  low productivity 
D)  limited customer base 
E)  inefficiency

Question 15

Which of these qualities BEST explains why a specialty shop is often classified as a local business?

Accepted Answer

A)  It is not able to borrow funds for expansion. 
B)  It accepts cash, checks, and credit cards as forms of payment. 
C)  It is a one-of-a-kind operation and relies on local consumers to generate business. 
D)  It sells only products that are made locally. 
E)  It does not need to carry liability insurance. 
A)  It is not able to borrow funds for expansion. 
B)  It accepts cash, checks, and credit cards as forms of payment. 
C)  It is a one-of-a-kind operation and relies on local consumers to generate business. 
D)  It sells only products that are made locally. 
E)  It does not need to carry liability insurance.

Question 16

Identify and discuss challenges faced by local,regional,and national businesses.

Accepted Answer

The most common challenge for both local

Question 17

Local businesses are prone to bankruptcy because they are likely to be undercapitalized.

Accepted Answer

A) True 
 B)False

Question 18

Melinda is a store owner who buys items online to sell in her shop.Which of the following factors of production is BEST illustrated in Melinda's use of the Internet?

Accepted Answer

A)  capital 
B)  labor 
C)  technology 
D)  entrepreneurs 
E)  natural resources 
A)  capital 
B)  labor 
C)  technology 
D)  entrepreneurs 
E)  natural resources

Question 19

In a business environment,the term "minority" applies to more than just people of different ethnicities.Minority groups represent all of the following EXCEPT ________.

Accepted Answer

A)  a person's political party 
B)  a person's gender 
C)  a person's culture 
D)  a person's sexual orientation 
E)  a person's disability 
A)  a person's political party 
B)  a person's gender 
C)  a person's culture 
D)  a person's sexual orientation 
E)  a person's disability

Question 20

Nina's furniture store has had a successful year and made a significant profit.Which of the following actions using Nina's store profits would BEST increase productivity?

Accepted Answer

A)  Pay for utilities and inventory in advance. 
B)  Develop a website that would enable customers to place orders online. 
C)  Hire more staff. 
D)  Create an emergency fund. 
E)  Service her community through social and educational means. 
A)  Pay for utilities and inventory in advance. 
B)  Develop a website that would enable customers to place orders online. 
C)  Hire more staff. 
D)  Create an emergency fund. 
E)  Service her community through social and educational means.

Exam 1: Business Basics

"Computers are outdated after three years and obsolete after five." What aspect of technology does that statement BEST represent?

How does the pace of technological change affect businesses,both positively and negatively?

Which of the following BEST enables all companies,regardless of size,to compete in the global market?

Robert wants to upgrade his real estate company's computer systems.Which of the following factors of production would Robert find LEAST useful for his project?

Which of the following is often imposed by governments on multinational companies operating in their countries?

Addison wants her new t-shirt store to be environmentally friendly.With the concept of the green economy in mind,which of the following business initiatives would BEST make her business greener?

The physical products that a business offers are called ________.

Globalization is a controversial subject for many people because ________.

A university,an inner city health clinic,and a church are all run specifically to generate profits.

Which of the following refers to an interconnected system of different demographic factors?

How do the profits of a single business benefit society in general?

The WAWA chain of convenience stores has over 500 locations in five states in the mid-Atlantic region of the United States.WAWA is an example of ________.

Car insurance is an example of a good.

Which of the following poses the MOST COMMON financial threat to local and regional businesses?

Which of these qualities BEST explains why a specialty shop is often classified as a local business?

Identify and discuss challenges faced by local,regional,and national businesses.

Local businesses are prone to bankruptcy because they are likely to be undercapitalized.

Melinda is a store owner who buys items online to sell in her shop.Which of the following factors of production is BEST illustrated in Melinda's use of the Internet?

In a business environment,the term "minority" applies to more than just people of different ethnicities.Minority groups represent all of the following EXCEPT ________.

Nina's furniture store has had a successful year and made a significant profit.Which of the following actions using Nina's store profits would BEST increase productivity?

Economics and Banking

Ethics in Business

Business in a Global Economy

Small Business and the Entrepreneur

Forms of Business Ownership

Business Management and Organization

Motivation, Leadership, and Teamwork

Human Resource Management

Online Business and Technology

Production, operations, and the Supply Chain

Marketing and Consumer Behavior

Product Development and Pricing Strategies

Promotion and Distribution

Financing and Tracking Business Operations

Investment Opportunities in the Securities Market

Business Law

Constructing an Effective Business Plan

Business Communications

Finding a Job

Personal Finance

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