Exam 1: Developing a Business Mindset

The term stakeholders refers only to those people who have invested money in the company's stock.

If individuals and companies believe they can pursue rewards without facing the risks that should be attached to those pursuits,they are more likely to engage in irresponsible and even unethical behavior.This situation is known as a(n)________.

The policies and practices of government bodies would shape the ________ environment for a business.

Compare and contrast the technological environment and the market environment within which a business operates?

The service sector now dominates the U.S.economy.

True professionals avoid committing ethical lapses.

Which one of the following is an element of the economic environment of business that shapes the behavior of buyers and sellers?

The term ________ refers to forces resulting from the practical application of science to innovations,products,and processes.

________ create value by performing activities that deliver some benefit to the customer,such as automotive repair,banking,health care and massage therapy.

Difficulty in obtaining business permits or licenses to do a particular business would be an example of a barrier to entry for a firm.

Which of the following activities is most likely to be considered unprofessional?

Intangible products have a physical presence.

________ refers to a company's target customers,the buying influences that shape the behavior of those customers,and competitors that market similar products to those customers.

Why are not-for-profit organizations different from most businesses? Are there any similarities between a goods-producing business and a not-for-profit organization?

Island Woodworking is a small business owned by Robert M.Carrasco,who makes handcrafted tables and rocking chairs from exotic woods.Robert employs three other woodworkers to help him in creating custom-crafted furniture.Island Woodworking would be described as what type of business?

Alvy Smith is the forensic accountant at KPM Financial Group,a company that provides investment services.He is most likely to do which of the following activities?

Creating branding and advertising strategies to communicate with potential customers,and setting prices would fall under the ________ function of a business.

Which of the following statements regarding a sales professional is TRUE?

R&D fuels new ideas and designs for the company's products and services that allow it to meet customer needs in competitive markets.

Chicago Cinema Museum houses a unique collection of artifacts,memorabilia,and equipment that preserves the history and grandeur of cinema.It is funded by the government of the United States.The museum administrators apply many of the business-management principles to operate efficiently and effectively.The museum is most likely to be a ________.