Question 1

In a free-market economy,companies generally have limited autonomy in deciding which customers they want to focus on and how they want to compete.

Accepted Answer

A) True 
 B)False

Question 2

The risk and reward relationship is ________.

Accepted Answer

A)  unimportant to capital-intensive businesses 
B)  of little interest to service-intensive businesses 
C)  essential to the counter-cyclical business model 
D)  fundamental to businesses in every modern economy 
E)  an outdated concept that's been replaced by corporate sustainability 
A)  unimportant to capital-intensive businesses 
B)  of little interest to service-intensive businesses 
C)  essential to the counter-cyclical business model 
D)  fundamental to businesses in every modern economy 
E)  an outdated concept that's been replaced by corporate sustainability

Question 3

Claire holds the position of chief information officer (CIO)position at Celera Inc.,a real estate company.Her position indicates that she is responsible for the preparation of income statements and balance sheets.

Accepted Answer

A) True 
 B)False

Question 4

Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.

Accepted Answer

A) True 
 B)False

Question 5

________ refer to a resource or capability a company must have before it can start competing in a given market.

Accepted Answer

A)  Assets 
B)  Economies of scale 
C)  Barriers to entry 
D)  Technological requirements 
E)  Fixed costs 
A)  Assets 
B)  Economies of scale 
C)  Barriers to entry 
D)  Technological requirements 
E)  Fixed costs

Question 6

Discuss the legal and regulatory environment of a business.How is it related to barriers to entry? What kind of legal and regulatory environment do most businesses prefer?

Accepted Answer

Every business is affected by the legal

Question 7

Which of the following activities would be a part of facilities management?

Accepted Answer

A)  designing a new product 
B)  devising a marketing strategy 
C)  ensuring that the office building adheres to safety standards 
D)  delivering the finished product to the customer 
E)  maintaining demographic and contact details of potential customers 
A)  designing a new product 
B)  devising a marketing strategy 
C)  ensuring that the office building adheres to safety standards 
D)  delivering the finished product to the customer 
E)  maintaining demographic and contact details of potential customers

Question 8

________ refers to some aspect of a product or company that makes it more appealing to target customers.

Accepted Answer

A)  Competitive advantage 
B)  Economies of scale benefit 
C)  Horizontal integration 
D)  Vertical integration 
E)  Barrier to entry advantage 
A)  Competitive advantage 
B)  Economies of scale benefit 
C)  Horizontal integration 
D)  Vertical integration 
E)  Barrier to entry advantage

Question 9

A generational "bulge" in the population made up of people born between 1946 and 1964,called the Baby Boom generation,has occupied a large number of middle and upper management positions,frustrating younger professionals who would like to climb the company ladder.This is an example of the effect of ________ environment on businesses.

Accepted Answer

A)  economic 
B)  social 
C)  political 
D)  legal 
E)  regulatory 
A)  economic 
B)  social 
C)  political 
D)  legal 
E)  regulatory

Question 10

Which of the following positions would be responsible for establishing the long-term financial goals of the company,investing its funds and raising capital for the business?

Accepted Answer

A)  cash manager 
B)  internal auditor 
C)  chief information officer 
D)  forensic accountant 
E)  treasurer 
A)  cash manager 
B)  internal auditor 
C)  chief information officer 
D)  forensic accountant 
E)  treasurer

Question 11

________ encompasses all the people and processes used to create the goods and perform the services that a company sells.

Accepted Answer

A)  Sales and marketing 
B)  Information technology management 
C)  Human resources management 
D)  Operations management 
E)  Financial management 
A)  Sales and marketing 
B)  Information technology management 
C)  Human resources management 
D)  Operations management 
E)  Financial management

Question 12

A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.

Accepted Answer

A) True 
 B)False

Question 13

The ________ function of a business involves the recruiting,hiring and support of its personnel.

Accepted Answer

A)  operations 
B)  finance 
C)  human resources 
D)  accounting 
E)  information technology 
A)  operations 
B)  finance 
C)  human resources 
D)  accounting 
E)  information technology

Question 14

________ audit the financial reports of public companies as required by law.

Accepted Answer

A)  Internal accountants 
B)  External auditors 
C)  Credit managers 
D)  Management accountants 
E)  Forensic accountants 
A)  Internal accountants 
B)  External auditors 
C)  Credit managers 
D)  Management accountants 
E)  Forensic accountants

Question 15

Unlike accounting tasks,for which there is a long tradition of outsourcing,the work of financial managers is generally kept "in house," particularly in midsize and large companies.

Accepted Answer

A) True 
 B)False

Question 16

Jason is a financial analyst in a computer-manufacturing firm.Unfortunately,several of his co-workers and superiors doubt Jason's professionalism.His manager feels that Jason means well; however,Jason is unable to communicate effectively.Which of the following tips is the manager most likely to give Jason to help him communicate more professionally?

Accepted Answer

A)  Give people general information, instead of providing only specific data. 
B)  Clarify how people will benefit from responding to your messages the way you want them to. 
C)  Present personal opinions as facts so that you appear professional. 
D)  Avoid clarifying expectations and responsibilities to create a positive impression. 
E)  Use passive listening so that you can save time and easily use your filters to process information. 
A)  Give people general information, instead of providing only specific data. 
B)  Clarify how people will benefit from responding to your messages the way you want them to. 
C)  Present personal opinions as facts so that you appear professional. 
D)  Avoid clarifying expectations and responsibilities to create a positive impression. 
E)  Use passive listening so that you can save time and easily use your filters to process information.

Question 17

Which of the following statements is TRUE regarding a business mindset?

Accepted Answer

A)  It involves seeing the business from outside in. 
B)  It is incompatible with corporate responsibility. 
C)  It involves appreciating the challenges a company faces in satisfying customer needs. 
D)  It involves acknowledging that businesses always benefit society. 
E)  It involves ignoring one's customer experiences. 
A)  It involves seeing the business from outside in. 
B)  It is incompatible with corporate responsibility. 
C)  It involves appreciating the challenges a company faces in satisfying customer needs. 
D)  It involves acknowledging that businesses always benefit society. 
E)  It involves ignoring one's customer experiences.

Question 18

________ is the term used to describe the difference between revenue and expenses.

Accepted Answer

A)  Revenue 
B)  Interest 
C)  Sales 
D)  Owner's equity 
E)  Profit 
A)  Revenue 
B)  Interest 
C)  Sales 
D)  Owner's equity 
E)  Profit

Question 19

Compare and contrast the research and development and the operations functions of a business.

Accepted Answer

Products are conceived and designed thro

Question 20

Businesses that need very large amounts of money,equipment,land and other material resources in order to get started and continue to operate are ________ businesses.

Accepted Answer

A)  service sector 
B)  labor-intensive 
C)  competitively-advantaged 
D)  not-for-profit 
E)  capital-intensive 
A)  service sector 
B)  labor-intensive 
C)  competitively-advantaged 
D)  not-for-profit 
E)  capital-intensive

In a free-market economy,companies generally have limited autonomy in deciding which customers they want to focus on and how they want to compete.

The risk and reward relationship is ________.

Claire holds the position of chief information officer (CIO)position at Celera Inc.,a real estate company.Her position indicates that she is responsible for the preparation of income statements and balance sheets.

Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.

________ refer to a resource or capability a company must have before it can start competing in a given market.

Discuss the legal and regulatory environment of a business.How is it related to barriers to entry? What kind of legal and regulatory environment do most businesses prefer?

Which of the following activities would be a part of facilities management?

________ refers to some aspect of a product or company that makes it more appealing to target customers.

Which of the following positions would be responsible for establishing the long-term financial goals of the company,investing its funds and raising capital for the business?

________ encompasses all the people and processes used to create the goods and perform the services that a company sells.

A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.

The ________ function of a business involves the recruiting,hiring and support of its personnel.

________ audit the financial reports of public companies as required by law.

Unlike accounting tasks,for which there is a long tradition of outsourcing,the work of financial managers is generally kept "in house," particularly in midsize and large companies.

Which of the following statements is TRUE regarding a business mindset?

________ is the term used to describe the difference between revenue and expenses.

Compare and contrast the research and development and the operations functions of a business.

Businesses that need very large amounts of money,equipment,land and other material resources in order to get started and continue to operate are ________ businesses.

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 1: Developing a Business Mindset

In a free-market economy,companies generally have limited autonomy in deciding which customers they want to focus on and how they want to compete.

The risk and reward relationship is ________.

Claire holds the position of chief information officer (CIO)position at Celera Inc.,a real estate company.Her position indicates that she is responsible for the preparation of income statements and balance sheets.

Companies that sell shares of stock to the public are required to have their financial records audited by an outside accounting firm.

________ refer to a resource or capability a company must have before it can start competing in a given market.

Discuss the legal and regulatory environment of a business.How is it related to barriers to entry? What kind of legal and regulatory environment do most businesses prefer?

Which of the following activities would be a part of facilities management?

________ refers to some aspect of a product or company that makes it more appealing to target customers.

Which of the following positions would be responsible for establishing the long-term financial goals of the company,investing its funds and raising capital for the business?

________ encompasses all the people and processes used to create the goods and perform the services that a company sells.

A firm uses strategic sourcing techniques to reduce its costs.This is an example of barrier to entry.

The ________ function of a business involves the recruiting,hiring and support of its personnel.

________ audit the financial reports of public companies as required by law.

Unlike accounting tasks,for which there is a long tradition of outsourcing,the work of financial managers is generally kept "in house," particularly in midsize and large companies.

Which of the following statements is TRUE regarding a business mindset?

________ is the term used to describe the difference between revenue and expenses.

Compare and contrast the research and development and the operations functions of a business.

Businesses that need very large amounts of money,equipment,land and other material resources in order to get started and continue to operate are ________ businesses.

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters