Question 1

Describe the six major functional areas in a business enterprise.

Accepted Answer

The six major functional areas in a busi

Question 2

Assets refer to the tangible economic resources owned by a firm.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is an example of bad etiquette?

Accepted Answer

A)  Daniel indulged in excessive drinking during a company dinner. 
B)  Alice was forced to take leave without prior notice due to a family emergency. 
C)  Seth does not hesitate to express clearly what he expects from the interns working under him. 
D)  Lisa, being a vegan, avoided having meat and milk-based dishes during a meeting with a client. 
E)  Jason, an American who is about to go to a client's office in Japan, refers to a travel guidebook to gather knowledge about the norms and customs prevalent in Japan. 
A)  Daniel indulged in excessive drinking during a company dinner. 
B)  Alice was forced to take leave without prior notice due to a family emergency. 
C)  Seth does not hesitate to express clearly what he expects from the interns working under him. 
D)  Lisa, being a vegan, avoided having meat and milk-based dishes during a meeting with a client. 
E)  Jason, an American who is about to go to a client's office in Japan, refers to a travel guidebook to gather knowledge about the norms and customs prevalent in Japan.

Question 4

A business that relies on human resources more than on buildings,machinery,material resources,and land would be a ________ business.

Accepted Answer

A)  capital-intensive 
B)  labor-intensive 
C)  not-for-profit 
D)  competitively disadvantaged 
E)  manufacturing 
A)  capital-intensive 
B)  labor-intensive 
C)  not-for-profit 
D)  competitively disadvantaged 
E)  manufacturing

Question 5

Discuss the positive and negative role of business in society.

Accepted Answer

A business professional needs to recogni

Question 6

Compare and contrast the social environment and the economic environment of a business.

Accepted Answer

Social environment refers to the trends

Question 7

All internal and external groups affected by a company's activities are referred to as its ________.

Accepted Answer

A)  shareholders 
B)  customers 
C)  stakeholders 
D)  employees 
E)  suppliers 
A)  shareholders 
B)  customers 
C)  stakeholders 
D)  employees 
E)  suppliers

Question 8

A management accountant is likely to be responsible for which of the following activities?

Accepted Answer

A)  purchasing raw material for production 
B)  assessing the manufacturing costs of new products 
C)  determining the prices of products 
D)  removing a distributor from the supply chain 
E)  determining the money allocated for marketing 
A)  purchasing raw material for production 
B)  assessing the manufacturing costs of new products 
C)  determining the prices of products 
D)  removing a distributor from the supply chain 
E)  determining the money allocated for marketing

Question 9

The expected norms of behavior in a particular situation are referred to as ________.

Accepted Answer

A)  etiquette 
B)  dependability 
C)  expectancy 
D)  energy 
E)  accountability 
A)  etiquette 
B)  dependability 
C)  expectancy 
D)  energy 
E)  accountability

Question 10

An organization that seeks to operate efficiently and effectively to achieve its goals without focusing on financial gains is a ________.

Accepted Answer

A)  business intermediary 
B)  nonprofit organization 
C)  service business 
D)  government-owned corporation 
E)  goods-producing business 
A)  business intermediary 
B)  nonprofit organization 
C)  service business 
D)  government-owned corporation 
E)  goods-producing business

Question 11

The legal and regulatory environment would include ________.

Accepted Answer

A)  demographic factors 
B)  technological innovations 
C)  the number of competitors in the market 
D)  preferences of the consumers 
E)  the speed of obtaining licenses 
A)  demographic factors 
B)  technological innovations 
C)  the number of competitors in the market 
D)  preferences of the consumers 
E)  the speed of obtaining licenses

Question 12

________ is the quality of performing at a high level and conducting oneself with purpose and pride.

Accepted Answer

A)  Business mindset 
B)  Professionalism 
C)  Job enrichment 
D)  Positive reinforcement 
E)  Etiquette 
A)  Business mindset 
B)  Professionalism 
C)  Job enrichment 
D)  Positive reinforcement 
E)  Etiquette

Question 13

A company has competitive advantage when its products are more appealing to its chosen customers.

Accepted Answer

A) True 
 B)False

Question 14

Internal auditors verify the work of the company's accounting effort and look for opportunities to improve efficiency and cost effectiveness.

Accepted Answer

A) True 
 B)False

Question 15

Mark,who works for a toy-manufacturing firm,is responsible for creating a branding and marketing strategy.He is most likely to be a part of the firm's operations management team.

Accepted Answer

A) True 
 B)False

Question 16

________ refers to a view of business that considers the many decisions that must be made and the potential problems that must be overcome before the organization can deliver its products or services.

Accepted Answer

A)  Business mindset 
B)  Service orientation 
C)  Free-market philosophy 
D)  Competitive advantage 
E)  Business model 
A)  Business mindset 
B)  Service orientation 
C)  Free-market philosophy 
D)  Competitive advantage 
E)  Business model

Question 17

What is a barrier to entry? Explain with an example.

Accepted Answer

Barrier to entry refers to a resource or

Question 18

FinSmart,a finance company,plans to construct a new office building which would be disabled-friendly.The company also plans to make renovations to the existing office buildings to incorporate changes that would make them safer and disabled-friendly.Which of the following persons is most likely to be in charge of planning the new buildings and maintaining them?

Accepted Answer

A)  sales manager 
B)  facilities manager 
C)  human resource manager 
D)  logistics manager 
E)  distribution manager 
A)  sales manager 
B)  facilities manager 
C)  human resource manager 
D)  logistics manager 
E)  distribution manager

Question 19

A U.S.multinational retailer corporation wants to set up a chain of large discount department stores in a developing nation.However,it is hindered by strict licensing procedures and bureaucratic delays in obtaining government approvals.In this example,the multinational corporation faces ________.

Accepted Answer

A)  incumbent inertia 
B)  economies of scale 
C)  first-mover disadvantage 
D)  free-rider effects 
E)  barriers to entry 
A)  incumbent inertia 
B)  economies of scale 
C)  first-mover disadvantage 
D)  free-rider effects 
E)  barriers to entry

Question 20

A/an ________ is a framework of how a business intends to generate revenue.

Accepted Answer

A)  business model 
B)  strategic management tool 
C)  profitability analysis 
D)  competitive advantage 
E)  entrepreneurial mindset 
A)  business model 
B)  strategic management tool 
C)  profitability analysis 
D)  competitive advantage 
E)  entrepreneurial mindset

Describe the six major functional areas in a business enterprise.

Assets refer to the tangible economic resources owned by a firm.

Which of the following is an example of bad etiquette?

A business that relies on human resources more than on buildings,machinery,material resources,and land would be a ________ business.

Discuss the positive and negative role of business in society.

Compare and contrast the social environment and the economic environment of a business.

All internal and external groups affected by a company's activities are referred to as its ________.

A management accountant is likely to be responsible for which of the following activities?

The expected norms of behavior in a particular situation are referred to as ________.

An organization that seeks to operate efficiently and effectively to achieve its goals without focusing on financial gains is a ________.

The legal and regulatory environment would include ________.

________ is the quality of performing at a high level and conducting oneself with purpose and pride.

A company has competitive advantage when its products are more appealing to its chosen customers.

Internal auditors verify the work of the company's accounting effort and look for opportunities to improve efficiency and cost effectiveness.

Mark,who works for a toy-manufacturing firm,is responsible for creating a branding and marketing strategy.He is most likely to be a part of the firm's operations management team.

________ refers to a view of business that considers the many decisions that must be made and the potential problems that must be overcome before the organization can deliver its products or services.

What is a barrier to entry? Explain with an example.

A U.S.multinational retailer corporation wants to set up a chain of large discount department stores in a developing nation.However,it is hindered by strict licensing procedures and bureaucratic delays in obtaining government approvals.In this example,the multinational corporation faces ________.

A/an ________ is a framework of how a business intends to generate revenue.

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

Describe the six major functional areas in a business enterprise.

Assets refer to the tangible economic resources owned by a firm.

Which of the following is an example of bad etiquette?

A business that relies on human resources more than on buildings,machinery,material resources,and land would be a ________ business.

Discuss the positive and negative role of business in society.

Compare and contrast the social environment and the economic environment of a business.

All internal and external groups affected by a company's activities are referred to as its ________.

A management accountant is likely to be responsible for which of the following activities?

The expected norms of behavior in a particular situation are referred to as ________.

An organization that seeks to operate efficiently and effectively to achieve its goals without focusing on financial gains is a ________.

The legal and regulatory environment would include ________.

________ is the quality of performing at a high level and conducting oneself with purpose and pride.

A company has competitive advantage when its products are more appealing to its chosen customers.

Internal auditors verify the work of the company's accounting effort and look for opportunities to improve efficiency and cost effectiveness.

Mark,who works for a toy-manufacturing firm,is responsible for creating a branding and marketing strategy.He is most likely to be a part of the firm's operations management team.

________ refers to a view of business that considers the many decisions that must be made and the potential problems that must be overcome before the organization can deliver its products or services.

What is a barrier to entry? Explain with an example.

A U.S.multinational retailer corporation wants to set up a chain of large discount department stores in a developing nation.However,it is hindered by strict licensing procedures and bureaucratic delays in obtaining government approvals.In this example,the multinational corporation faces ________.

A/an ________ is a framework of how a business intends to generate revenue.

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