Question 1

of the organization.

Accepted Answer

A)   Visionary leadership
B)   Assets
C)   Business Acumen
D)   Human capital
E)   Managerial AcumenF) A) and D)
G) A) and B)

Question 2

The functions of organizing,staffing,planning,and controlling are most closely associated with

Accepted Answer

A)   employees.
B)   customers.
C)   managers.
D)   stockholders.
E)   accountants.F) B) and E)
G) B) and D)

Question 3

Any activity which seeks to earn a profit by providing a good or service is known as a(n) :

Accepted Answer

A)   industry
B)   corporation
C)   business
D)   serviceE) B) and D)
F) A) and B)

Question 4

Businesses seek to earn a profit by providing goods and services to others.

Accepted Answer

A) True 
 B)False

Question 5

The total amount of money that businesses earn by selling goods and services is called ________.

Accepted Answer

A)   profit
B)   revenue
C)   loss
D)   retained earningsE) A) and C)
F) B) and C)

Question 6

To be successful in today's markets,businesses must:

Accepted Answer

A)   provide the greatest variety of products to consumers.
B)   spend more money on marketing and less on production.
C)   focus their resources on achieving the goal of zero defects.
D)   delight customers with a quality product at a good price and outstanding service.E) None of the above
F) All of the above

Question 7

When consumers decide to purchase a particular product,they:

Accepted Answer

A)   will search for the retailer that offers the lowest price.
B)   consider the total collection of benefits that the product offers.
C)   base their decision on a brand name nearly all of the time.
D)   initially evaluate the product's package.E) B) and D)
F) All of the above

Question 8

Businesses differ from nonprofit organizations in that a business's focus is on

Accepted Answer

A)   price.
B)   goods.
C)   profit.
D)   organization.
E)   plans.F) B) and E)
G) All of the above

Question 9

A business incurs a ___________ if its costs and expenses exceed its revenues.

Accepted Answer

A)   loss
B)   liability
C)   debit
D)   dividendE) None of the above
F) All of the above

Question 10

A company has a competitive advantage when it can:

Accepted Answer

A)   offer customers a product/service that has more value to them than similar products offered by other companies
B)   the business plan is competitive and executed properly
C)   customers are attracted to the company's product/service offering(s) 
D)   the company generates money, or revenue, from the sale of the product.
E)   All of the aboveF) None of the above
G) A) and C)

Question 11

When purchasing a product,the consumer is actually buying its anticipated benefits and

Accepted Answer

A)   satisfaction.
B)   price.
C)   costs.
D)   productivity.
E)   form.F) A) and C)
G) A) and B)

Question 12

Strategy:

Accepted Answer

A)   Is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance
B)   Focuses on the vision of the firm and the opportunity which it believes exists in the marketplace
C)   checks that the life expectancy of the product or service is long enough to ensure that the initial investment can be recovered and that the firm can make a profit.
D)   a)  and c) 
E)   a) , b)  and c) F) B) and C)
G) A) and D)

Question 13

The only way a firm can increase its profits is to increase its sales revenue.

Accepted Answer

A) True 
 B)False

Question 14

Technology enables Canadian workers to make more money than workers in low wage rate countries.

Accepted Answer

A) True 
 B)False

Question 15

The need for better-educated and self-directed workers has made it easier for managers to obtain the trust and loyalty of their workers.

Accepted Answer

A) True 
 B)False

Question 16

____________ is the amount a business earns over and above what it spends for salaries and other expenses.

Accepted Answer

A)   Profit
B)   Revenue
C)   Interest
D)   DividendsE) A) and B)
F) All of the above

Question 17

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

Accepted Answer

A)   total product offer
B)   product line
C)   competitive environment
D)   marginal utility packageE) B) and C)
F) A) and B)

Question 18

Profits of a business include the salaries paid to the owners and employees of that business.

Accepted Answer

A) True 
 B)False

Question 19

Non-profit organizations,

Accepted Answer

A)   last for only short periods of time as their objective is not to create profits for their owners.
B)   Have a hard time hiring employees as they have no means of paying them.
C)   Are not concerned about meeting their financial needs.
D)   Can provide an opportunity for individuals to address social issues.E) B) and C)
F) A) and D)

Question 20

Marketers utilize pricing,advertising,and packaging to successfully differentiate their products from competitors' products even when actual differences are quite small.

Accepted Answer

A) True 
 B)False

Exam 1: What Is Business

When purchasing a product,the consumer is actually buying its anticipated benefits and

Correct AnswerverifiedShow Answer

Marketers utilize pricing,advertising,and packaging to successfully differentiate their products from competitors' products even when actual differences are quite small.

Correct AnswerverifiedShow Answer

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

Correct AnswerverifiedShow Answer

The total amount of money that businesses earn by selling goods and services is called ________.

Correct AnswerverifiedShow Answer

Technology enables Canadian workers to make more money than workers in low wage rate countries.

Correct AnswerverifiedShow Answer

The only way a firm can increase its profits is to increase its sales revenue.

Correct AnswerverifiedShow Answer

Businesses seek to earn a profit by providing goods and services to others.

Correct AnswerverifiedShow Answer

To be successful in today's markets,businesses must:

Correct AnswerverifiedShow Answer

The functions of organizing,staffing,planning,and controlling are most closely associated with

Correct AnswerverifiedShow Answer

of the organization.

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Strategy:

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The need for better-educated and self-directed workers has made it easier for managers to obtain the trust and loyalty of their workers.

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Businesses differ from nonprofit organizations in that a business's focus is on

Correct AnswerverifiedShow Answer

A business incurs a ___________ if its costs and expenses exceed its revenues.

Correct AnswerverifiedShow Answer

A company has a competitive advantage when it can:

Correct AnswerverifiedShow Answer

____________ is the amount a business earns over and above what it spends for salaries and other expenses.

Correct AnswerverifiedShow Answer

Any activity which seeks to earn a profit by providing a good or service is known as a(n) :

Correct AnswerverifiedShow Answer

When consumers decide to purchase a particular product,they:

Correct AnswerverifiedShow Answer

Profits of a business include the salaries paid to the owners and employees of that business.

Correct AnswerverifiedShow Answer

Non-profit organizations,

Correct AnswerverifiedShow Answer

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