,TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.
1) Commercial endeavours refers to the markets the organization serves, the products it offers, and the
needs it professes to meet in the marketplace.
Answer: True False
2) Employee interaction is a reflection of the complexities of the business activities that circulate
within an organization.
Answer: True False
3) Organizational efficiency and structure refers to the value-creating skills an organization's
employees bring to the marketplace.
Answer: True False
4) Employee interaction refers to the value-creating skills an organization's employees bring to the
marketplace.
Answer: True False
5) Business can be thought of as a system designed to grow a market for an organization's goods and
services and create organizational value on behalf of stakeholders.
Answer: True False
6) Any organization that produces a good or service can be classified as a business.
Answer: True False
7) The goal of business activities is profit.
Answer: True False
8) Profit is what it costs to make and sell a product.
Answer: True False
9) Businesses have the right to keep and use their profits as they choose, without limitations.
Answer: True False
10) Businesses seek to earn a profit by providing goods and services to others.
Answer: True False
11) Revenue is the amount a business earns above and beyond what it spends for expenses and costs.
Answer: True False
12) A manager is an individual who assumes the risk of starting a business.
Answer: True False
13) If a business's costs and expenses are greater than its revenue, it will suffer a loss.
Answer: True False
1
,14) The business model can best be visualized as the underlying operational platform.
Answer: True False
15) Technology can help businesses become more efficient and productive.
Answer: True False
16) Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy
used in the past.
Answer: True False
17) The competitive environment now empowers managers to make decisions quickly for their front
line employees.
Answer: True False
18) Managers coordinate resources to achieve organizational objectives.
Answer: True False
19) Businesses seek to earn a profit by providing goods and services to others.
Answer: True False
20) If a business's costs and expenses are less than than its revenue, it will earn a profit.
Answer: True False
21) On the company-centric (business system) side of the business model, the key activities cell refers to
the infrastructure and resource base of the organization.
Answer: True False
22) The Buckmaker Corporation generated total revenues of $30 million dollars while incurring
expenses of $17 million. During the year Buckmaker earned a profit of $13 million.
Answer: True False
23) Successful businesses constantly monitor consumer wants and needs.
Answer: True False
24) Not-for-profit organizations such as the Canadian Cancer Society do not engage in management,
marketing, or finance activities.
Answer: True False
25) To remain competitive in today's market, firms must produce a quality product and offer outstanding
service at a reasonable price.
Answer: True False
26) Producing a high quality product will ensure success in the competitive environment.
Answer: True False
2
, 27) A key element of business success is a business plan.
Answer: True False
28) Management is the art of getting things done through organizational resources.
Answer: True False
29) A modern manager's main job is to issue orders, then follow up to make sure employees do as they
were told.
Answer: True False
30) Managers in progressive organizations tend to emphasize teamwork and cooperation rather than
discipline and giving orders.
Answer: True False
31) Managers in many of today's high-tech firms realize that workers often know much more about
technology than they do.
Answer: True False
32) Despite all
of the changes in the business environment, the basic way a manager performs his or her
job has remained remarkably constant.
Answer: True False
33) Given the lack of discipline and short attention spans of today's workers, modern managers must
watch their workers closely, set strict rules, and vigorously enforce them.
Answer: True False
34) In
most high tech industries, the best way to respond quickly to rapid technological changes is to
keep most authority and responsibility in the hands of a few key managers who provide precise,
detailed directions to the workers.
Answer: True False
35) The need for better-educated and self-directed workers has made it easier for managers to obtain the
trust and loyalty of their workers.
Answer: True False
36) Every business is faced with the reality of having less uses for resources than resources available.
Answer: True False
37) Because of advancements in technology, managers now have an easier time obtaining long-term
commitments from workers.
Answer: True False
38) An organization is said to have competitive advantage when it can perform critical activities better
than its rivals.
Answer: True False
3
1) Commercial endeavours refers to the markets the organization serves, the products it offers, and the
needs it professes to meet in the marketplace.
Answer: True False
2) Employee interaction is a reflection of the complexities of the business activities that circulate
within an organization.
Answer: True False
3) Organizational efficiency and structure refers to the value-creating skills an organization's
employees bring to the marketplace.
Answer: True False
4) Employee interaction refers to the value-creating skills an organization's employees bring to the
marketplace.
Answer: True False
5) Business can be thought of as a system designed to grow a market for an organization's goods and
services and create organizational value on behalf of stakeholders.
Answer: True False
6) Any organization that produces a good or service can be classified as a business.
Answer: True False
7) The goal of business activities is profit.
Answer: True False
8) Profit is what it costs to make and sell a product.
Answer: True False
9) Businesses have the right to keep and use their profits as they choose, without limitations.
Answer: True False
10) Businesses seek to earn a profit by providing goods and services to others.
Answer: True False
11) Revenue is the amount a business earns above and beyond what it spends for expenses and costs.
Answer: True False
12) A manager is an individual who assumes the risk of starting a business.
Answer: True False
13) If a business's costs and expenses are greater than its revenue, it will suffer a loss.
Answer: True False
1
,14) The business model can best be visualized as the underlying operational platform.
Answer: True False
15) Technology can help businesses become more efficient and productive.
Answer: True False
16) Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy
used in the past.
Answer: True False
17) The competitive environment now empowers managers to make decisions quickly for their front
line employees.
Answer: True False
18) Managers coordinate resources to achieve organizational objectives.
Answer: True False
19) Businesses seek to earn a profit by providing goods and services to others.
Answer: True False
20) If a business's costs and expenses are less than than its revenue, it will earn a profit.
Answer: True False
21) On the company-centric (business system) side of the business model, the key activities cell refers to
the infrastructure and resource base of the organization.
Answer: True False
22) The Buckmaker Corporation generated total revenues of $30 million dollars while incurring
expenses of $17 million. During the year Buckmaker earned a profit of $13 million.
Answer: True False
23) Successful businesses constantly monitor consumer wants and needs.
Answer: True False
24) Not-for-profit organizations such as the Canadian Cancer Society do not engage in management,
marketing, or finance activities.
Answer: True False
25) To remain competitive in today's market, firms must produce a quality product and offer outstanding
service at a reasonable price.
Answer: True False
26) Producing a high quality product will ensure success in the competitive environment.
Answer: True False
2
, 27) A key element of business success is a business plan.
Answer: True False
28) Management is the art of getting things done through organizational resources.
Answer: True False
29) A modern manager's main job is to issue orders, then follow up to make sure employees do as they
were told.
Answer: True False
30) Managers in progressive organizations tend to emphasize teamwork and cooperation rather than
discipline and giving orders.
Answer: True False
31) Managers in many of today's high-tech firms realize that workers often know much more about
technology than they do.
Answer: True False
32) Despite all
of the changes in the business environment, the basic way a manager performs his or her
job has remained remarkably constant.
Answer: True False
33) Given the lack of discipline and short attention spans of today's workers, modern managers must
watch their workers closely, set strict rules, and vigorously enforce them.
Answer: True False
34) In
most high tech industries, the best way to respond quickly to rapid technological changes is to
keep most authority and responsibility in the hands of a few key managers who provide precise,
detailed directions to the workers.
Answer: True False
35) The need for better-educated and self-directed workers has made it easier for managers to obtain the
trust and loyalty of their workers.
Answer: True False
36) Every business is faced with the reality of having less uses for resources than resources available.
Answer: True False
37) Because of advancements in technology, managers now have an easier time obtaining long-term
commitments from workers.
Answer: True False
38) An organization is said to have competitive advantage when it can perform critical activities better
than its rivals.
Answer: True False
3
