BUS 100 EXAM CH. 1-4 QUESTIONS & ANSWERS
A business tries to earn a profit by providing ___________ and ___________ that
satisfy people's needs and wants. - Answers -goods, services
A product that is tangible and can be touched or held in your hand is: - Answers -a
good
An example of a service is: - Answers -a physical exam
Services can be defined as: - Answers -intangible products
An ___________ is a person who risks time and money to start and manage a
business. - Answers -entrepreneur
Whether a business makes a profit or loss is determined by the difference between the
total amount of money a business takes in from sales, known as its ___________, and
the money needed to operate it, known as ___________. - Answers -revenue,
expenses
The total amount of money a business takes in during a given period of time by selling
goods and services is its: - Answers -revenue
When a business's expenses are greater than its revenues: - Answers -a loss occurs
An entrepreneur risks both ___________ and ___________ in the hope of earning a
profit. - Answers -time, money
Businesses are part of a country's ___________ system that distributes its resources
and contributes to the standard of living and quality of life of its citizens. - Answers -
economic
Among the benefits businesses provide to their communities are: - Answers -tax
payments, jobs, goods and services
What is the definition of standard of living? - Answers -The amount of goods and
services people can buy with the money they have
The elements of a country's quality of life include: - Answers -political freedom, natural
environment, education, safety, health, and amount of leisure
Groups that have a strong interest in the success and outcomes of a business, such as
employees, neighbors, or government regulators, are called ___________. - Answers -
stakeholders
,When a company contracts with another, sometimes in another country, to do some of
its functions, such as production or accounting, it is known as ___________. - Answers
-outsourcing
Organizations such as the Red Cross, public school systems, and the United Way are
examples of ___________ organizations. - Answers -nonprofit
An organization whose functions is to serve a societal need rather than make a profit for
its owners is a(n) ___________ organization. - Answers -nonprofit
Economic well-being and the quality of life improve when businesses create more jobs
because: - Answers -more people can purchase more goods and services
Skills such as information management, leadership, marketing, and financial
management are needed to manage: - Answers -profit and nonprofit organizations
The five ___________ of ___________ are land, labor, capital, entrepreneurship, and
knowledge. - Answers -factors, production
Having a plentiful supply of any one factor of production such as labor isn't as important
today as a combination of ___________ and ___________. - Answers -
entrepreneurship, knowledge
Businesses aren't usually able to control the elements of their environment, but they can
___________ and ___________ to it. - Answers -monitor, adapt
One government policy that helps to reduce the risks for businesses is: - Answers -to
pass laws that enable businesspeople to write enforceable contracts
As a result of changes in ___________ we are able to communicate with people are the
world instantaneously. - Answers -technology
Equipment such as phones, fax machines, and computers are all examples of which
elements of the business environment? - Answers -Technological
Smartphones and social media are technological tools that have completely changed
the way people ___________. - Answers -communicate
The amount of output you generate for the amount of input is ___________. - Answers
-productivity
The buying and selling of goods over the Internet is known as ___________. - Answers
-e-commerce
Businesses can be more successful by responding to their customers needs and wants
they track using: - Answers -databases that track a customer's specific choices,
,databases that use bar codes to track customer's purchases, databases of customer
buying preferences
Giving front-line employees the training, authority, responsibility, and equipment they
need to respond quickly to customer needs is known as ___________. - Answers -
empowerment
The statistical description of a population using characteristics such as age, gender, and
income is ___________. - Answers -demography
Dealing with a diverse workforce requires managers to: - Answers -be sensitive to
workers and cultures around the world
The increase in the older population by the year 2030 will ... - Answers -create many
new markets for goods and services
A benefit of globalization is that living standards have improved in many countries such
as China and India. A cost of globalization is that ... - Answers -those countries have
become strong competitors to U.S. companies
The result of advances in communication and efficient distribution systems using new
technologies has been: - Answers -globalization of trade
Expenditures on the ___________, especially during an economic downturn creates
much debate in the country because people prefer to have the money used to stimulate
the economy at home. - Answers -military
Some companies who produce armaments have benefited from the wars in Iraq and
Afghanistan, whereas others: - Answers -have lost workers and added costly safety
equipment procedures
Students today can expect to respond to rapid changes in the business environment by:
- Answers -continuously educating themselves to meet new job opportunities
The movement of the temperature of the planet up or down over time is ___________
___________. - Answers -climate change
Business owners will work hard if government minimizes taxes and regulations
because: - Answers -they can keep more of the profits they earn
The Uniform Commercial Code is important to businesses in the United States because:
- Answers -it makes business agreements such as contracts enforceable by law
The risks of entrepreneurship are reduced by having laws to support enforceable
___________. - Answers -contracts
, One of the ways government can encourage business is to provide ___________ that is
easily exchanged or traded for that of other countries. - Answers -currency
The more an employee can ___________ in any given period, the more the employee
is worth to the company. - Answers -produce
Consumers today, both B2B and B2C, are able to find huge quantities of information
about stores and products through the Internet. This is a shift from traditional shopping
and personal sales calls because it: - Answers -shifts power in the marketplace to
consumers from sellers
Businesses use bar codes on products that you can purchase in order to: - Answers -
build databases about customer preferences
Businesses that send catalogs and direct mail advertising often buy information about
consumers that is collected in an electronic ___________ that tells them what
customers buy and from whom they buy merchandise. - Answers -database
As production processes continue to improve, it is no longer enough to provide
customers with high-quality products. They also expect: - Answers -high-quality service
The people who respond most directly to customer needs are ___________ workers. -
Answers -frontline
An example of a demographic statistic would be the: - Answers -average income level
of people living in a certain zip code
Our understanding of diversity has expanded beyond minority groups and women to
include: - Answers -seniors and the disabled
True or false: People between the ages of 65-74 are currently the richest demographic
group in the United States. - Answers -True
To balance the money coming in with that going out of the Social Security program by
2017: - Answers -government will have to raise taxes, reduce benefits, spend less on
other programs, or borrow on the world market
Some businesses have responded to demographic changes, such as the increase in
single parent households, by ... - Answers -creating flexible schedules, offering family
leave time
The ___________ environment of business impacts all other elements of the business
environment because of technological changes in communication and distribution
systems. - Answers -global
A business tries to earn a profit by providing ___________ and ___________ that
satisfy people's needs and wants. - Answers -goods, services
A product that is tangible and can be touched or held in your hand is: - Answers -a
good
An example of a service is: - Answers -a physical exam
Services can be defined as: - Answers -intangible products
An ___________ is a person who risks time and money to start and manage a
business. - Answers -entrepreneur
Whether a business makes a profit or loss is determined by the difference between the
total amount of money a business takes in from sales, known as its ___________, and
the money needed to operate it, known as ___________. - Answers -revenue,
expenses
The total amount of money a business takes in during a given period of time by selling
goods and services is its: - Answers -revenue
When a business's expenses are greater than its revenues: - Answers -a loss occurs
An entrepreneur risks both ___________ and ___________ in the hope of earning a
profit. - Answers -time, money
Businesses are part of a country's ___________ system that distributes its resources
and contributes to the standard of living and quality of life of its citizens. - Answers -
economic
Among the benefits businesses provide to their communities are: - Answers -tax
payments, jobs, goods and services
What is the definition of standard of living? - Answers -The amount of goods and
services people can buy with the money they have
The elements of a country's quality of life include: - Answers -political freedom, natural
environment, education, safety, health, and amount of leisure
Groups that have a strong interest in the success and outcomes of a business, such as
employees, neighbors, or government regulators, are called ___________. - Answers -
stakeholders
,When a company contracts with another, sometimes in another country, to do some of
its functions, such as production or accounting, it is known as ___________. - Answers
-outsourcing
Organizations such as the Red Cross, public school systems, and the United Way are
examples of ___________ organizations. - Answers -nonprofit
An organization whose functions is to serve a societal need rather than make a profit for
its owners is a(n) ___________ organization. - Answers -nonprofit
Economic well-being and the quality of life improve when businesses create more jobs
because: - Answers -more people can purchase more goods and services
Skills such as information management, leadership, marketing, and financial
management are needed to manage: - Answers -profit and nonprofit organizations
The five ___________ of ___________ are land, labor, capital, entrepreneurship, and
knowledge. - Answers -factors, production
Having a plentiful supply of any one factor of production such as labor isn't as important
today as a combination of ___________ and ___________. - Answers -
entrepreneurship, knowledge
Businesses aren't usually able to control the elements of their environment, but they can
___________ and ___________ to it. - Answers -monitor, adapt
One government policy that helps to reduce the risks for businesses is: - Answers -to
pass laws that enable businesspeople to write enforceable contracts
As a result of changes in ___________ we are able to communicate with people are the
world instantaneously. - Answers -technology
Equipment such as phones, fax machines, and computers are all examples of which
elements of the business environment? - Answers -Technological
Smartphones and social media are technological tools that have completely changed
the way people ___________. - Answers -communicate
The amount of output you generate for the amount of input is ___________. - Answers
-productivity
The buying and selling of goods over the Internet is known as ___________. - Answers
-e-commerce
Businesses can be more successful by responding to their customers needs and wants
they track using: - Answers -databases that track a customer's specific choices,
,databases that use bar codes to track customer's purchases, databases of customer
buying preferences
Giving front-line employees the training, authority, responsibility, and equipment they
need to respond quickly to customer needs is known as ___________. - Answers -
empowerment
The statistical description of a population using characteristics such as age, gender, and
income is ___________. - Answers -demography
Dealing with a diverse workforce requires managers to: - Answers -be sensitive to
workers and cultures around the world
The increase in the older population by the year 2030 will ... - Answers -create many
new markets for goods and services
A benefit of globalization is that living standards have improved in many countries such
as China and India. A cost of globalization is that ... - Answers -those countries have
become strong competitors to U.S. companies
The result of advances in communication and efficient distribution systems using new
technologies has been: - Answers -globalization of trade
Expenditures on the ___________, especially during an economic downturn creates
much debate in the country because people prefer to have the money used to stimulate
the economy at home. - Answers -military
Some companies who produce armaments have benefited from the wars in Iraq and
Afghanistan, whereas others: - Answers -have lost workers and added costly safety
equipment procedures
Students today can expect to respond to rapid changes in the business environment by:
- Answers -continuously educating themselves to meet new job opportunities
The movement of the temperature of the planet up or down over time is ___________
___________. - Answers -climate change
Business owners will work hard if government minimizes taxes and regulations
because: - Answers -they can keep more of the profits they earn
The Uniform Commercial Code is important to businesses in the United States because:
- Answers -it makes business agreements such as contracts enforceable by law
The risks of entrepreneurship are reduced by having laws to support enforceable
___________. - Answers -contracts
, One of the ways government can encourage business is to provide ___________ that is
easily exchanged or traded for that of other countries. - Answers -currency
The more an employee can ___________ in any given period, the more the employee
is worth to the company. - Answers -produce
Consumers today, both B2B and B2C, are able to find huge quantities of information
about stores and products through the Internet. This is a shift from traditional shopping
and personal sales calls because it: - Answers -shifts power in the marketplace to
consumers from sellers
Businesses use bar codes on products that you can purchase in order to: - Answers -
build databases about customer preferences
Businesses that send catalogs and direct mail advertising often buy information about
consumers that is collected in an electronic ___________ that tells them what
customers buy and from whom they buy merchandise. - Answers -database
As production processes continue to improve, it is no longer enough to provide
customers with high-quality products. They also expect: - Answers -high-quality service
The people who respond most directly to customer needs are ___________ workers. -
Answers -frontline
An example of a demographic statistic would be the: - Answers -average income level
of people living in a certain zip code
Our understanding of diversity has expanded beyond minority groups and women to
include: - Answers -seniors and the disabled
True or false: People between the ages of 65-74 are currently the richest demographic
group in the United States. - Answers -True
To balance the money coming in with that going out of the Social Security program by
2017: - Answers -government will have to raise taxes, reduce benefits, spend less on
other programs, or borrow on the world market
Some businesses have responded to demographic changes, such as the increase in
single parent households, by ... - Answers -creating flexible schedules, offering family
leave time
The ___________ environment of business impacts all other elements of the business
environment because of technological changes in communication and distribution
systems. - Answers -global
