Test Bank for Business Strategy, Development, Application 3rd Edition By Gary Bissonette

Test bank
Business: Strategy, Development, Application
Authors: Gary Bissonette

◊ ALL CHAPTERS ◊ ORIGINAL FROM PUBLISHER ◊ PDF DOWNLOAD
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3rd Edition
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,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
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4) Employee interaction refers to the value-creating skills an organization's employees bring to the
marketplace.
Answer: True False




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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
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6) Any organization that produces a good or service can be classified as a business.
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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.
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Answer: True False

9) Businesses have the right to keep and use their profits as they choose, without limitations.
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Answer: True False
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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
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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




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, 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
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line employees.




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Answer: True False

18) Managers coordinate resources to achieve organizational objectives.




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Answer: True False
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19) Businesses seek to earn a profit by providing goods and services to others.
Answer:

20) If
True False

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a business's costs and expenses are less than than its revenue, it will earn a profit.
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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
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expenses of $17 million. During the year Buckmaker earned a profit of $13 million.
Answer: True False
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23) Successful businesses constantly monitor consumer wants and needs.
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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
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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




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