Test Bank for Introduction to Business by Openstax (All Chapters included)

TEST BANK



Introduction to Business by
Openstax




Complete Chapter Test Bank
are included (Ch 1 to 17)




** Immediate Download
** Swift Response
** All Chapters included

,Table of Contents are given below




Chapter 1 Understanding Economic Systems and Business
Chapter 2 Making Ethical Decisions and Managing a Socially Responsible Business
Chapter 3 Competing in the Global Marketplace
Chapter 4 Forms of Business Ownership
Chapter 5 Entrepreneurship: Starting and Managing Your Own Business
Chapter 6 Management and Leadership in Today's Organizations
Chapter 7 Designing Organizational Structures
Chapter 8 Managing Human Resources and Labor Relations
Chapter 9 Motivating Employees
Chapter 10 Achieving World-Class Operations Management
Chapter 11 Creating Products and Pricing Strategies to Meet Customers' Needs
Chapter 12 Distributing and Promoting Products and Services
Chapter 13 Using Technology to Manage Information
Chapter 14 Using Financial Information and Accounting
Chapter 15 Understanding Money and Financial Institutions
Chapter 16 Understanding Financial Management and Securities Markets
Chapter 17 Your Career in Business

,This OpenStax ancillary resource is © Rice University under a CC BY 4.0 International license; it may be reproduced or modified but must be
attributed to OpenStax, Rice University and any changes must be noted.


Chapter 1 UNDERSTANDING ECONOMIC SYSTEMS AND BUSINESS

TRUE-FALSE QUESTIONS

Title: ANSWER: T REFERENCE: The Nature of Business LEARNING OUTCOME: 1
1. A business is an organization that strives for a profit by providing goods and services desired by its
customers.
a. True
b. False

Title: ANSWER: F REFERENCE: The Nature of Business LEARNING OUTCOME: 1 RATIONALE: The major
difference is tangibility
2. The major difference between a good and a service is how the producer uses the factors of production
to create each.
a. True
b. False

Title: ANSWER: F REFERENCE: The Nature of Business LEARNING OUTCOME: 1 RATIONALE: Not-for-profit
organizations exist to achieve some goal other than profit.
3. Not-for-profit organizations have the same goals as for-profit organizations.
a. True
b. False

Title: ANSWER: T REFERENCE: The Nature of Business LEARNING OUTCOME: 1
4. Factors of production are common to all productive activities, regardless of the economic system.
a. True
b. False

Title: ANSWER: F REFERENCE: The Nature of Business LEARNING OUTCOME: 1 RATIONALE: Labor is the
economic contribution of the people.
5. Labor, as a factor of production, relates only to the production of manufactured goods; services are not
included.
a. True
b. False

Title: ANSWER: F REFERENCE: The Nature of Business LEARNING OUTCOME: 1 RATIONALE: Capital is all the
inputs used to produce goods and services and get them to the customer.
6. As a factor of production, capital includes money.
a. True
b. False

Title: ANSWER: T REFERENCE: The Nature of Business LEARNING OUTCOME: 1
7. People who combine natural resources, labor, and capital in a profitable venture are called
entrepreneurs.
a. True
b. False

Title: ANSWER: T REFERENCE: The Nature of Business LEARNING OUTCOME: 1
8. Many people consider knowledge to be a fifth factor of production.

, a. True
b. False

Title: ANSWER: T REFERENCE: Understanding the Business Environment LEARNING OUTCOME: 2
9. Business owners and managers have a great deal of control over the internal environment of business,
which covers the day-to-day business decisions.
a. True
b. False

Title: ANSWER: F REFERENCE: Understanding the Business Environment LEARNING OUTCOME: 2
RATIONALE: No one business is large enough or powerful enough to create major changes in the external
environment.
10. Some global corporations are large enough to create major changes in the external environment.
a. True
b. False

Title: ANSWER: F REFERENCE: Demographic Factors LEARNING OUTCOME: 2 RATIONALE: Demography is
the study of people's vital statistics.
11. Demography is the study of how people use their free time, how people integrate their hobbies and
their vocations, and how people make their purchase decisions.
a. True
b. False

Title: ANSWER: T REFERENCE: Demographic Factors LEARNING OUTCOME: 2
12. The term Generation X refers to people born between 1965 and 1980.
a. True
b. False

Title: ANSWER: T REFERENCE: Demographic Factors LEARNING OUTCOME: 2 RATIONALE: Baby boomers
are Americans that are retiring or near-retirement age. Most are vital contributors to the U.S.'s economy.
13. Baby boomers are Americans that are retiring or near-retirement age.
a. True
b. False

Title: ANSWER: T REFERENCE: Social Factors LEARNING OUTCOME: 2
14. Social factors influence what, how, where, and when to purchase products or services.
a. True
b. False

Title: ANSWER: F REFERENCE: How Business and Economies Work LEARNING OUTCOME: 3 RATIONALE:
Economics is the study of how a society uses scarce resources to produce and distribute goods and
services.
15. Economics is the study of a society’s financial institutions.
a. True
b. False

Title: ANSWER: F REFERENCE: Microeconomics and Macroeconomics LEARNING OUTCOME: 3
RATIONALE: Microeconomics focuses on individual parts of the economy.
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