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Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Question 51

Multiple Choice

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Which of the following statements describes a recurring theme about today's ecological environment?

A) Most people agree that there is strong evidence that the temperature of the planet is going down.
B) Smart businesses know that green business is currently a trend and they should proceed with caution because most green initiatives are more costly than wars and terrorism.
C) There is a strong push by customers that businesses develop products and services that clearly save energy.
D) Clearly,the greening issue is an American trend that has not captured the attention of the international business community.

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Question 52

Multiple Choice

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Last year,Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.Based on this information,Adventure reported:

A) profits of $14 million.
B) profits of $34 million.
C) losses of $14 million.
D) losses off $34 million.

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Question 53

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Taxes and government regulations are part of the economic and legal environment in which businesses operate.

Xavier,a recent college graduate,is thinking of investing in a home health care business.He believes this will be a profitable venture because of the increasing number of people in the U.S.that will be over 60 in the near future and more likely to need this type of service.This accurately describes a demographic trend that will affect his business choice.

Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of Internet and telecommunications products that enhance the lives of consumers.Identity theft and other forms of cybercrime are also by-products of these technological advancements.Which of the following statements describes a form of identity theft?

Demographic changes create new business opportunities.

After losing her manufacturing job in the U.S.automobile industry,Juanita has found that well paid service sector jobs require retraining and further education.

In most industries,the only producers that pose a serious threat to U.S.manufacturers are those in Japan and Western Europe. Producers in countries like China and India have become major U.S.competitors.For example,Lenovo,a Chinese firm,recently bought IBM's PC unit.

Businesses provide goods,jobs,and services to others.

Businesses use demographic studies to understand where people live,their lifestyles,and what they are likely to buy.

The transition from an agricultural economy to a manufacturing economy to a service based economy has resulted in a serious increase in long-term unemployment.

The Internet and the emergence of an information-based economy are important parts of the ___________ environment in which businesses operate.

The primary focus of successful firms is designing and producing high quality goods.Advertising is then used to convince consumers to buy their superior products.

China is a nation with a vast amount of land and a very large population.Another characteristic of this nation is its people's affinity for saving money.Referring to the five factors of production,the government of China has made significant progress in building its business environment by focusing on factors that needed improvement.Its strategy was to:

Producing a high quality product will ensure success in the competitive environment.

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

Which of the following is a benefit of owning your own business?

Companies that outsource research and development and design jobs:

The war on terrorism will:

It's important that firms are as efficient as possible.This is done by becoming management-driven for efficiency.