Business Principles 1301: Chapter 1

Businesses are a part of a country's _____ system that distributes its resources and contributes to the standard of living and quality of life of its citizens.

True or False: Many small businesses fail every year.

The purpose of nonprofit organizations include:

Equipment such as phones, fax machines, and computers are all examples of which of the elements of the business environment?

The ___ factors of ___ are land, labor, capital, entrepreneurship, and knowledge.

Which of the following products are classified as a service?

When a business's expenses are greater than its revenues, the business is operating at a(n)

Demography is the statistical study of:

When a company contracts with other companies, sometimes in another country, to do some of all of its functions, what is it called?

What is it that entrepreneurs risk losing when they start a business?

Examples of demographic statistics are:

Groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators, are called:

The amount of goods and services people can buy with the money they have is known as the ___ of ___.

True or false: Profit or loss is the difference between revenues and the expenses needed to run the business.

Factors in the environment that support the development of businesses include:

The total amount of money a business takes in during a given period of time by selling goods and services is its:

Goods are ___ products such as shoes or cars, while services are ___ products such as insurance or travel.

Government policies that favor business are:

An important effect of changed communication technology is that we communicate:

A goal for many companies striving for high-quality products is "zero defects" because:

Businesses can be more successful by responding to customer needs and wants they track using:

One of the ways government can encourage business is to provide___ that is easily exchanged or traded for that of other countries.

Expenditures on the military during an economic ___ creates much debate in the country because people prefer to have the money used to stimulate the economy at home.

Economic well-being and the quality of life improve when businesses create more jobs because:

The factors of production include:

Global trade means more opportunities, but it also means more global

To balance the money coming in with that going out of the Social Security program by 2017:

The businesses that will succeed in today's economy will be those that are:

The fastest growing sector of the economy is the ___ sector, which makes up about 70% of the value of the U.S. economy.

One of the challenges for future leaders is that the information-based global revolution is moving the economy in new directions that:

Climate change can be defined as the movement of the ____ of the planet up or down over time.

A country's quality of life includes such elements as:

Governments can encourage entrepreneurship by allowing private ownership of businesses and by writing ___ that support writing enforceable contracts.

Examples of high-paying service jobs are in:

Entrepreneurs take the risks involved in starting a business because they gain:

Many countries have large quantities of one or more factors of production, but have not been successful in accumulating wealth because:

Giving front-line employees the training, authority, responsibility, and equipment they need to respond quickly to customer needs is known as:

Globalization has occurred because of:

Private ownership of business provides an incentive for people to work hard because:

The amount of output you generate for the amount of input is:

The risks of entrepreneurship are decreased by:

Businesses improve the quality of life in their communities by:

There are more high-paying jobs in the ___ sector of the economy than in the goods-producing sector.

A benefit of ___ is the improved living standards in developing countries such as China and India.

It is important to empower front-line workers, such as salespeople, because they are most often the ones who interact with which group of stakeholders?

Companies that are customer-driven:

The Uniform Commercial Code is important to businesses in the United States because:

Bar codes on products purchased help retailers build a(n) __ about customer preferences.

Since white males compromise about 64% of the workforce, efforts to improve diversity in the workplace now include which of the following groups?

A good strategy for college graduates today is to:

The group ages 65-74 is currently in the __ demographic in the U.S.

The United States has experienced strong economic growth and increased productivity:

Companies trade database information so they:

Businesses provide help to the communities they are in by providing ___, services, and jobs.

Organizations such as the Red Cross, public school systems, and the United Way are examples of ___ organizations.

The definition of e-commerce is:

Businesses have responded to the increase in single-parent households by:

It is no longer enough to provide customers with high-quality products. They also expect outstanding customer___

For businesses to succeed in today's environment, they need support from:

Some of the goods and services most likely to be needed by elderly consumers include:

As the economy evolves, the use of new technologies means the need for jobs in some industries disappears and there are new ___ in others.

Dealing with a diverse workforce requires managers to:

Which percentage of the value of the U.S. economy is generated by the service sector?

The trend called greening is important because it:

The decision to outsource requires management to balance the needs of their ___.

The invention of farm equipment such as Cyrus McCormick's harvester and other such improvements has led to large-scale ___ and increased world's food supplies.

Projections are that although service jobs are growing now, the economy is continuing to evolve to one based on the information-based global revolution. The best strategy for college graduates is to:

It takes many years for a company to change its culture and structure to one of empowerment because:

Entrepreneurs have to provide themselves and their employees any __ they receive such as sick days or insurance.

Whether working for a nonprofit such as the Red Cross or a company with the goal of making profits such as Macy's, managers:

Despite laws to prevent it, many companies have acted illegally by using corrupt practices to:

The wars in Iraq and Afghanistan have ___ some sectors of the U.S. economy such as those that manufacture arms, but has ___ growth in others such as tourism.

One way for government to actively promote entrepreneurship is to allow private __ of businesses.

In business, you can be certain that the environment is constantly ___

Entrepreneurs take risks with their time and money to start a business. They are also able to build their own wealth if they:

An increase in the number of retirees in the population is a demographic statistic that affects business because:

To be more competitive, companies set a goal of ___ ____ in their production processes because it reduces costs due to wasted materials.

Examples of the increased organizational costs to businesses caused by wars and terrorism are:

For a business to be successful, it must continue to make a profit and it must also:

One of the problems facing the U.S. government in the near future is paying for Social Security because:

When a company such as Toyota or Hyundai opens a design or production facility in the United States, we see it as

Some of the world's largest firms that believe in climate change are:

One of the effects of increased productivity in one sector of the economy is that society overall benefits from:

The elements of the external business environment include the:

The global environment affects all of the other environmental influences such as the economic, legal, and social environments because:

Why is the standard of living in the United States higher than that of Japan or Germany, although their workers make more on the average?

Benefits of a healthy global and business environment include social benefits such as good schools, low crime rates, and clean air and water. That is because a healthy business environment is the source of:

Coca-Cola is able to do business in China because:

One way to reduce international tensions is to foster global economic growth because:

New technologies that connect people all over the world and the increased amount of information available to institutional, wholesale and retail consumers have created:

For businesses to succeed and provide social benefits such as good schools and low crime rates, the:

Municipalities have adapted to increased diversity in their populations by:

The government will often increase government spending in an attempt to:

Some companies who produce armaments have benefited from the wars in Iraq and Afghanistan, whereas others:

By the year 2020, the population over 65 is projected to:

Many improvements in productivity are due to improved technology

A worker who is more productive is worth more to a company than one who is less productive because:

When buyers, real estate brokers, and mortgage leaders were dishonest about the ability of people to pay their mortgages, it led to: