Introduction To Business - Section 65z - Spring 2009 - Part 1

203 Questions  I  By Marcosbarrera on June 5, 2009
Introduction to Business - Section 65Z - Spring 2009 - part 1

  
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1.  ____________ is the amount a business earns over and above what it spends for salaries and other expenses.
A.
B.
C.
D.
2.  __________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
A.
B.
C.
D.
3.  A(n) ____________ is a person who assumes the risk of starting a business.
A.
B.
C.
D.
4.  Starting a business always involves a ________.
A.
B.
C.
D.
5.  Often in business the greater the risk, the:
A.
B.
C.
D.
6.  Last year, MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million. Based on this information, MacTeck:
A.
B.
C.
D.
7.  Shelley recently opened a new restaurant specializing in fast foods prepared with less fat and calories for health-conscious diners who are in a hurry. Shelley knows that there are some risks associated with opening and managing a restaurant, but she is confident that she can earn a profit. Shelley is an example of a(n):
A.
B.
C.
D.
8.  A key characteristic of entrepreneurs is that they:
A.
B.
C.
D.
9.  The standard of living for a nation's people depends mainly on:
A.
B.
C.
D.
10.  In the past twenty years, the number of U.S. women business owners:
A.
B.
C.
D.
11.  Which of the following statements about factors of production is the most accurate?
A.
B.
C.
D.
12.  Nadine has started up a new printing business. The printers, computers, and copying machines she has leased are examples of:
A.
B.
C.
D.
13.  A country's ___________ refers their general well-being and satisfaction derived from a variety of factors including personal freedom, safety, education, and a clean environment.
A.
B.
C.
D.
14.  The knowledge and skills students acquire in business courses will be useful to them:
A.
B.
C.
D.
15.  Which of the following is a factor of production?
A.
B.
C.
D.
16.  According to the Spotlight on Small Business box for Chapter 1, which of the following statements about starting small businesses in the United States is most accurate?
A.
B.
C.
D.
17.  The most important difference between businesses and nonprofit organizations is that:
A.
B.
C.
D.
18.  The number of businesses owned by Hispanics and Asians has:
A.
B.
C.
D.
19.  In countries where businesses are government owned:
A.
B.
C.
D.
20.  A review of the decision making process as to where to locate a new business venture suggests that:
A.
B.
C.
D.
21.  According to Bloomberg Personal Finance magazine, one of the greatest threats to the U.S. economy is:
A.
B.
C.
D.
22.  ___________ means producing items with the least amount of resources.
A.
B.
C.
D.
23.  All of the following policies would tend to foster entrepreneurship except:
A.
B.
C.
D.
24.  The Internet and the emergence of an information based economy are important parts of the ___________ environment in which businesses operate
A.
B.
C.
D.
25.  Employers provide tools and technology for their employees in order to:
A.
B.
C.
D.
26.  All around the world, countries are trying to create more wealth by:
A.
B.
C.
D.
27.  High tax rates tend to:
A.
B.
C.
D.
28.  All of the following can increase labor's productivity except:
A.
B.
C.
D.
29.  Taxes and government regulations are part of the ________________ environment of business.
A.
B.
C.
D.
30.  Jill is looking into the possibility of opening up a day care center in her community, because she is aware of many two-income families that need a place for their children to stay while the parents work. However, she is concerned about the long-term prospects for such a business. Jill believes the future of her center will depend on whether birth rates and the number of two-income families remain high. These concerns illustrate how businesses can be affected by:
A.
B.
C.
D.
31.  The statistical study of human population to learn its size, density, and characteristics is called:
A.
B.
C.
D.
32.  Which of the following statements about e-commerce is most accurate?
A.
B.
C.
D.
33.  One result of the use of self-managed cross-functional teams has been:
A.
B.
C.
D.
34.  An electronic storage file where firms keep customer information is known as a(n):
A.
B.
C.
D.
35.  Population studies indicate that by the year 2050 ________ will be a slim majority of the U.S. population.
A.
B.
C.
D.
36.  Companies that sell goods to consumers over the Internet are engaging in:
A.
B.
C.
D.
37.  To be effective, empowerment will require lower-level workers to :
A.
B.
C.
D.
38.  Successful businesses are keenly focused on their:
A.
B.
C.
D.
39.  Empowerment requires that managers focus more on __________________ lower-level employees.
A.
B.
C.
D.
40.  The series of lines on a product packaging that the cashier scans when you check out at a grocery store or discount store is called a:
A.
B.
C.
D.
41.  Mark recently graduated with honors from his college. He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future. In evaluating the workplace of the future, Mark is:
A.
B.
C.
D.
42.  The book Generations at Work suggests that ________ are perceived by others as slackers, whiners, and rude
A.
B.
C.
D.
43.  Those individuals born in the U.S. between 1946 and 1964 are referred to as:
A.
B.
C.
D.
44.  Cooperation among firms from different nations is:
A.
B.
C.
D.
45.  Which of the following best describes recent job growth in the service sector?
A.
B.
C.
D.
46.  Currently, the richest group in the United States consists of people between the ages of:
A.
B.
C.
D.
47.  In the current global environment, high quality products are produced:
A.
B.
C.
D.
48.  People born in the U.S. between 1965 and 1980 are referred to as:
A.
B.
C.
D.
49.  Tangible products such as computers, food, and cars are examples of:
A.
B.
C.
D.
50.  The book Generations at Work suggests that ________ are perceived by others as self-righteous workaholics
A.
B.
C.
D.
51.  The events of 9-11's terrorist attack initially caused:
A.
B.
C.
D.
52.  The high cost of housing and the desire to “have it all” have contributed to a dramatic growth in:
A.
B.
C.
D.
53.  Mostly Mirrors, Inc. is considering a program that would allow some of its workers to telecommute. One group of workers who would probably benefit from telecommuting is:
A.
B.
C.
D.
54.  By 1990, Todd McFarlane was the highest paid _____________ in America.
A.
B.
C.
D.
E.
55.  What set of laws is the success of the McFarlane Companies especially dependent on?  
A.
B.
C.
D.
E.
56.  How much did The McFarlane Companies pay for Mark McGuire's record 70th homerun ball?  
A.
B.
C.
D.
E.
57.  What career did Todd McFarlane of the McFarlane Companies have his heart set on when he was a teenager?
A.
B.
C.
D.
E.
58.  In the video "Toying with Success: The McFarlane Companies," Todd McFarlane held up a toy basketball his company makes. The toy was a realistic brown color and had painted black seams. Mr. McFarlane estimated that this basketball costs him _____ cents per unit to make. He also estimated that if he were to make it instead in a less realistic orange color without painted seams, it would cost him _____ cents per unit to make.
A.
B.
C.
D.
E.
59.  Mr. Lilly's theory of the causes of differential wealth among nations includes elimination of corruption as a subfactor within institutional capital.
A.
B.
60.  Mr. Lilly's theory of the causes of differential wealth among nations includes social capital as a factor
A.
B.
61.  According to Mr. Lilly, eBay creates wealth or value out of thin air.
A.
B.
62.  Mr. Lilly's theory of the causes of differential wealth among nations includes effective enforcement of private contracts as a subfactor within institutional capital.
A.
B.
63.  According to Mr. Lilly, Businesses bring wealth into existence in our universe that wasn't there before. They create wealth "out of thin air."
A.
B.
64.  Mr. Lilly's theory of the causes of differential wealth among nations includes keeping taxes and business regulations to a minimum as a subfactor within institutional capital.  
A.
B.
65.  Mr. Lilly's theory of the causes of differential wealth among nations includes labor as a factor
A.
B.
66.  Mr. Lilly's theory of the causes of differential wealth among nations includes knowledge as a factor.  
A.
B.
67.  Mr. Lilly's theory of the causes of differential wealth among nations includes entrpreneurship as a factor.
A.
B.
68.  Businesses keep 100% of the value they create
A.
B.
69.  Mr. Lilly says the stakeholder view of the corporation presented in the textbook, as summarized in its statement that "The challenge of the 21st century will be for organizations to balance, as much as possible, the needs of all stakeholders" (emphasis added) is a bit controversial
A.
B.
70.  Mr. Lilly's theory of the causes of differential wealth among nations includes the right to own private property as a subfactor within institutional capital.
A.
B.
71.  Mr. Lilly's theory of the causes of differential wealth among nations includes physical capital as a factor
A.
B.
72.  Mr. Lilly's theory of the causes of differential wealth among nations includes land as a factor.
A.
B.
73.  Mr. Lilly's theory of the causes of differential wealth among nations includes institutional capital as a factor
A.
B.
74.  Mr. Lilly defines government corruption as government officials taking money in exchange for  
A.
B.
C.
D.
E.
75.  In Mr. Lilly's opinion, businesses have  
A.
B.
C.
D.
76.  Mr. Lilly would prefer to see the expression ___________________________ substituted for #4 Tradable currency in the 5-item list in the upper left quadrant of Figure 1.3 of your book labeled "The Economic and Legal Environment."
A.
B.
C.
D.
77.  According to Mr. Lilly, under reasonable assumptions, about half the value created by businesess shows up as ______________, and the other half shows up as taxes or consumer surplus
A.
B.
C.
D.
78.  Saudi Arabia has the 45th highest standard of living in the world out of 194 nations. Mr. Lilly thinks this is primarily because they have a lot of the factor of production called  
A.
B.
C.
D.
E.
79.  In the lecture, Mr. Lilly presented a definition of "business" that was identical to the one contained in your textbook, except that he substituted the expression ____________________ for the word activity
A.
B.
C.
D.
80.  Mr. Lilly says "Show me a business that _____________________, and I will show you a business that creates wealth or value out of thin air
A.
B.
C.
D.
81.  According to Mr. Lilly, the value created by businesses is divided between
A.
B.
C.
D.
82.  Consumer surplus is the difference between the amount a consumer would have been willing to pay for a product or service and  
A.
B.
C.
D.
83.  What do high tax rates tend to do?
A.
B.
C.
D.
84.  Which of the following is the best example of a business?
A.
B.
C.
D.
85.  Contracts are  
A.
B.
C.
D.
86.  According to Mr. Lilly, businesses are constantly trying to invent new products that society will value more highly and/or find ways to produce their current products more cheaply, in order to make:
A.
B.
C.
D.
87.  A key to economic growth and development is to:
A.
B.
C.
D.
88.  According to the invisible hand concept, the best way for the government to encourage the creation of jobs and the production of the products most wanted by consumers would be to:
A.
B.
C.
D.
89.  ___________ studies the operation of a nation's economy as a whole
A.
B.
C.
D.
90.  _________ is considered by some to be the father of modern economics
A.
B.
C.
D.
91.  Which of the following would be a topic emphasized in a macroeconomics course?
A.
B.
C.
D.
92.  Adam Smith believed that countries would prosper if businesspeople were free to start and run their own businesses, because businesspeople would make a profit by providing the goods, services and ideas that others in the economy wanted. This was called the:
A.
B.
C.
D.
93.  For many years, Congressman Reggie Lader has called for more government regulation of business. "After all," the Congressman said recently, "Businesspeople are out to make a profit, not to create jobs or serve their customers. The government must pass more laws to require businesses to take the interests of consumers and workers into account." From these comments, it is clear that Congressman Lader:
A.
B.
C.
D.
94.  In the boxed material "Reaching Beyond Our Borders," Pablo Tesak increased the productivity of his workers. How did he accomplish this?
A.
B.
C.
D.
95.  Sue Flay is a gifted cook. She is about to open her own business, a restaurant in which she will be the head chef. Sue is willing to work long hours because she believes that her culinary talents and hard work will allow her business to succeed and earn her a great deal of money. Sue's efforts appear most consistent with the economic theory developed by:
A.
B.
C.
D.
96.  Which of the following would be a topic emphasized in a microeconomics class?
A.
B.
C.
D.
97.  Thomas Malthus believed that a major problem that would limit economic progress was:
A.
B.
C.
D.
98.  Economics is the study of how
A.
B.
C.
D.
99.  ____________ looks at the behavior of individual people and organizations in specific markets.
A.
B.
C.
D.