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Test Bank For Business A Changing World 8th Edition by Ferell.
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Full file at http://testbankcart.eu/Test-Bank-for-Business-A-Changing-World-8th-Edition-by-FerrellChapter 01
The Dynamics of Business and Economics
True / False Questions
1. Products have tangible attributes only.
True False
2. The primary goal of business activities is profit.
True False
3. Nonprofit organizations such as Habitat for Humanity do not engage in management,
marketing, or finance activities.
True False
4. Profit is what it costs to make and sell a product.
True False
5. Businesses have the right to keep and use their profits as they choose, without limitations.
True False
Multiple Choice Questions
6. ____ is the primary goal of business.
A. Growth
B. Profit
C. IPO
D. Marketing
E. Strategy
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7. Businesses differ from nonprofit organizations in that a business's focus is on
A. price.
B. goods.
C. profit.
D. organization.
E. plans.
8. ____ have both tangible and intangible characteristics.
A. Products
B. Services
C. Businesses
D. Stakeholders
E. Organizations
9. Profit is the reward for business in exchange for the ____ taken in providing products.
A. expenses
B. time
C. energy
D. risks
E. markets
10. When purchasing, a consumer is actually buying a product's anticipated benefits and
A. satisfaction.
B. price.
C. costs.
D. productivity.
E. form.
11. If a business is to be successful in the long run, it must produce quality products, operate
efficiently, and be
A. fun.
B. socially responsible.
C. hard-working.
D. egalitarian.
E. transparent.
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12. Which of the following is not a product?
A. A Dell personal computer
B. A veterinarian's treatment of a pet's injuries
C. A lawyer's advice in a divorce case
D. Business profit
E. A checkup by a doctor
13. The goal of business is to earn
A. respect.
B. resources.
C. a profit.
D. responsibility.
E. independence.
14. Customers, employees and investors are examples of:
A. constituents.
B. stockholders.
C. stakeholders.
D. entities.
E. organizations.
Essay Questions
15. Briefly describe the goals of a business, especially the primary goal.
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True / False Questions
16. Finance refers to all activities concerned with obtaining money and using it effectively.
True False
17. Owners have little responsibility to provide funds for the operation of the business.
True False
18. Managers coordinate resources to achieve the firm's goals.
True False
19. The focus of all marketing activities is customer satisfaction.
True False
20. Owners always manage their businesses.
True False
Multiple Choice Questions
21. The functions of organizing, staffing, planning, and controlling are most closely
associated with
A. employees.
B. customers.
C. managers.
D. stockholders.
E. accountants.
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