Which of the following best defines a profit? It is the money a business earns in sales minus the expenses
Which of the following is most likely to be true of most American businesses today? Businesses are focused on what the customer wants
In the context of the history of American business, whic...
FM 116 CH 1 Quiz Questions and Correct
Answers
Which of the following best defines a profit? ✅It is the money a business earns in sales
minus the expenses
Which of the following is most likely to be true of most American businesses today?
✅Businesses are focused on what the customer wants
In the context of the history of American business, which of the following statements is
true of the industrial revolution? ✅Factories hired large numbers of semiskilled workers
who specialized in a limited number of tasks
During the _____, as mass production took hold, huge factories replaced skilled artisan
workshops ✅Industrial revolution
During the _____ era, factories replaced previously abundant artisan workshops
✅industrial revolution
During the production era, in the early part of the 1900s, major businesses focused on:
✅refining the production process and creating greater efficiencies
In the context of the history of American business, which of the following statements is
true of the production era? ✅Jobs became specialized, increasing productivity and
lowering costs and prices
In the context of the production era, the "hard sell" refers to the: ✅aggressive
persuasion designed to separate consumers from their cash
In the context of the history of American business, which of the following statements is
true of the entrepreneurship era? ✅Large-scale entrepreneurs emerged in the second
half of the 1800s, building business empires
During the _____, the government of the United States stepped into the business realm
to pass laws to regulate business and protect consumers and workers
✅entrepreneurship era
Jason set up a textile mill in his hometown in 1865. He became a rich businessman by
the time his son Earl took over the business in 1895. Soon after Earl started heading the
business, the government passed laws to regulate business and protect consumers and
workers. Due to this move by the government, the textile mill had to introduce a fixed
salary structure for its employees and implement quality checks for the products
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