External forces that affect businesses include ________.
-the company mission
-motivated employees
-advances in technology - answer✔✔advances in technology
Both kinds of organizations, nonprofit and for-profit, can ________.
-have shareholders
-earn revenues
-have a charitable tax status - answer✔✔earn revenues
Board of trustees oversee the operations of ________ organizations.
-entrepreneurial
-for-profit
-nonprofit - answer✔✔nonprofit
When products and services are produced or provided, ________ is responsible for ensuring that
those products and services meet high quality standards?
-accounting
-operations
-finance - answer✔✔operations
If a company adjust its processes to offer good service and high-quality products at competitive
prices, they are responding to which external force?
-The competitive environment.
-The technological environment.
-The economic environment. - answer✔✔The competitive environment.
The primary goal of a nonprofit business is to ________.
-maximize profits for owners
-invest in its employees' development of new skills
-use its revenues to provide a public service - answer✔✔use its revenues to provide a public
service
The primary goal of a for-profit business is to ________.
-fulfill its mission
-maximize profits for owners
-contribute to society - answer✔✔maximize profits for owners
A for-profit business exists to maximize profits for owners. In contrast, what type of business
uses its profits to provide a public service?
-unsuccessful
-publicly held
-a nonprofit business - answer✔✔a nonprofit business
A hotel provides both goods and services. Which of the following is an example of a good
provided by a hotel?
-Providing clean linens for use during your stay.
-Offering rooms for rent.
-Offering a bathrobe that you can purchase to take home with you. - answer✔✔Offering a
bathrobe that you can purchase to take home with you.
Resources that can be used to produce other goods and services and have been produced
are________.
-human resource
-natural resources
-capital - answer✔✔capital
According to the law of supply, assuming other factors are held constant:
-as the supply for milk increases, the price of milk will also increase.
-as the price of milk increases, the quantity of milk supplied will decrease.
-as the price of milk decreases, the quantity of milk supplied will decrease. - answer✔✔as the
price of milk decreases, the quantity of milk supplied will decrease.
A severe freeze has damaged the Florida orange crop. The impact on the market for orange juice
will be a leftward shift of:
-both the supply and demand curves.
-the demand curve.
-the supply curve. - answer✔✔the supply curve.
An increase in the quantity supplied can be the result from:
-an increase in price.
-decreased demand.
-an increase in supply. - answer✔✔an increase in price.
The point of a business cycle fluctuation during which growth ceases and the economy has hit a
bottom is called a(n):
-expansion
-contraction
-peak
-trough - answer✔✔trough
The ________ is where quantity demanded and quantity supplied are equal at a certain price.
-equilibrium
-surplus
-supply schedule - answer✔✔equilibrium
Each of us face decisions in our lives that require us to make choices, knowing that:
-the opportunity cost of one's decision should be maximized.
-the impacts of our choices can always be quantified in dollars.
-the correct choice depends upon the opportunity cost of a choice. - answer✔✔the correct choice
depends upon the opportunity cost of a choice.
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