Business Strategy, Development, Application 2nd Ed
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Test Bank for Business Strategy, Development, Application
2nd Edition by Gary J. Bissonette A+
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.
1) Commercial endeavours refers to the markets the organization serves, the products it
offers, and the needs it professes to meet in the marketplace.
Answer: True False
2) Employee interaction is a reflection of the complexities of the business activities that
circulate within an organization.
Answer: True False
3) Organizational efficiency and structure refers to the value-creating skills an organization's
employees bring to the marketplace.
Answer: True False
4) Employee interaction refers to the value-creating skills an organization's employees bring
to the marketplace.
Answer: True False
5) Business can be thought of as a system designed to grow a market for an organization's
goods and services and create organizational value on behalf of stakeholders.
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Answer: True False
6) Any organization that produces a good or service can be classified as a business.
Answer: True False
7) The goal of business activities is profit.
Answer: True False
8) Profit is what it costs to make and sell a product.
Answer: True False
9) Businesses have the right to keep and use their profits as they choose, without limitations.
Answer: True False
10) Businesses seek to earn a profit by providing goods and services to others.
Answer: True False
11) Revenue is the amount a business earns above and beyond what it spends for expenses
and costs.
Answer: True False
12) A manager is an individual who assumes the risk of starting a business.
Answer: True False
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13) If a business's costs and expenses are greater than its revenue, it will suffer a loss.
Answer: True False
14) The business model can best be visualized as the underlying operational platform.
Answer: True False
15) Technology can help businesses become more efficient and productive.
Answer: True False
16) Successful firms follow a customer-driven strategy, as opposed to the management-
driven strategy used in the past.
Answer: True False
17) The competitive environment now empowers managers to make decisions quickly for
their front line employees.
Answer: True False
18) Managers coordinate resources to achieve organizational objectives.
Answer: True False
19) Businesses seek to earn a profit by providing goods and services to others.
Answer: True False
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20) If a business's costs and expenses are less than than its revenue, it will earn a profit.
Answer: True False
21) On the company-centric (business system) side of the business model, the key activities
cell refers to the infrastructure and resource base of the organization.
Answer: True False
22) The Buckmaker Corporation generated total revenues of $30 million dollars while
incurring expenses of $17 million. During the year Buckmaker earned a profit of $13 million.
Answer: True False
23) Successful businesses constantly monitor consumer wants and needs.
Answer: True False
24) Not-for-profit organizations such as the Canadian Cancer Society do not engage in
management, marketing, or finance activities.
Answer: True False
25) To remain competitive in today's market, firms must produce a quality product and offer
outstanding service at a reasonable price.
Answer: True False
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