BUS 100 Exam Chapters 1-4 || with Error-free Solutions.
A business tries to earn a profit by providing ___________ and ___________ that satisfy people's needs and wants. correct answers goods, services
A product that is tangible and can be touched or held in your hand is: correct answers a good
An example of a service is: correct answers a physical exam
Services can be defined as: correct answers intangible products
An ___________ is a person who risks time and money to start and manage a business. correct answers entrepreneur
Whether a business makes a profit or loss is determined by the difference between the total amount of money a business takes in from sales, known as its ___________, and the money needed to operate it, known as ___________. correct answers revenue, expenses
The total amount of money a business takes in during a given period of time by selling goods and
services is its: correct answers revenue
When a business's expenses are greater than its revenues: correct answers a loss occurs
An entrepreneur risks both ___________ and ___________ in the hope of earning a profit. correct answers time, money
Businesses are part of a country's ___________ system that distributes its resources and contributes to the standard of living and quality of life of its citizens. correct answers economic
Among the benefits businesses provide to their communities are: correct answers tax payments, jobs, goods and services
What is the definition of standard of living? correct answers The amount of goods and services people can buy with the money they have
The elements of a country's quality of life include: correct answers political freedom, natural environment, education, safety, health, and amount of leisure
Groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators, are called ___________. correct answers stakeholders
When a company contracts with another, sometimes in another country, to do some of its functions, such as production or accounting, it is known as ___________. correct answers outsourcing Organizations such as the Red Cross, public school systems, and the United Way are examples of ___________ organizations. correct answers nonprofit
An organization whose functions is to serve a societal need rather than make a profit for its owners is a(n) ___________ organization. correct answers nonprofit
Economic well-being and the quality of life improve when businesses create more jobs because: correct answers more people can purchase more goods and services
Skills such as information management, leadership, marketing, and financial management are needed to manage: correct answers profit and nonprofit organizations
The five ___________ of ___________ are land, labor, capital, entrepreneurship, and knowledge. correct answers factors, production
Having a plentiful supply of any one factor of production such as labor isn't as important today as a combination of ___________ and ___________. correct answers entrepreneurship, knowledge
Businesses aren't usually able to control the elements of their environment, but they can ___________ and ___________ to it. correct answers monitor, adapt
One government policy that helps to reduce the risks for businesses is: correct answers to pass laws that enable businesspeople to write enforceable contracts
As a result of changes in ___________ we are able to communicate with people are the world instantaneously. correct answers technology
Equipment such as phones, fax machines, and computers are all examples of which elements of the business environment? correct answers Technological
Smartphones and social media are technological tools that have completely changed the way people ___________. correct answers communicate
The amount of output you generate for the amount of input is ___________. correct answers productivity
The buying and selling of goods over the Internet is known as ___________. correct answers e-
commerce
Businesses can be more successful by responding to their customers needs and wants they track using: correct answers databases that track a customer's specific choices, databases that use bar codes to track customer's purchases, databases of customer buying preferences
Giving front-line employees the training, authority, responsibility, and equipment they need to respond quickly to customer needs is known as ___________. correct answers empowerment The statistical description of a population using characteristics such as age, gender, and income is ___________. correct answers demography
Dealing with a diverse workforce requires managers to: correct answers be sensitive to workers and cultures around the world
The increase in the older population by the year 2030 will ... correct answers create many new markets for goods and services
A benefit of globalization is that living standards have improved in many countries such as China and India. A cost of globalization is that ... correct answers those countries have become strong competitors to U.S. companies
The result of advances in communication and efficient distribution systems using new technologies has been: correct answers globalization of trade
Expenditures on the ___________, especially during an economic downturn creates much debate
in the country because people prefer to have the money used to stimulate the economy at home. correct answers military
Some companies who produce armaments have benefited from the wars in Iraq and Afghanistan,
whereas others: correct answers have lost workers and added costly safety equipment procedures
Students today can expect to respond to rapid changes in the business environment by: correct answers continuously educating themselves to meet new job opportunities
The movement of the temperature of the planet up or down over time is ___________ ___________. correct answers climate change
Business owners will work hard if government minimizes taxes and regulations because: correct answers they can keep more of the profits they earn
The Uniform Commercial Code is important to businesses in the United States because: correct answers it makes business agreements such as contracts enforceable by law
The risks of entrepreneurship are reduced by having laws to support enforceable ___________. correct answers contracts
One of the ways government can encourage business is to provide ___________ that is easily exchanged or traded for that of other countries. correct answers currency
The more an employee can ___________ in any given period, the more the employee is worth to the company. correct answers produce Consumers today, both B2B and B2C, are able to find huge quantities of information about stores and products through the Internet. This is a shift from traditional shopping and personal sales calls because it: correct answers shifts power in the marketplace to consumers from sellers
Businesses use bar codes on products that you can purchase in order to: correct answers build databases about customer preferences
Businesses that send catalogs and direct mail advertising often buy information about consumers that is collected in an electronic ___________ that tells them what customers buy and from whom they buy merchandise. correct answers database
As production processes continue to improve, it is no longer enough to provide customers with high-quality products. They also expect: correct answers high-quality service
The people who respond most directly to customer needs are ___________ workers. correct answers frontline
An example of a demographic statistic would be the: correct answers average income level of people living in a certain zip code
Our understanding of diversity has expanded beyond minority groups and women to include: correct answers seniors and the disabled
True or false: People between the ages of 65-74 are currently the richest demographic group in the United States. correct answers True
To balance the money coming in with that going out of the Social Security program by 2017: correct answers government will have to raise taxes, reduce benefits, spend less on other programs, or borrow on the world market
Some businesses have responded to demographic changes, such as the increase in single parent households, by ... correct answers creating flexible schedules, offering family leave time
The ___________ environment of business impacts all other elements of the business environment because of technological changes in communication and distribution systems. correct answers global
A benefit of globalization is that it has greatly improved the standard of living: correct answers around the world
A goal for many companies striving for high-quality products is "zero defects" because: correct answers their customers are happier with their products, fewer defects mean less waste and lower
costs
