MGMT1 Midterm review

.docx

School

University of California, Irvine *

*We aren’t endorsed by this school

Course

Subject

Economics

Date

May 7, 2024

Type

docx

Pages

Uploaded by ChancellorKuduPerson1110 on coursehero.com

Working as an entrepreneur is the only way to succeed in business. true false Correct Businesses provide goods, jobs, and services to others. A. True B. False To remain competitive in today's market, firms must produce a quality product and offer outstanding service at a reasonable price. A. Ture B. False The most important difference between for-profit businesses and nonprofit organizations is that A. nonprofit organizations seek to make a profit for their owners and organizers. B. for-profit businesses do not benefit society. C. nonprofit organizations do not seek a profit for their owners or organizers .Correct D. nonprofit organizations do not answer to stakeholders. Efficiency means the amount of output you generate given the amount of input. the buying and selling of goods using the most amount of resources. producing the desired result. producing goods and services using the least amount of resources. Correct Which is considered a factor of production?  knowledge Correct  service  bonds  competition Companies that sell goods to consumers online are engaging in __________ transactions. Multiple Choice  Y2K  B2C Correct  B2B  RFP Technology helped the manufacturing industry to become more productive. True ,Correct

Flase The external and internal circumstances that surround the business are referred to as  the business disciplines.  the business environment.Correct  the stakeholders.  the factors of production. Stakeholders are all the people who stand to gain or lose by the policies and activities of a business. A. True correct B. False HW1 The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues. A ． True Correct B ． False Businesses use demographic studies to understand where people live, their lifestyles, and what they are likely to buy. A. True Correct B. False Trevor earned the same amount of money this year as he did last year. Thus, his standard of living must be the same as it was last year. A. Ture B. False correct Nonprofit organizations are similar to for-profit businesses in that they often provide goods and services that satisfy the needs of society. A. Ture correct B. False Public schools, charities, and government agencies generally  do not have any stakeholders.  provide goods rather than services.  have the same goals as for-profit businesses.  do not seek to earn a profit. Correct Which organization is an example of the goods-producing sector of the economy? A. Samsung Electronics Correct B. Barnes Hospital C. Princeton University D. Bank of America A common characteristic of most entrepreneurs is that they E. have a high level of scientific and technical expertise. F. possess a great deal of personal wealth. G. accept the risks involved in starting and managing a business.Correct

H. have experience in running large, complex organizations. Which business policy would most likely help a single-parent family? A. allowing sick leave to be used only if the employee is ill B. requiring education outside of regular business hours to help the employee advance C. allowing family leave and flextimeCorrect D. requiring the employee to work regularly scheduled hours each day Last year, Jensen Consulting reported revenues of $34 million while its total expenses were $10 million. Based on this information, Jensen reported A. losses of $24 million. B. profits of $24 million.Correct C. profits of $34 million. D. losses of $34 million. The failure to uphold high ethical business standards by a few companies can negatively impact the entire U.S. business community. A. Ture Correct B. False Revenue is the amount a business earns above and beyond what it spends for expenses and costs. A. Ture B. False correct One reason given for the decline in the number of U.S. workers employed in manufacturing is that manufacturing firms in the U.S. have become more efficient. A ． Ture correct B ． False Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs. A ． Ture B ． False Correct WebSure is an online company that provides support services for businesses that need help in setting up and maintaining their websites. WebSure is an example of a company that is engaged in __________ e-commerce. A. Y2K B. C2C C. B2BCorrect D. B2C Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the __________ sector. A. neo-industrial B. management C. production D. service Correct What policies would tend to foster entrepreneurship?

A. Minimize taxes and regulations. Correct B. Encourage government ownership of businesses. C. Develop policies to reduce corruption between individuals. D. Promote more regulations to protect the environment. Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life. A. Ture correct B. False Starting a business is a riskier path toward business success than working your way up the ranks of a large business. A. Ture correct B. False Randall owns a nursery. The trucks, handcarts, and forklift he purchased for the business are called A. intangible resources. B. capital investments.Correct C. natural resources. D. knowledge assets. The standard of living for a nation's people depends mainly on A. their income and the prices of the goods and services they can buy.Correct B. the quality of the natural environment. C. the amount of labor and capital available employed in the manufacturing sector. D. how much political freedom they have. In order to compete well and gain market share, contemporary businesses are changing to be more A. cash-driven. B. management-driven. C. production-driven. D. customer-driven. Correct In most industries, the only producers that pose a serious threat to U.S. manufacturers are those in Japan and Western Europe A. Ture B. False Correct Since all businesses make a profit, starting a business is not risky. A. Ture B. False Correct Elana has joined several other investors to form a new company that sells UV protection clothing to consumers online. Elana has invested in a B2C e- commerce company. A. Ture correct B. False The main difference between B2C and B2B e-commerce is that B2C is only used online, while B2B combines e-commerce with traditional (brick-and-

mortar) outlets. A ． Ture B ． False correct What is a benefit of owning your own business? A ． government-supplied health insurance B ． freedom to keep the profits from your business Correct C ． extended paid vacation time D ． shorter work hours The only real purpose of a business is to make money for entrepreneurs. A ． Ture B ． False Correct What is the best example of a business whose goal is to earn a profit? A. AmazonCorrect B. American Red Cross C. League of Women Voters D. a community college What is an advantage of utilizing technology in business? A. Technology increases the cost of production. B. Management can distance itself from the demands of stakeholders. C. Technology reduces the need for a marketing plan. D. Productivity increases. Correct Elite Party Rentals, a store serving the Houston-area wedding industry, generated total revenues of $10 million while incurring expenses of $8 million. Elite Party Rentals earned a profit of $2 million. A. Ture Correct B. False 1. Studies about the effects of population growth on the economy are part of macroeconomics. a. True b. False 2. The U.S. embargo against all trade with Venezuela, Iran, Syria, and North Korea most likely is the result of a. lack of business opportunities. b. environmental limitations on trade. c. currency fluctuations. d. political disagreements.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version