Deck 1: The Changing Face of Business

Question 1

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
_____ is the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.

Answer 1

d

Question 2

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.

Answer 2

a

Question 3

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
_____ involves blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm's chances of success.

Answer 3

b

Question 4

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
A(n) _____ is a name, term, sign, symbol, design, or combination that identifies the products of one firm.

Question 5

Describe technology as a capital source.

Question 6

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
_____ is the collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.

Question 7

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

Question 8

Briefly describe the Industrial Revolution and its contribution to the evolution of business.

Question 9

List the seven eras of business history. Name and describe the era used by businesses today.

Question 10

What is profit? Do you agree with the statement, "The success of a business is measured only by the profit it earns"? Explain your answer.

Question 11

Explain the difference between transaction management and relationship management.

Question 12

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
_____ refers to the standards of conduct and moral values involving decisions made in the work environment.

Question 13

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

Question 14

List and describe the four basic rights in the private enterprise system.

Question 15

Explain the business approach used in the relationship era.

Question 16

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
A partnership formed to create a competitive advantage for the businesses involved is known as a(n) _____.

Question 17

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
A person who seeks a profitable opportunity and then devises a plan to achieve that profit is called a(n) _____.

Question 18

Explain how consumers benefit from business competition.

Question 19

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
_____ refers to technology, tools, information, and physical facilities.

Question 20

MATCHING
Complete the following using these terms.
a.outsourcing
b.Diversity
c.entrepreneur
d.Competitive differentiation
e.strategic alliance
f.Capital
g.vision
h.factors of production
i.brand
j.Relationship management
k.Not-for-profit organizations
l.Business ethics
To operate effectively, certain inputs called _____ are required for all economic systems.

Question 21

Which of the following statements is NOT true regarding businesses?

A) Successful businesses seek to meet their social and ethical responsibilities.
B) Businesses provide goods and services necessary to an economic system.
C) Businesses are the economic pulse of a nation.
D) Businesses are nonprofit organizations that provide services to the public.

Question 22

Explain the new employer-employee relationship in business.

Question 23

Technology, tools, information, and physical facilities for the operation of a business are examples of _____.

A) profits
B) wages
C) capital
D) liability

Question 24

In the U.S. economy, _____ are considered the reward for the risk of entering a business.

A) revenues
B) concessions
C) profits
D) sales

Question 25

The factors of production in an economic system are _____.

A) land, rent, capital, and human resources
B) capital, perseverance, natural resources, and human resources
C) rent, wages, interest, and profit
D) natural resources, human resources, capital, and entrepreneurship

Question 26

What are some examples of external and internal forces that would require a manager to lead organizational change?

Question 27

Define the term vision. Why is vision an important skill today?

Question 28

_____ are essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services.

A) Coupons
B) Profits
C) Discounts
D) Rebates

Question 29

What are the advantages of a diverse workforce?

Question 30

Timber Trails, a northwest lumber company, utilizes _____ as its primary production factor.

A) human resources
B) Entrepreneurship
C) Capital
D) natural resources

Question 31

Which of the following are primarily organized for profit and provide goods and services?

A) Businesses
B) Public schools
C) Government
D) Churches

Question 32

In accounting terms, profits are _____.

A) the difference between revenues and expenses
B) the sum of commissions earned and receipts
C) the difference between sales and expenses
D) the sum of sales and expenses

Question 33

Describe offshoring and its related trends.

Question 34

Describe how the aging population in the United States and abroad directly affect changes in the workforce.

Question 35

Which of the following is a public sector, not-for-profit organization?

A) Library
B) Museum
C) Charitable group
D) Labor union

Question 36

All of the following are typically part of the not-for-profit sector EXCEPT _____.

A) labor unions
B) religious organizations
C) hotels
D) museums

Question 37

Describe critical thinking and creativity and explain why they are important qualities for the 21st-century manager.

Question 38

Explain how business ethics differs from social responsibility.

Question 39

The Gyvenopolis County Library provides a wide variety of library services to its neighborhood. It also provides free online support to its members, and any fee collected from its members goes directly to charity. The library is an example of a(n) _____.

A) not-for-profit organization
B) corporate organization
C) offshore unit
D) business conglomerate

Question 40

Explain how e-business has created a new type of strategic alliance among companies.

Question 41

A company that values employees as sources of ideas and innovation is utilizing its _____.

A) entrepreneurship
B) natural resources
C) capital
D) human resources

Question 42

Which of the following is a benefit of entrepreneurship?

A) Low risk
B) Flexibility
C) Guaranteed profit
D) Reduced competition

Question 43

Capitalism is founded on _____.

A) the social changes that followed the Industrial Revolution
B) the idea that 80 percent of a nation's wealth should be owned by no more than 20 percent of its people
C) the principles of a private enterprise system
D) the idea that government must own all factors of production

Question 44

The human resources of a firm refers to _____.

A) household consumers
B) everyone who works for the business
C) full-time employees
D) top management executives

Question 45

All of the following are basic rights within a private enterprise system EXCEPT _____.

A) right to private property
B) right to profits before tax deduction
C) freedom of choice of investment
D) freedom of choice of employment

Question 46

The Industrial Revolution in England transformed America's economy by introducing _____.

A) the concept of each worker producing one complete product
B) the concept labor unions
C) the factory system
D) the continuously moving assembly line

Question 47

Which of the following is considered to be the most fundamental right of the private enterprise system?

A) The right to private property
B) The right to guaranteed profits
C) The right to exercise price discrimination
D) The right to fair competition

Question 48

Ingle is a new recruit at an IT firm. He feels that his compensation is below industry standards, and his colleagues at other firms urge him to switch his employment with a company that pays a better salary. Instead of changing his job, he forms a trade union to ensure fair wages in the firm. Which of the following rights has Ingle exercised?

A) Right to private property
B) Right to competition
C) Right to profits
D) Right to freedom of choice

Question 49

In colonial society, the economic focus was centered on _____.

A) metropolitan areas
B) areas west of the Mississippi River
C) rural areas
D) cities

Question 50

Dizzel Inc. is a small-scale mining company that started its business in 2001. By the year 2008, the firm had to close its operations. The company had been continuously laying off its employees since 2006, which led to the further downsizing of the firm. The decline in the availability of minerals in its operating region since 2004 has contributed vastly to its downfall and also reduced the need to inject new capital since then. Which of the following factors of production has primarily caused the firm to end its operations?

A) Natural resources
B) Capital
C) Human resources
D) Entrepreneurship

Question 51

The right to profit means that the _____.

A) owner is legally guaranteed the right to all profits (after taxes) that are earned by a business
B) right to such profits without any form of deduction
C) government will guarantee a profit
D) firm has to earn only profits

Question 52

In his book The Wealth of Nations, the economist Adam Smith was the first person to describe _____.

A) socialism
B) communism
C) capitalism
D) entrepreneurship

Question 53

Namesh recently sold his Ford Taurus to a personal friend. Namesh's sale of his automobile illustrates the right to _____.

A) freedom of choice
B) private property
C) profit making
D) set ground rules for competitive activity

Question 54

All of the following are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to _____.

A) fair competition
B) permit price discrimination
C) select from among a variety of goods and services
D) own property

Question 55

Which of the following statements is true about the private enterprise system? _____.

A) private property
B) credit
C) profit
D) freedom of choice

Question 56

By offering a lifetime warranty on its products, Warner Electronics has set itself apart from its competitors. This difference is known as Warner Electronics' _____.

A) private enterprise system
B) competitive differentiation
C) capitalism
D) checkoff

Question 57

The American Industrial Revolution did not make real progress until _____.

A) a railroad system was built, providing fast, economical transportation
B) a good relationship was formed with England
C) an introduction of the automobile occurred
D) a reliable system of telephonic communication was established

Question 58

Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under _____.

A) the private enterprise system
B) a social democracy
C) a monopoly
D) state ownership

Question 59

When Greenlawn Inc. finds itself losing contracts because Instillite Inc. charges less money, Greenlawn responds by lowering its bids. According to Adam Smith, this reaction demonstrates _____.

A) the invisible hand of competition
B) collision
C) the right to private property
D) social responsibility

Question 60

Tarek, a former middle manager from Alexander Manufacturing, owns and operates a Subway franchise. Tarek is demonstrating _____.

A) social responsibility
B) socialism
C) entrepreneurship
D) pure competition

Question 61

Evlis uses a weblog to sell his products. His blog has generated massive sales for his products. His capital expenditure was the lowest in comparison to most of the other online firms. Which of the following eras is he most likely to be originating from?

A) Production era
B) Social era
C) Industrial era
D) Marketing era

Question 62

The business philosophy that advocates determining what consumers want and need, and then designing products to satisfy those needs, is known as _____.

A) consumer orientation
B) self-sufficiency
C) work ethics
D) production enhancement

Question 63

A partnership is _____.

A) a category of relationship management
B) an affiliation of two or more companies
C) outside the scope of e-business management
D) helpful in eliminating competitive advantage

Question 64

Which of the following generations is usually associated with the work-comes-first lifestyle?

A) Baby Boomers
B) Generation X
C) Generation Y
D) HYPERLINK "https://www.google.co.in/search?rlz=1C2GGGE___IN538IN539&biw=1366&bih=667&q=millennials&spell=1&sa=X&ei=7rz6U9vlCcmyuATW-YCYBw&ved=0CBgQvwUoAA" Millennials

Question 65

Inventors such as Robert McCormick and Eli Whitney were part of the _____.

A) marketing era
B) colonial era
C) marketing era
D) age of industrial entrepreneurs

Question 66

Which of the following statements is NOT correct?

A) Workers change jobs less frequently today.
B) The size of the labor pool is decreasing.
C) The U.S. population is getting older.
D) The U.S. population is becoming more diverse.

Question 67

When Google opened offices in Tokyo, London, and Sydney, it was utilizing _____ by relocating business activities to lower-cost locations overseas.

A) nearshoring
B) cybersquatting
C) offshoring
D) employee sourcing

Question 68

Apple iPods sold on Amazon's Web site signify the formation of a _____ to increase profits.

A) transaction alliance
B) brand partnership
C) strategic alliance
D) marketing agreement

Question 69

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as _____.

A) relationship management
B) transaction management
C) financial management
D) marketing management

Question 70

The number of people of ages 65 and over will _____ by 2030.

A) decrease drastically
B) double
C) increase
D) remain constant

Question 71

The new employer-employee partnership has led to all of the following EXCEPT _____.

A) increased job security
B) sharing of financial information with employees
C) increased emphasis on listening to and respecting employees
D) helping employees improve skills and knowledge

Question 72

Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?

A) The marketing era was more consumer oriented.
B) The production era occurred after World War II.
C) The marketing era advocated price discrimination.
D) The production era was more consumer oriented.

Question 73

Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the _____.

A) relationship era
B) marketing era
C) era of industrial revolution
D) production era

Question 74

Diverse employee teams tend to perform _____ and develop _____ than do homogeneous employee groups.

A) less effectively; better solutions
B) more effectively; better solutions
C) less effectively; worse solutions
D) more effectively; worse solutions

Question 75

The concept of branding first emerged during the _____.

A) production era
B) relationship era
C) age of the industrial entrepreneur
D) marketing era

Question 76

Blogs and social networking use _____ to manage relationships.

A) strategic alliances
B) marketing research analyses
C) technology
D) business etiquette

Question 77

Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called _____.

A) relationship management
B) marketing management
C) decoy effect
D) transaction management

Question 78

Which of the following is most likely to result from the use of technology in a firm?

A) Reduced production
B) Guaranteed profits
C) Hybrid products
D) Business inefficiency

Question 79

When a business employs an outside company to handle all customer correspondence and phone calls, the business is _____ its customer service department.

A) outsourcing
B) branding
C) cybersquatting
D) shrinking

Question 80

Outsourcing usually _____.

A) reduces the diversity of the workforce
B) makes a firm more competitive
C) increases staffing requirements
D) increases costs