Question 1

In the context of your career choice, your own business skills cannot influence the level of your personal financial success.

Accepted Answer

Your own business skills can greatly influence the level of your personal financial success in your career choice. Your ability to effectively manage finances, make strategic decisions, and market your services can all impact your financial success as a business owner.

Question 2

In the U.S., nonprofits employ about one in hundred workers, accounting for less paid workers than the entire construction industry and less than the finance, insurance, and real-estate sectors combined.

Accepted Answer

Nonprofits in the U.S. employ about one in ten workers, which is a significant portion of the workforce, more than the construction industry and comparable to the finance, insurance, and real-estate sectors combined.

Question 3

In the context of the competitive environment dimension of a business, a product has value when its benefits to the customer are lesser than the price that the customer pays.

Accepted Answer

A product has value when its benefits to the customer are greater than or equal to the price that the customer pays. If the benefits are lesser than the price, then the product does not have value to the customer and they may choose to purchase a different product from a competitor.

Question 4

The significance of the social dimension of a business environment is highlighted when a number of states-from Alabama to Nevada-make their local economies more appealing by providing special tax deals to attract new firms.

Accepted Answer

The answer of The significance of the social dimension of...

Question 5

Capital, one of the factors of production, includes machines, tools, buildings, information, and technology.

Accepted Answer

Capital is defined as man-made resources used in the production process, including physical capital such as machines, tools, and buildings, as well as intangible capital such as information and technology.

Question 6

In the context of your career choice, the broader economy will influence the level of your personal financial success.

Accepted Answer

The broader economy, including factors such as unemployment rates, economic growth, and the demand for specific industries, can greatly impact individual financial success within a career. For example, if the economy experiences a recession and demand for certain jobs decreases, individuals in those fields may struggle to find employment and earn less income. Conversely, during times of economic growth and high demand for certain industries, individuals in those fields may experience greater financial success.

Question 7

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

Accepted Answer

Value is the perceived worth of a product or service in relation to its cost. It is determined by the benefits and satisfaction that the product or service provides to its customers.

Question 8

Russia and China are both rich in natural resources and human resources, and both countries have a solid level of capital. Yet, neither country is wealthy. The missing ingredient seems to be__________.
A)synthetic resources
B)taxable income
C)workforce
D)entrepreneurship

Accepted Answer

Entrepreneurship is the missing ingredient in Russia and China's economic development. While both countries have abundant resources, they have struggled to translate these resources into economic growth because of a lack of entrepreneurship. Both countries have historically had heavily centralized economies, which have hindered the growth of small businesses and start-ups. In recent years, both countries have made efforts to encourage entrepreneurship, but it remains a challenge.

Question 9

In the context of the history of American business, the industrial revolution era encouraged workers to take individual ownership and personal pride in the production process.

Accepted Answer

The answer of In the context of the history of...

Question 10

Buba Joe's Pizzeria, a fast food chain, wants to expand its customer base. It introduced a new range of vegan pizzas to cater specifically to the vegan market. It also introduced new flavors to cater especially to Hispanic Americans. In this context, which dimension of the business environment is affected the most?
A)The social environment
B)The ethical environment
C)The technological environment
D)The political environment

Accepted Answer

The social environment is affected the most as the introduction of vegan pizzas and new flavors for Hispanic Americans are specifically catering to the social and cultural preferences of these segments.

Question 11

Speed-to-market is the rate at which a company's competitors copy its product innovations.

Accepted Answer

The answer of Speed-to-market is the rate at which a...

Question 12

In the context of the history of American business, the__________emerged in the second half of the 1800s, by building on the foundation of the industrial revolution.
A)entrepreneurship era
B)relationship era
C)marketing era
D)production era

Accepted Answer

The answer of In the context of the history of...

Question 13

People can create natural resources by growing and harvesting agricultural products.

Accepted Answer

The answer of People can create natural resources by growing...

Question 14

The value of all natural resources tends to rise with low demand, high supply, or both.

Accepted Answer

The value of natural resources tends to rise with high demand, scarcity, or both.

Question 15

During the production era, managers focused mostly on customer satisfaction and not on production efficiency.

Accepted Answer

During the production era, which lasted from the late 1800s to the 1930s, managers were more concerned with increasing production efficiency and lowering costs rather than customer satisfaction. The focus was on mass production and large-scale manufacturing. It was the beginning of industrialization and the concept of customer satisfaction was not a priority during this time.

Question 16

Demographic factors include the milestones achieved during the developments in the field of computers, telecommunications, and other digital products.

Accepted Answer

Demographic factors typically refer to characteristics of a population such as age, gender, income, education, etc. They do not pertain specifically to developments in technology.

Question 17

Which of the following statements is true of the economic environment of a business?
A)It is affected by customer satisfaction.
B)It reduces the hassles associated with acquiring manpower.
C)It is affected by corruption.
D)It prevents customers from turning into loyal advocates.

Accepted Answer

The economic environment of a business can be affected by corruption, such as bribes and kickbacks, which can impact business operations, trade, and overall economic growth. Customer satisfaction (A) and loyal advocates (D) are related to the marketing environment, while acquiring manpower (B) is related to the organizational environment.

Question 18

In the context of making a career choice, following one's passion guarantees a fat paycheck.

Accepted Answer

Following one's passion does not always result in a high-paying career. It is important to consider other factors such as job demand, market trends, and personal skills and qualifications in making a career choice.

Question 19

In the context of the history of American business, which of the following statements is true of the industrial revolution?
A)Firms aimed at building long-term relationships with their customers.
B)There was a loss of personal pride in the production process.
C)Production efficiency was at its lowest.
D)There was a creation of individual ownership in the production process.

Accepted Answer

The industrial revolution brought about the mass production of goods, resulting in a loss of personal pride in the production process as workers became specialized in narrow tasks and were no longer involved in the entire production process. Firms were focused on maximizing production efficiency and profits, with less emphasis on building long-term relationships with customers. The creation of individual ownership in the production process was not a significant aspect of the industrial revolution as the production process was increasingly mechanized and controlled by large corporations.

Question 20

Online technology prevents leading-edge companies from offering customized products at prices that are comparable to standardized products.

Accepted Answer

The answer of Online technology prevents leading-edge companies from offering...

Quiz 1: Business Now: Change Is the Only Constant