Question 1

Patricia owns a small electronics store in a rural area.She carries two different brands of weather radios that are equally priced.One model is selling well,but the other does not seem to be attracting customers.What should Patricia do?

Accepted Answer

By reducing the price of the model that is not selling well, Patricia can entice potential customers who may have been deterred by the original price. This can help increase sales and clear out any inventory that may have been sitting on the shelves. Additionally, it may help Patricia learn if price was the main factor causing customers to overlook the radio, allowing her to adjust her pricing strategy in the future.

Question 2

Tom is a college senior who would like to get a "green-collar" job when he graduates.Which of the following positions is he LEAST likely to apply for?

Accepted Answer

Tom, who would like to get a "green-collar" job, is least likely to apply for a job as a manager at an oil refinery because such jobs are typically associated with the fossil fuel industry and do not align with his focus on sustainability and environmental conservation. The other options listed are all related to renewable energy and energy efficiency.

Question 3

Which of the following is NOT an advantage of technology?

Accepted Answer

Technology can increase efficiency and productivity in the workplace, cut costs, streamline business processes, and keep a company well-connected. However, it may not necessarily foster a more personal work environment. In fact, technology can sometimes reduce face-to-face interactions and make communication more impersonal.

Question 4

________ is the movement toward a more interconnected and interdependent world economy.

Accepted Answer

Globalization refers to the process of increasing interconnectedness and interdependence of the world's economies, cultures, and populations through the spread of technology, trade, and investment. It has led to greater integration of economic and financial markets, increased cross-border flows of goods and services, and cultural exchange among nations.

Question 5

Which of the following social issues would LEAST affect the environment in which U.S.businesses operate?

Accepted Answer

The popularity of reality television is a social issue that does not have a significant impact on the environment or the way U.S. businesses operate. The other options, such as an aging population and the green movement, have a more direct impact on businesses and their strategies. Increasing ethnic diversity and diversity initiatives also have implications for how businesses approach hiring, marketing, and corporate social responsibility.

Question 6

Globalization is a controversial subject for many people because ________.

Accepted Answer

Globalization is controversial because it can result in the closing of some U.S. manufacturing facilities as companies move their production to countries with cheaper labor and fewer regulations. This can lead to job loss and economic hardship for affected communities.

Question 7

Bill is an information technology manager for a large firm.His company needs to install a new software program,which he orders from his company's online supplier.This is an example of ________ e-commerce.

Accepted Answer

This is an example of business-to-business e-commerce because the transaction is taking place between two businesses (Bill's company and the online supplier).

Question 8

________ refers to a company's choice to relocate its production facilities overseas or subcontract at least some of the components to foreign companies at low costs.

Accepted Answer

Offshoring refers to the practice of a company moving its production facilities overseas or outsourcing certain components to foreign companies in order to take advantage of lower labor costs or other benefits associated with operating in foreign markets. This strategy is often used as a way to reduce costs and increase competitiveness in the global marketplace.

Question 9

Carla wants to start a new software company,but she lives in a remote community where few skilled software programmers live.Which of the following is the BEST cost-effective strategy for building her workforce?

Accepted Answer

Using the internet and other technologies to hire remote employees who want to telecommute is the best cost-effective strategy for building her workforce because it allows Carla to access a larger pool of skilled programmers that may not be available locally. This strategy also avoids the need for physical relocation or costly training programs.

Question 10

"Computers are outdated after three years and obsolete after five." What aspect of technology does that statement BEST represent?

Accepted Answer

The answer of "Computers are outdated after three years and...

Question 11

Which of the following is NOT a danger to U.S.companies posed by globalization?

Accepted Answer

Stabilization in the value of the U.S. dollar is not a danger to U.S. companies, but rather a benefit as it can help prevent inflation and provide stability in international trade. The other options (A, B, D, and E) are all potential dangers posed by globalization to U.S. companies.

Question 12

Which of the following events would MOST likely change the racial demographic of a population?

Accepted Answer

An influx of immigrants would likely change the racial demographic of a population by introducing people of different races or ethnicities into the area.

Question 13

In a business environment,the term "minority" applies to more than just people of different ethnicities.Minority groups represent all of the following EXCEPT ________.

Accepted Answer

The term "minority" is not typically associated with a person's political party in a business environment.

Question 14

Which of the following BEST enables all companies,regardless of size,to compete in the global market?

Accepted Answer

Technological advances can help companies of all sizes access and compete in the global market. This includes advancements in communication, transportation, and manufacturing technology that allow businesses to reach customers and suppliers around the world more easily and efficiently. Technological advances also help to level the playing field by allowing smaller companies to gain access to the same tools and resources as larger competitors. Effective marketing, a talented workforce, government subsidies, and "green" policies may all contribute to a company's success in the global market, but they do not have the same universal impact as technological advances.

Question 15

Jarvis runs a restaurant that has had a lot of complaints from customers lately.Jarvis is a strict manager and prefers to make all the decisions himself.A concerned friend recommends that Jarvis delegate more decision-making responsibility to his employees.Which of the following would be the MOST likely result of Jarvis' delegating responsibility?

Accepted Answer

Delegating decision-making responsibility to employees can improve customer satisfaction because employees can be more responsive to customer needs. They can make decisions in real-time without needing to go to the manager for approval, which can lead to quicker resolutions and happier customers. Also, it can help employees feel more empowered and engaged, which can lead to higher job satisfaction and retention.

Question 16

Which of the following factors do multinational companies MOST often look for in a country when they are considering a location for offshore manufacturing?

Accepted Answer

Multinational companies look for countries with low production costs for offshore manufacturing as it allows them to reduce their expenses and increase profits. Other factors, such as diverse culture and low cost of living, may be considered as well, but they are not as important as the cost factor. Strict government regulations and an unstable political climate may discourage multinational companies from choosing a particular country for offshore manufacturing.

Question 17

Addison wants her new t-shirt store to be environmentally friendly.With the concept of the green economy in mind,which of the following business initiatives would BEST make her business greener?

Accepted Answer

Installing solar panels on her store's roof would directly reduce the store's reliance on non-renewable energy sources and hence, promote sustainability. This would align well with the concept of the green economy. Options A, B, C, and E, although well-intentioned, do not necessarily have a direct and measurable impact on the environment.

Question 18

Which of the following refers to an interconnected system of different demographic factors?

Accepted Answer

The social environment refers to the interconnected system of different demographic factors such as age, gender, race, ethnicity, religion, and social class. It includes the social norms, values, and beliefs that shape individuals' behaviors, attitudes, and expectations.

Question 19

Which of the following problems is potentially posed by an aging population?

Accepted Answer

As the population ages, there will be an increase in demand for healthcare and social services, which will lead to a higher tax burden on the working-age population. This is because the elderly population will require more services and benefits, such as healthcare and pensions, which will increase the cost of government programs.

Question 20

Which of the following would MOST likely be part of a company's diversity initiative?

Accepted Answer

A minority network is a common component of a company's diversity initiative as it allows employees from diverse backgrounds to connect and support one another within the company. Ethics training and sustainability education may also be part of a diversity initiative, but they focus more on the ethical and environmental aspects rather than diversity and inclusion. 360-degree feedback and corporate history are not typically included in diversity initiatives.

Quiz 1: Business Basics