Question 1

A business’s core goal is to generate long term profits while delivering
_____ to its customers.
Answer

value

data

communication

consistency

Question 2

As a factor of production, capital would include
Answer

machines, money, tools, and buildings.

money, land, labor, and entrepreneurship.

machines,
tools, buildings, and technology.

an entrepreneur’s freedoms.

Question 3

Nonprofit organizations are not in the business of
Answer

producing a product.

generating revenue.

improving the quality of life in our society.

financial
gain.

Question 4

In order to compete effectively, many companies have taken proactive
steps to hire and nurture people from a broad range of backgrounds. This is an
example of which business environment?
Answer

technological

social

global

competitive

Question 5

Business transactions that occur online are examples of
Answer

I-commerce.

meta-economics.

e-commerce.

nano-commerce.

Question 6

Doing business today without harming the ability of future generations
to meet their needs is referred to as
Answer

going green.

ethical behavior.

social
responsibility.

sustainability.

Question 7

The five key dimensions of the broader business environment include
Answer

economic,
competitive, technological, social, and global.

technological, economic, demographic, global, and
social.

global, social, technological, market forces, and
value.

customers, vendors, suppliers, wholesalers, and
retailers.

Question 8

_____ refers to the quality and quantity of products and goods available
to a population at a given time.
Answer

Quality of life

Economic growth

Entrepreneurship

Standard
of living

Question 9

Entrepreneurs
Answer

are primarily motivated by the desire to help
others.

create value for themselves at the expense of
others.

have little or no impact on others in society.

create
benefits for others while seeking profit for themselves.

Question 10

Business will incur a _____ when expenses are higher than revenue.
Answer

risk

profit

surplus

loss