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Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Question 131

True/False

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Historically jobs lost in one sector of the economy have been replaced by increased employment opportunities in other sectors.

A) True
B) False

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Question 132

Multiple Choice

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________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.

A) Depreciation
B) Risk
C) Fallibility
D) Redundancy

E) A) and D)
F) B) and C)

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Question 133

Multiple Choice

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Which of the following is an advantage of utilizing technology?

As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

Bonnie runs a house cleaning service. Although she and her employees could service 12 households in one day, they average eight homes per day. Bonnie recently restructured her crew and provided each housekeeper with an incentive to acquire two new customers each month through customer referrals. As a recent business graduate, you would tell her she's probably on the right track.

Chao sells custom bicycles. He buys several bike parts including wheels and tires from Upright Strides, Inc. Although several government-supported regulations help Chao in his business, regulations that make it easy for his business to enjoy good vendor relationships are

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

Employers provide tools and technology for their employees in order to:

An increase in global trade will:

Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy used in the past.

Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

Identity theft is when individuals or firms access people's personal information and then use it for illegal purposes and activities.

There are currently more high-paying jobs in the service sector than in the goods-producing sector.

In recent years, businesses in general have experienced a lasting impact due to the emergence of

Mini-Case Eli Moneybags works for Second Commercial Bank, one of the largest banks in the Southwestern U.S. He is a loan officer, specializing in mortgages. Tio Jaime, Eli's favorite (and wealthiest) uncle, passed away last month and left him a sizable amount of money. Eli is looking at the best way to invest his newly acquired wealth. He is considering many options, ranging from simply putting the money into a savings account to the possibility of starting his own business. Although his bank job pays well and offers pleasant working conditions, Eli is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor. He is also a bit bored and looking for a new challenge. He thinks he might get a lot of satisfaction from owning his own business. Eli has not made a definite decision yet, but has talked to a lot of people searching for a good idea for a new business. If he can come up with an idea he likes, he might just quit his current job and use his inheritance to go into business for himself! -As he explores his options for starting a new business, Eli has looked into the tax implications and government regulations that he would encounter. He wants to maintain an office in a different location from his home. He has discovered that some nearby communities offer tax credits and lower taxes than his town. His decision will be influenced by the ________ environment.

Gina is working as a marketing trainee for a streaming video company. Her boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Gina plans to provide the following response:

________ refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour.

Businesses are supporting single-parent families with:

Efficiency in distribution systems around the world has led to

The databases of a business often include a great deal of information about the firm's customers.