1) Innovation is one factor used to measure a society’s quality of life. True False 2) Higher degrees of wealth are always generated by high-end businesses such as jewelers and lush seaside resorts: True False 3) Businesses in the high-tech sector have no need for natural resource factors of production. True False 4) Which of the following elements of business does NOT contribute directly to improving quality of life? A) profits B) goods C) services D) paychecks E) research 5) Entrepreneurs invest time and money in a business in spite of the fact that it may not make a profit. In business terminology, what is this situation known as? A) uncertainty B) risk C) venture D) liability E) jeopardy 6) Attitudes about ethical behaviors and practices are universal across cultures. True False 7) A situation in which people have to decide whether to pursue an action that may benefit them or their organization but which is unethical or illegal is called double jeopardy. True False 8) A whistleblower who reports misconduct to authorities is someone within the offending organization. True False 9) Each of the following activities is considered both illegal and unethical EXCEPT which? A) consumer fraud B) cash payments to avoid taxes C) cancelling a company retirement plan D) embezzlement E) sexual harassment 10) People living in capitalist economies have greater incentive to work and create wealth than those living in command economies. True False 11) The development of e-books and e-readers has led to the closure of many brick-and-mortar booksellers. Which of the following likely did NOT drive this change in the marketplace? A) The demand for e-book titles increased. B) The demand for new technology increased. C) The demand for shopping convenience increased. D) The demand for print books decreased. E) The demand for print books increased. 12) Catherine works in a government agency focused on economic resource development. Her current project is to develop strategies to reverse “brain drain.” This process has the strongest impact on which factor of production for a modern economy? A) natural resources B) capital C) human resources D) entrepreneurship E) knowledge 13) The principle of free trade allows for movement of goods and services among nations without political or economic restrictions. True False 14) The global economy has many potential negative impacts on the United States. Which of the following does NOT describe a negative impact? A) increased global interest in U.S. exports B) loss of manufacturing jobs in the Midwest C) wage stagnation for American workers D) domestic impacts from economic problems in other countries E) quality and safety concerns with imported products 15) How does the rise of international business most benefit small companies? A) They have access to foreign resources. B) They have greater choice of products to sell. C) Their startup costs are smaller. D) They can hire more employees. E) They can get started more quickly. 16) One of the benefits of being a sole proprietor is unlimited financial liability. True False 17) One of the disadvantages of being a sole proprietor is difficulty in selling or passing along the business. True False 18) What is the oldest, simplest, and the most common form of business ownership? A) corporation B) cooperative C) partnership D) sole proprietorship E) franchise 19) The term going public refers to the launch of a company’s website. True False 20) Which of the following is NOT a rationale for creating a business plan? A) to outline the goals of a proposed company B) to secure funding for a proposed company C) to lay out methods to achieve the proposed company’s goals D) to clarify the business model for the proposed company E) to state standards for measuring success of the proposed company 21) What is the term for a person who works within an organization to develop an opportunity for a new product or service? A) opportunity entrepreneur B) classic entrepreneur C) necessity entrepreneur D) intrapreneur E) resident entrepreneur 22) Danielle’s responsibility as a manager of a large corporation is to oversee staff whose duties include ordering office supplies, scheduling meetings, and planning events. What type of manager is Danielle? A) a chief operations officer B) a top manager C) a middle manager D) a supervisory manager E) a division manager 23) Which of the following activities is a part of the planning function of management? A) measuring results against goals B) allocating resources C) developing strategy D) creating organizational structure E) taking corrective action 24) Ursula M. Burns, who was named CEO of Xerox in 2009, has been commended for taking the company in new directions by pushing products with a new vision. Which of the primary management functions is Burns displaying? A) marketing B) leading C) planning D) organizing E) monitoring 25) What is the first step in practical decision making? A) Dream up possible solutions. B) Weigh alternative solutions and select one. C) Identify the problem or opportunity. D) Implement the solution, then evaluate it. E) Call a meeting.
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