BUS 508 CHAPTER 1 QUIZ
BUS 508 CHAPTER 1 QUIZ
1.
________ is the
willingness to take risks to create and operate a business.
2.
________
represents rewards for businesspeople who take the risks involved in blending
people, technology, and information to create and market want-satisfying goods
and services.
3.
A brand cannot
be a name, term, sign, symbol, design, or some combination that identifies the
products of one firm and differentiates them from competitors’ offerings.
4.
The need to
develop environmentally friendly products and processes is not becoming a major
new force in business today.
5.
A skilled and
knowledgeable workforce is an essential resource for keeping pace with the
accelerating rate of change in today’s business world.
6.
Business
consists of all nonprofit-seeking activities and enterprises that provide goods
and services necessary to an economic system.
7.
________
includes anyone who works, including both the physical labor and the
intellectual inputs contributed by workers.
8.
Energy is among
the smallest costs for most firms, and carbon-based fuels such as coal are
responsible for most of the additional carbon dioxide in the atmosphere.
9.
________ are
growing more influential as a link between companies and their customers, and
more companies are beginning to take advantage of their directness.
10.
Not-for-profit
organizations are a substantial part of the U.S. economy.
11.
________ is a
partnership formed to create a competitive advantage for the businesses
involved.
12.
Colonial society
emphasized rural and agricultural production.
13.
________ is a
broad term that refers to such machinery and equipment as computers and
software, telecommunications, and inventions designed to improve production.
14.
________
consists of all profit-seeking activities and enterprises that provide goods
and services necessary to an economic system.
15.
________ is
using outside vendors to produce goods or fulfill services and functions that
were previously handled in-house or in-country.
16.
________ is the
battle among businesses for consumer acceptance.
17.
________
organizations are businesslike establishments that have primary objectives
other than returning profits to their owners.
18.
Many members of
the Baby Boom generation, the huge number of people born between ________, are
still hitting the peaks of their careers.
19.
The ________
began in England around 1750.
20.
________ is
building and promoting products in the hope that enough customers will buy them
to cover costs and earn profits.
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