Chapter 1 Quiz Speech

An activity which seeks to earn a profit by providing a good or service is known as a(n).

..A. industryB. corporationC.

businessD. service

In countries where businesses are government owned...A.

there is less incentive to work hardB. the right amount of each good is producedC. profits tend to be higherD. the quality of goods is high but profits are low

High tax rates tend to...

A. promote economic developmentB. make a nation's currency tradableC. discourage entrepreneurshipD. reduce the amount of money created by the government

When corruption is present in the business environment.

..A. company leaders can threaten competitors and minimize competitionB. factories are easier to build without a government permitC. it promotes fair competitionD.

workers can make more money

When businesses sell to other businesses over the Internet, these transactions are known as...A.

B2C transactionB. e-wholesale transactionC. B2B transactionsD. intermediate e-commerce transaction

The green movement is.

..A. a trend that started with the U.

S. governmentB. concern with depletion of natural resources and leaving carbon footprintC. developing more green food products to feed the world's poorD. our concern with the fact that everywhere we look, things are remaining green for longer periods of time

In recent years, almost all new job creation in the United States has occurred in the _________ sector.

A. serviceB. manufacturingC. agriculturalD. telecommunications

The new era of business is likely to be dominated by the.

..A. service sectorB. information-based sectorC. manufacturing sectorD.

continuing decline in productivity

Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the...A. production sectorB. management sectorC.

new industry sectorD. service sector

Which of the following best describes recent job growth in the service sector?A. The service sector has generated almost all new jobs in the American economy since the mid 1980s, but the rate of job growth in services has slowed in recent yearsB. Jobs in the service sector have increased slowly over the past decade, but most new jobs are created in the manufacturing industriesC. Employment in the service sector has declined in recent years, and this decline is expected to continueD. There has been little change in the number of jobs in the service sector in recent years, however employment is expected to increase rapidly.

Total amount of money that businesses take in by selling goods and services is called _________.A. profitB. revenueC.

lossD. retained earning

A(n) _________ is a person who assumes the risk of starting a business.A. managerB. entrepreneurC.

investorD. stakeholder

_________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.A. Standard of livingB.

Quality of lifeC. Gross national incomeD. Gross national product

The amount of goods and services people can buy with the money that have is called their...

A. nominal incomeB. consumer price indexC. profit marginD.

standard of living

The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's are called...A.

market makersB. economic environmentC. stakeholdersD. managers

Last year, Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.

Based on this information, Adventure reported...A. profits of $10 millionB.

revenue of $24 millionC. losses of $14 millionD. losses of $34 million

Two factors of production that seem to contribute the most to a nation's ability to create wealth are...

A. land and laborB. land and capitalC. entrepreneurship and laborD.

entrepreneurship and knowledge

Businesses favor...A. minimal government spending because it keeps taxes to a minimumB.

more government services because it minimizes tax consequencesC. maximum government spending because it raises business profitsD. less government spending because it lowers business profits

According to the lecture, sales receipts, as stated in the textbook, is often is called _________.A. cost of goods soldB.

revenueC. profit or lossD. expenses

According to the textbook, what caused the shift from Agricultural Era of business to Manufacturing Era and Manufacturing to the Service Era?A. Population growthB.

Technology sector dominated the job marketC. Service industry generated most of the jobsD. Technology makes farming more efficient, resulting in fewer farmers with larger firms

What is not true about a non-profit business?A. A business does not generate any profitB. A business that makes profitC. A business makes profit to serve the communityD.

A business with revenue and expenses