Question 1

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Accepted Answer

A) True 
 B)False

Question 2

A(n) ____________ is a person who assumes the risk of starting and managing a business.

Accepted Answer

A)  manager
B)  entrepreneur
C)  government official
D)  stakeholderE) A) and C)
F) A) and B)

Question 3

Some observers feel that baby boomers will have a large impact on the economy even as they reach retirement age.

Accepted Answer

A) True 
 B)False

Question 4

Population studies indicate that the percentage of elderly in Canada is likely to remain unchanged.

Accepted Answer

A) True 
 B)False

Question 5

Kisa is a production manager at Western Widgets,Inc.,a manufacturing corporation that sells its products worldwide.Thanks in part to Kisa's efforts,Western Widgets has dramatically improved the quality of its products.Kisa believes that the high quality of its output will give Western Widgets a competitive edge.Kisa's view is:

Accepted Answer

A)  correct.Producing high quality goods is the key to success in the competitive marketplace.
B)  not wrong,but it is too limited.Consumers demand high quality goods,along with competitive prices and outstanding service.
C)  incorrect.The typical consumer is more interested in price than quality.
D)  not exactly correct.The best strategy for market success is to develop new products quickly and get them to the market before the competition,even if quality suffers a bit.E) B) and C)
F) A) and C)

Question 6

Often in business,the greater the risk,the:

Accepted Answer

A)  greater the potential reward.
B)  lower the expected revenues.
C)  lower the value provided to society.
D)  greater the number of stakeholders.E) A) and C)
F) B) and C)

Question 7

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

Accepted Answer

A) True 
 B)False

Question 8

An entrepreneur is an individual who assumes the risk of starting a business.

Accepted Answer

A) True 
 B)False

Question 9

Non-profit organizations:

Accepted Answer

A)  last for only short periods of time as their objective is not to create profits for their owners.
B)  have a hard time hiring employees as they have no means of paying them.
C)  are run by the government.
D)  can provide an opportunity for individuals to address social issues.E) C) and D)
F) All of the above

Question 10

Barriers to entry are business conditions that make it difficult for new firms to enter the market.

Accepted Answer

A) True 
 B)False

Question 11

The fastest-growing firms provide services in areas like health,telecommunications,and finance.

Accepted Answer

A) True 
 B)False

Question 12

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Accepted Answer

A)  the manufacturing sector
B)  larger farms
C)  cities
D)  the production sectorE) C) and D)
F) B) and D)

Question 13

Countries that keep taxes and regulations to a minimum provide the best environment for competitive businesses.

Accepted Answer

A) True 
 B)False

Question 14

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:

Accepted Answer

A)  firms have been trying to weaken unions by reducing their reliance on labour.
B)  workers in Canada have become less productive and are no longer able to compete in the global economy.
C)  the rising Canadian dollar and increasing global competition.
D)  the economy has been in a prolonged recession/depression that has lasted more than a decade.E) All of the above
F) None of the above

Question 15

There are two ways to succeed in business.One way is to rise up through the ranks of a large company.What is the other way?

Accepted Answer

A)  working for the government.
B)  working for a non-profit organization.
C)  working for a small business.
D)  starting a business.E) C) and D)
F) A) and B)

Question 16

Demographic trends suggest that businesses will benefit from offering elder care and child care to help employees balance the demands of job and family.

Accepted Answer

A) True 
 B)False

Question 17

Manufacturing accounts for _________ of all business investment in research and development in Canada.

Accepted Answer

A)  10%
B)  one-third
C)  one-half
D)  two-thirdsE) A) and B)
F) A) and C)

Question 18

Any activity that produces a good or service to others while operating at a profit can be classified as a business.

Accepted Answer

A) True 
 B)False

Question 19

145 Which of the following is the best example of a business?

Accepted Answer

A)  a community college
B)  the Salvation Army
C)  the Girl Guides of Canada
D)  Wal-Mart Wal-Mart is the only one of the organizations listed which seeks to earn a profit.All of the others are nonprofit organizations.E) B) and C)
F) A) and B)

Question 20

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Accepted Answer

A) True 
 B)False

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

A(n) ____________ is a person who assumes the risk of starting and managing a business.

Correct Answer
verified

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Correct Answer
verified

Population studies indicate that the percentage of elderly in Canada is likely to remain unchanged.

Correct Answer
verified

Often in business,the greater the risk,the:

Correct Answer
verified

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct Answer
verified

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:

Correct Answer
verified

Countries that keep taxes and regulations to a minimum provide the best environment for competitive businesses.

Correct Answer
verified

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

Correct Answer
verified

Any activity that produces a good or service to others while operating at a profit can be classified as a business.

Correct Answer
verified

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Correct Answer
verified

Correct Answer
verified

Some observers feel that baby boomers will have a large impact on the economy even as they reach retirement age.

Correct Answer
verified

There are two ways to succeed in business.One way is to rise up through the ranks of a large company.What is the other way?

Correct Answer
verified

Non-profit organizations:

Correct Answer
verified

An entrepreneur is an individual who assumes the risk of starting a business.

Correct Answer
verified

Demographic trends suggest that businesses will benefit from offering elder care and child care to help employees balance the demands of job and family.

Correct Answer
verified

The fastest-growing firms provide services in areas like health,telecommunications,and finance.

Correct Answer
verified

Barriers to entry are business conditions that make it difficult for new firms to enter the market.

Correct Answer
verified

145 Which of the following is the best example of a business?

Correct Answer
verified

Manufacturing accounts for _________ of all business investment in research and development in Canada.

Correct Answer
verified

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

A(n) ____________ is a person who assumes the risk of starting and managing a business.

Correct AnswerverifiedShow Answer

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

Correct AnswerverifiedShow Answer

Population studies indicate that the percentage of elderly in Canada is likely to remain unchanged.

Correct AnswerverifiedShow Answer

Often in business,the greater the risk,the:

Correct AnswerverifiedShow Answer

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Correct AnswerverifiedShow Answer

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:

Correct AnswerverifiedShow Answer

Countries that keep taxes and regulations to a minimum provide the best environment for competitive businesses.

Correct AnswerverifiedShow Answer

Business owners are often reluctant to enter the e-commerce market because of the sizeable investment required in land,fixtures,and buildings.

Correct AnswerverifiedShow Answer

Any activity that produces a good or service to others while operating at a profit can be classified as a business.

Correct AnswerverifiedShow Answer

Corruption and illegal activities are expected in a capitalist system and can be beneficial.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Some observers feel that baby boomers will have a large impact on the economy even as they reach retirement age.

Correct AnswerverifiedShow Answer

There are two ways to succeed in business.One way is to rise up through the ranks of a large company.What is the other way?

Correct AnswerverifiedShow Answer

Non-profit organizations:

Correct AnswerverifiedShow Answer

An entrepreneur is an individual who assumes the risk of starting a business.

Correct AnswerverifiedShow Answer

Demographic trends suggest that businesses will benefit from offering elder care and child care to help employees balance the demands of job and family.

Correct AnswerverifiedShow Answer

The fastest-growing firms provide services in areas like health,telecommunications,and finance.

Correct AnswerverifiedShow Answer

Barriers to entry are business conditions that make it difficult for new firms to enter the market.

Correct AnswerverifiedShow Answer

145 Which of the following is the best example of a business?

Correct AnswerverifiedShow Answer

Manufacturing accounts for _________ of all business investment in research and development in Canada.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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