Question 1

What is visionary leadership?

Accepted Answer

Visionary leadership refers to the abili...

Question 2

What makes up the 3C assessment?

Accepted Answer

A)   ceremony, competencies, capacity
B)   capabilities, customers, cyclical
C)   company, competencies, capacity
D)   ceremony, customers, capacity
E)   capabilities, competencies, capacityF) A) and B)
G) A) and C)

Question 3

Managers coordinate resources to achieve organizational objectives.

Accepted Answer

A) True 
 B)False

Question 4

Mystic Beverages,a producer of soft drinks,wants to differentiate its products from those of other soft drink providers.To implement this strategy successfully will require Mystic to create recognizable differences in the physical product it offers.

Accepted Answer

A) True 
 B)False

Question 5

Because of advancements in technology,managers now have an easier time obtaining long-term commitments from workers.

Accepted Answer

A) True 
 B)False

Question 6

Businesses have the right to keep and use their profits as they choose,without limitations.

Accepted Answer

A) True 
 B)False

Question 7

Every business is faced with the reality of having less uses for resources than resources available.

Accepted Answer

A) True 
 B)False

Question 8

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Accepted Answer

A) True 
 B)False

Question 9

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Accepted Answer

A) True 
 B)False

Question 10

A company has a competitive advantage when it can:

Accepted Answer

A)   offer customers a product/service that has more value to them than similar products offered by other companies
B)   the business plan is competitive and executed properly
C)   customers are attracted to the company's product/service offering(s) 
D)   the company generates money, or revenue, from the sale of the product.
E)   All of the aboveF) B) and E)
G) A) and D)

Question 11

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

Accepted Answer

A)   industry
B)   corporation
C)   business
D)   serviceE) C) and D)
F) A) and B)

Question 12

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

Accepted Answer

A)   total product offer.
B)   product mix.
C)   product differentiation.
D)   product package.E) A) and B)
F) All of the above

Question 13

The business plan should do all of the following except

Accepted Answer

A)   explain the business.
B)   include estimates of income and expenses.
C)   establish a strategy for acquiring sufficient funds.
D)   include an analysis of the competition.
E)   act as a shackle to limit the business's flexibility and decision making.F) C) and D)
G) B) and E)

Question 14

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 not concerned about meeting their financial needs.
D)   Can provide an opportunity for individuals to address social issues.E) B) and D)
F) A) and D)

Question 15

Business has changed over time,traditionally business was more focused on the product and how to sell it.Today business is more focused on:

Accepted Answer

A)   quality and service.
B)   reliability.
C)   marketing.
D)   production.E) C) and D)
F) A) and C)

Question 16

_______ expenditures are expenses incurred as a result of the normal business operations.The salaries/wages of employees,the purchase of raw materials for the fabrication of products,the costs of shipping products from point A to point B,or the costs of advertising campaigns,are examples of such expenses.

Accepted Answer

A)   Asset-based
B)   Working
C)   Operating
D)   Functioning
E)   PastF) A) and B)
G) A) and C)

Question 17

The goal of business activities is profit.

Accepted Answer

A) True 
 B)False

Question 18

Last year,MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million.Based on this information,MacTeck:

Accepted Answer

A)   earned a profit of $12 million.
B)   earned a profit of $56 million.
C)   suffered a loss of $12 million.
D)   suffered a loss of $22 million.E) A) and C)
F) B) and C)

Question 19

of the organization.

Accepted Answer

A)   Human capital
B)   Assets
C)   Business Acumen
D)   Visionary leadership
E)   Managerial AcumenF) B) and D)
G) All of the above

Question 20

Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus.His largest competitors are large nationally known organizations.The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.

Accepted Answer

A) True 
 B)False

Exam 1: What Is Business

Last year,MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million.Based on this information,MacTeck:

Correct Answer
verified

Business has changed over time,traditionally business was more focused on the product and how to sell it.Today business is more focused on:

Correct Answer
verified

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

Correct Answer
verified

Correct Answer
verified

Because of advancements in technology,managers now have an easier time obtaining long-term commitments from workers.

Correct Answer
verified

What is visionary leadership?

Correct Answer
verified
Visionary leadership refers to the abili...
View Answer

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Correct Answer
verified

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

Correct Answer
verified

A company has a competitive advantage when it can:

Correct Answer
verified

What makes up the 3C assessment?

Correct Answer
verified

The goal of business activities is profit.

Correct Answer
verified

The business plan should do all of the following except

Correct Answer
verified

of the organization.

Correct Answer
verified

Managers coordinate resources to achieve organizational objectives.

Correct Answer
verified

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Correct Answer
verified

Mystic Beverages,a producer of soft drinks,wants to differentiate its products from those of other soft drink providers.To implement this strategy successfully will require Mystic to create recognizable differences in the physical product it offers.

Correct Answer
verified

Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus.His largest competitors are large nationally known organizations.The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.

Correct Answer
verified

Non-profit organizations,

Correct Answer
verified

Every business is faced with the reality of having less uses for resources than resources available.

Correct Answer
verified

Businesses have the right to keep and use their profits as they choose,without limitations.

Correct Answer
verified

Exam 1: What Is Business

Last year,MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million.Based on this information,MacTeck:

Correct AnswerverifiedShow Answer

Business has changed over time,traditionally business was more focused on the product and how to sell it.Today business is more focused on:

Correct AnswerverifiedShow Answer

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Because of advancements in technology,managers now have an easier time obtaining long-term commitments from workers.

Correct AnswerverifiedShow Answer

What is visionary leadership?

Correct AnswerverifiedVisionary leadership refers to the abili...View AnswerShow Answer

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A company has a competitive advantage when it can:

Correct AnswerverifiedShow Answer

What makes up the 3C assessment?

Correct AnswerverifiedShow Answer

The goal of business activities is profit.

Correct AnswerverifiedShow Answer

The business plan should do all of the following except

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of the organization.

Correct AnswerverifiedShow Answer

Managers coordinate resources to achieve organizational objectives.

Correct AnswerverifiedShow Answer

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Correct AnswerverifiedShow Answer

Mystic Beverages,a producer of soft drinks,wants to differentiate its products from those of other soft drink providers.To implement this strategy successfully will require Mystic to create recognizable differences in the physical product it offers.

Correct AnswerverifiedShow Answer

Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus.His largest competitors are large nationally known organizations.The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.

Correct AnswerverifiedShow Answer

Non-profit organizations,

Correct AnswerverifiedShow Answer

Every business is faced with the reality of having less uses for resources than resources available.

Correct AnswerverifiedShow Answer

Businesses have the right to keep and use their profits as they choose,without limitations.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
Visionary leadership refers to the abili...
View Answer

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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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