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Exam 1: The Dynamic Business Environment

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Question 41

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Summit Gifts,Inc. ,is a mail order firm that specializes in expensive and unusual gifts for all occasions.Summit keeps a large file of information on all of its regular customers,including names,addresses,the types of gifts they have ordered in the past,and the size and frequency of their orders.The electronic file in which this information is stored in an example of a(n) :

A) spreadsheet.
B) MP3 file.
C) database.
D) PERT file.

E) A) and B)
F) A) and C)

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Question 42

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Which of the following statements about factors of production is the most accurate?

A) entrepreneurship and knowledge are the most important in creating wealth.
B) each of the factors of production is equally important in creating wealth.
C) wealth creation in poor nations is slowed by chronic shortages of labour.
D) the five factors of production are energy,capital,labour,leadership and money.

E) A) and C)
F) B) and C)

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Question 43

Multiple Choice

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As you consider the factors of production,which of them will be the most important contributing factor to increasing the nation's wealth?

The continuing increase in the number of Canadian workers in the service sector means that more and more workers are employed in low-wage positions.

E-commerce only covers one aspect of e-business.

In order to survive in the service economy,graduates must:

Companies have responded to their diverse customer base by hiring a more diversified work force.

There are more high-paying jobs in the service sector than in the goods-producing sector.

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

Canada has welcomed close to 2.7 million permanent residents in the last ten years.

Jill is looking into the possibility of opening up a for-profit seniors centre in her community.However,she is concerned about the long-term prospects for such a business.Jill believes the future of her centre will depend on the growth of the seniors population.This concern illustrates how businesses can be affected by:

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

When might offshoring backfire?

In Canada,about how many people work for the country's charities and non-profits?

The movement of a country's currency relative to other currencies is not part of the economic environment.

Risk is the chance an entrepreneur takes of losing money and ___ on a business.

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

A key characteristic of entrepreneurs is that they:

A Canadian company is said to be outsourcing when it sources part of the purchased inputs from outside of Canada.

Technology allows firms to be more responsive to their customers' wants and needs.