Question 1

Technology affects people in most,but not all industries.

Accepted Answer

A) True 
 B)False

Question 2

Too much emphasis on developing future products and/or services,versus responding to customer needs today,may result in the business:

Accepted Answer

A)   falling short of social responsibility expectations
B)   liquidity issues if it is unable to cover its expenses in the short term
C)   remaining healthy and continues to grow
D)   acquiring external capital funding commitments which will enable them to reinvest in the organization
E)   ensuring that it remains vibrant and responsive to community needsF) A) and B)
G) C) and D)

Question 3

Producing a high quality product will ensure success in the competitive environment.

Accepted Answer

A) True 
 B)False

Question 4

____________ refers to the human resource requirements of the business.

Accepted Answer

A)   Labour
B)   Capital
C)   Assets
D)   Efficiency
E)   None of the aboveF) B) and D)
G) B) and C) A

Question 5

When does a business have a competitive advantage?

Accepted Answer

A company has a competitive advantage wh...

Question 6

To start any business you must first have

Accepted Answer

A)   investors.
B)   an idea.
C)   capital.
D)   employees.
E)   a business plan.F) All of the above
G) A) and B)

Question 7

Given the lack of discipline and short attention spans of today's workers,modern managers must watch their workers closely,set strict rules,and vigorously enforce them.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

If a business is to be successful in the long run,it must treat its customers,employees,and community with social

Accepted Answer

A)   meetings.
B)   responsibility.
C)   agendas.
D)   insight.
E)   interests.F) A) and B)
G) A) and C) B

Question 10

Which of the following is not a product?

Accepted Answer

A)   A Dell personal computer
B)   A veterinarian's treatment of a pet's injuries
C)   A lawyer's advice in a divorce case
D)   Business profit
E)   A checkup by a doctorF) A) and E)
G) C) and E)

Question 11

Management is the art of getting things done through organizational resources.

Accepted Answer

A) True 
 B)False

Question 12

____________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.

Accepted Answer

A)   Vision
B)   Planning
C)   Strategy
D)   Execution
E)   TacticF) A) and E)
G) B) and D) C

Question 13

A value proposition which has a positive price/quality relationship is considered superior to those of your competitors,if it:

Accepted Answer

A)   is more unique
B)   is more important
C)   your product is more value-driven
D)   provides greater opportunity to communicate to the potential purchaser
E)   all of the aboveF) A) and B)
G) None of the above

Question 14

The _______ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation,versus the _____ of your competitors' value propositions measured across these same benefit areas.

Accepted Answer

A)   Total; strength
B)   Strength; strength
C)   Strength; weakness
D)   Weakness; weakness
E)   Weakness; strengthF) All of the above
G) None of the above

Question 15

A loss occurs when expenses are greater than:

Accepted Answer

A)   assets
B)   profit
C)   revenue
D)   costsE) All of the above
F) A) and D)

Question 16

Which of the following is NOT integral in how an organization can succeed in identifying solutions to needs the marketplace desires?

Accepted Answer

A)   right time
B)   right customer
C)   right place
D)   right invention
E)   right priceF) A) and E)
G) None of the above

Question 17

What is a value proposition?

Accepted Answer

Simply stated,a value proposition is a s...

Question 18

A business incurs a ___________ if its costs and expenses exceed its revenues.

Accepted Answer

A)   loss
B)   liability
C)   debit
D)   dividendE) B) and D)
F) B) and C)

Question 19

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Accepted Answer

A) True 
 B)False

Question 20

_______________ is the art of getting things done using organizational resources.

Accepted Answer

A)   Socialization
B)   Justification
C)   Preparation
D)   ManagementE) C) and D)
F) B) and D)

Exam 1: What Is Business

Technology affects people in most,but not all industries.

Correct AnswerverifiedShow Answer

Too much emphasis on developing future products and/or services,versus responding to customer needs today,may result in the business:

Correct AnswerverifiedShow Answer

Producing a high quality product will ensure success in the competitive environment.

Correct AnswerverifiedShow Answer

____________ refers to the human resource requirements of the business.

Correct AnswerverifiedA

When does a business have a competitive advantage?

Correct AnswerverifiedA company has a competitive advantage wh...View AnswerShow Answer

To start any business you must first have

Correct AnswerverifiedShow Answer

Given the lack of discipline and short attention spans of today's workers,modern managers must watch their workers closely,set strict rules,and vigorously enforce them.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

If a business is to be successful in the long run,it must treat its customers,employees,and community with social

Correct AnswerverifiedB

Which of the following is not a product?

Correct AnswerverifiedShow Answer

Management is the art of getting things done through organizational resources.

Correct AnswerverifiedShow Answer

____________ is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance.

Correct AnswerverifiedC

A value proposition which has a positive price/quality relationship is considered superior to those of your competitors,if it:

Correct AnswerverifiedShow Answer

The _______ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation,versus the _____ of your competitors' value propositions measured across these same benefit areas.

Correct AnswerverifiedShow Answer

A loss occurs when expenses are greater than:

Correct AnswerverifiedShow Answer

Which of the following is NOT integral in how an organization can succeed in identifying solutions to needs the marketplace desires?

Correct AnswerverifiedShow Answer

What is a value proposition?

Correct AnswerverifiedSimply stated,a value proposition is a s...View AnswerShow Answer

A business incurs a ___________ if its costs and expenses exceed its revenues.

Correct AnswerverifiedShow Answer

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

Correct AnswerverifiedShow Answer

_______________ is the art of getting things done using organizational resources.

Correct AnswerverifiedShow Answer

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A

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A company has a competitive advantage wh...
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B

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C

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The ___ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation,versus the _ of your competitors' value propositions measured across these same benefit areas.

Correct Answer
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Simply stated,a value proposition is a s...
View Answer

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