MGMT1 Midterm review
.docx
keyboard_arrow_up
School
University of California, Irvine *
*We aren’t endorsed by this school
Course
1
Subject
Economics
Date
May 7, 2024
Type
docx
Pages
13
Uploaded by ChancellorKuduPerson1110 on coursehero.com
Working as an entrepreneur is the only way to succeed in business.
true
false Correct
Businesses provide goods, jobs, and services to others.
A.
True B.
False
To remain competitive in today's market, firms must produce a quality product and offer
outstanding service at a reasonable price.
A.
Ture
B.
False
The most important difference between for-profit businesses and nonprofit
organizations is that
A.
nonprofit organizations seek to make a profit for their owners and
organizers.
B.
for-profit businesses do not benefit society.
C.
nonprofit organizations do not seek a profit for their owners or
organizers .Correct
D.
nonprofit organizations do not answer to stakeholders.
Efficiency means
the amount of output you generate given the amount of input.
the buying and selling of goods using the most amount of resources.
producing the desired result.
producing goods and services using the least amount of resources. Correct
Which is considered a factor of production?
knowledge Correct
service
bonds
competition
Companies that sell goods to consumers online are engaging in __________
transactions.
Multiple Choice
Y2K
B2C Correct
B2B
RFP
Technology helped the manufacturing industry to become more productive.
True
,Correct
Flase The external and internal circumstances that surround the business are
referred to as
the business disciplines.
the business environment.Correct
the stakeholders.
the factors of production.
Stakeholders are all the people who stand to gain or lose by the policies and
activities of a business.
A.
True correct
B.
False
HW1
The amount of profit or loss earned by a business can be found by subtracting
the firm's expenses from its revenues.
A
.
True Correct
B
.
False
Businesses use demographic studies to understand where people live, their
lifestyles, and what they are likely to buy.
A.
True Correct
B.
False
Trevor earned the same amount of money this year as he did last year. Thus,
his standard of living must be the same as it was last year.
A.
Ture B.
False correct
Nonprofit organizations are similar to for-profit businesses in that they often
provide goods and services that satisfy the needs of society.
A.
Ture correct
B.
False
Public schools, charities, and government agencies generally
do not have any stakeholders.
provide goods rather than services.
have the same goals as for-profit businesses.
do not seek to earn a profit. Correct
Which organization is an example of the goods-producing sector of the
economy?
A.
Samsung Electronics Correct
B.
Barnes Hospital
C.
Princeton University
D.
Bank of America
A common characteristic of most entrepreneurs is that they
E.
have a high level of scientific and technical expertise.
F.
possess a great deal of personal wealth.
G.
accept the risks involved in starting and managing a business.Correct
H.
have experience in running large, complex organizations.
Which business policy would most likely help a single-parent family?
A.
allowing sick leave to be used only if the employee is ill
B.
requiring education outside of regular business hours to help the employee
advance
C.
allowing family leave and flextimeCorrect
D.
requiring the employee to work regularly scheduled hours each day
Last year, Jensen Consulting reported revenues of $34 million while its total
expenses were $10 million. Based on this information, Jensen reported
A.
losses of $24 million.
B.
profits of $24 million.Correct
C.
profits of $34 million.
D.
losses of $34 million.
The failure to uphold high ethical business standards by a few companies can
negatively impact the entire U.S. business community.
A.
Ture Correct
B.
False
Revenue is the amount a business earns above and beyond what it spends for
expenses and costs.
A.
Ture
B.
False correct
One reason given for the decline in the number of U.S. workers employed in
manufacturing is that manufacturing firms in the U.S. have become more
efficient.
A
.
Ture correct
B
.
False Paid vacations and health care insurance are among the benefits provided by
the government to entrepreneurs.
A
.
Ture
B
.
False Correct
WebSure is an online company that provides support services for businesses
that need help in setting up and maintaining their websites. WebSure is an
example of a company that is engaged in __________ e-commerce.
A.
Y2K
B.
C2C
C.
B2BCorrect
D. B2C
Appliance repair firms, tax consultants, law firms, and insurance companies
are all business firms that are part of the __________ sector.
A.
neo-industrial
B.
management
C.
production
D.
service Correct
What policies would tend to foster entrepreneurship?
A.
Minimize taxes and regulations. Correct
B.
Encourage government ownership of businesses.
C.
Develop policies to reduce corruption between individuals.
D.
Promote more regulations to protect the environment.
Political freedom, quality education, access to health care, and a clean
environment are all factors that contribute to an improved quality of life.
A.
Ture correct
B.
False
Starting a business is a riskier path toward business success than working
your way up the ranks of a large business.
A.
Ture correct
B.
False
Randall owns a nursery. The trucks, handcarts, and forklift he purchased for
the business are called
A.
intangible resources.
B.
capital investments.Correct
C.
natural resources.
D.
knowledge assets.
The standard of living for a nation's people depends mainly on
A.
their income and the prices of the goods and services they can buy.Correct
B.
the quality of the natural environment.
C.
the amount of labor and capital available employed in the manufacturing
sector.
D.
how much political freedom they have.
In order to compete well and gain market share, contemporary businesses are
changing to be more
A.
cash-driven.
B.
management-driven.
C.
production-driven.
D.
customer-driven. Correct
In most industries, the only producers that pose a serious threat to U.S.
manufacturers are those in Japan and Western Europe
A.
Ture
B.
False Correct
Since all businesses make a profit, starting a business is not risky.
A.
Ture
B.
False Correct
Elana has joined several other investors to form a new company that sells UV
protection clothing to consumers online. Elana has invested in a B2C e-
commerce company.
A.
Ture correct
B.
False The main difference between B2C and B2B e-commerce is that B2C is only
used online, while B2B combines e-commerce with traditional (brick-and-
mortar) outlets.
A
.
Ture B
.
False correct
What is a benefit of owning your own business?
A
.
government-supplied health insurance
B
.
freedom to keep the profits from your business Correct
C
.
extended paid vacation time
D
.
shorter work hours
The only real purpose of a business is to make money for entrepreneurs.
A
.
Ture
B
.
False Correct
What is the best example of a business whose goal is to earn a profit?
A.
AmazonCorrect
B.
American Red Cross
C.
League of Women Voters
D.
a community college
What is an advantage of utilizing technology in business?
A.
Technology increases the cost of production.
B.
Management can distance itself from the demands of stakeholders.
C.
Technology reduces the need for a marketing plan.
D.
Productivity increases. Correct
Elite Party Rentals, a store serving the Houston-area wedding industry,
generated total revenues of $10 million while incurring expenses of $8 million.
Elite Party Rentals earned a profit of $2 million.
A.
Ture Correct
B.
False
1.
Studies about the effects of population growth on the economy are part of macroeconomics. a.
True
b.
False
2.
The U.S. embargo against all trade with Venezuela, Iran, Syria, and North Korea most likely is the result of
a.
lack of business opportunities.
b.
environmental limitations on trade.
c.
currency fluctuations.
d.
political disagreements.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
You turned down a job at ABC Corp last year that would have paid you $125,000 per year and started your own
company. When you calculated your economic profit, it came out at $0. You expect the business will be exactly the
same next year.
ABC called and said you could still take the job. You should...
A. Keep running your company as-is.
B. Keep running your company but pay yourself less.
C. Keep running your company but pay yourself more.
D. Shut down your company and take the job at ABC.
arrow_forward
Give the meaning of business and explain its scope in brief
arrow_forward
Strategic alliances and networking help to enhance the business competitiveness of a firm. Please discuss how and why it happens.
arrow_forward
I need full explanation to these questions
1. According to the text, economic profit serves as a beacon to entrepreneurs. This means
a. A positive economic profit sends a warning to investors not to invest more.
b. A negative economic profit sends a signal to investors that it is time to invest more.
c. A zero economic profit sends a warning to investors not to invest more.
d. A positive economic profit attracts resources while a negative economic profit sends resources away.
e. None of the above.
2. The difference between economic profit and accounting profit is
a. Average costs
b. Direct costs
c. Economic costs
d. Variable costs
e. Marginal costs
arrow_forward
Explain comprehensively
a. How an Organizational Development
Works?
b. Defining Organizational Development
and The Need for a Specialists
c. Organizational Development Tools
d. Organizational Management of Change
arrow_forward
Your friend, who has not taken any courses in economics, just inherited a company in another state. In three weeks, they will begin running a company about which they know nothing (not even the company's product or service). Explain various markets and how they work to your friend so your friend will be able to run the company.
arrow_forward
Business Strategy is about managing uncertainty,
opportunity, and enterprise. How does a firm
evaluate its industry competitiveness in which it
operates? Discuss.
arrow_forward
MICROECONOMICS
See the graph below, Label and Describe in terms of :
A. Name of Market Structure
B. Ability to control prices
C. Spending on advertising and marketing
D. Pure profit, Normal profit or losses.
arrow_forward
Which of the following would an entrepreneur typically not need to start a new company:
Select one:
a.
Product or service likely to be profitable and sustainable
b.
Previous business experience
c.
Source of start-up money
d.
A board of directors
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
arrow_forward
POLICY PERSPECTIVES Adam Smith in The Wealth of Nations asserted that the pursuit of self-interest by competitive firms promoted the interests of society. What did he mean by this?
arrow_forward
Please explain the importance of good market research when starting a new business.
arrow_forward
Economic profits may result from:
a. innovation Ob. risk taking
c. exploiting market inefficiencies
d. all the above
e. a and b
arrow_forward
___________ is defined as the adoption of a new idea or behavior by an organization. a. organization influence. b.organizational structure c. none of these d. choices A,B, &E e. organizational change.
arrow_forward
Fill in the table and use your answers to the questions to figure out which market type each business fits into. Below you are given potential answers to questions 3 through 9 on each table and one example table.
Please fill in the whole table.
1. Business
Berry Hill Farm’s Stand at the Farmer’s Market
2. Industry
3. Size of Market
4. Number of Buyers
5. Number of Sellers
6. Product Type
7. Barriers to Entry
8. If high, why?
9. Market Type
arrow_forward
Zero profit does not mean that the entrepreneur does not get anything for his efforts.
a.
maybe
b.
true
c.
both a and b
d.
false
arrow_forward
How do the reward system and organization cultureaffect innovation in organizations?
arrow_forward
Which of the following qualities describe entrepreneurs?Choose one answer.a. Innovators b. Risk takers c. Creators of improved products d. All of the above
arrow_forward
Define and discuss free enterprise and define and discuss profit motive?
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Related Questions
- You turned down a job at ABC Corp last year that would have paid you $125,000 per year and started your own company. When you calculated your economic profit, it came out at $0. You expect the business will be exactly the same next year. ABC called and said you could still take the job. You should... A. Keep running your company as-is. B. Keep running your company but pay yourself less. C. Keep running your company but pay yourself more. D. Shut down your company and take the job at ABC.arrow_forwardGive the meaning of business and explain its scope in briefarrow_forwardStrategic alliances and networking help to enhance the business competitiveness of a firm. Please discuss how and why it happens.arrow_forward
- I need full explanation to these questions 1. According to the text, economic profit serves as a beacon to entrepreneurs. This means a. A positive economic profit sends a warning to investors not to invest more. b. A negative economic profit sends a signal to investors that it is time to invest more. c. A zero economic profit sends a warning to investors not to invest more. d. A positive economic profit attracts resources while a negative economic profit sends resources away. e. None of the above. 2. The difference between economic profit and accounting profit is a. Average costs b. Direct costs c. Economic costs d. Variable costs e. Marginal costsarrow_forwardExplain comprehensively a. How an Organizational Development Works? b. Defining Organizational Development and The Need for a Specialists c. Organizational Development Tools d. Organizational Management of Changearrow_forwardYour friend, who has not taken any courses in economics, just inherited a company in another state. In three weeks, they will begin running a company about which they know nothing (not even the company's product or service). Explain various markets and how they work to your friend so your friend will be able to run the company.arrow_forward
- Business Strategy is about managing uncertainty, opportunity, and enterprise. How does a firm evaluate its industry competitiveness in which it operates? Discuss.arrow_forwardMICROECONOMICS See the graph below, Label and Describe in terms of : A. Name of Market Structure B. Ability to control prices C. Spending on advertising and marketing D. Pure profit, Normal profit or losses.arrow_forwardWhich of the following would an entrepreneur typically not need to start a new company: Select one: a. Product or service likely to be profitable and sustainable b. Previous business experience c. Source of start-up money d. A board of directors Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward
- POLICY PERSPECTIVES Adam Smith in The Wealth of Nations asserted that the pursuit of self-interest by competitive firms promoted the interests of society. What did he mean by this?arrow_forwardPlease explain the importance of good market research when starting a new business.arrow_forwardEconomic profits may result from: a. innovation Ob. risk taking c. exploiting market inefficiencies d. all the above e. a and barrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co