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

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Question 21

True/False

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Globalization has increased among nations.

A) True
B) False

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verified

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Question 22

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Companies that participate in the defense industry by making weapons and other companies that make armored vehicles and even food companies do well when the U.S. is at war.

A) True
B) False

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Question 23

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Jarett is supposed to be cramming for finals but his mind keeps wandering to the Colorado slopes. Several years ago, his Uncle Mike made it big and now owns a ski lodge just north of Aspen. He promised Jarett a management trainee position and the opportunity to buy into the company by contributing a portion of his paycheck each month back into the business. As he dreams about the opportunity to be his own boss, reality bites as Jarett scans his business book and reads, "freedom to succeed also means freedom to fail."

Technological innovation has a ripple effect. With the advent of the Internet, Tyler, a certified tech-nerd, is being courted by companies to write the next generation of antivirus software. He tells us its big business!

Identity theft is when individuals or firms access people's personal information and then use it for illegal purposes and activities.

Laura and Tim McNash recently moved to North Carolina on a three-acre home site. They purposefully purchased their home within biking distance to the university where they are both employed, and their bikes each have room for two cloth bags for groceries if they need to purchase food on the way home, although they plan to grow much of their own. Laura and Tim are examples of a growing number of young people whom:

Bar codes are a form of technology that has enhanced a company's ability to be responsive to consumer needs.

Though it has received a lot of attention, the development of the Internet has had less of an impact on the way businesses operate than many other technological changes.

Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

As a factor of production, the term capital includes:

Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of products that enhance the lives of consumers. Identity theft and other forms of cybercrime are also by-products of these technological advancements. Which of the following statements describes a form of identity theft?

Xavier, a recent college graduate, is thinking of investing in a home health care business. He believes this will be a profitable venture because of the increasing number of people in the U.S. that will be over 60 in the near future and more likely to need this type of service. This accurately describes a demographic trend that will affect his business choice.

The advice provided by a marriage counselor is an example of the service industry.

The transition from an agricultural economy to a manufacturing economy to a service based economy has resulted in a serious increase in long-term unemployment.

Empowerment means:

Questionable business practices such as those followed by many mortgage-lending companies in the recent past:

An entrepreneur risks time and money to start and manage a business.

When businesses sell to other businesses over the Internet, these transactions are known as:

The B2B Internet market consists of selling goods and services to consumers.

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass-up on are: