Verified Test Bank Chapter 1 The Changing Face Of Business 1 - Contemporary Business 19e | Practice Test Bank by Louis E. Boone. DOCX document preview.
Package Title: Chapter 1, Testbank
Course Title: Boone, Contemporary Business, 19th Edition
Chapter Number: 1
Question type: Multiple Choice
1) _____ involves blending individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm’s chances of success.
a) Diversity
b) Competitive differentiation
c) Strategic alliance
d) Relationship management
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
2) _____ refers to technology, tools, information, and physical facilities.
a) Outsourcing
b) Capital
c) Factors of production
d) Brand
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
3) _____ is the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of consumers.
a) Competitive differentiation
b) Vision
c) Factors of production
d) Brand
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
4) A partnership formed to create a competitive advantage for the businesses involved is known as a(n) _____.
a) outsourcing
b) competitive differentiation
c) strategic alliance
d) vision
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
5) A(n) _____ is a name, term, sign, symbol, design, or combination that identifies the products of one firm.
a) entrepreneur
b) vision
c) brand
d) not-for-profit organization
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
6) The ability to perceive marketplace needs and what an organization can do to satisfy them is referred to as _____.
a) competitive differentiation
b) vision
c) brand management
d) relationship management
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
7) A person who sees a profitable opportunity and then devises a plan to achieve that profit is called a(n) _____.
a) entrepreneur
b) competitive differentiator
c) visionary
d) brand expert
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
8) _____ is/are the collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.
a) Outsourcing
b) Competitive differentiation
c) Strategic alliance
d) Relationship management
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
9) To operate effectively, certain inputs called _____ are required for all economic systems.
a) competitive differentiation
b) capital
c) vision
d) factors of production
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
10) _____ are businesslike establishments that have primary objectives other than returning profits to their owners.
a) Entrepreneurs
b) Strategic alliances
c) Brands
d) Not-for-profit organizations
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
11) _____ refers to the standards of conduct and moral values involving decisions made in the work environment.
a) Diversity
b) Vision
c) Relationship management
d) Business ethics
Difficulty: Easy
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
12) A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.
a) outsourcing
b) competitive differentiation
c) strategic alliance
d) relationship management
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
13) For successful companies, which of the following statements is true?
a) They often adapt to changes in customer tastes.
b) They spend less time on technology-related projects.
c) They refrain from all kinds of competition.
d) They strive to reduce the standards of living of their respective countries.
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
14) Accountants think of profits as:
a) the overall sales of a company in comparison with its top competitor.
b) the difference between a firm’s revenues and the expenses incurred in generating them.
c) the value of the products or services sold during a financial year.
d) the difference between the capital and revenue obtained through selling stocks.
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
15) All of these statements are true regarding businesses EXCEPT:
a) Some businesses are not motivated by profit growth.
b) Businesses provide goods and services necessary to an economic system.
c) Businesses are the economic pulse of a nation.
d) Businesses are nonprofit organizations that provide services to the public.
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
16) Jason is an accountant. When he is looking at clients’ books, for him, profits are _____.
a) the difference between revenues and expenses
b) the sum of commissions earned and receipts
c) the difference between sales and expenses
d) the sum of sales and expenses
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
17) In the U.S. economy, _____ are considered the reward for the risk of entering a business.
a) revenues
b) concessions
c) profits
d) sales
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
18) Which of these are essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services?
a) Coupons
b) Profits
c) Discounts
d) Rebates
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
19) Which of the following is NOT typically a part of the not-for-profit sector?
a) Labor unions
b) Religious organizations
c) Hotels
d) Museums
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
20) Which of the following is a public sector, not-for-profit organization?
a) Library
b) Museum
c) Charitable group
d) Labor union
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
21) The Allegany County Library provides a wide variety of library services to its neighborhood. It also provides free online support to its members, and any fee collected from its members goes directly to charity. The library is an example of a(n) _____.
a) not-for-profit organization
b) corporate organization
c) offshore unit
d) business conglomerate
Difficulty: Medium
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
22) Which of the following represent the factors of production in an economic system?
a) Land, rent, capital, and human resources
b) Capital, perseverance, natural resources, and human resources
c) Rent, wages, interest, and profit
d) Land, labor, capital, and entrepreneurship
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
23) Timbers Are Us, a lumber company, utilizes _____ as its primary production factor.
a) human resources
b) entrepreneurship
c) capital
d) natural resources
Difficulty: Medium
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
24) Technology, tools, information, and physical facilities for the operation of a business are examples of _____.
a) profits
b) wages
c) capital
d) liability
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
25) A company that values employees as sources of ideas and innovation is utilizing its _____.
a) entrepreneurship
b) natural resources
c) capital
d) labor
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
26) The labor of a firm refers to _____.
a) household consumers
b) everyone who works for the business
c) full-time employees
d) top management executives
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
27) ABC Mining Inc. is a small-scale mining company that started its business in 2011. By the year 2018, the firm had to close its operations. The company had been continuously laying off its employees since 2016, which led to the further downsizing of the firm. The decline in the availability of minerals in its operating region since 2014 has contributed vastly to its downfall and also reduced the need to inject new capital since then. Which of the following factors of production has primarily caused the firm to end its operations?
a) Natural resources
b) Capital
c) Human resources
d) Entrepreneurship
Difficulty: Medium
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
28) Samantha, a former middle manager from Gaylord Manufacturing, owns and operates a 7-Eleven franchise. Samantha is demonstrating _____.
a) social responsibility
b) socialism
c) entrepreneurship
d) pure competition
Difficulty: Medium
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
29) Which of the following describes a for-profit system established, owned, and operated by individuals?
a) The private enterprise system
b) A social democracy
c) A monopoly
d) State ownership
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
30) Capitalism is founded on _____.
a) the social changes that followed the Industrial Revolution
b) the idea that 80 percent of a nation’s wealth should be owned by no more than 20 percent of its people
c) the principles of a private enterprise system
d) the idea that government must own all factors of production
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
31) The economist Adam Smith was the first person to describe _____ in his book The Wealth of Nations.
a) socialism
b) communism
c) capitalism
d) entrepreneurship
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
32) Competition, according to Adam Smith, would lead to consumers receiving the best possible products and prices because _____.
a) government interference in economic activity would be maximized
b) less efficient producers would be driven out of the market
c) increased supply of raw materials would lead to increased production
d) natural resources would be utilized more efficiently
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
33) By offering a lifetime warranty on its products, Savvy Security Systems has set itself apart from its competitors. This difference is known as Warner Electronics’ _____.
a) private enterprise system
b) competitive differentiation
c) capitalism
d) checkoff
Difficulty: Medium
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
34) When Private Jets, Inc. finds itself losing contracts because Global Aviation, Inc. charges less money, Private Jets responds by lowering its bids. According to Adam Smith, this reaction demonstrates _____.
a) the invisible hand of competition
b) collision
c) the right to private property
d) social responsibility
Difficulty: Medium
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
35) Conchita recently sold her Ford Taurus to a personal friend. Conchita’s sale of her automobile illustrates the right to _____.
a) freedom of choice
b) private property
c) profit making
d) set ground rules for competitive activity
Difficulty: Medium
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
36) All of the following are basic rights within a private enterprise system EXCEPT _____.
a) right to private property
b) right to profits before tax deduction
c) freedom of choice of investment
d) freedom of choice of employment
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
37) Which of the following describes the right to profit?
a) Owner is legally guaranteed the right to all profits (after taxes) that are earned by a business
b) Right to such profits without any form of deduction
c) Government will guarantee a profit
d) Firm has to earn only profits
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
38) Which of the following is considered to be the most fundamental right of the private enterprise system?
a) The right to private property
b) The right to guaranteed profits
c) The right to exercise price discrimination
d) The right to fair competition
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
39) Which of the following allows for a private enterprise system to rely on the potential for citizens to choose their own employment, purchases, and investments?
a) Right to private property
b) Right to profits
c) Freedom of competition
d) Freedom of choice
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
40) All of the following are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to _____.
a) fair competition
b) permit price discrimination
c) select from among a variety of goods and services
d) own property
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
41) ______ is a benefit of entrepreneurship.
a) Low risk
b) Innovation
c) Guaranteed profit
d) Reduced competition
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
42) Dakarai is a new recruit at an IT firm. He feels that his compensation is below industry standards, and his colleagues at other firms urge him to switch his employment with a company that pays a better salary. Instead of changing his job, he forms a trade union to ensure fair wages in the firm. Which of the following rights has Dakarai exercised?
a) Right to private property
b) Right to competition
c) Right to profits
d) Right to freedom of choice
Difficulty: Medium
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
43) The economic focus, in colonial society, was centered on _____.
a) metropolitan areas
b) areas west of the Mississippi River
c) rural areas
d) cities
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
44) The Industrial Revolution in England transformed America’s economy by introducing _____.
a) the concept of each worker producing one complete product
b) the concept labor unions
c) the factory system
d) the continuously moving assembly line
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
45) Customers are central to Seung’s business. His fundamental principle is to understand consumer needs and satisfy them in terms of range, quality, and specifications of products. Seung is most likely to have started his business in the _____ era.
a) social
b) production
c) relationship
d) marketing
Difficulty: Medium
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
46) The American Industrial Revolution did not make real progress until _____.
a) a railroad system was built, providing fast, economical transportation
b) a good relationship was formed with England
c) an introduction of the automobile occurred
d) a reliable system of telephonic communication was established
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
47) Inventors such as Robert McCormick and Eli Whitney were part of the _____.
a) marketing era
b) colonial era
c) pre-colonial age
d) age of industrial entrepreneurs
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
48) Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the _____.
a) relationship era
b) marketing era
c) era of the Industrial Revolution
d) production era
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
49) Which of the following BEST distinguishes the philosophy of the marketing era from the philosophy of the production era?
a) The marketing era was more consumer oriented.
b) The production era occurred after World War II.
c) The marketing era advocated price discrimination.
d) The production era was more consumer oriented.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comoprehension
50) The business philosophy that advocates determining what consumers want and need, and then designing products to satisfy those needs, is known as _____.
a) consumer orientation
b) self-sufficiency
c) work ethics
d) production enhancement
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
51) During the _______, the concept of branding first emerged.
a) production era
b) relationship era
c) age of the industrial entrepreneur
d) marketing era
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
52) Blogs and social networking use _____ to manage relationships.
a) strategic alliances
b) marketing research analyses
c) technology
d) business etiquette
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
53) Colonial society emphasized:
a) customer relationship.
b) product distribution.
c) factory production.
d) agricultural production.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
54) Which of the following refers to concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits?
a) Relationship management
b) Marketing management
c) Decoy effect
d) Transaction management
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
55) Which of these refers to the collection of activities that build and maintain ongoing, mutually beneficial ties with customers and other parties?
a) Relationship management
b) Transaction management
c) Financial management
d) Marketing management
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
56) Fabian uses a weblog to sell his products. His blog has generated massive sales for his products. His capital expenditure was the lowest in comparison to most of the other online firms. Which of the following eras is he most likely to be originating from?
a) Production era
b) Social era
c) Industrial era
d) Marketing era
Difficulty: Medium
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
57) Which of the following best describes a strategic alliance?
a) A category of relationship management
b) An affiliation of two or more companies
c) Outside the scope of e-business management
d) Helpful in eliminating competitive advantage
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
58) Apple Series 4 watches sold on Amazon’s Web site signify the formation of a _____ to increase profits.
a) transaction alliance
b) brand partnership
c) strategic alliance
d) marketing agreement
Difficulty: Medium
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
59) Which of the following is a concern in the current business workforce trends due to Covid-19?
a) Awareness that businesses are moving toward traditional management practices
b) Increased reliance on employees’ intellectual capabilities
c) How to help development and learning of employees
d) Transition from focus on production to creating a brand
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
60) Which of the following is a management challenge associated with broad age diversity?
a) The uniformity in expectations of work
b) The need to accommodate a variety of work lifestyles
c) The decreasing need for advanced skills
d) The increasing reliance on older individuals
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
61) Diverse employee teams tend to perform _____ and develop _____ than do homogeneous employee groups.
a) less effectively; better solutions
b) more effectively; better solutions
c) less effectively; worse solutions
d) more effectively; worse solutions
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
62) Which of the following is a trend in the current business workforce?
a) Teenagers are staying longer in their jobs.
b) Seniors are rarely applying for part-time jobs.
c) Seniors are retiring from the workforce sooner.
d) Teenagers are entering the workforce sooner.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
63) When a business employs an outside company to handle all customer correspondence and phone calls, the business is _____ its customer service department.
a) outsourcing
b) branding
c) cybersquatting
d) shrinking
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
64) When Microsoft opened offices in Tokyo, London, and Sydney, it was utilizing _____ by relocating business activities to lower-cost locations overseas.
a) nearshoring
b) cybersquatting
c) offshoring
d) employee sourcing
Difficulty: Medium
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
65) Which of the following generations tend to care less about money and the work-comes-first lifestyle?
a) Baby Boomers
b) Generation X
c) Generation Y
d) Millennials
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
66) What do managers of global workforces need to do to retain valued employees?
a) Build and earn trust
b) Share financial information with employees
c) Lay off tenured employees
d) Follow traditional management practices
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
67) When a U.S. company contracts work to a company in Mexico, it is _____.
a) nearshoring
b) nearsourcing
c) exporting
d) offshoring
Difficulty: Medium
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
68) Delco Corp. a multinational corporation located in Chicago is planning to relocate its operations in India. The firm has identified that the labor cost and technology available in India would ensure optimum performance of its business operations. Which of the following strategies has Delco Corp. adopted?
a) Exporting
b) Offshoring
c) Nearshoring
d) Licensing
Difficulty: Medium
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
69) Crowdsourcing allows companies to find:
a) workers for a specific task.
b) potential candidates through a physical job fair.
c) appropriate candidates within the company.
d) candidates specifically for the managerial roles.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
70) Which is the ability to perceive marketplace needs and what an organization must do to satisfy these needs?
a) Critical thinking
b) Social responsibility
c) Vision
d) Creativity
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
71) Ramona works for ABC Pharmaceutical Company and gives a presentation on the need to expand the company’s geriatric division within the next 10 years. Ramona is focusing primarily on establishing the company’s _____.
a) morales
b) ethics
c) vision
d) codes
Difficulty: Medium
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
72) In business, _____ refers to the ability to see better and different ways of doing business.
a) critical thinking
b) social responsibility
c) creativity
d) vision
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
73) Tevasoft, a content management company, introduces a new software tool for quality analysis. This product has been programmed and introduced after several rounds of meticulous analysis that included researching, brainstorming sessions, arguments, and several rounds of testing for the product’s accuracy and authenticity. In this scenario, which of the following has Tevasoft demonstrated?
a) Critical thinking
b) Competitive differentiation
c) Sociability
d) Creativity
Difficulty: Medium
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
74) When 3M managers decided to manufacture Post-it ® notes, a new product was born. This was an example of _____ in action.
a) critical-thinking skills
b) vision
c) social responsibility
d) creativity
Difficulty: Medium
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
75) Himesh is seeking to revitalize his graphic design company with new innovations and has called for a brainstorming meeting with his top designers. Himesh is _____.
a) enacting his company’s vision
b) improving his productivity
c) thinking critically
d) utilizing his creativity
Difficulty: Medium
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
76) Feedback from customers is an example of a(n) _____ that requires organizational change.
a) internal force
b) external force
c) change agent
d) marketing issue
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
77) Which of the following is NOT an example of an internal force that requires organizational change?
a) Labor union demands
b) Production problems
c) New technologies
d) New company goals
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
78) Which of these refers to standards of conduct and moral values of a firm?
a) Creativity
b) Business ethics
c) A social audit
d) A social responsibility
Difficulty: Easy
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
79) “Newman’s Own” is a food product line that gives 100 percent of its after-tax profits to charity. This company is ____.
a) evaluating its business ethics
b) enacting upon its social responsibility
c) creating customer satisfaction
d) using creativity to promote sales
Difficulty: Medium
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
80) When management adheres to a set of standards involving the right and wrong actions arising in the work environment, the management is _____.
a) enacting upon its social responsibility
b) following its business ethics
c) working towards social welfare
d) using creativity to encourage team spirit
Difficulty: Easy
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
81) When ABC Tool’s management decided to preserve the local environment by planting 1,000 trees every year, the company is _____.
a) using creativity to ensure sustained growth
b) following its business ethics
c) working towards social welfare
d) enacting upon its social responsibility
Difficulty: Medium
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
82) Social responsibility would include all of the following EXCEPT _____.
a) supporting the local United Way
b) buying goods and services from minority-owned vendors
c) making campaign contributions to politicians in the hope of obtaining a government contract
d) making contributions to the local public radio station
Difficulty: Medium
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
83) Stewart is a small business owner who runs a local coffee shop and a bakery. For Stewart, _____ represents an earned reward for taking the risks of running the business.
a) government intervention
b) concessions
c) profits
d) long hours
Difficulty: Medium
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
84) A tax law provision granted to not-for-profits by the Internal Revenue Service is called _______.
a) strategic alliance
b) concession
c) consumer orientation
d) section 501(c)(3)
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
85) Which of the following represent corresponding factor payments for labor and capital?
a) Land and rent
b) Perseverance and natural resources
c) Wages and interest
d) Natural resources and entrepreneurship
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
86) _______ represents a natural force that guides free market capitalism.
a) Socialism
b) Communism
c) Competition
d) Government
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
87) Which of these describes the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers?
a) Private enterprise system
b) Competitive differentiation
c) Capitalism
d) Strategic alliance
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
88) The main characteristic of the ______ era was benefits derived from deep, ongoing links with individual customers, employees, suppliers, and other businesses.
a) marketing
b) social
c) relationship
d) age of industrial entrepreneurs
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
89) The main characteristic of the ______ era is the new ways for businesses and consumers to communicate and share information.
a) marketing
b) social
c) relationship
d) age of industrial entrepreneurs
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
90) The main characteristic of the ______ era was mass production by semiskilled workers, aided by machines.
a) Industrial Revolution
b) social
c) relationship
d) age of industrial entrepreneurs
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
Question type: True/False
91) Companies need to be ethical to succeed in the long run.
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
92) In order to remain viable, not-for-profit organizations need to focus on profits even more than the public service they provide.
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
93) Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit.
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
94) Given that not-for-profit organizations still focus on and make profits, they are commonly required to pay federal, state, and local taxes.
Difficulty: Easy
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
95) Labor encompasses both the physical labor and the intellectual inputs contributed by workers.
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
96) Capital usually includes entrepreneurs and human resources.
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
97) Land is linked to the factor payment of rent.
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
98) Technology is considered to be a form of capital.
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
99) Technology and capital are considered as two separate factors of production.
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
100) When farmers rent land in order to increase crop production, they are acquiring capital.
Difficulty: Medium
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
101) “Risk-taking” and entrepreneurship are synonymous.
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
102) Government intervention is critically important and encouraged in the private enterprise system.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
103) The private enterprise system is enhanced by maximized government participation.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
104) Capitalism is another name for the private enterprise system.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
105) In the private enterprise system, the right to private property is considered the most basic right.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
106) When customers enter a supermarket and select their favorite brand of laundry detergent, they are exercising their right to freedom of choice.
Difficulty: Medium
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
107) In the private enterprise system, government has no role to play in ensuring fair competition.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
108) For a business to be successful, competitive differentiation is highly discouraged.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
109) A common characteristic of most entrepreneurs is finding unique ways to use the factors of production.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
110) During the era of Industrial Revolution, the focus was on agriculture and other rural activities.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
111) The Industrial Revolution began in Germany and quickly spread to the rest of Europe.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
112) The Industrial Revolution introduced a strong emphasis on the factory system.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
113) One factor that led to the Industrial Revolution was the development of the social era.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
114) A key element of the age of industrial entrepreneurs was the use of consumer research.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
115) Assembly lines were introduced during the production era.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
116) In consumer orientation, a company creates a product first and then determines if a consumer is likely to purchase the product.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
117) The Nike swoosh is an example of a brand.
Difficulty: Medium
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
118) Transaction management best describes the current philosophy among managers today.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
119) Transaction management was introduced during the era of Industrial Revolution.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
120) The social era is based on the premise that organizations create value through connections with groups or networks of people with similar goals and interests.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
121) Relationship management refers to ongoing, mutually beneficial ties between an organization and its customers.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
122) Relationship management concentrates on short-term interactions with customers.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
123) If Motorola and Microsoft work on developing an innovative cell phone, then such an arrangement would be an example of a strategic alliance.
Difficulty: Medium
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
124) The need to develop environmentally friendly products and processes is becoming a major new force in business today.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
125) A strategic alliance is a partnership formed to create a competitive advantage for the businesses involved.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
126) During the next few years, the average age of the workforce is expected to decrease.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
127) The supply of jobs is slowly becoming greater than the demand for workers.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
128) According to research, work teams consisting of a diverse group of individuals often are less productive than less diverse work teams.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
129) Even with advances in management and communications, manufacturing still accounts for most of the annual output in the United States.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
130) Outsourcing is the use of outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
131) Millennials, the largest demographic group in today’s workforce, tend to care less about money and the work-comes-first lifestyle.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
132) The managerial quality of vision is the ability to perceive marketplace needs and what an organization must do to satisfy them.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
133) For today’s managers, critical thinking skills and creativity are essential qualities.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
134) In business, creativity refers to the ability to see better and different ways of doing business.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
135) Creativity is the capacity to develop well-tested solutions to common organizational problems.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
136) Physical exercise releases endorphins, which prevents a manager from coming up with creative ideas.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
137) Mental exercises like brainstorming often foster creativity.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
138) Feedback from customers is an example of an internal force that would require change.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
139) Business ethics deal with the right versus wrong actions that arise in a work environment.
Difficulty: Easy
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
140) Participating in nonprofit programs is an example of exhibiting social responsibility.
Difficulty: Easy
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
Question type: Essay
141) Define profit. Your roommate makes the following statement, “The success of a business is measured only by the profit it earns.” Do you agree? Explain your answer.
Difficulty: Medium
Learning Objective 1: 01-01: Define business.
Section Reference 1: What is Business?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
142) Is technology a capital source? Explain.
Difficulty: Easy
Learning Objective 1: 01-02: Identify and describe the economic factors of production.
Section Reference 1: Economic Factors of Production
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
143) Explain why competition is important according to Adam Smith.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
144) What are the four basic rights in the private enterprise system? Briefly describe each right.
Difficulty: Easy
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
145) What did Nordstrom do differently to achieve a considerable increase in its annual sales?
Difficulty: Medium
Learning Objective 1: 01-03: Describe the private enterprise system.
Section Reference 1: The Private Enterprise System
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Analysis
146) What are the seven eras of business history? Name and describe the era used by businesses today.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
147) Describe the business approach used in the relationship era.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
148) Differentiate between transaction management and relationship management.
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
149) Briefly describe the Industrial Revolution. What was its contribution to the evolution of business?
Difficulty: Easy
Learning Objective 1: 01-04: Identify the seven eras in the history of business.
Section Reference 1: Seven Eras in the History of Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
150) Explain strategic alliance with an example.
Difficulty: Medium
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
151) Is a diverse workforce advantageous to businesses? Explain.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
152) Describe offshoring and its related trends.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Knowledge
153) Define outsourcing. Explain the utility of outsourcing in the United States.
Difficulty: Easy
Learning Objective 1: 01-05: Explain current trends related to business.
Section Reference 1: Current Trends Related to Business
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
154) What is vision? Explain with an example why it is an important managerial quality.
Difficulty: Medium
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Application
155) Describe critical thinking and creativity. Explain why they are important qualities for today’s manager.
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
156) What are some examples of external and internal forces that would require a manager to lead organizational change?
Difficulty: Easy
Learning Objective 1: 01-06: Identify the skills and attributes needed for today’s manager.
Section Reference 1: Skills and Attributes Needed by Today’s Managers
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension
157) Differentiate between business ethics and social responsibility.
Difficulty: Easy
Learning Objective 1: 01-07: Outline the characteristics that make for a successful and admirable company.
Section Reference 1: What Makes for a Successful and Admirable Company?
Standard 1: AACSB || Analytic
Standard 2: Bloom’s || Comprehension