Question

Ben and Chris combined their love of hockey with a business venture. They purchased a small...

Ben and Chris combined their love of hockey with a business venture. They purchased a small portable cart and began selling hockey memorabilia outside of the hometown hockey arena. Their first year went well, but this past year has been a real struggle. Due to poor economic conditions including a loss of jobs, ticket sales at the arena are down, which has significantly hurt their sales as well. As a recent business school graduate, you explain to Ben and Chris:

Question 3 options:

this type of business is always high risk because it is seasonal.

the business does not fill a sufficient need for most people.

environmental circumstances are dynamic and tough to control.

social entrepreneurs are currently getting most of the attention.

Jill is looking into the possibility of opening up a day care center in her community, because she is aware of many single-parent families that need a place for their children to stay while the parents work. She is concerned about the long-term prospects for such a business. Jill believes the future of her center will depend on whether birth rates and the number of single-parent families remain high. These concerns illustrate how businesses can be affected by:

Question 4 options:

econometric trends.

demographic trends.

holographic trends.

psychometric trends.

Question 5 (5 points)

To implement a policy of empowerment, the organization will restructure so that:

Question 5 options:

managers have more responsibility and employees learn to follow directions.

employees assume more responsibility.

workers agree to work overtime without extra pay.

an entire level of management is removed from the organization.

Question 6 (5 points)

Which of the following entails the greatest amount of risk?

Question 6 options:

Working for the government

Working for a large business

Working for a small business

Starting a business

Question 7 (5 points)

Efforts are underway to serve the needs of a diverse population. Diversity means:

Question 7 options:

selling products to immigrants.

dealing sensitively with workers and cultures around the world.

providing government programs such as free health care for illegal and legal immigrants.

meeting employment quotas so that diverse groups are always represented in your workforce.

Question 8 (5 points)

During the past 150 years, the U.S. has evolved from:

Question 8 options:

An agrarian economy to an information technology economy.

A business to business economy to a business to consumer economy.

An agrarian economy to a manufacturing economy to a service oriented economy.

A manufacturing economy to a service economy, to a cottage economy, and now we are trending back to an agrarian economy.

Question 9 (5 points)

The number of businesses owned by Hispanics and Asians has:

Question 9 options:

has decreased after the 9-11 terrorist attack.

slowly increased.

significantly increased.

remained relatively constant.

Question 10 (5 points)

Employers provide tools and technology for their employees in order to:

Question 10 options:

increase the cost of production and profitability.

improve their efficiency and productivity.

reduce corruption in business and eliminate scandals.

encourage the private ownership of businesses.

Question 11 (5 points)

How is the profile of business owners changing?

Question 11 options:

In the U.S., men between the ages of 18 and 24 are starting businesses at a faster rate than men of all ages, or women of all ages.

Recent male immigrants, who can legally work in the U.S., are starting businesses at a faster rate than natural-born male citizens, and at a faster rate than all women.

Businesses owned by minority women are growing at a faster rate than businesses owned by men or nonminority women.

It is difficult to collect information on the profile of business owners. Most new businesses do not file so they don't have to pay taxes.

Question 12 (5 points)

___________ refers to the amount of output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour.

Question 12 options:

Efficiency

Technology

Telecommuting

Productivity

Question 13 (5 points)

The immigrant population (both legal and illegal) is having a dramatic effect on

Question 13 options:

car and truck makers

mining and minerals industry

schools, hospitals and other services type industries

ice cream and confection industry

Question 14 (5 points)

Eve and her three college friends enjoy perfumes. As a special gift to each of them last holiday season, Eve found a way to make scented candles with each friend's favorite perfume scent. The three friends loved her gift idea and encouraged Eve to create more and sell them on the Internet. Recently, she is filling orders from her website, and turning a profit. Eve is proof that:

Question 14 options:

me too businesses work.

when you successfully fill a market need, you can make money.

the Internet is a way to distribute just about anything.

the cost of supplies to make candles is relatively cheap.

Question 15 (5 points)

Tyler Samuels recently returned from the war in Iraq where he was a member of the highly skilled special operations forces. He is now in the United States where he collects the G.I. Bill in order to go to school. This is one example of:

Question 15 options:

How an event such as a war educates young people about conditions abroad.

The cost of war.

The benefits of war on education.

A squeeze on employer benefits.

Question 16 (5 points)

Charles Malone recently renewed his card membership at DiscountMania. The card has an annual $40 fee, but Charles believes that it pays for itself because he receives good prices on electronics, contact lenses, and even tires for his car. Shortly after renewing the card, Charles began receiving calls from collection agencies claiming that he owed money. With the help of others, he learned that another Charles Malone also owned a DiscountMania card, and wrote checks with insufficient bank funds when making purchases. DiscountMania had linked Charles' personal information with the other Charles Malone's personal information. Charles experienced _______________.

Question 16 options:

Buyer myopia

Database fraud

Information trafficking

Identity theft

Question 17 (5 points)

The service industry represents ________ of the value of the U.S. economy.

Question 17 options:

about 30%

under 50%

about 70%

about 50%

Question 18 (5 points)

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

Question 18 options:

loss

liability

debit

dividend

Question 19 (5 points)

Public schools, charities and government agencies generally ___________.

Question 19 options:

are incorporated

do not seek to earn a profit

provide goods rather than services

do not have any stakeholders

Question 20 (5 points)

People between the ages of 65 and 74 represent:

Question 20 options:

the unemployed generation

the single-parent family generation

a lucrative market

a group that has never contributed to social security

Homework Answers

Answer #1

Q.3.

There are several business environments to a particular business which comprises of surrounding factors that either help in the expansion of business or act as a hindrance to its development. In our example the economic environment has severely affected the number of people attending hockey games. Business environments are dynamic. They are constantly changing and are difficult to control. Hence business must learn to accommodate these changes.

Correct Ans - C

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