Business Management & Principles Chapter 1 Review

Question 1

The process of creating an indentity in consumer's minds for a good or service

Accepted Answer

branding

Question 2

Building and promoting products in the hope that enough customers will buy to cover cost

Accepted Answer

transaction management

Question 3

U.S. Postal Service, American Red Cross and Labor Unions are exampes of

Accepted Answer

Not for profit

Question 4

______ relies on the potential for citizens to choose their own employement

Accepted Answer

freedom of choice

Question 5

____ represent rewards for business people who take risks

Accepted Answer

profits

Question 6

Incentive for people to start companies, expand them, provide goods and services

Accepted Answer

profit

Question 7

Branding occured in which era?

Accepted Answer

marketing

Question 8

Which of the following is not a factor of production?

Accepted Answer

Technology resources

Question 9

Relocation of business processes to lower-cost locations overseas

Accepted Answer

offshoring

Question 10

___________ includes everyone who works for the company.

Accepted Answer

Human resources

Question 11

Combination of organizational abilities, products, and approaches that sets a company apart

Accepted Answer

competitive differentiation

Question 12

Managements decisions align with social and economic issues, practicing...

Accepted Answer

social responsiblity

Question 13

Henry Ford introduced assembly lines in which era?

Accepted Answer

production

Question 14

Another name for private enterprise system is

Accepted Answer

capitalism

Question 15

______ is a key resource that includes technology, tools, information and physical facilities

Accepted Answer

Capital

Question 16

__________ is the willingness to take risks to creat and operate a business.

Accepted Answer

entrepreneurship

Question 17

which is the least important for 21st century managers?

Accepted Answer

strict rules

Question 18

economic system that rewards firms for their ability to identify and serve the needs and demand

Accepted Answer

private enterprise system

Question 19

Actively nurturing, customer loyalty by carefully managing every transaction is

Accepted Answer

relationship management

Question 20

Standards of conduct and moral values involving decisions made in the work environment

Accepted Answer

Business ethics

Question 21

Using outside vendors to produce goods or services that used to be handled in house

Accepted Answer

outsourcing

Question 22

Which is not a right within a private enterprise system?

Accepted Answer

freedom of religion

Questions 22