5.03 Quiz Review Andrea Macias

Question 1

The two main divisions of the trade industry are:

Accepted Answer

wholesalers and producers.

Question 2

Kim invests heavily a marketing campaign to boost sales at her company. What kind of management process is this example?

Accepted Answer

proactive management

Question 3

Which situation would most likely indicate the need to adapt to changes in the business environment?

Accepted Answer

The supply of materials used in manufacturing a product has decreased.

Question 4

The small business owner plans to "go global." What globalization method would you recommend to the owner?

Accepted Answer

Start by hiring an export management company.

Question 5

A group will open a museum and collect the entrance fee to pay for the museum's expenses. Will the museum be a business?

Accepted Answer

Yes, the museum will be a not-for-profit business.

Question 6

One reason that has caused the government's role in business toexpand is that:

Accepted Answer

people's attitudes have changed.

Question 7

Three primary factors that affect the organizational structure of a business include interpersonal relationships, and:

Accepted Answer

authority.

Question 8

A U.S. company would decide to offer its products in othercountries as a reason to:

Accepted Answer

expand to new, untapped markets.

Question 9

Which is a factor that affects the business environment?

Accepted Answer

industry competition

Question 10

Which is an example of ethical business behavior?

Accepted Answer

testing products to ensure they are safe to use

Question 11

Businesses that successfully adapt to current market situations often realize that:

Accepted Answer

change is an opportunity.

Question 12

The formula that is generally used to measure productivity is:

Accepted Answer

outputs divided by inputs.

Question 13

Which provides government protection of business property?

Accepted Answer

patents

Question 14

The government can borrow money from the private sector inorder to pay the costs of regulation by:

Accepted Answer

issuing bonds.

Question 15

Which factor has aided the most in creating a global business environment?

Accepted Answer

technology

Question 16

What business activity should an owner use to inform potential customers about a new product?

Accepted Answer

marketing

Question 17

Business ethics involve considering issues about what is:

Accepted Answer

right and wrong.

Question 18

If 3 employees each work 35 h a week and produce a total of 9,765 items, what is their total hourly productivity level?

Accepted Answer

93

Question 19

Which is an example of an economic factor that affects the business environment?

Accepted Answer

business cycle

Question 20

At PME Company, 4 employees worked 25 h a week andproduced 4,200 products. What is the total hourly productionoutput?

Accepted Answer

42

Question 21

One reason why many small businesses develop an organizational design that requires a board of directors is because ..

Accepted Answer

provides experience that increases the business's credibility.

Question 22

Which affects the business environment because it provides the most options for consumers?

Accepted Answer

global competition

Question 23

If a business is not concerned about social responsibility, it is likely to:

Accepted Answer

be a failure.

Question 24

The productivity of an individual worker can be measured by:

Accepted Answer

dividing the number of customers by the number of hours an employee worked.

5.03 Quiz Review Andrea Macias

Questions 24

5.03 Quiz Review Andrea Macias

Questions 24