QUESTION Economic forces that affect business development fundamentally reflect a balance between what two factors? A) freedom and regulation B) input and output C) purchasing power and savings rates D) recession and expansion E) markets and resources ANSWER Answer: A Explanation: A) Economic forces within the business environment reflect ongoing tension between the freedom […]
QUESTION The only grocery store in an isolated rural town has little incentive to improve product variety or quality of service. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: With no pressure from competitive forces, the store does not need to make additional effort or incur further expense to attract […]
QUESTION In the United States, the increased use of store signage in both English and Spanish is a response to global forces in the business environment. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Bilingual signs are a response to the growing number of Hispanics living in the United States. […]
QUESTION The measurable characteristics of a particular population are called demographics. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Demographics include age, race, gender, family composition, and other characteristics, all of which impact the market for goods and services.
QUESTION Managing a business requires balancing the needs and perspectives of a wide variety of stakeholders. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Business management requires balancing the perspectives of various stakeholders, including employees, suppliers, and interest groups.
QUESTION Social differences such as the increasing diversity of the U.S. population impact both customers and employees of an organization. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: While some business managers may focus on addressing social changes in their customer base, such changes also impact the labor pool.
QUESTION Competitive advantage is the ability of an organization to sell goods or services at a lower price than its competitors. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Competitive advantage is the ability of an organization to produce goods or services more effectively than its competitors.
QUESTION Competitors are a stakeholder group in a business. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Although they are interested in what similar businesses are doing, competitors are not considered part of a particular organization’s stakeholder environment.
QUESTION People who want to be successful in business have no time to focus on personal skills. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Acquiring valuable personal skills such as analytical thinking is one of the Seven Key Business Rules for Success.
QUESTION In terms of achieving business success, self-development requires learning how to perform a specific job, think analytically, and interact well with people. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Being effective in business is not limited to successfully managing big issues like demographic change and economic uncertainty; it […]
