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 […]
QUESTION What is the term for the total amount of money produced by the sale of goods and services? A) revenue B) profit C) assets D) expenses E) loss ANSWER Answer: A Explanation: A) Businesses commonly calculate revenue received from selling goods and services for a defined period.
QUESTION Which of the following is an example of a business? A) San Francisco State University B) Sears C) Red Cross D) St. Augustine Parish E) Massachusetts Teachers Association ANSWER Answer: B Explanation: B) Sears is a retail business that sells goods to earn a profit.
