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.
Date: September 3rd, 2020
QUESTION Which of the following is a factor that has contributed to greater retail concentration in developed countries? A. A tradition of established local neighborhood stores B. An increase in car ownership C. A retail system that encourages long channel length D. An increase in the number of single-income households E. An increase in the […]
Date: September 3rd, 2020
QUESTION Only large enterprises need to be concerned about forces within the business environment. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Businesses of all sizes are impacted by these forces; even a sole proprietor must respond to demographic changes or comply with economic regulations.
Date: September 3rd, 2020
QUESTION Only nonprofit organizations provide benefits to society. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Business organizations offer many societal benefits, including an improved quality of life and financial support for government services.
Date: September 3rd, 2020
QUESTION Innovation is one factor used to measure a society’s quality of life. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Quality of life is measured by standard of living, health care, education, freedom, happiness, art, environmental health, and innovation.
Date: September 3rd, 2020
QUESTION Taxes paid to the government by both a business and its employees provide an important social benefit. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Local, state, and federal governments use tax revenues to pay for important public services such as education, safety, and health.
Date: September 3rd, 2020
QUESTION Global outsourcing is the practice of using suppliers outside the United States to provide labor, goods, or services for an American business. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Global outsourcing is also known as offshoring, and has contributed to the decline in American manufacturing.
Date: September 3rd, 2020
QUESTION Compared to entrepreneurs, salaried employees face no risk in their ability to earn a living and generate wealth. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Entrepreneurs face the risk of a business not earning profit, but salaried employees are at risk of losing their job due to outsourcing, […]
Date: September 3rd, 2020
QUESTION Higher degrees of wealth are always generated by high-end businesses such as jewelers and lush seaside resorts. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Business type is not a predictor of wealth. Many self-employed millionaires are engaged in agriculture, pest control, and other “unglamorous” fields.
Date: September 3rd, 2020
QUESTION People who are self-employed are more likely to be wealthy than people working in a salaried position. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Researchers Stanley and Danko found that self-employed people are four times more likely to be millionaires than salaried workers.
Date: September 3rd, 2020
