QUESTION What does it mean for an entrepreneur to act with integrity? What will be an ideal response? ANSWER Successful entrepreneurs are willing to do what is right, even if it means making tough decisions. Cultivating an atmosphere of trust and respect with employees and customers can boost a company’s reputation and, by extension, […]
QUESTION Define supply and demand and what factors affect them. What will be an ideal response? ANSWER Supply is the quantity of goods and services available for purchase at a given time. Factors affecting supply include changes in prices of substitute products, changes in price expectations, changes in production costs, changes in technology, and […]
QUESTION Describe the triple bottom line. What will be an ideal response? ANSWER The triple bottom line approach to sustainability suggests that when organizations benefit, society benefits as well—people have jobs and money, which ensures a high standard of living. It focuses on three aspects of the corporate bottom line: social, environmental, and economic—people, […]
QUESTION A mission statement is an invisible manifestation of a company’s culture. Indicate whether the statement is true or false ANSWER TRUE
QUESTION An organization with a flat structure has many layers of management. Indicate whether the statement is true or false ANSWER FALSE
QUESTION What is the invisible hand? What will be an ideal response? ANSWER Adam Smith used the term to describe the natural force that guides a competitive marketplace. He believed that an individual, acting out of self interest when exchanging goods and services, actually benefits society. Buyers and sellers decide how much product they […]
QUESTION What are some common items that appear on the “To Do” lists of successful entrepreneurs? What will be an ideal response? ANSWER Successful entrepreneurs act in certain ways. To act like an entrepreneur, take on responsibility, cope with risk, stay optimistic, set goals and stick to them, solve problems and learn from them, […]
QUESTION Quality control benefits companies by ensuring their products meet or exceed customer expectation. Indicate whether the statement is true or false ANSWER TRUE
QUESTION ______________ development is the operation of a business following practices that will ensure that vital resources will be available for future generations. Fill in the blank(s) with correct word ANSWER Sustainable
QUESTION The grapevine is part of an organization’s formal communication network. Indicate whether the statement is true or false ANSWER FALSE
