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| 1 | |
Public schools, charities and government agencies are not classified as businesses because they: |
| | A) | are not controlled by a board of directors. |
| | B) | do not seek to earn a profit. |
| | C) | provide services rather than goods. |
| | D) | do not have any stockholders. |
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| 2 | |
Last year, Megadeaux had total revenues of $54 million while its total costs and expenses were $47 million. Based on this information allows, Megadeaux: |
| | A) | earned a profit of $7 million. |
| | B) | earned a profit of $54 million. |
| | C) | suffered a loss of $2 million. |
| | D) | suffered a loss of $47 million. |
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| 3 | |
Povernia is a small and poor nation, but its current president has a genuine desire to create more wealth for Povernia's citizens. The president has received recommendations from several advisors. Some of the suggestions she is considering are listed below. Which of these policies is likely to create the most wealth for Povernia? |
| | A) | Encourage rapid population growth to expand the labor supply. |
| | B) | Use foreign aid from other nations to produce or purchase more tools and machinery. |
| | C) | Establish a business environment that promotes and rewards entrepreneurship. |
| | D) | Establish barriers to trade to protect Povernia's businesses from foreign competition. |
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| 4 | |
The decisions of entrepreneurs about where to locate new or existing businesses within the United States suggest that: |
| | A) | entrepreneurs base their decisions more on intuition and emotion than on objective facts. |
| | B) | entrepreneurs respond to differences in tax rates and government regulations. |
| | C) | risk has no bearing on where businesses locate their operations. |
| | D) | entrepreneurs almost always start their businesses within 25 miles of their hometown. |
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| 5 | |
Companies that sell goods to consumers over the Internet are engaging in: |
| | A) | B2C transactions. |
| | B) | ICU transactions. |
| | C) | electronic exporting. |
| | D) | Y2K transactions. |
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| 6 | |
Autumn Winds, Inc., is a mail order firm that specializes in expensive and unusual gifts for all occasions. Autumn Winds keeps a large file of information on all of its regular customers, including names, addresses, the types of gifts they have ordered in the past, and the size and frequency of their orders. The electronic file in which this information is stored in an example of a(n): |
| | A) | spreadsheet. |
| | B) | formatted text file. |
| | C) | PERT file. |
| | D) | database. |
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| 7 | |
Larger companies sometimes give employees partial ownership of the firm. The main purpose of this strategy is to: |
| | A) | increase responsibility, performance, and compensation |
| | B) | eliminate unions. |
| | C) | convince workers to go along with downsizing. |
| | D) | eliminate the possibility of lawsuits from workers. |
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| 8 | |
The statistical study of human population to learn its size, density, and characteristics is called: |
| | A) | sociographics. |
| | B) | microeconomics. |
| | C) | demography. |
| | D) | xenography. |
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| 9 | |
Dennis Morton manages the marketing department of a major retail store. Employees with several different ethnic and cultural backgrounds work in his department. Dennis tries to take advantage of the wealth of ideas and viewpoints his workers enjoy and to maximize their contributions. Dennis’s approach and challenge is an example of: |
| | A) | diversity management |
| | B) | macro-socialization. |
| | C) | ethnocentrism. |
| | D) | cultural egalitarianism. |
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| 10 | |
The concept of productivity can be reduced to this practical rule: The more you can produce (output) in any period of time (input), the more _______ you are worth to your employer. |
| | A) | headaches |
| | B) | techno-commerce |
| | C) | money |
| | D) | UPC |
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