BUS 508 Chapter 1 Quiz
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1. ________ is the willingness to take risks to create and operate a business.
2. ________ represents rewards for businesspeople who take the risks involved in blending people, technology, and information to create and market want-satisfying goods and services.
3. A brand cannot be a name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors’ offerings.
4. The need to develop environmentally friendly products and processes is not becoming a major new force in business today.
5. A skilled and knowledgeable workforce is an essential resource for keeping pace with the accelerating rate of change in today’s business world.
6. Business consists of all nonprofit-seeking activities and enterprises that provide goods and services necessary to an economic system.
7. ________ includes anyone who works, including both the physical labor and the intellectual inputs contributed by workers.
8. Energy is among the smallest costs for most firms, and carbon-based fuels such as coal are responsible for most of the additional carbon dioxide in the atmosphere.
9. ________ are growing more influential as a link between companies and their customers, and more companies are beginning to take advantage of their directness.
10. Not-for-profit organizations are a substantial part of the U.S. economy.
11. ________ is a partnership formed to create a competitive advantage for the businesses involved.
12. Colonial society emphasized rural and agricultural production.
13. ________ is a broad term that refers to such machinery and equipment as computers and software, telecommunications, and inventions designed to improve production.
14. ________ consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.
15. ________ is using outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country.
16. ________ is the battle among businesses for consumer acceptance.
17. ________ organizations are businesslike establishments that have primary objectives other than returning profits to their owners.
18. Many members of the Baby Boom generation, the huge number of people born between ________, are still hitting the peaks of their careers.
19. The ________ began in England around 1750.
20. ________ is building and promoting products in the hope that enough customers will buy them to cover costs and earn profits.