28 May Question UMUC BMGT110Conference 1-5
Question
UMUC BMGT 110
Introduction to Business and Management
Online Conference 1
Chapter 1
1.Which of the following are organized for profit and provide goods and services?
| a. | Public schools |
| b. | Churches |
| c. | Government |
| d. | Businesses |
2.In the U.S. economy, ________ are considered the reward for the risk of entering business.
| a. | Revenues |
| b. | Profits |
| c. | Sales |
| d. | generated income amounts |
3.All of the following are typically part of the not-for-profit sector EXCEPT ________.
| a. | hotels |
| b. | political parties |
| c. | religious organizations |
| d. | labor unions |
4.Timber Trails, a Northwest lumber company, utilizes ________ as its primary production factor.
| a. | natural resources |
| b. | Capital |
| c. | Entrepreneurship |
| d. | human resources |
5.________ can result in a new product, improvements in an existing product, as well as providing more efficient communication within a company.
| a. | Critical thinking |
| b. | Competitive differentiation |
| c. | Technology |
| d. | Productivity |
6.Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under ________.
| a. | the private enterprise system |
| b. | a social democracy |
| c. | a monopoly |
| d. | socialism |
7.To be successful in the private enterprise system, firms must ________.
| a. | be organized as corporations |
| b. | find a basis for competitive differentiation |
| c. | believe that high prices will automatically ensure high profits |
| d. | be regulated by government |
8.Allof the following are basic rights within a private enterprise system EXCEPT ________.
| a. | private property |
| b. | guaranteed profits |
| c. | freedom of choice of investment |
| d. | freedom of choice of employment |
9.Which of thefollowing are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to ________.
| a. | Fair competition |
| b. | permit price discrimination |
| c. | select from among a variety of goods and services |
| d. | own property |
10.The Industrial Revolution in England transformed America’s economy by introducing ________.
| a. | The concept of each worker producing one complete product |
| b. | labor unions |
| c. | the factory system |
| d. | the continuously moving assembly line |
11.Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as ________.
| a. | relationship management |
| b. | transaction management |
| c. | a strategic alliance |
| d. | marketing management |
12.________ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs.
| a. | Critical thinking |
| b. | Social responsibility |
| c. | Vision |
| d. | Creativity |
Chapter 2
13.A company removes a profitable product from the market because it may be dangerous. This company is demonstrating ________.
| a. | ethical behavior |
| b. | short-run thinking |
| c. | how not to run a business |
| d. | social welfare |
14.In today’s business environment, who can make the difference in ethical expectations and behavior?
| a. | Everyone |
| b. | No one |
| c. | Only managers |
| d. | Only the CEO |
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