Question 21. The knowledge and skills learned in business courses are seldom relevant to st

21. The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.
True False

22. Businesses and nonprofit organizations often strive to accomplish the same objectives.
True False

23. Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.
True False

24. Social entrepreneurs are people who start and manage organizations that are not-for-profit. Their mission is to help others improve their quality of life.
True False

25. The only real purpose of a business is to make money for entrepreneurs.
True False

26. The only way a firm can increase its profits is to increase its sales revenue.
True False

27. The amount of profit or loss earned by a business can be found by subtracting the firm’s expenses from its revenues.
True False

28. Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.
True False

29. Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.
True False

30. Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.
True False

31. By balancing the demands of customers and stockholders, businesses satisfy the demands of all stakeholders.
True False

32. An effort to please one group of stakeholders eventually pleases all stakeholders.
True False

33. Insourcing creates new jobs, and helps offset the number of jobs being outsourced.
True False

34. Robin has started her own Internet consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Robin is an example of an entrepreneur.
True False

35. Backstreet Books, an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million. During the year Backstreet Books earned a profit of $3 million.
True False

36. Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society.
True False

37. John earned the same amount of money this year as he did last year. Thus, his standard of living must be the same as it was last year.
True False

38. Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of life.
True False

39. Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life.
True False

40. People living in San Jose, CA on average earn more money than people living in St. Louis, MO. The citizens of San Jose enjoy a higher standard of living than the citizens of St. Louis.
True False

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