Question 221. Ben and Chris combined their love of hockey with a bu

221. Ben and Chris combined their love of hockey with a business venture. They purchased a small portable cart and began selling hockey memorabilia outside of the hometown hockey arena. Their first year went well, but this past year has been a real struggle. Due to poor economic conditions including a loss of jobs, ticket sales at the arena are down, which has significantly hurt their sales as well. As a recent business school graduate, you explain to Ben and Chris:
A. this type of business is always high risk because it is seasonal.
B. the business does not fill a sufficient need for most people.
C. environmental circumstances are dynamic and tough to control.
D. social entrepreneurs are currently getting most of the attention.

222. Nick is a recent finance graduate who has two passions: music and finance. Upon graduation, he was offered an opportunity to join a struggling rock band with a lot of potential, or a job at a large well-established financial services company. By joining the band, he will forego which of the following?
A. Added benefits such as health insurance provided to employees of large corporations.
B. The freedom to contribute as an innovator in his work environment.
C. Long hours at work, while he learns the business and contributes to making it successful.
D. Job protection.

223. China is a nation with a vast amount of land and a very large population. Another characteristic of this nation is its people’s affinity for saving money. Referring to the five factors of production, the government of China has made significant progress in building its business environment by focusing on factors that needed improvement. Its strategy was to:
A. increase the supply of labor.
B. increase sources for capital.
C. increase entrepreneurship.
D. encourage neighboring nations to provide the necessary land for business development.

224. According to the “Spotlight on Small Business” box for Chapter 1, Lisa Knoppe Reed started a unique business called “Art for a Cause”. Which of the following statements accurately conveys the climate surrounding women-owned businesses?
A. Although it would make an ideal world, it remains difficult to make a living when you combine social causes and business ventures.
B. There are still tremendous stigmas about women owning businesses. The few women who attempt to run their own business each year is indicative of these cultural problems.
C. It is difficult enough for women to be entrepreneurs. When women combine social causes with their business skills, the business failure rate intensifies.
D. The number of women owned businesses has increased significantly. As a social entrepreneur, Lisa’s business model proves that one can be successful and also improve the lives of others.

225. Taxes and government regulations are part of the ________________ environment of business.
A. economic and legal
B. competitive
C. social
D. technological

226. Businesses favor:
A. minimal government spending because it keeps taxes to a minimum.
B. more government services because it minimizes tax consequences.
C. maximum government spending because it raises business profits.
D. less government spending because it lowers business profits.

227. In order to create more wealth and provide better services, some nations recognize that ________________________________.
A. raising taxes benefits all businesses
B. a good strategy is to minimize interference with the free exchange of goods and services
C. restricting trade with other countries always helps domestic businesses
D. taking control of privately owned businesses and making them government -run will decrease taxes and improve the lives of everyone

228. In countries where businesses are government owned:
A. there is less incentive to work hard.

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