Q1-1. A key characteristic of entrepreneurs is that they:
A) are willing to accept the risks involved in starting and managing a business.
B) have a high level of scientific and technical expertise.
C) possess a great deal of personal wealth.
D) have experience in running large, complex organizations.
Q1-2. Elizabeth owns a printing business in her home town. The printers, computers, and copying machines represent examples of:
A) natural resources. C) current assets.
B) intangible resources. D) capital.
Q1-3. Taxes and government regulations are part of the ________________ environment of business.
A) economic and legal C) social
B) competitive D) technological
Q1-4. ___________ is the buying and selling of products and services by businesses and consumers over the Internet.
A) E-commerce C) Telecommuting
B) Entrepreneurship D) I-commerce
Q1-5. Ntercon is an Internet-based company that provides online support services for businesses that need help in setting up and maintaining their websites. Ntercon is an example of a company that is engaged in:
A) B2C e-commerce. C) Y2K e-commerce.
B) N2Y e-commerce. D) B2B e-commerce.
Q1-6. Collectively, the customers, employees, stockholders, suppliers, creditors, and the local communities in which a business operates are known as the firm's:
A) market. C) stakeholders.
B) economic environment. D) social dependents.
Q1-7. As a salesperson for Bi-State Direct, Jack enjoys the freedom and flexibility he has to better meet the needs of his customers. Jack's experience suggests that Bi-State practices:
A) centralized management. C) enfranchisement
B) outsourcing. D) empowerment.
Q1-8. Which of the following statements represents the most likely changes in the size and composition of the U.S. population by the year 2050?
A) The total population of the US will more than double, but there will be little or no change in the percentages of the population found in various racial and ethnic groups.
B) The total population will increase slightly, but the makeup of the population will be characterized by fewer Hispanics and Asians.
C) Neither the size of the population nor its makeup will change significantly.
D) The number and percentage of both Hispanics and Asians will increase significantly.
Q1-9. ____________ measures the output produced in a given time period by work hours.