2024 – Question 1 Doing business today without harming the ability of future generations to
BUS 100 WEEK 1 QUIZ 1 AND 2 – 2024
Question 1
Doing business today without harming the ability of future generations to meet their needs is referred to as
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going green. |
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ethical behavior. |
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social responsibility. |
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sustainability. |
Question 2
It was during this era that many businesses began to dominate their markets, forcing out competitors, manipulating prices, and exploiting workers, which lead the government to pass laws regulating business.
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Industrial Revolution |
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Entrepreneurship Era |
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Production Era |
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Marketing Era |
Question 3
Business transactions that occur online are examples of
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I-commerce. |
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meta-economics. |
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e-commerce. |
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nano-commerce. |
Question 4
A business’s core goal is to generate long term profits while delivering _____ to its customers.
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value |
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data |
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communication |
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consistency |
Question 5
Successful firms of today would
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take risks. |
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embrace change. |
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focus on generating short-term profits. |
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avoid new opportunities if what they are currently doing works well. |
Question 6
Entrepreneurs need economic freedom to thrive. Those freedoms include
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freedom to make money, freedom to hire people, and freedom from taxation. |
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freedom of choice, freedom from excess regulation, and freedom from too much taxation. |
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freedom to hire people, freedom to compete, and freedom from all regulation. |
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freedom to make money, freedom from taxation, and freedom from regulation. |
Question 7
The relationship era introduced the idea
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that customers are disposable. |
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that cultivating current customers is more profitable than constantly seeking new ones. |
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of the marketing concept. |
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of aggressive persuasion designed to separate consumers from their cash. |
Question 8
The marketing era introduced
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the marketing strategy. |
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the 4 Ps of marketing. |
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the marketing approach. |
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the marketing concept. |
Question 9
_____ refers to the quality and quantity of products and goods available to a population at a given time.
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Quality of life |
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Economic growth |
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Entrepreneurship |
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Standard of living |
Question 10
Business will incur a _____ when expenses are higher than revenue.
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risk |
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profit |
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surplus |
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loss |
Quiz 2
Question 1
A key advantage of a corporation is that
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the owners maintain limited liability. |
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it is easy to form this type of business. |
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the owners maintain unlimited liability. |
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the business is considered an extension of the owner. |
Question 2
The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the
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general corporation. |
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limited partner. |
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franchisor. |
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franchisee. |
Question 3
From the standpoint of an owner, a major advantage of the sole proprietorship is the:
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ability to pool financial resources. |
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ability to capitalize on complementary skills. |
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retention of control. |
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permanence of the business |
Question 4
A key advantage of a sole proprietorship is that _____
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it is easy and inexpensive to form this type of business. |
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the owner has limited liability for the debts for this type of business. |
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it is very easy to raise financial capital for this type of business. |
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the business has perpetual life. |
Question 5
A(n) _____ occurs when one firm buys another firm.
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conglomeration |
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joint venture |
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merger |
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acquisition |
Question 6
A _____ merger is the combination of firms in the same industry.
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hostile |
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conglomerate |
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vertical |
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horizontal |
Question 7
Sole proprietors have _____ for the debts of their companies.
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no liability |
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limited liability |
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unlimited liability |
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shared liability |
Question 8
A nonprofit corporation enjoys the benefit of
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earnings that are exempt from state and federal taxes. |
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guaranteed dividends to shareholders. |
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exemption from filing paperwork. |
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limited liability for shareholders. |
Question 9
_____ is the contractual relationship in which an established firm supplies another business with unique resources in exchange for payment and other considerations.
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Franchising |
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Formalizing |
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Formatting |
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Articles of incorporation |
Question 10
The majority of businesses today are formed as
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sole proprietorships. |
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corporations. |
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limited liability partnerships. |
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partnerships. |
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