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Review Test Submission: Chapter 1 exam

Content
User Ahmed Mohammed Albkhit
Course Fall 2014 MGT-140-002 - Intro to Business
Test Chapter 1 exam
Started 9/22/14 4:49 PM
Submitted 9/22/14 5:13 PM
Status Completed
Attempt Score 20 out of 20 points
Time Elapsed 23 minutes out of 30 minutes
Instructions
 Question 1
1 out of 1 points

Super King Groceries competes with some of the larger chain stores in the area and offer
services not provided by their competitors (i.e., car service, curb service, delivery service).
Because Super King is not as large as some retailers, prices are moderately higher. This does
not seem to hurt the store’s business due to the fact that

Selected Answer:
Super King customers receive value not provided by the other stores.

 Question 2
1 out of 1 points

Which of the following statements is most consistent with the marketing concept?

Selected
Answer:
All aspects of a business organization should focus on the needs of the
customer.

 Question 3
1 out of 1 points

Before sales of its iPad 1 reached its peak, Apple launched the iPad 2, which took sales from
the iPad 1 but also beat competitors product offerings to market. This move helped Apple
maintain its standing as a leading-edge company in tablet PCs and demonstrates the
importance of _____ as a competitive advantage.

Selected Answer:
speed-to-market

 Question 4
1 out of 1 points

Given the importance of _____ to workforce effectiveness, some business experts, such as
management guru Peter Drucker, separate this factor from human resources.

Selected Answer:
knowledge

 Question 5
1 out of 1 points

The production era is recognized for

Selected
Answer:
increasingly specialized jobs, resulting in higher productivity and lower costs

and prices.
 Question 6
1 out of 1 points

Too much taxation, an overuse of regulation, and limited choices in the broader business
environment are likely to result in

Selected Answer:
a decrease in entrepreneurial activities.

 Question 7
1 out of 1 points

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.

Selected Answer:
Entrepreneurship Era

 Question 8
1 out of 1 points

Of the following, which is the best way for firms to enhance customer satisfaction?

Selected Answer:
by providing greater value

 Question 9
1 out of 1 points

Which of the following would be considered a business, according to the definition in the
text?

Selected
Answer:
A Web design company that needs to make changes in staffing and deployment,
because of a change in tax law, before it can become profitable.

 Question 10
1 out of 1 points

Timber, water, coal deposits, and solar energy all would be classified as

Selected Answer:
natural resources.

 Question 11
1 out of 1 points

The core goal of business is to generate long-term _____ by delivering _____ to their
customers.

Selected Answer:
profits; value

 Question 12
1 out of 1 points

____ refers to differences in gender, age, religion, and nationality that affect the workforce.

Selected Answer:
Diversity

 Question 13
1 out of 1 points

Government agencies such as the Small Business Administration and the Federal Trade
Commission help reduce the risk of starting and running a business. The result of these efforts

leads to
Selected Answer:
free enterprise and fair competition.

 Question 14
1 out of 1 points

Hair It Is, operates two wellness spas in the Miami area. Company employees work hard to
develop long-term relationships by calling customers to make sure they are satisfied with the
recent visit to the spas and hosting free wellness evaluations. Hair It Is, is using concepts from
the

Selected Answer:
relationship era.

 Question 15
1 out of 1 points

All of the following are basic freedoms encouraging entrepreneurship EXCEPT

Selected Answer:
freedom of guaranteed profits

 Question 16
1 out of 1 points

As a factor of production, capital would include

Selected Answer:
machines, tools, buildings, and technology.

 Question 17
1 out of 1 points

Successful firms of today would

Selected Answer:
embrace change.

 Question 18
1 out of 1 points

Nonprofit organizations are commonly known for supporting:

Selected Answer:
the arts industry.

 Question 19
1 out of 1 points

Nonprofit organizations are not in the business of

Selected Answer:
financial gain.

 Question 20
1 out of 1 points

In order to compete effectively, many companies have taken proactive steps to hire and
nurture people from a broad range of backgrounds. This is an example of which business
environment?

Selected Answer:
social

Monday, September 22, 2014 5:13:14 PM EDT