Final Review - Business Essentials Dec '24

Front

A person must own stock in a corporation to be considered a stakeholder.

Back

False

Front

Which four resources must a business use to operate successfully? Options: Material resources, human resources, financial resources, operational resources; Human resources, technological resources, financial resources, customer resources; Material resources, financial resources, informational resources, customer resources; Human resources, financial resources, informational resources, operational resources

Back

Material resources, human resources, financial resources, operational resources

Front

Today, managers and employees are no longer concerned about cultural diversity.

Back

False

Front

The ultimate goal of every business firm should be to satisfy the needs of its customers.

Back

True

Front

If a firm's sales revenue exceeds its expenses, the firm has earned a profit.

Back

True

Front

According to Adam Smith, under laissez-faire capitalism, everyone should be allowed to work toward their own economic gain without government interference.

Back

True

Front

Reducing costs and enabling employees to work more efficiently are at the core of all attempts to improve productivity.

Back

True

Front

Inflation is a general rise in the level of prices experienced by people in a nation.

Back

True

Front

Economists define a recession as two or more consecutive three-month periods of decline in a country's gross domestic product (GDP). True, False, Only if it is accompanied by high inflation, Only if it affects the global market

Back

True

Front

The equilibrium or market price exists when the supply of a product exceeds the amount that consumers are willing to purchase.

Back

False