Chapter 1 Business Basics

Which of the following are the factors of production?

• Labor, natural resources, capital, entrepreneurs, technology, and intellectual property

• Labor, capital , entrepreneurs , motivation, and good ideas

• Natural resources, entrepreneurs, profits, and creativity

• Labor, profits, natural resources, technology and motivation

Goods are products a business sells like

• haircuts

• conveyer belts

• car insurance

• heath care

Which of the following is a current sociocultural trend?

• A decrease in the overall U.S population

• A increase in the population of Americans age 30 to 45 years old

• A decrease in the U.S. Minority population

• An increase in the population of Americans ages 65 and older

A green economy

• Depends on cash on hand

• Factors ecological concerns into business decisions

• Uses a more diverse workforce

• Will not impact the auto industry

If a firm decides to shift the production of goods or services to an overseas company, this is called

• diversifying

• offshoring

• telecommuting

• forming a partnership

The four types of businesses are

• foreign and domestic, large and small

• local, regional, national, and multinational

• private, public, government, and medical

• employee owned, government owned, foreign own, and bank owned

B2B and B2C interactions are

• a common now because of the explosive growth of e-commerce

• Important only for businesses, not consumers

• two different names for the same thing

• dominated by sole proprietorships

A social environment is an interconnected system of different demographic factors such as

• climate conditions

• globalization and political conditions

• gender, age , and income

• tax policy and legal restrictions

Which of the following issues not a common challenge facing most national companies?

• Undercapitalization

• a complex supply chain

• complying with each state's different tax rates

• Differences in state laws

You are managing your own life like a business when you

• consider how your expenses, the social environment, and globalization impact your life.

• create an online avatar

• post revealing photos on your Facebook page

• None of the above