Test Bank for Business and Society, 8th Edition by O.C. Ferrell.pdf

,ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
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Business Changing World Edition 8 by Ferrell
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CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
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TRUE/FALSEf-fWritef'T'fiffthefstatementfisftruefandf'F'fiffthefstatementfisffalse.
1) Productsfhaveftangiblefattributesfonly.
⊚f true
⊚f false

2) Whenfyouftakefyourfclothesftofthefdryfcleanerftofbefcleanedforfgoftofthefspaftofgetfafmassage,fyoufa
refnotfreceivingfafproductfbecausefyoufhavefnotfreceivedfanythingftangiblefinfreturn.
⊚f true
⊚f false

3) Thefgoalfoffbusinessfactivitiesfisftofearnfafprofit.
⊚f true
⊚f false

4) Non-
profitforganizations,fsuchfasfthefCanadianfRedfCross,fdofnotfhaveftofengagefinfmanage
ment,fmarketing,forffinancefactivities.
⊚f true
⊚f false

5) OrganizationsfsuchfasfthefUnitedfWayfandfWorldfVisionfhaveftwoffundamentalfpurposes:ftofear
nfafprofitfandftofaccomplishfsocialfobjectives.
⊚f true
⊚f false

6) Profitfrefersftofthefcostsfrequiredftofmakefandfsellfafproduct.
⊚f true
⊚f false

7) Businessesfhavefthefrightftofkeepfandfuseftheirfprofitsfasftheyfchoose,fwithoutflimitations.
⊚f true
⊚f false

8) Earningfprofitsfcontributesftofsocietyfbyfprovidingfemployment,fwhichfinfturnfprovidesfm
oneyfthatfisfreinvestedfinfthefeconomy.
⊚f true
⊚f false




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,ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
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l
Business Changing World Edition 8 by Ferrell
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9) Financefisfconcernedfwithfobtainingfmoneyfandfusingfitfeffectively.
⊚f true
⊚f false

10) Ownersfhaveflittlefresponsibilityftofprovideffundsfforfthefoperationfoffthefbusiness.
⊚f true
⊚f false

11) Managersfcoordinatefresourcesftofachieveforganizationalfobjectives.
⊚f true
⊚f false

12) Theffocusfoffallfmarketingfactivitiesfisfthefsuccessfulftransformationfoffresourcesfintofgoodsfand
services.
f


⊚f true
⊚f false

13) Ownersfalwaysfmanageftheirfbusinessesfthemselves.
⊚f true
⊚f false

14) Studyingfbusinessfwillfhelpfyoufdevelopfskillsftofemployfinfaffuturefcareer,fiffthatfcareerftake
sfplacefinfthefcountryfwherefyoufstudiedfbusinessftopics.
⊚f true
⊚f false

15) Naturalfresourcesfincludefland,fminerals,fwater,fandfotherfgiftsfoffnaturefwhichfarefnotfmadefbyf
humans.
⊚f true
⊚f false

16) Humanfresourcesfreferfonlyftofthefmentalfabilitiesfoffpeoplefusedftofproducefgoodsfandfser
vices,fitfisfsynonymousfwithfknowledge.
⊚f true
⊚f false

17) Allfeconomicfsystemsfmustfaddressfthreefimportantfissues,fonefoffwhichfisfhowfthefgoodsfandf
servicesfwillfbefproduced.
⊚f true
⊚f false




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, ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
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l
Business Changing World Edition 8 by Ferrell
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18) Capitalismfisfanfeconomicfsystemfinfwhichfthefgovernmentfownsfandfoperatesfbasicfind
ustriesfwhilefindividualsfownfmostfotherfbusinesses.
⊚f true
⊚f false

19) ChinafisfanfexamplefoffafcommunistfeconomyfthatfexistsftodayfwhichfsatisfiesfKarlfMarx'sfide
alfoffcommunism.
⊚f true
⊚f false

20) Manyfnationsfhavefturnedfawayffromfcommunismfandftowardfeconomicfsystemsfgovernedfbyf
supplyfandfdemandfratherfthanfbyfcentralfplanning.
⊚f true
⊚f false

21) Mostfsocialistfnationsfarefdemocratic.
⊚f true
⊚f false

22) Infaffree-marketfsystem,fthefgovernmentfregulatesfbusiness.
⊚f true
⊚f false

23) Free-marketfcapitalismfandflaissez-fairefcapitalismfarefessentiallyfthefsamefthing.
⊚f true
⊚f false

24) Ifffreefenterprisefisfgoingftofbefsuccessful,findividualsfmustfhavefthefrightftofchoosefwhatfcare
erftofpursue,fwhereftoflive,fwhatfgoodsfandfservicesftofpurchase,fandfmore.
⊚f true
⊚f false

25) Demandfisfthefquantityfoffgoodsfandfservicesfthatfconsumersfarefwillingftofbuyfatfdifferentfpric
esfatfafspecificftime.
⊚f true
⊚f false

26) Thefdemandfcurvefisfupwardfsloping.
⊚f true
⊚f false




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