BUSI 311 QUESTIONS AND ANSWERS EXAM LATEST
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The relatively low federal tax rate
In the context of the U.S. economic environment, which of the following is a government
policy that supports business?
find a career they love as it will tend to be more rewarding.
When making a career choice, experts often advise graduating students to:
industrial revolution
During the _____, as mass production took hold, huge factories replaced skilled artisan
workshops.
Factors of production
_____ are four fundamental resources—natural resources, capital, human resources,
and entrepreneurship—that both businesses and nonprofits rely on.
Human resources
Which of the following factors of production encompasses the physical, intellectual, and
creative contributions of people working within an economy?
entrepreneurship era
Jason set up a textile mill in his hometown in 1865. He became a rich businessman by
the time his son Earl took over the business in 1895. Soon after Earl started heading the
business, the government passed laws to regulate business and protect consumers and
workers. Due to this move by the government, the textile mill had to introduce a fixed
salary structure for its employees and implement quality checks for the products
manufactured. In the context of the history of American business, Jason had set up this
textile mill in the _____.
Business transactions conducted online, typically via the Internet
Which of the following statements best describes e-commerce?
Businesses aim to build long-term relationships with customers because
satisfied customers can become advocates for a business.
In the context of the history of American business, which of the following statements is
true of the relationship era?
Nonprofits
_____ are business-like establishments that employ people and produce goods and
services with the fundamental goal of contributing to the community rather than
generating financial gain.
Machine
In the context of factors of production that businesses and nonprofits rely on, which of
the following can be classified as capital?
Businesses began to develop brands to help customers understand the
differences among various products.
In the context of the history of American business, which of the following statements is
true of the marketing era?
refining the production process and creating greater efficiencies.
,During the production era, in the early part of the 1900s, major businesses focused on:
aggressive persuasion designed to separate consumers from their cash.
In the context of the production era, the "hard sell" refers to the:
transform their current customers into loyal advocates for themselves.
Businesses that strongly focus on customer satisfaction tend to:
free-trade movement
In the context of the global environment, the _____ has lowered prices and increased
quality across virtually every product category, as competition becomes truly global.
Most of them must be extracted, purified, or harnessed.
In the context of factors of production that businesses and nonprofits rely on, which of
the following statements is true of natural resources?
Legislation that supports enforceable contracts
In the context of a business environment, which of the following is a key element of the
U.S. economic environment?
General Agreement on Tariffs and Trade
The _____ is an international trade agreement that has taken bold steps to lower tariffs
and promote free trade worldwide.
It will gain profits as the rapidly aging population will cause the companies that
cater to the elderly to boom.
Drenexa Pharmaceuticals is based in the United States. In the context of the social
environment, which of the following is most likely to be an impact of the rapidly aging
population on Drenexa Pharmaceuticals?
They shaped the Internet.
Which of the following statements is true of millennials?
It is the money that a business earns in sales, minus expenses.
In a business, which of the following statements best describes profit?
The growth in ethnic populations offers robust profit potential for firms pursuing
them.
In the context of the social environment of the United States, which of the following
statements is true of diversity?
Like millennials, digital natives tend to be extremely tolerant and inclusive.
Which of the following is a similarity between millennials and digital natives?
Large-scale entrepreneurs emerged in the second half of the 1800s, building
business empires.
In the context of the history of American business, which of the following statements is
true of the entrepreneurship era?
They produce a ripple effect that enriches everyone around them.
Which of the following statements is true of entrepreneurs?
Cultivating current customers turn out to be more profitable than constantly
seeking new ones.
In the context of the history of American business, which of the following is a feature of
the relationship era?
standard of living
The quality and quantity of goods and services available to a population is referred to as
the _____.
Acquiring synthetic resources like computers and telephones
, Anya is an administrator at Zenorx Inc., a start-up software company. She is
responsible for acquiring capital for the company. In the context of the various factors of
production that businesses rely on, which of the following functions is most likely to be a
part of Anya's responsibilities?
It takes in revenue like any other business.
Conela is a nonprofit organization that renovates abandoned government schools and
facilitates their functioning. It is headed by two social activists and is funded by the
government. Which of the following statements is true of Conela?
Free trade
_____ is an international economic and political movement designed to help goods and
services flow more conveniently across international boundaries.
Jobs became specialized, increasing productivity and lowering costs and prices.
In the context of the history of American business, which of the following statements is
true of the production era?
cereal crops
In the context of factors of production that businesses and nonprofits rely on, _____
cannot be considered a natural resource.
They can kick-start an economy, creating a tidal wave of opportunity by
harnessing other factors of production.
In the context of factors of production, which of the following statements is true of
entrepreneurial enterprises?
Carlos hires a content writer to develop content for his online portal that sells
fashion accessories.
Which of the following scenarios illustrates the utilization of human resources as a factor
of production?
Factories hired large numbers of semiskilled workers who specialized in a limited
number of tasks.
In the context of the history of American business, which of the following statements is
true of the industrial revolution?
entrepreneurship era
During the _____, the government of the United States stepped into the business realm
to pass laws to regulate business and protect consumers and workers.
A consumer focus that permeates successful companies in every department, at
every level
Which of the following marketing concepts emerged during the marketing era?
Goods moved more freely than ever across international boundaries.
Which of following was a result of the bold steps taken by the General Agreement on
Tariffs and Trade (GATT) to reduce trade restrictions worldwide?
size of the gap between product benefits and price
In the context of the competitive environment of a business, the best measure of value
is the:
Population size and density
Which of the following factors is most likely to be covered by the social environment
dimension of a business?
Chances of personal success are boosted.
UPDATE.Buy Quality Materials!
The relatively low federal tax rate
In the context of the U.S. economic environment, which of the following is a government
policy that supports business?
find a career they love as it will tend to be more rewarding.
When making a career choice, experts often advise graduating students to:
industrial revolution
During the _____, as mass production took hold, huge factories replaced skilled artisan
workshops.
Factors of production
_____ are four fundamental resources—natural resources, capital, human resources,
and entrepreneurship—that both businesses and nonprofits rely on.
Human resources
Which of the following factors of production encompasses the physical, intellectual, and
creative contributions of people working within an economy?
entrepreneurship era
Jason set up a textile mill in his hometown in 1865. He became a rich businessman by
the time his son Earl took over the business in 1895. Soon after Earl started heading the
business, the government passed laws to regulate business and protect consumers and
workers. Due to this move by the government, the textile mill had to introduce a fixed
salary structure for its employees and implement quality checks for the products
manufactured. In the context of the history of American business, Jason had set up this
textile mill in the _____.
Business transactions conducted online, typically via the Internet
Which of the following statements best describes e-commerce?
Businesses aim to build long-term relationships with customers because
satisfied customers can become advocates for a business.
In the context of the history of American business, which of the following statements is
true of the relationship era?
Nonprofits
_____ are business-like establishments that employ people and produce goods and
services with the fundamental goal of contributing to the community rather than
generating financial gain.
Machine
In the context of factors of production that businesses and nonprofits rely on, which of
the following can be classified as capital?
Businesses began to develop brands to help customers understand the
differences among various products.
In the context of the history of American business, which of the following statements is
true of the marketing era?
refining the production process and creating greater efficiencies.
,During the production era, in the early part of the 1900s, major businesses focused on:
aggressive persuasion designed to separate consumers from their cash.
In the context of the production era, the "hard sell" refers to the:
transform their current customers into loyal advocates for themselves.
Businesses that strongly focus on customer satisfaction tend to:
free-trade movement
In the context of the global environment, the _____ has lowered prices and increased
quality across virtually every product category, as competition becomes truly global.
Most of them must be extracted, purified, or harnessed.
In the context of factors of production that businesses and nonprofits rely on, which of
the following statements is true of natural resources?
Legislation that supports enforceable contracts
In the context of a business environment, which of the following is a key element of the
U.S. economic environment?
General Agreement on Tariffs and Trade
The _____ is an international trade agreement that has taken bold steps to lower tariffs
and promote free trade worldwide.
It will gain profits as the rapidly aging population will cause the companies that
cater to the elderly to boom.
Drenexa Pharmaceuticals is based in the United States. In the context of the social
environment, which of the following is most likely to be an impact of the rapidly aging
population on Drenexa Pharmaceuticals?
They shaped the Internet.
Which of the following statements is true of millennials?
It is the money that a business earns in sales, minus expenses.
In a business, which of the following statements best describes profit?
The growth in ethnic populations offers robust profit potential for firms pursuing
them.
In the context of the social environment of the United States, which of the following
statements is true of diversity?
Like millennials, digital natives tend to be extremely tolerant and inclusive.
Which of the following is a similarity between millennials and digital natives?
Large-scale entrepreneurs emerged in the second half of the 1800s, building
business empires.
In the context of the history of American business, which of the following statements is
true of the entrepreneurship era?
They produce a ripple effect that enriches everyone around them.
Which of the following statements is true of entrepreneurs?
Cultivating current customers turn out to be more profitable than constantly
seeking new ones.
In the context of the history of American business, which of the following is a feature of
the relationship era?
standard of living
The quality and quantity of goods and services available to a population is referred to as
the _____.
Acquiring synthetic resources like computers and telephones
, Anya is an administrator at Zenorx Inc., a start-up software company. She is
responsible for acquiring capital for the company. In the context of the various factors of
production that businesses rely on, which of the following functions is most likely to be a
part of Anya's responsibilities?
It takes in revenue like any other business.
Conela is a nonprofit organization that renovates abandoned government schools and
facilitates their functioning. It is headed by two social activists and is funded by the
government. Which of the following statements is true of Conela?
Free trade
_____ is an international economic and political movement designed to help goods and
services flow more conveniently across international boundaries.
Jobs became specialized, increasing productivity and lowering costs and prices.
In the context of the history of American business, which of the following statements is
true of the production era?
cereal crops
In the context of factors of production that businesses and nonprofits rely on, _____
cannot be considered a natural resource.
They can kick-start an economy, creating a tidal wave of opportunity by
harnessing other factors of production.
In the context of factors of production, which of the following statements is true of
entrepreneurial enterprises?
Carlos hires a content writer to develop content for his online portal that sells
fashion accessories.
Which of the following scenarios illustrates the utilization of human resources as a factor
of production?
Factories hired large numbers of semiskilled workers who specialized in a limited
number of tasks.
In the context of the history of American business, which of the following statements is
true of the industrial revolution?
entrepreneurship era
During the _____, the government of the United States stepped into the business realm
to pass laws to regulate business and protect consumers and workers.
A consumer focus that permeates successful companies in every department, at
every level
Which of the following marketing concepts emerged during the marketing era?
Goods moved more freely than ever across international boundaries.
Which of following was a result of the bold steps taken by the General Agreement on
Tariffs and Trade (GATT) to reduce trade restrictions worldwide?
size of the gap between product benefits and price
In the context of the competitive environment of a business, the best measure of value
is the:
Population size and density
Which of the following factors is most likely to be covered by the social environment
dimension of a business?
Chances of personal success are boosted.
