,ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
b b b b b b b b b b
l
Business Changing World Edition 8 by Ferrell
b b b b b b
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
b b b b b b b b b b
TRUE/FALSE b-bWriteb'T'bif bthebstatementbisbtruebandb'F'bif bthebstatementbisbfalse.
1) Productsb haveb tangibleb attributesb only.
⊚b true
⊚b false
2) Whenb youb takeb yourb clothesbtobthebdrybcleanerb tobbeb cleaned borbgob tobthebspabtob get b ab massage,b y
oub areb notb receivingb ab product b becauseb youb haveb not b received b anythingb tangibleb inb return.
⊚b true
⊚b false
3) Theb goalb of b businessb activitiesb isb tob earnb ab profit.
⊚b true
⊚b false
4) Non-
profit b organizations,b suchb asb theb CanadianbRedbCross,b dobnot b haveb tob engageb inb mana
gement,b marketing,b orb financeb activities.
⊚b true
⊚b false
5) Organizationsb suchb asb theb UnitedbWayband bWorldb Visionb haveb twobfundamentalb purposes:b tobe
arnb ab profit b and b tob accomplishb socialb objectives.
⊚b true
⊚b false
6) Profit b refersb tob theb costsb required b tob makeb and b sellb ab product.
⊚b true
⊚b false
7) Businessesb haveb theb right b tob keepb and b useb theirb profitsb asb theyb choose,b without b limitations.
⊚b true
⊚b false
8) Earningb profitsb contributesb tobsocietyb bybprovidingb employment,b whichb inb turnb providesb
moneyb that b isb reinvested b inb theb economy.
⊚b true
⊚b false
Versionb1 1
mynursytest.store
,ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
b b b b b b b b b b
l
Business Changing World Edition 8 by Ferrell
b b b b b b
9) Financeb isb concerned b withb obtainingb moneyb and b usingb it b effectively.
⊚b true
⊚b false
10) Ownersb haveb littleb responsibilityb tob provideb fundsb forb theb operationb of b theb business.
⊚b true
⊚b false
11) Managersb coordinateb resourcesb tob achieveb organizationalb objectives.
⊚b true
⊚b false
12) Theb focusb of b allb marketingb activitiesb isb thebsuccessfulb transformationb ofb resourcesb intobgoodsba
nd b services.
⊚b true
⊚b false
13) Ownersb alwaysb manageb theirb businessesb themselves.
⊚b true
⊚b false
14) Studyingb businessb willb helpb youb developb skillsb tob employb inbab futureb career,b if bthat b careerb t
akesb placeb inb theb countryb whereb youb studied b businessb topics.
⊚b true
⊚b false
15) Naturalb resourcesb includeb land,b minerals,b water,b and botherb giftsbof bnatureb whichbareb notbmadebb
yb humans.
⊚b true
⊚b false
16) Humanb resourcesb referb onlyb tob thebmentalb abilitiesb of bpeopleb usedbtobproducebgoodsb andbs
ervices,b it b isb synonymousb withb knowledge.
⊚b true
⊚b false
17) Allb economicb systemsb must b addressb threebimportant b issues,b onebofb whichb isb howbthebgoodsb a
nd b servicesb willb beb produced.
⊚b true
⊚b false
Versionb1 2
mynursytest.store
, ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
b b b b b b b b b b
l
Business Changing World Edition 8 by Ferrell
b b b b b b
18) Capitalismb isb anb economicb systemb inb whichb theb government bownsbandb operatesb basicb i
ndustriesb whileb individualsb ownb most b otherb businesses.
⊚b true
⊚b false
19) Chinab isb anb exampleb of b abcommunist b economyb that bexistsbtodaybwhichb satisfiesb Karlb Marx'sb i
dealb of b communism.
⊚b true
⊚b false
20) Manyb nationsb haveb turned bawaybfromb communismb and b toward b economicb systemsb governed b
byb supplyb and b demand b ratherb thanb byb centralb planning.
⊚b true
⊚b false
21) Most b socialist b nationsb areb democratic.
⊚b true
⊚b false
22) Inb ab free-market b system,b theb government b regulatesb business.
⊚b true
⊚b false
23) Free-market b capitalismb and b laissez-faireb capitalismb areb essentiallyb theb sameb thing.
⊚b true
⊚b false
24) If b freeb enterpriseb isb goingb tobbebsuccessful,b individualsbmust b havebtheb right btob choosebwhatbc
areerb tob pursue,b whereb tob live,b what b goodsb and b servicesb tob purchase,b and b more.
⊚b true
⊚b false
25) Demand b isb theb quantitybof bgoodsbandb servicesb thatb consumersb areb willingb tob buybat bdifferent bp
ricesb at b ab specificb time.
⊚b true
⊚b false
26) Theb demand b curveb isb upward b sloping.
⊚b true
⊚b false
Versionb1 3
mynursytest.store
b b b b b b b b b b
l
Business Changing World Edition 8 by Ferrell
b b b b b b
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
b b b b b b b b b b
TRUE/FALSE b-bWriteb'T'bif bthebstatementbisbtruebandb'F'bif bthebstatementbisbfalse.
1) Productsb haveb tangibleb attributesb only.
⊚b true
⊚b false
2) Whenb youb takeb yourb clothesbtobthebdrybcleanerb tobbeb cleaned borbgob tobthebspabtob get b ab massage,b y
oub areb notb receivingb ab product b becauseb youb haveb not b received b anythingb tangibleb inb return.
⊚b true
⊚b false
3) Theb goalb of b businessb activitiesb isb tob earnb ab profit.
⊚b true
⊚b false
4) Non-
profit b organizations,b suchb asb theb CanadianbRedbCross,b dobnot b haveb tob engageb inb mana
gement,b marketing,b orb financeb activities.
⊚b true
⊚b false
5) Organizationsb suchb asb theb UnitedbWayband bWorldb Visionb haveb twobfundamentalb purposes:b tobe
arnb ab profit b and b tob accomplishb socialb objectives.
⊚b true
⊚b false
6) Profit b refersb tob theb costsb required b tob makeb and b sellb ab product.
⊚b true
⊚b false
7) Businessesb haveb theb right b tob keepb and b useb theirb profitsb asb theyb choose,b without b limitations.
⊚b true
⊚b false
8) Earningb profitsb contributesb tobsocietyb bybprovidingb employment,b whichb inb turnb providesb
moneyb that b isb reinvested b inb theb economy.
⊚b true
⊚b false
Versionb1 1
mynursytest.store
,ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
b b b b b b b b b b
l
Business Changing World Edition 8 by Ferrell
b b b b b b
9) Financeb isb concerned b withb obtainingb moneyb and b usingb it b effectively.
⊚b true
⊚b false
10) Ownersb haveb littleb responsibilityb tob provideb fundsb forb theb operationb of b theb business.
⊚b true
⊚b false
11) Managersb coordinateb resourcesb tob achieveb organizationalb objectives.
⊚b true
⊚b false
12) Theb focusb of b allb marketingb activitiesb isb thebsuccessfulb transformationb ofb resourcesb intobgoodsba
nd b services.
⊚b true
⊚b false
13) Ownersb alwaysb manageb theirb businessesb themselves.
⊚b true
⊚b false
14) Studyingb businessb willb helpb youb developb skillsb tob employb inbab futureb career,b if bthat b careerb t
akesb placeb inb theb countryb whereb youb studied b businessb topics.
⊚b true
⊚b false
15) Naturalb resourcesb includeb land,b minerals,b water,b and botherb giftsbof bnatureb whichbareb notbmadebb
yb humans.
⊚b true
⊚b false
16) Humanb resourcesb referb onlyb tob thebmentalb abilitiesb of bpeopleb usedbtobproducebgoodsb andbs
ervices,b it b isb synonymousb withb knowledge.
⊚b true
⊚b false
17) Allb economicb systemsb must b addressb threebimportant b issues,b onebofb whichb isb howbthebgoodsb a
nd b servicesb willb beb produced.
⊚b true
⊚b false
Versionb1 2
mynursytest.store
, ACCESS Test Bank for Business Changing World 8th Canadian Edition Ferrel
b b b b b b b b b b
l
Business Changing World Edition 8 by Ferrell
b b b b b b
18) Capitalismb isb anb economicb systemb inb whichb theb government bownsbandb operatesb basicb i
ndustriesb whileb individualsb ownb most b otherb businesses.
⊚b true
⊚b false
19) Chinab isb anb exampleb of b abcommunist b economyb that bexistsbtodaybwhichb satisfiesb Karlb Marx'sb i
dealb of b communism.
⊚b true
⊚b false
20) Manyb nationsb haveb turned bawaybfromb communismb and b toward b economicb systemsb governed b
byb supplyb and b demand b ratherb thanb byb centralb planning.
⊚b true
⊚b false
21) Most b socialist b nationsb areb democratic.
⊚b true
⊚b false
22) Inb ab free-market b system,b theb government b regulatesb business.
⊚b true
⊚b false
23) Free-market b capitalismb and b laissez-faireb capitalismb areb essentiallyb theb sameb thing.
⊚b true
⊚b false
24) If b freeb enterpriseb isb goingb tobbebsuccessful,b individualsbmust b havebtheb right btob choosebwhatbc
areerb tob pursue,b whereb tob live,b what b goodsb and b servicesb tob purchase,b and b more.
⊚b true
⊚b false
25) Demand b isb theb quantitybof bgoodsbandb servicesb thatb consumersb areb willingb tob buybat bdifferent bp
ricesb at b ab specificb time.
⊚b true
⊚b false
26) Theb demand b curveb isb upward b sloping.
⊚b true
⊚b false
Versionb1 3
mynursytest.store
