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study guide business

Terms in this set (15)

When referring to risk, which statement is reasonable?
Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good opportunities.
Profit is best described as
the funds available for business growth, after expenses and salaries are paid.
Stockholders, employees, and environmentalists are examples of various business stakeholders whose needs
often conflict.
Emma started a business called Memories and Melodies™. She recognized that music, socialization, and memory-challenging activities for senior citizens helped maintain their cognitive skills for longer periods of time. Though she strives for a financial gain, she uses the excess funds for enriching her programs instead of a personal profit. Memories and Melodies™ is best classified as a(n) __________ organization.
nonprofit
Management expert Peter Drucker said the most important factor of production in our economy is, and always will be,
knowledge.
To encourage entrepreneurial growth, governments might
pass laws that enable businesspeople to write contracts that are enforceable in court.
Jamal runs a successful small business in the United States and has decided to expand internationally. When Jamal attempted to obtain the necessary government permit in a developing country, he most likely learned that
corrupt public officials expect him to pay bribe money to get the permit.
What is one of the biggest problems today that has resulted from increased productivity?
Fewer workers are needed.
What must companies do to be competitive in today's market?
offer high-quality products and outstanding service at competitive prices
One of the results of the increase in the older population of the United States is
a future problem for the Social Security system.
Among the changes resulting from increased global trade is
improved living standards around the world.
The impact of war and terrorism on U.S. business is that
companies have increased organizational costs, including insurance costs.
The following chart describes opportunities and challenges in the external environments that surround businesses. Which statement best completes the empty cells?
Identity theft is a challenge in the technological environment of businesses, while the desire for green living presents opportunities for new businesses in the global environment.
Since the mid-1980s, the __________ sector has generated the most increases in employment in the United States.
service
Alejandro has many business ideas that could satisfy the unfulfilled needs of people who live in his community. However, there are laws that govern the type of businesses that private citizens can own and business taxes are high because the government subsidizes many social programs in his nation. In this case, challenges in the __________ environment increase the risk of Alejandro starting a business.
economic and legal
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