Question Question 1 John Blue has started his own Internet business, Blueways.com, offering online ordering of refurbished computer parts. His business has experienced a slower than usual start due to higher than expected costs for capital resources. Those expenses include: buildings, money, and skilled labor. computers, cables, Internet service, copiers, and software. raw materials, money, and employee training. advertising and financial costs. 4 points Question 2 __________ is an entrepreneurial “must.” Freedom from taxation Protection from competition Freedom from regulation Protection from corruption 4 points Question 3 To be successful, entrepreneurs must be comfortable risking their money and __________ to start and manage a business. time standard of living revenue freedom 4 points Question 4 Megan’s parents want her to become an accountant after she graduates from college. However, Megan wants to start her own cupcake store. To boost her chance of personal success, experts advise Megan to: become an accountant because it is a safe career choice. do what her parents suggest since they will be paying for her student loan. do what she loves. become an accountant at a restaurant. 4 points Question 5 Business transactions that occur online are examples of: I-commerce. meta-economics. e-commerce. nano-commerce. 4 points Question 6 All of the following are basic freedoms encouraging entrepreneurship EXCEPT: freedom of choice. freedom from excess regulation. freedom of guaranteed profits. freedom from too much taxation. 4 points Question 7 Leading edge businesses maintain a competitive advantage by introducing products: just as the market becomes ready to embrace them. 12-18 months before the market is really ready to embrace them. long before anyone else has even thought of them, and at least two years before the majority of customers will express interest in them. right before the demand for the product reaches its highest level. 4 points Question 8 The core goal of business is to generate long-term __________by delivering ___________ to their customers. value; products profits; value profits; security value; profits 4 points Question 9 Entrepreneurs participate in __________ business environments. competitive, economic, and social capital, economic, and competitive human resources, competitive, and social economic, competitive, technological, social, and global 4 points Question 10 During the relationship era, businesses concentrated on: hard selling designed to convince people to buy products. building long-term customer relationships. developing brands to differentiate their products from those of competitors. refining the production process and creating greater efficiencies. 4 points Question 11 Which of the following is the BEST way for firms to enhance customer satisfaction? By providing lower-priced products By providing greater value By providing effective advertising and promotion By providing the greatest quality 4 points Question 12 Which of the following statements represents how consumers and workers react to socially responsible behavior by business? A large majority of both consumers and workers tend to respond favorably to socially responsible business behavior. Workers tend to respond favorably to socially responsible behavior, but consumers tend to ignore the benefits of such behavior. The purchasing decisions of most consumers are influenced by socially responsible behavior, but most workers are having no interest in whether their employer is socially responsible. Most workers and consumers base decisions on monetary considerations and largely ignore issues dealing with socially responsible behavior. 4 points Question 13 Lisa is a marketing consultant who is trying to help a regional company design an advertising campaign that will appeal to the local population. Her report should take into account __________ factors such
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