A local retailer calls its customers when it receives merchandise that they may be interested in, provides individual service to each customer, provides forms and phone numbers for complaints and comments, and has a 100 percent satisfaction guarantee. Which objective is this business working hard to accomplish?

Satisfying the needs of its customers

Achieving low employee turnover

Keeping up with the current technology

The ultimate objective of every firm, such as IBM, Hewlett-Packard, JCPenney, and Cengage Learning, must be to

Satisfy the needs of its customers.

Sell either to other firms or to consumers.

Pay out money to cover the various expenses of doing business.

Know that people generally buy a product and store it.

Make it impossible to satisfy customers.

In the mid-1970s, American auto manufacturers produced big gas-guzzling cars and tried to sell them to consumers who needed fuel-efficient transportation. This happened because manufacturers

Lost sight of consumers’ needs.

Attempted to satisfy consumers’ needs.

Followed consumers’ wants too closely.

Knew the economy would rise again.

The relationship between sales and profits can be written as

Sales revenue – expenses = profit.

Sales revenues + expenses = profit.

Profit – expenses = sales revenue.

Expenses + loss = sales revenue + profit.

During 20xx, Just-The-One Jewelry had sales revenues of $$1,500,000. This retailer also had expenses that totaled $$ 800,000. What is the firm’s profit or loss amount?

It is impossible to calculate profit or loss with the above information.

Andrew Cooper decides to become a part-owner of a corporation. As a part owner, he expects to receive a profit as payment because he has assumed the risk of

Losing the money he has invested in the corporation and not receiving profits.

Serious inflation is eroding the purchasing power of his investment.

Being paid before the suppliers and employees are paid.

Losing his home, car, and life savings.

The company gives all of the profits to local communities.

At the end of the year, the Walt Disney Company had a profit of $920 million. This profit belongs to which of the following groups?

The company’s CEO and top managers

The banks from which Disney borrowed money

All employees, including management

The consumers of Disney’s goods and services

For a business, stakeholders represent

All of the different people or groups who are affected in some way by the business.

Lenders that have provided loans.

Suppliers that have extended credit to the firm.

Employees who work for the firm.

Which of the following scenarios would best exemplify Adam Smith’s view of best serving the interests of society?

Individuals are selected to fill certain positions within the economy of their nation according to the needs of the nation as a whole.

Markets are carefully regulated to ensure that all individuals within a nation are treated fairly and charged standardized prices.

However, he realizes that economic freedom includes all of the following except the right to

Use owned resources to produce a profit.

Accept or reject any job offered.

Sell a product at the price chosen.

Buy any economic goods or services that producers sell.

In Adam Smith’s view, which of the following is not the role of government in business?

Providing defense against foreign governments

Ways in which consumers affect American business include all the following except

Providing necessary business capital.

Providing the labor necessary for production.

Providing the resources necessary for production.

Gail Nelson begins her first job after graduating from college and starts putting money away in a savings account. She believes she has removed this money from the circular flow between buyers and sellers that she studied in Introduction to Business. Is Gail correct?

No, even though she has saved this money,

Yes, by putting this money into a savings account, only she has access to the funds and they are no longer available to the circular flow.

For the U.S. government to provide services, it collects revenue from

Both households and businesses pay various forms of taxes.

Only individuals in the form of taxes.

Only corporations in the form of taxes.

Selling bonds to foreign governments.

Selling manufactured goods overseas.

Chapter (1) Business

Authored by Mohamed Zakarya

Business

12th Grade

Used 69+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

100 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs is called

Consumerism.

The economy.

Capitalism.

Business.

The workplace.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Raw materials, buildings, and machinery are ______ resources.

Human

Financial

Information

Major

Material

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are material resources for Toyota except

Paint.

Steel.

Factory.

Tires.

Money.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resources include the funds needed to pay wages, purchase raw materials, and operate a business.

Human

Financial

Information

Major

Material

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Resources are the individuals who provide labor for an organization in exchange for wages.

Human

Material

Labor

Financial

Informational

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The monetary contributions that the owners of IBM pay for shares of the company's Stocks are ______ resources for IBM.

Material

Financial

Informational

Human

Manufacturing

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What resource tells the managers of a business how effectively other resources are being combined and used?

Technical

Human

Financial

Material

Informational

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Popular Resources on Wayground

7 questions

History of Valentine's Day

Interactive video

•

4th Grade

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

$fractions$

22 questions

fractions

Quiz

•

3rd Grade

15 questions

Valentine's Day Trivia

Quiz

•

3rd Grade

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

Discover more resources for Business

13 questions

BizInnovator Startup - Experience and Overview

Quiz

•

9th - 12th Grade

10 questions

Understanding Stock Market Investing

Interactive video

•

9th - 12th Grade

12 questions

Time Management Lesson

Lesson

•

1st - 12th Grade

20 questions

Review for Business Essentials 2.05

Quiz

•

9th - 12th Grade

Chapter (1) Business

The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs is called

Raw materials, buildings, and machinery are ______ resources.

All of the following are material resources for Toyota except

Resources include the funds needed to pay wages, purchase raw materials, and operate a business.

Resources are the individuals who provide labor for an organization in exchange for wages.

The monetary contributions that the owners of IBM pay for shares of the company's Stocks are ______ resources for IBM.

What resource tells the managers of a business how effectively other resources are being combined and used?

Organizations that combine raw materials, machinery, and labor to produce goods are called

Which of the following companies is an example of a manufacturer?

Mike Amerson decides to start a residential landscaping business. How would this business most likely be classified?

Access all questions and much more by creating a free account

Popular Resources on Wayground

Discover more resources for Business