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40 Cards in this Set

  • Front
  • Back
Products have tangible attributes only.
False
The goal of business activities is profit.
True
Nonprofit organization such as Habitat for Humaity do not engage in management, marketing, or finance activities.
False
Business have the right to keep and use their profits as they choose, without limitations.
False
Financial management is concerned with obtaining money and use it effectively.
True
Managers coordinate resources to achieve organizational objectives.
True
The focus of all marketing activities is customer satisfication.
True
Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other business.
False
Most socialist nations are democratic.
True
In a free-market system, the government regulates business.
False
Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.
True
An oligopoly exists when there are many small businesses selling one standardized product.
False
A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition.
True
Economic expansion occurs when a economy is growing and people are spending more money.
True
Gross domestic product is the sum of all goods and services produced in a country during a year.
True
When a nation takes more from taxes than it spends, it has a budget deficit.
False
After World War II, the United States became an agricultural economy.
False
Entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something.
True
Thomas Edison was an American entrepreneur.
True
Mrs. Acres Homemade Pies success results from a quality product and motivated employees.
True
Ethics and social responsibility mean the same thing.
False
Business ethics are the same as legal issues.
False
Conflicts of interest are payments, gifts, or special favors intended to influence the outcome of a decision.
False
Ethics is related to the culture in which a business operates.
True
Codes of ethics foster ethical behavior because they expand the opportunity to behave unethically.
False
Ethical decisions in an organization are influenced by three key factors.
True
The dimensions of social responsibility include economic, legal, ethical, and voluntary responsibilities.
True
Managers consider social responsibility on an annual basis.
False
Recycling is a business response to employee issues
False
Jon Barnard faces several ethical issues in dealing with his business dilemma.
True
Exporting is the purchase of products from another nation.
False
When a nation is importing more than it is exporting, it has a positive balance of trade.
False
A common reason for establishing quotas or tarrifs is to prohibit dumping.
True
Licensing is a way of entering the international marketplace without spending large amounts of money abroad.
True
Data refers to numerical or verbal descriptions related to statistics or other items that have been analyzed or summarized.
True
Information includes meaningful and useful interpretation of data and knowledge that can be used in making decisions.
True
A management information system is a collection of data stored in one place and accessible through a network.
False
The Internet isregional information system that link computer networks together.
False
An intranet is network of computer similar to the Internet that is available only to people inside an organization.
True
Customer relationship management focuses on using information about customers to create strategies that develop and sustain desirable long-term customer relationships.
True