Question
h. Manufacturing c. Intangible goods-producing businesses d. Service businesses 8. Businesses that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate are competitively-advantaged service sector c. not-for-profit d. labor-intensive 9. All of the following would be considered barriers to entry for a firm EXCEPT a. an abundance of highly skilled employees b. govemment testing and approval c. large aounts of capital to start and continue operations d. limited supplies of needed raw materials e. strict licensing procedures 10. A business that relies on human resources more than on builcings, machinery, material resources and land would be a a. competitively disadvantaged . manufacturing c. capital-intensive d. labor-intensive e. not-or-protit 11. All of the following would be potentially negative effects that a business can have on society EXCEPT a. creating health and safety risks to employees h. an inability to meet its financial obligations c. laying off workers i an economic downturn d. generating pollution and causing waste e. paying state and federal taxes 12. The conditions and forces that atfect the cost and availability of goods, services and labor and shape the behavior of buyers and sellers are BEST described as the a. market . technolog cal C. social d. economic e. regulatory 13. Every company operates within a market environment composed of three important groups: its target cust mers, buying influences, and a. the workforce b. research and development c. raw materal costs d. its competitors e. govemment policies and procedures 14. The polides and practices af government bodies would shape the a. technological b. market c. legal and regulatory d. economic e. social 15. All internal and external groups affected by a oompany's activities are referred to as its a. employBes h. suppliers c. shareholder d. stakeholders e. customer 16. The function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products. a. logistics b. purchasing c. customer service d. facilities management e. financial 17. Developing relationships with potential customers, designing promotional strategies, analyzing customer needs and establ shing atter-purchase support would fall under the a. production
Explanation / Answer
8. Business that need very large amounts of money, equipment, land and other material resources in order to get started and continue to operate are competitively advantaged service sector. answer is option b.
9. All of the following would be considered barriers to entry for a firm except large amounts of capital to start and continue operations answer is option c.
10. a business that relies on human resources more than on building, machinery, material and land resource is labour intensive business. answer is option d.
11. all of the follwoing can have negative effect that business can have on society except paying state and federal taxes. answer is option e.
12. The conditions and forces that affect the cost and availability of goods services and labor and shape the behavior of buyers and sellers are best economic environment. answer is option d.
13. Every company operates within a market environment composed of three important group: Its target customers, buying influences, and its competitors. answer is option d.
14. The policies and practices of government bodies would shape the environment for a business are legal and regulatory. answer is option c.
15. All internal and external groups affected by a company's activies are referred to as its stakeholders. answer is option d
16. The function of an organization coordinates the incoming flow of materials and the outgoing flow of finished products is logistics function. answer is option a.
