Los Angeles Mission College » Business » Business 001 - Introduction to Business » Spring 2022

Business 001 - Introduction to Business » Spring 2022 » Ch 1 OpenStax Homework

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Question #1

Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions.

A. False

B. True

Question #2

Some global corporations are large enough to create major changes in the external environment.

A. False

B. True

Question #3

Monopolistic competition is a market structure in which entry is easy.

A. False

B. True

Question #4

Legal challenges arising from laws designed to control anticompetitive behavior occur in monopolistic competition.

A. False

B. True

Question #5

A strategic alliance is a cooperative agreement between business firms.

A. False

B. True

Question #6

Which of the following is an example of a business?

A. Lawson & Tyler law offices

B. Jack & Jill, a specialty clothing store for young children

C. All of the answers are correct.

D. Ford Motor Company

E. Wal-Mart

Question #7

Which of the following is the best example of a service?

A. the hamburger you bought for lunch

B. the license tags you purchased for your car

C. the gallon of milk you purchased at the convenience store

D. the pleasure you derive from seeing a good play

E. the grill on which you cook steak

Question #8

Which of the following is the best example of a good?

A. the driving lessons you took

B. the airplane flight you took to attend a funeral

C. the life guarding class you took last summer

D. the physical examination you received from your doctor

E. the birthday candles you purchased to go on your sister's birthday cake

Question #9

Which of the following businesses provides its customers with a service?

A. a law office

B. a pecan grower

C. a used book store

D. a mattress manufacturer

E. a wheat farmer

Question #10

Which of the following businesses provides its customers with a good?

A. hotel

B. hair salon

C. movie theater

D. accounting firm

E. bicycle manufacturer

Question #11

Which of the following is NOT an example of a good that would be sold in a department store?

A. white linen table clothes

B. silk flower bouquets

C. book on wedding etiquette

D. wedding dress

E. the advice of a wedding planner

Question #12

What is the primary difference between a good and a service?

A. A good costs more to market than a service

B. A service is tangible, and a good is intangible.

C. A good costs more to produce than a service.

D. A good is tangible, and a service is intangible.

E. The development costs for a service is higher than for a product.

Question #13

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

A. input per person

B. consumer productivity

C. standard of living

D. quality of life

E. total consumption rate

Question #14

Which of the following countries has a high standard of living?

A. Malaysia

B. the United States

C. Bolivia

D. Nigeria

E. Guatemala

Question #15

The standard of living in any country is:

A. determined by the money left over after all expenses are paid

B. the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

C. higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

D. measured by the output of goods and services people can buy with the money they have

E. measured by subtracting the supply of goods and services from the demand for goods and services

Question #16

The standard of living is low in Honduras. This means:

A. it has a negative balance of trade

B. its citizens cannot afford to buy much

C. it has higher wages than the U.S.

D. it attracts risk-aversive entrepreneurs

E. it has a positive balance of trade

Question #17

The quality of life is:

A. determined by the money left over after all expenses are paid

B. the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

C. measured by subtracting the supply of goods and services from the demand for goods and services

D. higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

E. measured by the output of goods and services people can buy with the money they have

Question #18

_____ is the amount of money remaining from a firm’s sales revenue after it deducts production costs, interest costs, and taxes.

A. Retained earnings

B. Profit

C. Working capital

D. A dividend

E. Net sales

Question #19

Hudson Kling mows yards during the summer. Which of the following is an example of revenue for Kling?

A. a trip to the lawn mower repair shop to get his machines blade sharpened

B. the gas can he had to buy so his mower wouldn’t run out of gas while he mowed Mr. Johnson’s five-yard pasture

C. the $10 tip Mrs. Pierre gave him for doing such a fine job of mowing her yard

D. a tire repair kit and extra air filters for the lawn mower

E. the new pair of shoes he had to buy because he accidentally ran over a pair with his mower

Question #20

Iris Souza started the summer with $30. She took $10 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125 left. What was Souza’s profit for her summer job?

A. $125

B. $175

C. $30

D. $80

E. $205

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