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. True

B. False

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. Ford Motor Company

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

D. Wal-Mart

E. All of the answers are correct.

Question #7

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

A. the pleasure you derive from seeing a good play

B. the hamburger you bought for lunch

C. the grill on which you cook steak

D. the license tags you purchased for your car

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

Question #8

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

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

B. the airplane flight you took to attend a funeral

C. the physical examination you received from your doctor

D. the life guarding class you took last summer

E. the driving lessons you took

Question #9

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

A. a pecan grower

B. a used book store

C. a law office

D. a mattress manufacturer

E. a wheat farmer

Question #10

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

A. hair salon

B. hotel

C. bicycle manufacturer

D. accounting firm

E. movie theater

Question #11

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

A. book on wedding etiquette

B. silk flower bouquets

C. white linen table clothes

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 produce than a service.

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

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

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

E. A good costs more to market than a service

Question #13

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

A. consumer productivity

B. quality of life

C. input per person

D. standard of living

E. total consumption rate

Question #14

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

A. the United States

B. Bolivia

C. Guatemala

D. Malaysia

E. Nigeria

Question #15

The standard of living in any country is:

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

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

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

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

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

Question #16

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

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

B. it has a negative balance of trade

C. it has a positive balance of trade

D. it attracts risk-aversive entrepreneurs

E. its citizens cannot afford to buy much

Question #17

The quality of life is:

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

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

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

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

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

Question #18

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

A. Working capital

B. Retained earnings

C. A dividend

D. Profit

E. Net sales

Question #19

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

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

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

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

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

E. 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

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. $175

B. $205

C. $30

D. $80

E. $125

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