Test Bank all Chapters, MCQs Answer

BUSN, 3rd Canadian Edition, 3e Kelly, McGowen, MacKenzie, and Snow

(Test Bank all Chapters, MCQ’s Answer are marked with *)

• / 4

Chapter 1

• A core goal for successful businesses is to deliver value to

customers while generating long -term profits.

*a. True

• False

• One personality trait shared by most entrepreneurs is the desire to

avoid risk.

• True

*b. False

• A firm will experience a loss when its revenue is less than its

expenses.

*a. True

• False

• Producers today deliver better goods more quickly and cheaply than

ever before.

*a. True

• False

• “Quality of life” is a narrow measure of social welfa re that is

based exclusively on the quantity and quality of goods and services produced by a society.

• True

*b. False

• The standard of living reflects the quality and quantity of goods

available to a nation’s population.

*a. True

• False

• Entrepreneurs are motivated to risk their time, money, and other

resources in an effort to gain a profit for themselves. But their efforts yield benefits to many others in society, in addition to their personal profits.

*a. True

• False

• / 4

• One characteristic of all not-for-profit organizations is that they

do not earn any revenue.

• True

*b. False

• When businesses create more goods and services, their activities

increase the standard of living, but have no impact on the quality of life.

• True

*b. False

• Businesses are primarily focused on creating profits by offering

products and services desired by the consumer.

*a. True

• False

• Typically, socially responsible businesses act as advocates for the

well-being of the community.

*a. True

• False

• Successful businesses embrace change and carefully evaluate risks.

*a. True

• False

• Businesses raise the standard of living through the payment of

taxes, which can be used by the government to pay for socially desirable projects.

*a. True

• False

• Sal Garmin’s business offers computer support to local not -for-

profit organizations. If he is like most entrepreneurs, Sal’s primary goal is to create wealth for his community.

• True

*b. False

• As entrepreneurs create wealth for themselves, they produce a

ripple effect that enriches everyone around them.

• / 4

*a. True

• False

• The Industrial Revolution era is recognized for its technological

advances.

*a. True

• False

• During the entrepreneurship era, the government began to regulate

business practices.

*a. True

• False

• During the entrepreneurship era, government began regulating

business to protect the consumer and provide guidelines for products and services.

*a. True

• False

• Henry Ford’s introduction of the assembly line occurred during the

production era.

*a. True

• False

• The production era is also referred to as the “era of mass

production.”

• True

*b. False

• During the Industrial Revolution, the producti on process shifted

from skilled artisans working in small workshops to semi -skilled workers employed in huge factories.

*a. True

• False

• Henry Ford’s focus on producing a consistent and quality product

represented a shift from the production era to the relationship era.

• True

*b. False

• / 4