True/False
Indicate whether the
statement is true or false.
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1.
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Mass production is not the standard of U.S. manufacturing.
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2.
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Building a specific, unique product for one customer is called
processing.
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3.
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Marketing activities add value to a product.
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4.
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Service businesses are the fastest growing part of our economy.
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5.
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A supermarket, a bank, and a utility company are all examples of
businesses.
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6.
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The production process of getting goods to consumers usually requires only one
business.
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7.
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Franchises can be operated only as sole proprietorships or partnerships.
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8.
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Determining what work has to be done and who is to do it is called
organizing.
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9.
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A corporation is a legal entity and has a life separate from its owners.
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10.
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A partnership is owned by two or more people who own shares of stock in the
company.
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11.
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A sole proprietorship must be chartered by the state in which it is
located.
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12.
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Profit is the only goal a business has when setting a price.
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13.
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A wholesaler sells directly to consumers.
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14.
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Consumers often have a negative or narrow view of marketing.
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15.
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Because managers must keep information from employees, it is not possible for
them to be open and honest.
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16.
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Participating in clubs, organizations, and activities can actually develop
leadership skills that are useful in business.
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17.
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Most leadership characteristics are a part of a person’s personality and
cannot be developed.
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18.
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An effective leader must be able to work with groups as well as with
individuals.
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19.
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The management of people today has not changed from the way it was done many
years ago.
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20.
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Being dressed very informally for a position interview lets the employer know
that you are “cool” and will get along well with everybody.
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21.
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Completing the position application form is not very important in the job search
process.
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22.
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It is important that a letter of application be businesslike and
courteous.
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23.
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Getting a position interview is the main purpose of a letter of
application.
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24.
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Successful small-business owners like to plan and organize.
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25.
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There is very little help available to small-business owners.
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26.
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Owners usually do not manage small businesses.
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27.
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When you pay your taxes, you are performing your citizen role.
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28.
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Success in your role as a worker will affect your standard of living.
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29.
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Competition affects prices but does not have any other effects.
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30.
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Demand and supply interact to determine what price is charged for a good and
service.
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31.
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The consumer role, making decisions about what to buy, is performed only by
individuals and businesses.
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32.
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Everyone in our economy has three economic roles to perform.
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33.
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Recovery in the business cycle occurs after a period of inflation.
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34.
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When the economy slows down, it enters a phase of the business cycle known as
recession.
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35.
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Both worker training and management techniques have helped improve our
productivity.
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36.
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There are over 120 million workers in the U.S. economy.
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37.
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Economic decision making is important to businesses and governments but not to
individuals.
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38.
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Scarcity is a problem that is faced by individuals and businesses but not by
governments.
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39.
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Labor is another name for human resources.
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40.
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Goods and services are produced through the use of economic resources.
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41.
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A need is something that you desire to have because someone else has one.
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42.
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One of the problems in economics is that wants are unlimited.
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43.
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Freedom of choice is one of the important rights of the private enterprise
system.
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44.
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The profit motive is designed to allow lazy owners to become rich.
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45.
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In the private enterprise system, you may start or invest in any business as
long as it is not illegal to do so.
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46.
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Determining which of its citizens should benefit from the production of goods
and services is something each nation must decide.
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47.
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There are two key questions to be answered in every economy.
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48.
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Work experience in the same type of business you plan to start is necessary to
the success of that business.
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49.
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Every business begins with an idea.
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50.
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Small-business owners are able to take long vacations and often have a lot of
time for hobbies.
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51.
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Fewer than half of all new businesses will survive for five years.
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52.
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When a new piece of equipment or a new procedure is added to a small business,
employees will usually receive training.
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53.
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One of the reasons people work is to earn money.
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54.
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Staffing is a vital part of human resource management.
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55.
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Human resources, the people who work for the business, are important to every
business.
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56.
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Net income results when costs are greater than revenue.
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57.
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All successful businesses maintain accurate financial records.
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58.
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Few skills are needed by the person responsible for preparing business
budgets.
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59.
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A business budget anticipates sources and amounts of income.
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60.
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A CD-ROM is commonly used output device for a computer system.
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61.
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The central processing unit (CPU) is used to store data for use in the
future.
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62.
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Keyboards, disk drives, and printers are commonly called software.
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63.
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Computer-assisted instruction allows people to learn at their own pace.
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64.
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Word processing software allows for easy analysis of data using columns and
rows.
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65.
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E-mail is commonly sent by using a fax machine.
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66.
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Financial information for an organization includes budgets, sales reports, and
financial statements.
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67.
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A computer virus can cause damage to software or stored data.
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68.
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A SMART card is designed to provide financial assistance such as recommending
investments or selecting insurance.
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69.
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Video conferencing allows the movement of documents through telephone
lines.
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70.
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Computer literacy is the ability to use computers to process information or
solve problems.
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71.
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Immigrants have had little effect on our work force and economy until recent
years.
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72.
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The need for businesses to remain profitable and competitive has led to
downsizing.
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73.
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Most white-collar workers are employed in offices and stores.
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74.
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There is only one major type of industry today: service-producing.
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75.
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There are over 120 million people employed in our work force.
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76.
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Human resources are not very important in the production of goods.
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77.
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A natural, in-born aptitude to do certain things is an ability.
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78.
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Newspaper help wanted ads are interesting but of little value in career
planning.
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79.
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School libraries should be avoided in career planning.
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80.
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Studying careers is continuous because new career opportunities come along
regularly.
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81.
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The process of studying careers, assessing yourself, and making decisions about
the future is called career planning.
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82.
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A goal in life that is fulfilled through a job is called an occupation.
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