Test Bank for Business in Action , 8th Edition

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1Business in Action, 8e(Bovee)Chapter 1Developing a Business Mindset1) ________ is money that an organization brings in through the sale of its goods and services.A) Competitive advantageB) RevenueC) SalesD) Capital investmentE) FinanceAnswer: BExplanation: Revenue is the money a company brings in through the sale of goods and services.Difficulty: 1: EasyAACSB: Application of knowledgeLO: 1.1: Explain the concept of adding value in a business, and identify the major types ofbusinesses.2) The risk and reward relationship ________.A) is a key aspect of social responsibilityB) applies only to service-intensive businessesC) is essential to the counter-cyclical business modelD) is fundamental to businesses in every modern economyE) is an outdated concept that's been replaced by corporate sustainabilityAnswer: DExplanation: A company needs to see some promise of reward before it will decide to accept therisks involved in creating and selling products. However, to ensure responsible behavior, theserisks need to stay attached to those decisions, meaning that if the decisions turn out bad, thatcompany should suffer the consequences.Difficulty: 1: EasyAACSB: Application of knowledgeLO: 1.1: Explain the concept of adding value in a business, and identify the major types ofbusinesses.3) A(n) ________ is a framework of how a business intends to generate revenue.A) business modelB) strategic management toolC) profitability analysisD) competitive advantageE) entrepreneurial mindsetAnswer: AExplanation: A company's business model is a clear, simple outline of how the business intendsto generate revenue.Difficulty: 1: EasyAACSB: Analytical thinkingLO: 1.1: Explain the concept of adding value in a business, and identify the major types ofbusinesses.

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Business Management

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Business In Action by Courtland L. ...

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