Practice. Question 02 NOT-for-profit organizations do not face any of the challenges that profit-seelding businesses do. True False Practice Question 03 How are NOT-for-profit organizations different from profit-seeking businesses? Not-for-profit organizations operate only in the public sector. Profit-seeking businesses do not focus on social or ethical responsibilities. Profit-seeking organizations always have a surplus of funds; not-for-profit organizations always have a deficit of funds. Not-for-profit organizations focus on goals other than generating profits. Practice Question 05 Why are the four factors of production important? I r Human resources will always be the most important factor of production. Managing all four of the factors of production is critical for the successful operation of a business. The factors of production are regulated by the government. . An economic system requires the factors of production for successful operation Practice, Question 06 Capital includes employees, both current and future. land, building sites, and mineral ceposts. technology, tools, information, and physical facilities. money that the firm raises for expansion Practice Question 07 Which of the following inputs would NOT be considered a factor of production? money processes time human resources Practice Question og The right 20 Information the host basic freedom under the private enterarse system Freedom of speech Practice Question 08 The right to is the most basic freedom under the private enterprise system. information freedom of speech private property protection Practice Question 9 For capitalism to operate effectively, the citizens of a private enterprise economy must have certain rights. Which of the following would NOT be considered part of the Private Enterprise System? private property government assistance competition r profits Fractice Question 11 Entrepreneurship is the willingness to take risks. r one of the basic rights of the private enterprise system. r required for capital expansion not found in the private enterprise system. Practice Question 12 In addition to creating jobs and selling products, entrepreneurs also are a great source of ____ in the economy. improvement knowledge innovation wealth Practice Question 13 Business moved to a factory system that mass-produced items during which of the following eras? The Industrial Revolution The Marketing Era The Relationship Era The Production Era Practice. Question 15 Which era of Canadian business is called the "golden age because it did so much to advance the Canadian business system and increased the overal standard of living? The Production Era The Marketing Era wealth Practice Question 13 moved to a factory system that mass produced in dring which of the following cras? The Industrial Revolution I The Marketing Era The Relationship Era The Production Era Practice, Question 15 which era of Canadian business is called the golden age" because it did so much to advance the Canadian business system and increased the overall standard of living? The Production Era The Marketing fra The Industrial Revolution The Age of Industrial Entrepreneurs Practice Question 16 Consumer Orientation was developed during which era? The Relationship Era The Marketing Era The Colonial Period The Production Era Practice Question 19 Which of the following is a major new force in business that influences consumers' choices? safety concerns environmental concerns health concerns children's concerns Practice Question 20 A partnership formed to create a competitive advantage for the business involved is an example of co-marketing branding a strategic alliance relationship management
