Business Essentials, 11e (Ebert/Griffin)_pearson

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Business Essentials, 11e (Ebert/Griffin)Business Essentials, 11e (Ebert/Griffin) Chapter 1 The U.S. Business Environment 1) Which environment is NOT an important dimension of a business organization... 's external environment? A) The political-legal environment B) The sociocultural environment C) The technological environment D) The corporate cultural environment E) The global business environment Answer: D Explanation: D) The external environment consists of everything outside an organization's boundaries that might affect it. The corporate cultural environment is internal to the organization. Difficulty: Easy AACSB: Application of knowledge Objective: 1.1: Define the nature of U.S. business, describe the external environments of business and discuss how these environments affect the success or failure of organizations. 2) What is profit? A) Total money taken in by a corporation B) Increases in income from year to year C) Increases in a corporation's stock price D) Revenue generated by goods and services E) Difference between revenues and expenses Answer: E Explanation: E) Profits represent the difference between an organization's revenues and its expenses and profits are the goal of most businesses and allow people to open and expand businesses. Difficulty: Moderate AACSB: Application of knowledge Objective: 1.1: Define the nature of U.S. business, describe the external environments of business and discuss how these environments affect the success or failure of organizations [Show More]

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