Question

study guide
part a—directions: indicate your answer to each of the following questions by writing either yes or no in the answers column.

1. are most of the businesses currently operating in the united states manufacturing firms?
2. do businesses vary in size from one employee to more than a million employees?
3. is an organization that produces or distributes a good or service for profit called a business?
4. do service businesses produce goods?
5. does marketing deal with money matters related to running a business?
6. does the supply of a product refer to the number of similar products that will be bought at a particular point in time and at a particular price?
7. do some businesses produce goods that other businesses use to make things?
8. are banks and investment companies classified as goods - producing businesses?
9. because a government provides fire and police protection, can it be considered an industry?
10. are service businesses growing faster than goods - producing businesses?
11. does effectiveness occur when an organization produces needed goods or services quickly and at low cost?
12. are firms that are extremely efficient always very effective?
13. is the concept of total quality management a commitment to excellence that is accomplished by teamwork and continual improvement?
14. is the malcolm baldrige award presented by the japanese government?
15. does output refer to the quantity, or amount, produced within a given time?
16. has the growth in u.s. productivity resulted in american employees working fewer hours compared to workers in other countries?
17. do innovations refer only to the invention of new products?
18. has re - engineering increased customer satisfaction for most firms that use it?
19. is the franchisor the distributor of a franchised product or service?
20. does risk in business involve competition from new products?

total score

Explanation:

1. Most US businesses are service - based, not manufacturing, so no.
2. Businesses range from sole - proprietorships to large corporations, so yes.
3. A business is an organization that produces or distributes for profit, so yes.
4. Service businesses provide services, not goods, so no.
5. Marketing focuses on promoting and selling, not money - related operations directly, so no.
6. Supply refers to the quantity of a product producers are willing to offer at a given price, not what will be bought, so no.
7. Some businesses produce raw materials for other businesses, so yes.
8. Banks and investment companies are service - providing, not goods - producing, so no.
9. Government services are not considered an industry in the business sense, so no.
10. Service businesses have been growing faster in recent times, so yes.
11. Effectiveness is about achieving goals, not just cost and speed, so no.
12. Efficient firms may not always be effective if they are not achieving the right goals, so no.
13. Total quality management is about excellence through teamwork and continuous improvement, so yes.
14. The Malcolm Baldrige Award is presented by the US government, not the Japanese, so no.
15. Output is the quantity produced within a time frame, so yes.
16. US productivity growth has not led to fewer working hours compared to others, so no.
17. Innovations include process improvements etc. not just new product inventions, so no.
18. Re - engineering often increases customer satisfaction, so yes.
19. The franchisor is the owner of the brand and system, not the distributor, so no.
20. Business risk includes competition from new products, so yes.

Answer:

1. no
2. yes
3. yes
4. no
5. no
6. no
7. yes
8. no
9. no
10. yes
11. no
12. no
13. yes
14. no
15. yes
16. no
17. no
18. yes
19. no
20. yes