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BUSINESS 101 FINAL EXAM COMPLETE 200 QUESTIONS & CORRECT ANSWERS (WELL VERIFIED), Exams of Business Economics

BUSINESS 101 FINAL EXAM COMPLETE 200 QUESTIONS & CORRECT ANSWERS (WELL VERIFIED) ALREADY GRADED A+

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2024/2025

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BUSINESS 101 FINAL EXAM COMPLETE 200 QUESTIONS
& CORRECT ANSWERS (WELL VERIFIED) ALREADY
GRADED A+
business - CORRECT ANSWER >>>organization that proviedes goods or services to earn a
profit
profit - CORRECT ANSWER >>>difference between a business's revenues and expenses
external environment - CORRECT ANSWER >>>everything outside an organization's
boundaries that might affect it
economic system - CORRECT ANSWER >>>a nation's system for allocating its resources
among its citizens
factors of production - CORRECT ANSWER >>>resources used in the production of goods
and services- labor, capital, entrepreneurs, physical resources, and information resources
labor (human resources) - CORRECT ANSWER >>>physical and mental capabilities of people
as they contribute to economic production
capital - CORRECT ANSWER >>>funds needed to create and operate a business enterprise
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Download BUSINESS 101 FINAL EXAM COMPLETE 200 QUESTIONS & CORRECT ANSWERS (WELL VERIFIED) and more Exams Business Economics in PDF only on Docsity!

BUSINESS 101 FINAL EXAM COMPLETE 200 QUESTIONS

& CORRECT ANSWERS (WELL VERIFIED) ALREADY

GRADED A+

business - CORRECT ANSWER >>> organization that proviedes goods or services to earn a

profit

profit - CORRECT ANSWER >>> difference between a business's revenues and expenses

external environment - CORRECT ANSWER >>> everything outside an organization's

boundaries that might affect it

economic system - CORRECT ANSWER >>> a nation's system for allocating its resources

among its citizens

factors of production - CORRECT ANSWER >>> resources used in the production of goods

and services- labor, capital, entrepreneurs, physical resources, and information resources

labor (human resources) - CORRECT ANSWER >>> physical and mental capabilities of people

as they contribute to economic production

capital - CORRECT ANSWER >>> funds needed to create and operate a business enterprise

entrepreneur - CORRECT ANSWER >>> indicidual who accepts the risks and opportunities

involved in creating and operating a new business venture

intrepreneur - CORRECT ANSWER >>> part of a company

planned economy - CORRECT ANSWER >>> economy that relies on a centralized government

to control all or most factors of production and to make all or most production and allocation decisions

communism - CORRECT ANSWER >>> political system in which the government owns and

operates all factors of production

market economy - CORRECT ANSWER >>> economy in which individuals control production

and allocation decisions through supply and demand

market - CORRECT ANSWER >>> mechanism for exchange between buyers and sellers of

a particular good or service

capitalism - CORRECT ANSWER >>> system that santions the pricate owndership of the

factors of production and encourages entrepreneurship by offering profits as an incentive.

privatization - CORRECT ANSWER >>> process of converting government enterprises into

privately owned companies

socialism - CORRECT ANSWER >>> planned economic system in which the government owns

and operates only selected major sources of production

standard of living - CORRECT ANSWER >>> the total quantity and quality of goods and

services people can purchase witht the currency used in their economic system

gross domestic product (GDP) - CORRECT ANSWER >>> total value of all goods and services

produced within a given period by a national economy through domestic factors of production

gross national product (GNP) - CORRECT ANSWER >>> total value of all goods and services

produced by a national economy within a given period regardless of where the factors of production are located

real GDP - CORRECT ANSWER >>> gross domectic product adjusted to account for changes

in currency values and price changes

purchasing power parity - CORRECT ANSWER >>> the principal that exchange rates are set

so that the prices of similar products in different countries are about the same

inflation - CORRECT ANSWER >>> occurs when widespread price increases occur throught an

economic system

unemployment - CORRECT ANSWER >>> the level of joblessness among people actively

seeking work in an economic system

recession - CORRECT ANSWER >>> a period during which aggregate output, as measured by

GDP, declines

depression - CORRECT ANSWER >>> a prolonged and deep recession

ethics - CORRECT ANSWER >>> beliefs a bout what is right or wrong and good or bad in

actions that affect others

ethical behavior - CORRECT ANSWER >>> behavior conforming to generally accepted social

norms concerning beneficial and harmful actions

unethical behavior - CORRECT ANSWER >>> behavior that does not conform to generally

accepted social norms concering beneficial and harmful actions

business ethics - CORRECT ANSWER >>> ethical or unethical behaviors by employees in the

context of their jobs

managerial ethics - CORRECT ANSWER >>> standards of behavior that guide individual

managers in their work

social responsibility - CORRECT ANSWER >>> the attempt of a business to balance its

commitments to groups and individuals in its environment, including customers, other businesses, employees, investors, and local communities

organizational stakeholders - CORRECT ANSWER >>> those groups, individuals, and

organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance

whistle-blower - CORRECT ANSWER >>> employee who detects and tries to put an end to a

company's unethical, illegal, or socially irresponsible actions by publicizing them

general partnership - CORRECT ANSWER >>> business with two or more owners who

share in both the operation of the firm and the financial responsibility for its debts

limited partnership - CORRECT ANSWER >>> type of partnership consisting of limited

partners and general (or active) partner

limited partner - CORRECT ANSWER >>> partner who deos not share in a firm's

management and is liable for its debts only to the limits of said partner's investment general (or

active) partner - CORRECT ANSWER >>> partner who actively manages a firm and who has

unlimited liability for its debts

cooperative - CORRECT ANSWER >>> form of owndership in which a group of sole

proprietorships and/or partnerships agree to work together for common benefits

corporation - CORRECT ANSWER >>> business that is legally considered an entity separate

from its owners and is liable for its own debts; owners' liabilities extend to the limits of their investments

limited liability - CORRECT ANSWER >>> legal principle holding investors liable for a firm's

debts only to the limits of their personal investments in it

colsely held (or private) corporation - CORRECT ANSWER >>> corporation whose stock is

help by only a few people and is not available for sale to the general public

publicly held (or public) corporation - CORRECT ANSWER >>> corporation whose stock is

widely held and available for sale to the general public

s corporation - CORRECT ANSWER >>> hybrid of a closely held corporation and a

partnership, organized and operated like a corporation but treated as a partnership for tax purposes

limited liability corporation (LLC) - CORRECT ANSWER >>> hybrid of a publicly held

corporation and a partnership in which owners are taxed as partners but enjoy the benefits of limited liability

multinational (or transnational) corporation - CORRECT ANSWER >>> for of corporation

spanning national boundaries

stockholder (or shareholder) - CORRECT ANSWER >>> owner of shares of stock in a

corporation

corporate governance - CORRECT ANSWER >>> roles of shareholders, directors, and other

managers in corporate decision making and accountability

board of directors - CORRECT ANSWER >>> governing body of a corporation that reports to

its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets

officers - CORRECT ANSWER >>> top management team of a corporation

chief executive officer (CEO) - CORRECT ANSWER >>> top manager who is responsible for

the overall performance of a corporation

european union (EU) - CORRECT ANSWER >>> organization for economic, social, and security

cooperation among European nations

world trade organization (WTO) - CORRECT ANSWER >>> organization through which

memeber nations negotiate trading agreements and resolve disputes about trade policies and practices

outsourcing - CORRECT ANSWER >>> the practice of paying suppliers and distributors to

perform certain business processes or to provide needed materials or services

management - CORRECT ANSWER >>> process of planning, organizing leading, and

controlling an organization;s resources to achieve its goals

planning - CORRECT ANSWER >>> management process of determining what an

organizations needs to do and how best to get it done

organizing - CORRECT ANSWER >>> management process of determining how best ot

arrange and organization's resources and activities into a coherent structure

leading - CORRECT ANSWER >>> management process of guiding and motivating employees

to meet an organizations objectives

controlling - CORRECT ANSWER >>> management process of monitoring and

organization's performance to ensure that it is meeting its goals

top manager - CORRECT ANSWER >>> manager responsible for a firm's overall performance

and effectiveness

middle manager - CORRECT ANSWER >>> manager responsible for implementing the

strategies and working toward the goals set by top managers

first-line manager - CORRECT ANSWER >>> manager responsible for supervising the work of

employees

decision-making skills - CORRECT ANSWER >>> skills in defining problems and selecting the

best course of action

environmental analysis - CORRECT ANSWER >>> process of scanning the business

environment for threats and opportunities

crisis management - CORRECT ANSWER >>> organization's methods for dealing with

emergencies

organizational structure - CORRECT ANSWER >>> specification of the jobs to be done

withing an organization and the wys in which they relate to one another

organization chart - CORRECT ANSWER >>> diagrap depicting a company's structure and

showing employees where they fit into its operations

chain of command - CORRECT ANSWER >>> reporting relationships within a company

span of control - CORRECT ANSWER >>> number of people supervised by one manager

delegation - CORRECT ANSWER >>> process through which a manager allocaters work to

subordinates (telling people what to do)

flat organizational structure - CORRECT ANSWER >>> characteristic of decentralized

companies with relatively low layers of management

tall organizational structure - CORRECT ANSWER >>> characteristic of centralized companies

with muliple layers of management

centralized organization - CORRECT ANSWER >>> organization in which most decisonmaking

authority is held by upper-level management

decentralized organization - CORRECT ANSWER >>> organization in which a great deal of

decision making authority is delegated to levels of management at pints below the top

authority - CORRECT ANSWER >>> power to make the decisions necessary to complete a

task

accountability - CORRECT ANSWER >>> obligation employees have to their manager for the

succesful completion of an assigned task

commitee and team authority - CORRECT ANSWER >>> authority granted to committees

or teams involved in a firm's daily opperations

service operations (service production) - CORRECT ANSWER >>> activities producing

intangible and tangible products, such as entertainment, transportation, and education

goods operations (goods production) - CORRECT ANSWER >>> activities producing tangible

products, sucha s radios, newspapers, buses, and textbooks

operations (production) management - CORRECT ANSWER >>> systematic direction and

control of the processes that transform resources into finished products that create value for and provide benefits to customers

quality - CORRECT ANSWER >>> the combination of "characteristics of a product or service

that bear on its ability to satisfy stated or implied needs"

quid pro quo harassment - CORRECT ANSWER >>> form of sexual harassment in which

sexxual favors are requested in return for job-related benefits

hostile work environment - CORRECT ANSWER >>> form of sexual harassment deriving from

off-color jokes, lewd comments, and so forth

contingent worker - CORRECT ANSWER >>> employee hired on something other than a full-

time basis to supplement an organization's permanent workforce

labor union - CORRECT ANSWER >>> group of individuals working together to achieve

shared job-related goals such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions

labor relations - CORRECT ANSWER >>> process of dealing with employees who are

represented by a union

marketing - CORRECT ANSWER >>> activity, set of institutions, and processes for creating,

communication, delivering, and enhancing offerings that have value for customers, clients, partners, and society at large

consumer goods - CORRECT ANSWER >>> physical products purchased by consumer for

personal use

industrial goods - CORRECT ANSWER >>> phsical products purchased by companies to

produce other products

services - CORRECT ANSWER >>> products having nonphysical features, such as information,

expertise, or an activity that can be purchased

substitute product - CORRECT ANSWER >>> product that is dissimilar from those of

compeditors but that can fulfill the same need

marketing plan - CORRECT ANSWER >>> detailed strategy for focusing marketing efforts on

consumer's needs and wants

marketing mix - CORRECT ANSWER >>> the combination of product, pricing, promotion and

place strategies used to market products

the 4 p's - CORRECT ANSWER >>> product, price, promotion, place

product - CORRECT ANSWER >>> good, service, or idea that is marketed to fill consumers'

nees and wants

distribution (place) - CORRECT ANSWER >>> part of the marketing mix concerned with

getting products from producers to consumers

promotion - CORRECT ANSWER >>> aspect of the marketing mix concerned with the most

effective techniques for communicating information about products

target market - CORRECT ANSWER >>> group of people that have similar wants and needs

and can be expected to show interest in the same products

telemarketing - CORRECT ANSWER >>> form of nonstore retailing in which the telephone

is used to sell directily to consumers

physical distribution - CORRECT ANSWER >>> activitites needed to move a product

efficiently from manufacturer to consumer

promotion - CORRECT ANSWER >>> aspect of the marketing mix concerned with the most

effective techniques for communication information about and selling a product

advertising - CORRECT ANSWER >>> promotional tool consisting of paid, nonpersonal

communication used by and identified sponsor to inform an audience about a product

point of sale (POS) display - CORRECT ANSWER >>> slaes-promotion technique in whcih

product displays are located in certain areas to stimulate purchase or to provide information on a product

information technology (IT) - CORRECT ANSWER >>> the various appliances and devices for

creating, storing, exchanging, and using information in diverse modes, including visual images, voice, multimedia, and business data

e-commerce - CORRECT ANSWER >>> the use of the internet and other electronic means for

retailing and business-to-business trasactions

management information system (MIS) - CORRECT ANSWER >>> computer system that

supports managers by providing information-reports, schedules, plans, and budgets-that can be used for marketing decisions

intellectual property - CORRECT ANSWER >>> produced by the intellect or mind that has

commercial values

accounting - CORRECT ANSWER >>> comprehensive system for collecting, analyzing and

communication financial information

audit - CORRECT ANSWER >>> systematic examination of a company's accounting system to

determine whether its financial reports reliably represent its operations

sarbanes-oxley act of 2002 - CORRECT ANSWER >>> enactment of federal regulations to

restore public trust in accounting practices by imposing new requirements on financial activities in publily traded corportaions

asset - CORRECT ANSWER >>> any economic resouce expected to benefit a firm or an

individual who owns it (everything you or a company own)

liability - CORRECT ANSWER >>> debt owed by a firm to an outside organization or

individual

owners equity - CORRECT ANSWER >>> amount of money that owners would recieve if the

sold all of a firm's assets and paid all of its liabilities

financial statement - CORRECT ANSWER >>> any of several types of reports summarizing a

company's financial status to stakeholders and to aid in managerial decision making