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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
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
