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BUS 201 comprehensive exam| 155 Questions| With Complete Solutions
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BUS 201 comprehensive exam| 155 Questions| With Complete Solutions
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BUS 201 comprehensive exam| 155 Questions|With Complete Solutions
what are 5 factors of production correct answer: natural
resources, labor, capital, entrepreneurship and knowledge
what is capital as a factor of production correct answer:
machinery or equipment
what are the six steps in the supply chain correct answer: 1. raw
material 2. processing 3.producers 4. wholesalers/ distributers 5.
retailer 6. end consumer
what are buisness products correct answer: products meant to
run a buisness can be anything from Coffee machines to
machines
what are the four different types of products correct answer:
unsought, convenience, shopping and specialty
What are unsought products? correct answer: unplanned
products like life insurance
What are convenience products? correct answer: items that the
consumer purchase with little thought like soda
What are shopping products? correct answer: items that require
more thought like a house
,what are specialty products correct answer: items that require
lots of thought and research like a specialty sports car
what are 6 types of buisness products correct answer:
installations, accessories, component parts and materials, raw
materials, supplies, services
what is the difference between component parts and raw
material in terms of buisness products correct answer:
component parts are material that have already gone through
production like fabric where raw material have gone through
little to no production
what is the difference between accessories and supplies in terms
of buisness products correct answer: accessories hold more
value like computers and supplies are things like pencils
what are 6 types of businesses correct answer: sole
proprietorship, partnership, corporations, cooperatives, joint
venture and franchise
what is the difference between a public and private corporation
correct answer: public have many shareholders and private only
have a few
what is a cooperative correct answer: a buisness that is owned
by members like vanity
What is a joint venture? correct answer: 2 or more companies
join to complete a project
, what five steps are necessary to incorporate a company correct
answer: Selecting the company's name,
Writing the articles of incorporation,
Paying required fees and taxes,
Holding an organizational meeting,
Adopting bylaws, electing directors, and passing the first
operating resolutions
what are four management functions correct answer: planning
(identify problems), leading( allocate resources),
organizing(organize plan), controlling(identify and evaluate
results)
what are 4 characteristics of money correct answer: scarcity,
durability, portability, divisability
what is the difference between a new product and a line
expansion correct answer: A new product is an original idea for
the company where a line extension is expanding on a product
like cherry pepsi
6 steps to establish new products correct answer: 1. set new
product goals
2.Develop new ideas
3.Screen ideas and concepts
4.Develop the concept
5.est market
6.Introduce the product
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