LUOA Essentials of Business UPDATED Exam Questions and CORRECT Answers
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LUOA Essentials of Business
Institution
LUOA Essentials Of Business
LUOA Essentials of Business UPDATED
Exam Questions and CORRECT Answers
In general, a business is an organization that provides what two things? - CORRECT
ANSWER- goods and services
The main goal of a business that is not a charity or a free provider of goods and services is to
make a... - C...
LUOA Essentials of Business UPDATED
Exam Questions and CORRECT Answers
In general, a business is an organization that provides what two things? - CORRECT
ANSWER- ✔✔goods and services
The main goal of a business that is not a charity or a free provider of goods and services is to
make a... - CORRECT ANSWER- ✔✔profit
the overriding objective for a business should be to earn as much profit for its owners as
possible - CORRECT ANSWER- ✔✔profit maximization
businesses should strive not only to increase their profit but also to improve society -
CORRECT ANSWER- ✔✔corporate social responsibility
everyone affected by a business should have some say in how that business operates -
CORRECT ANSWER- ✔✔stakeholder theory
Select all of the following that are considered internal stakeholders. - CORRECT ANSWER-
✔✔employees
managers
owners
Select all of the following that are considered external stakeholders. - CORRECT ANSWER-
✔✔community and government
suppliers and creditors
customers
Choose from the list the four specialized departments that make up the functional areas of a
typical for-profit business. - CORRECT ANSWER- ✔✔management
finance
marketing
, accounting
The difference between a company's sales (or revenue) and the amount it cost them to
produce the goods that they sold is called the... - CORRECT ANSWER- ✔✔gross profit
A for-profit company distributes excess revenue to its... - CORRECT ANSWER- ✔✔owners
or shareholders
A nonprofit company distributes excess revenue in... - CORRECT ANSWER- ✔✔the
organization to further its goals
Market research is... - CORRECT ANSWER- ✔✔the gathering and analysis of data about
consumers.
Amazon, eBay, and other online providers - CORRECT ANSWER- ✔✔internet markets
the available workforce in a country or specific geographic region - CORRECT ANSWER-
✔✔labor market
the New York Stock Exchange, NASDAQ, Wall Street, Standard and Poor's and others -
CORRECT ANSWER- ✔✔stock market
illegal contraband, sex trafficking, drugs, and other items sold without regulation -
CORRECT ANSWER- ✔✔black market
The two main types of small businesses are... - CORRECT ANSWER- ✔✔sole propertiership
partnership
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