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LUOA Essentials of Business Exam Questions With Correct Answers

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LUOA Essentials of Business Exam Questions With Correct Answers In general, a business is an organization that provides what two things? - answergoods 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... - answerprofit the ove...

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  • October 18, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
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  • LUOA
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sirjoel
©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



LUOA Essentials of Business Exam
Questions With Correct Answers


In general, a business is an organization that provides what two things? - 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... - answer✔profit


the overriding objective for a business should be to earn as much profit for its owners as possible

- answer✔profit maximization


businesses should strive not only to increase their profit but also to improve society -

answer✔corporate social responsibility


everyone affected by a business should have some say in how that business operates -

answer✔stakeholder theory


Select all of the following that are considered internal stakeholders. - answer✔employees


managers

owners

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Select all of the following that are considered external stakeholders. - 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. - 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... - answer✔gross profit


A for-profit company distributes excess revenue to its... - answer✔owners or shareholders


A nonprofit company distributes excess revenue in... - answer✔the organization to further its

goals


Market research is... - answer✔the gathering and analysis of data about consumers.


retail stores, shopping malls, flea markets, and grocery stores - answer✔physical markets


Amazon, eBay, and other online providers - answer✔internet markets

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