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Bus 100 Comprehensive Final || with 100% Accurate Solutions.
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Define and Understand Business correct answers An organization that provides goods, services, ideas and/or experiences in an effort to accomplish their organizational mission Strategic Business Planning Includes correct answers Operations, Finance, Marketing, And Human Resources Profits corre...

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  • August 2, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • define and understand business

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  • Bus 100
  • Bus 100

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Bus 100 Comprehensive Final || with 100% Accurate Solutions.
Define and Understand Business correct answers An organization that provides goods, services, ideas and/or experiences in an effort to accomplish their organizational mission
Strategic Business Planning Includes correct answers Operations, Finance, Marketing, And Human Resources
Profits correct answers Difference between a business's revenue and expenses Profit = Income - Expenses
For perfect or pure competition to exist, two conditions must prevail: correct answers 1. All firms in an industry must be small
2. The number of firms in the industry must be large
3. Does this exist?
Perfect competition correct answers 1. The products of each firm are so similar that buyers view them as identical to those of other firms.
2. Both buyers and sellers know the prices that others are paying and receiving in the marketplace.
3. Because each firm is small, it is easy for firms to enter or leave the market.
4. Going prices are set exclusively by supply and demand and accepted by both sellers and buyers.
EX: Local Farmer
Monopolistic Competition correct answers A market or industry is characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors
EX: Stationery Store
Oligopoly correct answers A market or industry characterized by a handful of (generally large) sellers with the power to influence the prices of their products.
EX: Steel Industry
Monopoly correct answers Market or industry in which there is only one producer that can therefore set the prices of its products.
EX: Public Utility
Natural Monopoly correct answers Industry in which one company can most efficiently supply all needed goods or services
Balance of Trade correct answers The difference between a country's total exports and total imports Fiscal Policy correct answers Government policy that attempts to manage the economy by controlling taxing and spending.
Monetary Policy correct answers The setting of the money supply by policymakers in the central bank
Ethics correct answers Beliefs about what is right and wrong or good and bad in actions that affect others
Business Ethics correct answers Refers to ethical or unethical behaviors by employees in the context of their jobs
Ethical Behavior correct answers Behavior that conforms to individual beliefs and social norms about what's right and good
Unethical Bevahior correct answers Behavior that conforms to individual beliefs and social norms about what is defined as wrong and bad
Ethical Norm: Utility correct answers Does a particular act optimize the benefits to those who are affected by it? (That is, do all relevant parties receive "fair" benefits?)
Ethical Norm: Rights correct answers Does it respect the rights of all individuals involved?
Ethical Norm: Justice correct answers Is it consistent with what's fair?
Ethical Norm: Caring correct answers Is it consistent with people's responsibilities to each other?
Social Responsibility correct answers Refers to the overall way in which a business attempts to balance its commitments to relevant groups and individuals in its social environment
Social Responsibility: Organizational Stakeholders correct answers Those groups, individuals, and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance
Stakeholder Model of Responsibility correct answers customers, employees, investors, suppliers,
local & international communities
Philanthropic Giving correct answers The awarding of funds or gifts to charities or other worthy causes.
Small Business correct answers On that is independent (not part of a larger business) and that has
relatively little influence in its market
Small Business Administration (SBA) correct answers Government agency charged with assisting small businesses

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