BUSI 100 Final Exam Prep Questions & Answers.
Who said: "So long as men live together on earth and need means to deal with one another- their only substitute, if they abandon money, is the muzzle of a gun" - CORRECT ANSWER Ayn Rand
Who said: "To form a functioning society there is a list of ...
BUSI 100 Final Exam Prep Questions &
Answers.
Who said: "So long as men live together on earth and need means to deal with one another- their only
substitute, if they abandon money, is the muzzle of a gun" - CORRECT ANSWER Ayn Rand
Who said: "To form a functioning society there is a list of trade-offs" - CORRECT ANSWER Plato
According to Thoreau, which of the following is the choicest of relics? - CORRECT ANSWER Books
Who says: "The manager is the ___________ of the individuals who own the corporation and the
primary responsibility is to them" and fill in the blank - CORRECT ANSWER Friedman, Agent
Plato felt that the fundamental key in the development of an economy was - CORRECT ANSWER
Specialization: more things are produced and better and more easily when one man performs one task
The insider ownership % for most large firms in the US is.. - CORRECT ANSWER 0-10%
According to Ayn Rand, what is wealth the product of? - CORRECT ANSWER Man's capacity to think
Michael Porter's Five Forces Model - CORRECT ANSWER Identifies the fundamental factors that
determine the level of competition and long-term profitability of an industry by analyzing an
organization, its position in the marketplace, and how information systems could be used to make it
more competitive
Assets - CORRECT ANSWER Liabilities + Stockholders Equity (Cash+amount left on rent+amount left of
equipment+ (revenue-collected))
Intangible Assets - CORRECT ANSWER Long-term assets (e.g., patents, trademarks, copyrights) that have
no real physical form but do have value
,The process of systematically collecting, analyzing, and reporting financial information is called -
CORRECT ANSWER Accounting
Present Value (PV) - CORRECT ANSWER Future value divided by (1 + required rate of return) raised to
the power of the number of periods.
Accounts Payable - CORRECT ANSWER Debt owed to suppliers for goods or services purchased on credit
Who believes that there is a connection between the exactness of a trade person's bookkeeping and the
tradesperson's prosperity. - CORRECT ANSWER Daniel Defoe
Who suggested that money is symbolic of a society's moral values? - CORRECT ANSWER Ayn Rand
Who said: "A tailor won't try and make his own shoes he will buy from a shoemaker" - CORRECT
ANSWER Adam Smith, good trade benefits both people in different way
What did Defoe believe useful to consider when conducting business? - CORRECT ANSWER Everything
done in the conduct of the business should be set down in a book and every transaction should be
recorded in the books at the very time it occurs
Who said: "Let us define the investment value of a stock as the present worth of all the dividends to be
paid upon it. In short, a stock is worth only what you can get out of it" - CORRECT ANSWER John Burr
Williams
Who argues that true wisdom comes from learning and experiences and observations? - CORRECT
ANSWER Bacon
Who believes money is symbolic of a society's moral values? - CORRECT ANSWER Ayn Rand
Who believes that most of his townsmen have learned to read, not only to keep accounts and not be
cheated in trade, but also as a noble intellectual exercise. - CORRECT ANSWER Thoreau
, Who argues that modern society is too focused on material possessions and that we should prioritize
our spiritual and intellectual well-being instead? - CORRECT ANSWER Thoreau
"In today's fast-changing world, it's not so much what you know anymore that counts, because often
what you know is old. It is how fast you can learn" This John Kotter quote is most closely related to
which passage from "The Art of War"?
a) All warfare is based on deception
b) Do not repeat tactics which have gained you one victory, but let your methods be regulated by the
infinite variety of circumstances.
c) Now in order to kill the enemy, our men must be roused to anger; that there may be advantage from
defeating the enemy, they must have their rewards.
d) The clever combatant looks to the effect of combined energy, and does not require too much from
individuals.
e) To secure ourselves against defeat lies in our own hands, but the opportunity of defeating the enemy
is provided by the enemy himself. - CORRECT ANSWER b) Do not repeat tactics which have gained you
one victory, but let your methods be regulated by the infinite variety of circumstances.
Who argues that justice is not only desirable but is also necessary for the well-being of individuals and
society as a whole? - CORRECT ANSWER Plato
Who talks about the individual hand when individuals act in their own self-interest in a free market, they
unintentionally contribute to the greater good of society as a whole? - CORRECT ANSWER Smith
Who says people who invest money and take business risks should be rewarded with profits? - CORRECT
ANSWER John Stuart Mill
Who thinks government should only intervene to promote the well-being of society as a whole? -
CORRECT ANSWER John Stuart Mill
Who talks about importance of hardwork and diligence and customer-focused approach to business? -
CORRECT ANSWER Daniel Defoe
Who says government has a responsibility to ensure a level playing field to prevent monopolies but no
excessive regulation? - CORRECT ANSWER Daniel Defoe
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