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BUSI 1301 Midterm Exam Review Practice Test. £10.03
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BUSI 1301 Midterm Exam Review Practice Test.

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BUSI 1301 Midterm Exam Review Practice Test. b. false - CORRECT ANSWER Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit. a. true b. false c. capitalism - CORRECT ANSWER In his book The Wealth of Nations, the economist Adam Smith w...

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  • December 4, 2024
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  • 2024/2025
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BUSI 1301 Midterm Exam Review
Practice Test.
b. false - CORRECT ANSWER Just as with a for-profit business, the first priority for a not-for-profit
organization is making a profit.

a. true

b. false



c. capitalism - CORRECT ANSWER In his book The Wealth of Nations, the economist Adam Smith was the
first person to describe _____.

a. socialism

b. communism

c. capitalism

d. entrepreneurship



b. false - CORRECT ANSWER Large businesses must be organized as corporations.

a. true

b. false



a. one company purchases the property and assumes the obligations of another company - CORRECT
ANSWER An acquisition occurs when _____.

a. one company purchases the property and assumes the obligations of another company

b. one corporation owns 8% of the stock of another corporation

c. owners of small companies band together to operate their businesses collectively

d. two or more firms combine to form a single company



a. discount rate - CORRECT ANSWER The rate the Fed charges member banks for short-term loans is
called the __________.

a. discount rate

b. margin rate

,c. federal funds rate

d. reserve requirement



b. bondholders - CORRECT ANSWER ______ are creditors (an entity to whom a debt is owed) of a
corporation or government body.

a. commercial paper holders

b. bondholders

c. treasury bills holders

d. certificate of deposit holders



b. profits - CORRECT ANSWER _____ are essential because it serves as a primary incentive for people to
start companies, expand them, and provide consistently high-quality competitive goods and services.

a. coupons

b. profits

c. discounts

d. rebates



a. hyperinflation - CORRECT ANSWER _____ is an economic situation characterized by soaring prices.

a. hyperinflation

b. deflation

c. budget surplus

d. balanced budget



b. pension fund - CORRECT ANSWER Which of the following financial institutions would invest the
greatest percentage of its assets in common stocks and other long-term investments?

a. commercial bank

b. pension fund

c. credit union

d. property and liability insurance company

, a. true - CORRECT ANSWER Low-priced retailers like Dollar Tree and Dollar General will likely see
increased sales during an economic recession.

a. true

b. false



c. profits - CORRECT ANSWER In the U.S. economy, _____ are considered the reward for the risk of
entering a business.

a. revenues

b. concessions

c. profits

d. sales



d. balance sheet - CORRECT ANSWER Which of the following financial statements shows a company's
financial position on a particular date?

a. statement of changes in retained earnings

b. income statement

c. statement of cash flows

d. balance sheet



a. true - CORRECT ANSWER When customers enter a supermarket and select their favorite brand of
laundry detergent, they are exercising their right to freedom of choice.

a. true

b. false



a. true - CORRECT ANSWER A strategic alliance is a partnership formed to create a competitive
advantage for the businesses involved.

a. true

b. false



b. will also rise - CORRECT ANSWER Other things being equal, as interest rate rises, the price of a bond
______.

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