BUSN 201 Study Guide Exam Questions With Revised Answers
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Course
BUSN 201
Institution
BUSN 201
BUSN 201 Study Guide Exam Questions
With Revised Answers
What is a form of virtualization in which a company's data and applications are stored at offsite
data centers accessed over the Internet. - answerCloud computing
What are the four elements of the Management Process? - answerPlanning
Org...
BUSN 201 Study Guide Exam Questions
With Revised Answers
What is a form of virtualization in which a company's data and applications are stored at offsite
data centers accessed over the Internet. - answer✔✔Cloud computing
What are the four elements of the Management Process? - answer✔✔Planning
Organizing
Leading
Controlling
When you are going through the process of planning in an organization, you are essentially
working to answer two questions, ________________________, and
_________________________________? - answer✔✔What is the situation now, and how do
we get to our goal from here?
Are profit and revenue the same thing? Why or why not? - answer✔✔No, they are not the same.
Revenue represents the funds an enterprise receives in exchange for its goods or services. It is
the total amount of money a business takes in during a given period by selling goods and
services. Profit is what's left (hopefully) after all of the bills are paid. It is the amount of money a
business earns above and beyond what it spends for salaries and other expenses.
The necessary activities on the inside of a business can be divided into a number of functional
areas depending on things like size and type of business. But some pretty standard examples
include: _____________________, _______________________, ________________________,
and _________________________________. - answer✔✔management or leadership,
operations, marketing, accounting and finance.
When evaluating whether or not your team is an effective team, assess if
members_____________________, _______________________, ________________________,
and _________________________________. - answer✔✔Assess if members have a shared
sense of purpose, all work towards the same goal, stick together through highs and lows, and
enjoy working together most of
When thinking about the following three questions, the answer will always depend on a country's
____________. - answer✔✔Economic system
The place where quantity demanded and quantity supplied meet is called the
___________________. - answer✔✔Equilibrium point
The __________________ is defined as the market value of all goods and services produced by
the economy in a given year. - answer✔✔Gross Domestic Product (GDP)
The four P's of Marketing include developing a product that meets the needs of the target market,
setting a price for the product, distributing the product—or getting it to a place where customers
can buy it, and then, of course, ______________________. - answer✔✔Promoting the product
One useful tool for analyzing the external environment is the __________ model - which is an
acronym whereby each of the letters represent an aspect of the macro-environment, or the entire
environment that surrounds us on the outside, that a business needs to consider in its planning. -
answer✔✔PESTEL
What are the three major forms of business ownership? - answer✔✔Sole proprietorship,
partnership, and corporation.
What is a detailed written statement that describes the nature of the business, the target market,
the advantages the business will have in relation to competition, and the resources and
qualifications of the owner(s)? - answer✔✔A Business Plan
What is the difference between centralized and decentralized authority? - answer✔✔Centralized
authority is when decision-making authority is maintained at the top level of management at the
company's headquarters. Decentralized authority is when decision-making authority is delegated
to lower-level managers more familiar with local conditions than headquarters management
could be.
An organizational structure outlines the various _________ within an organization, and identifies
which __________________ report to which. - answer✔✔Roles; positions
What are the four product development categories? - answer✔✔New to the company,
improvement of existing product, extension of product line, and new to the market.
What does forecasting demand mean? - answer✔✔Forecasting demand helps you to identify
whether there are enough customers willing to buy your product at a price that will allow you to
make a profit.
How do you calculate your break-even point? - answer✔✔total fixed cost/ price of one unit-
variable cost of one unit
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