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Intro to Business Exam 1 questions & answers graded A+ passed
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Intro to Business Exam 1 questions & answers graded A+ passed
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Intro to Business Exam 1What is the primary focus of a profit organization? - correct answer ✔✔To make a profit.
What are the four functions of management? - correct answer ✔✔Planning, organizing, controlling, and
leading
What are the factors of production used to make goods and services? - correct answer ✔✔quality
products, efficient operations, social responsibility, and business ethics.
What is Communism? - correct answer ✔✔Owned and operated by by government. No competition, the
government owns and operates everything. Excess income goes to the government. Consumers have
limited choice of goods and services, prices usually high. Little choice in career choice, most work for
government-owned farms and industries.
What is Socialism? - correct answer ✔✔Gov owns and operates major industries, individuals own small
businesses. Restricted in major industries, encouraged in small business. Profits earned in small business
may be reinvested in business, profits from gov owned industries go to gov. Consumers have some
choice of goods and services, prices determined by supply and demand. Some choice of careers, many
work in gov jobs.
What is Capitalism? - correct answer ✔✔Individuals own and operate all business. Encouraged by
market forces and government regulations. People are free to keep profits and use them as they wish.
Consumers have wide choice of goods and services, prices determined by supply and demand. Unlimited
choice of careers.
What is pure competition? - correct answer ✔✔Many small businesses in same product market.
What is monopolistic competition? - correct answer ✔✔small number of businesses little difference in
products.
What is oligopoly? - correct answer ✔✔Very few businesses selling a product.
, What is a monopoly? - correct answer ✔✔The market structure that exists when there is only one
business providing a product in a given market.
What is economic expansion? - correct answer ✔✔Economy is growing and consumers are spending
money.
What is a depression? - correct answer ✔✔unemployment very high; consumer spending low; business
output sharply reduced
What is a recession? - correct answer ✔✔Decline in production, employment, and income
What is economic contraction? - correct answer ✔✔spending declines, layoffs, economy slows down.
What is inflation? - correct answer ✔✔Condition characterized by continuing rise in prices.
What is importing? - correct answer ✔✔the purchase of goods and services from foreign sources
What is exporting? - correct answer ✔✔the sale of goods and services to foreign markets
What is a budget deficit? - correct answer ✔✔the condition in which a nation spends more than it takes
in taxes
What is a negative balance of trade? - correct answer ✔✔A country who brings more in than they are
sending out
What is a positive balance of trade? - correct answer ✔✔A country who sends out more than they are
bringing in
What is an entrepreneur? - correct answer ✔✔an individual who risks his or her wealth, time and effort
to develop for profit an innovative product or way of doing things.
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