Exam (elaborations)
Business Management Exam Questions And 100% Correct Answers
- Course
- Institution
Business Management Exam Questions And 100% Correct Answers ...
[Show more]
Content preview
Business Management Exam Questions And 100%Correct Answers 2024-2025
Business - Answer The organized effort of individuals to produce and sell, for a profit,
the goods and services that satisfy society's needs.
What are the four resources a business needs in order to be successful? - Answer
Human resources, material resources, informational resources, and financial
resources.
What do service businesses do? - Answer They provide services.
Ex: Haircuts, legal advice, tax preparation, etc.
Intermediary - Answer Go-between; mediator.
Are business that understand customer's needs and work to satisfy those needs
successful? Yes
Profit The remains after all business expenses have been deducted from sales revenue.
What is the formula for profit? Sales revenue - expenses
Economics The study of how wealth is created and distributed.
Economy The system through which a society creates and distributes wealth.
,Capitalism -Answer Ownership and operation by private individuals of most of the
businesses that provide goods and services.
Socialism -Answer Government ownership and control of the means of production.
Communism -Answer Ownership and direction of the factors of production by the state.
What type of economy is the U.S.? -Answer Capitalist
Why is the U.S. a mixed economy? - Answer They include both capitalism and socialism.
What do businesses buy after they sell their goods and services? - Answer Factors of
production.
Factors of Production - Answer Land, labor, and capital.
What does the government do in return for the taxes? - Answer They provide public
services not provided by the businesses.
Ex: Law Enforcement
Command Economy - Answer An economic system in which the government controls a
country's economy.
What type of economies are in command economy? - Answer Socialism and
communism.
Competition - Answer Competing on sales for potential customers.
, Pure Competition - Answer Large number of small that businesses that sell the same
type of products with the same characteristics.
What are some characteristics of a pure competition? - Answer - It is easy to enter leave
the market
- All prices are basically the same
Supply - Answer Quantity of a product producers are willing to sell.
Demand - Answer Quantity of a product buyers are willing to purchase.
Market Price (equilibrium) - Answer The price at which the amount that buyers wish to
buy equals the amount that sellers wish to sell.
Monopoly Competition - Answer A one seller market.
What are some characteristics of a monopoly competition? - Answer - No competition
- Great degree of power
- Power of pricing
- Hard to enter and leave the mark
Monopolistic Competition - A large number of small businesses selling similar products.
What are some of the characteristics of a monopolistic competition? - Similar products
with different characteristics.
- Good degree of information. (Not perfect though)
- Most common type of market
- Easy to enter and leave the market.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now