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Intro to Business (NCTI) Exam Questions and Answers 100% Correct
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Intro to Business (NCTI) Exam Questions and Answers 100% Correct Business - Correct Answer ️️ -organization that provides goods or services to earn profits Profits - Correct Answer ️️ -difference between a busi-ness's revenues and its expenses External Environment - Correct Answer ️...

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  • 23 avril 2024
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  • 2023/2024
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  • Questions et réponses

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  • intro to business ncti exam questions and answer

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Intro to Business (NCTI) Exam Questions and
Answers 100% Correct


Business - Correct Answer ✔️✔️-organization that provides goods or services to earn

profits


Profits - Correct Answer ✔️✔️-difference between a busi-ness's revenues and its

expenses

External Environment - Correct Answer ✔️✔️-everything outside an organization's

boundaries that might affect it

Domestic Business Environment - Correct Answer ✔️✔️-the environment in which a firm

conducts its operations and derives its revenues

Global Business Environment - Correct Answer ✔️✔️-the international forces that affect a

business. include international trade agreements, international economic conditions,

political unrest, and so forth.

Technological Environment - Correct Answer ✔️✔️-all the ways by which firms create

value for their constituents. Includes human knowledge, work methods, physical

equipment, electronics and telecommunications, and various processing systems

Political-Legal Environment - Correct Answer ✔️✔️-the relationship between business

and government. government regulation of business

,Sociocultural Environment - Correct Answer ✔️✔️-the customs, mores, values, and

demo-graphic characteristics of the society in which an organization functions. includes

the customs, mores, values, and demographic characteristics of the society

Economic Environment - Correct Answer ✔️✔️-relevant conditions that exist in the

economic system in which a company operates.

Economic System - Correct Answer ✔️✔️-a nation's system

for allocating its resources among its citizens

Factors of Production - Correct Answer ✔️✔️-resources used in the production of goods

and services—labor, capital, entrepreneurs, physical resources, and information

resources

Labor (Human Resources) - Correct Answer ✔️✔️-physical and mental capabilities of

people as they contribute to economic production. human resources or human capital

Capital - Correct Answer ✔️✔️-funds needed to create and operate a business enterprise

Entrepreneur - Correct Answer ✔️✔️-individual who accepts the risks and opportunities

involved in creating and operating a new business venture

Physical Resources - Correct Answer ✔️✔️-tangible items that organizations use in the

conduct of their businesses

Information Resources - Correct Answer ✔️✔️-data and other information used by

businesses

Planned Economy - Correct Answer ✔️✔️-economy that relies on a centralized

government to control all or most factors of production and to make all or most

production and allocation decisions

, Market Economy - Correct Answer ✔️✔️-economy in which individuals control production

and allocation decisions through supply and demand

Communism - Correct Answer ✔️✔️-political system in which the government owns and

operates all factors of production

Market - Correct Answer ✔️✔️-mechanism for exchange between buyers and sellers of a

particular good or service

Capitalism - Correct Answer ✔️✔️-system that sanctions the private ownership of the

factors of production and encourages entrepreneur-ship by offering profits as an

incentive

Mixed Market Economy - Correct Answer ✔️✔️-economic system featuring

characteristics of both planned and market economies

Privatization - Correct Answer ✔️✔️-process of converting government enterprises into

privately owned companies

Socialism - Correct Answer ✔️✔️-planned economic system in which the government

owns and operates only selected major sources of production

Demand - Correct Answer ✔️✔️-the willingness and ability of buyers to purchase a good

or service

Supply - Correct Answer ✔️✔️-the willingness and ability of producers to offer a good or

service for sale

Law of Demand - Correct Answer ✔️✔️-principle that buyers will purchase (demand)

more of a product as its price drops and less as its price increases

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