1|Page
Business Management 101 Final Actual Exam Newest Actual
Exam With Complete Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+
Economic System - ANSWERS--A description of how a particular
society distributes its resources to produce goods and services
Communism - ANSWERS--First described by Karl Marx as a society in
which the people, without regard to class, own all the nation's
resources
On paper it appears efficient, but in practice, these economies suffer
from:
low standards of living
critical shortages of consumer goods
high prices
corruption and little freedom
Socialism - ANSWERS--An economic system in which the government
owns and operates basic industries but individuals own most
businesses
Most socialist countries are democratic and recognize individual
freedoms
,2|Page
The socialist system may allow a higher standard of living and is
more stable; but taxes and unemployment are generally higher in
socialist countries
Capitalism/ Free Enterprise - ANSWERS--An economic system in
which individuals own and operate the majority of businesses that
provide goods and services
Pure capitalism or free-market system happens when all economic
decisions are made without government intervention; also called
laissez-faire capitalism
Modified capitalism differs from pure capitalism as the government
intervenes and regulates business to some extent
Supply - ANSWERS--The number of products businesses are willing to
sell at different prices at a specific time
Demand - ANSWERS--The number of products consumers are willing
to buy at different prices at a specific time
Equilibrium Price - ANSWERS--the price at which the number of
products supplied equals the amount of products consumers are
willing to buy at a specific time
Pure Competition - ANSWERS--The market structure that exists when
there are many small businesses selling one standardized product
,3|Page
Monopolistic Competition - ANSWERS--Fewer businesses than in a
pure competition and the differences among the goods they sell are
small
Oligopoly - ANSWERS--The market structure that exists when there
are very few businesses selling a product
Monopoly - ANSWERS--The market structure that exists when there
is only one business providing a product in a given market
Gross Domestic Product (GDP) - ANSWERS--The sum of all goods and
services produced in a country during a year
Does not include profits from companies' overseas operations
Budget Defecit - ANSWERS--The condition in which a nation spends
more than it takes in from taxes
U.S. budget deficit has recently grown to record levels; remedies
include raising taxes or reduce spending
Business Ethics - ANSWERS--Principles and standards that determine
acceptable conduct in business
Social Responsibility - ANSWERS--A business's obligation to maximize
its positive impact and minimize its negative impact on society
, 4|Page
a voluntary action taken on by companies to varying degrees and it
characterized by actions showing concern for all stakeholders such as
employees, consumers, the environment and the community
Sarbanes-Oxley Act - ANSWERS--Criminalized securities fraud and
stiffened penalties for corporate fraud
Enacted after the accounting scandals in the early 2000's
Dodd-Frank Act - ANSWERS--Passed to reform the financial industry
and offer consumers protection against complex and/or deceptive
financial products
Enacted after the most recent recession
Ethical Issue - ANSWERS--An identifiable problem, situation, or
opportunity that requires a person to choose from among several
actions that may be evaluated as right or wrong, ethical or unethical
Greenwashing - ANSWERS--(1) When a company claims they are
green because they have a few green practices such as recycling but
not water or energy conservation
(2)When a company puts a façade on their products/services that
looks and claims to be green, when in fact there is nothing green
about it
Business Management 101 Final Actual Exam Newest Actual
Exam With Complete Questions And Correct Detailed Answers
(Verified Answers) |Already Graded A+
Economic System - ANSWERS--A description of how a particular
society distributes its resources to produce goods and services
Communism - ANSWERS--First described by Karl Marx as a society in
which the people, without regard to class, own all the nation's
resources
On paper it appears efficient, but in practice, these economies suffer
from:
low standards of living
critical shortages of consumer goods
high prices
corruption and little freedom
Socialism - ANSWERS--An economic system in which the government
owns and operates basic industries but individuals own most
businesses
Most socialist countries are democratic and recognize individual
freedoms
,2|Page
The socialist system may allow a higher standard of living and is
more stable; but taxes and unemployment are generally higher in
socialist countries
Capitalism/ Free Enterprise - ANSWERS--An economic system in
which individuals own and operate the majority of businesses that
provide goods and services
Pure capitalism or free-market system happens when all economic
decisions are made without government intervention; also called
laissez-faire capitalism
Modified capitalism differs from pure capitalism as the government
intervenes and regulates business to some extent
Supply - ANSWERS--The number of products businesses are willing to
sell at different prices at a specific time
Demand - ANSWERS--The number of products consumers are willing
to buy at different prices at a specific time
Equilibrium Price - ANSWERS--the price at which the number of
products supplied equals the amount of products consumers are
willing to buy at a specific time
Pure Competition - ANSWERS--The market structure that exists when
there are many small businesses selling one standardized product
,3|Page
Monopolistic Competition - ANSWERS--Fewer businesses than in a
pure competition and the differences among the goods they sell are
small
Oligopoly - ANSWERS--The market structure that exists when there
are very few businesses selling a product
Monopoly - ANSWERS--The market structure that exists when there
is only one business providing a product in a given market
Gross Domestic Product (GDP) - ANSWERS--The sum of all goods and
services produced in a country during a year
Does not include profits from companies' overseas operations
Budget Defecit - ANSWERS--The condition in which a nation spends
more than it takes in from taxes
U.S. budget deficit has recently grown to record levels; remedies
include raising taxes or reduce spending
Business Ethics - ANSWERS--Principles and standards that determine
acceptable conduct in business
Social Responsibility - ANSWERS--A business's obligation to maximize
its positive impact and minimize its negative impact on society
, 4|Page
a voluntary action taken on by companies to varying degrees and it
characterized by actions showing concern for all stakeholders such as
employees, consumers, the environment and the community
Sarbanes-Oxley Act - ANSWERS--Criminalized securities fraud and
stiffened penalties for corporate fraud
Enacted after the accounting scandals in the early 2000's
Dodd-Frank Act - ANSWERS--Passed to reform the financial industry
and offer consumers protection against complex and/or deceptive
financial products
Enacted after the most recent recession
Ethical Issue - ANSWERS--An identifiable problem, situation, or
opportunity that requires a person to choose from among several
actions that may be evaluated as right or wrong, ethical or unethical
Greenwashing - ANSWERS--(1) When a company claims they are
green because they have a few green practices such as recycling but
not water or energy conservation
(2)When a company puts a façade on their products/services that
looks and claims to be green, when in fact there is nothing green
about it
