Troy BUS 6600- Questions and Answers |
Guaranteed Pass
Business - Correct Answer✔✔-any activity that seeks to provide goods and
services to others while operating at a profit
Business environment - Correct Answer✔✔-the surrounding factors that either
help or hinder the development of businesses
Climate change - Correct Answer✔✔-a change in the planet's temperature over
time
Database - Correct Answer✔✔-a collection of organized data that allows
access, retrieval, and use of data
Demography - Correct Answer✔✔-The scientific study of population
characteristics.
E-commerce - Correct Answer✔✔-the buying and selling of goods over the
internet
Entrepreneur - Correct Answer✔✔-A person who risks time and money to
start and manage a business
Empowerment - Correct Answer✔✔-giving employees the authority to correct
a problem without first checking with management
Factors of production - Correct Answer✔✔-the resources that are used to
create wealth
Goods - Correct Answer✔✔-Items purchased to satisfy needs and wants
Greening - Correct Answer✔✔-the trend toward saving energy and producing
products that cause less harm to the environment
Identity theft - Correct Answer✔✔-The forging of someone's identity for the
purpose of fraud
1
,Loss - Correct Answer✔✔-when a business's expenses are more than its
revenues
Non-profit organization - Correct Answer✔✔-an organization whose goals do
not include making a personal profit for its owners or organizers
Outsourcing - Correct Answer✔✔-Contracting with other companies (often in
other countries) to do some or all of the functions of a firm, like its production
or accounting tasks.
productivity - Correct Answer✔✔-The value of a particular product compared
to the amount of labor needed to make it.
profit - Correct Answer✔✔-The financial gain made in a transaction
quality of life - Correct Answer✔✔-the standard of health, comfort, and
happiness experienced by an individual or group.
revenue - Correct Answer✔✔-income
risk - Correct Answer✔✔-Degree of uncertainty of return on an asset; in
business, the likelihood of loss or reduced profit.
services - Correct Answer✔✔-intangible products
stakeholders - Correct Answer✔✔-All the people who stand to gain or lose by
the policies and activities of a business and whose concerns the business needs
to address.
Standards of living - Correct Answer✔✔-the amount of goods and services
people can buy with the money they have
business cycle - Correct Answer✔✔-periodic growth and contraction of the
economy
Capitalism - Correct Answer✔✔-an economic system in which the factors of
production and distribution are privately owned and operated for a profit
command economy - Correct Answer✔✔-An economic system in which the
government controls a country's economy.
2
,Communism - Correct Answer✔✔-A theory or system of social organization
based on the holding of all property in common, actual ownership being
ascribed to the community as a whole or to the state.
Consumer Price Index (CPI) - Correct Answer✔✔-monthly statistics that
measure the pace of inflation or deflation
core inflation - Correct Answer✔✔-CPI minus food and energy costs
deflation - Correct Answer✔✔-A situation in which prices are declining
demand - Correct Answer✔✔-Consumer willingness and ability to buy
products
depression - Correct Answer✔✔-A period of low economic activity and rising
unemployment
Disinflation - Correct Answer✔✔-a situation in which price increases are
slowing (the inflation rate is declining)
Economics - Correct Answer✔✔-The study of how people seek to satisfy their
needs and wants by making choices
fiscal policy - Correct Answer✔✔-Government policy that attempts to manage
the economy by controlling taxing and spending.
free market economy - Correct Answer✔✔-Capitalism, private ownership law
of supply and demand
Gross Domestic Product (GDP) - Correct Answer✔✔-A measurement of the
total goods and services produced within a country.
Gross Output (GO) - Correct Answer✔✔-A measure of total sales volume at
all stages of production
Inflation - Correct Answer✔✔-A general and progressive increase in prices
invisible hand - Correct Answer✔✔-term economists use to describe the self-
regulating nature of the marketplace
3
, Keynesian economics - Correct Answer✔✔-Theory based on the principles of
John Maynard Keynes, stating that government spending should increase during
business slumps and be curbed during booms.
Macroeconomics - Correct Answer✔✔-The study of the economy as a whole
market price - Correct Answer✔✔-the price determined by supply and demand
Microeconomics - Correct Answer✔✔-The study of how households and firms
make choices, how they interact in markets, and how the government attempts
to influence their choices.
mixed economy - Correct Answer✔✔-market-based economic system with
limited government involvement
monetary policy - Correct Answer✔✔-Government policy that attempts to
manage the economy by controlling the money supply and thus interest rates.
monopolistic competition - Correct Answer✔✔-a market structure in which
many companies sell products that are similar but not identical
Monopoly - Correct Answer✔✔-A market in which there are many buyers but
only one seller.
national debt - Correct Answer✔✔-The sum of government deficits over time.
Oligopoly - Correct Answer✔✔-A market structure in which a few large firms
dominate a market
perfect competition - Correct Answer✔✔-the degree of competition in which
there are many sellers in a market and none is large enough to dictate the price
of a product
Producer Price Index (PPI) - Correct Answer✔✔-An index that measures
prices at the wholesale level.
Resource Development - Correct Answer✔✔-the study of how to increase
resources and to create the conditions that will make better use of those
resources
Recession - Correct Answer✔✔-A slowdown in a nation's economy
4
Guaranteed Pass
Business - Correct Answer✔✔-any activity that seeks to provide goods and
services to others while operating at a profit
Business environment - Correct Answer✔✔-the surrounding factors that either
help or hinder the development of businesses
Climate change - Correct Answer✔✔-a change in the planet's temperature over
time
Database - Correct Answer✔✔-a collection of organized data that allows
access, retrieval, and use of data
Demography - Correct Answer✔✔-The scientific study of population
characteristics.
E-commerce - Correct Answer✔✔-the buying and selling of goods over the
internet
Entrepreneur - Correct Answer✔✔-A person who risks time and money to
start and manage a business
Empowerment - Correct Answer✔✔-giving employees the authority to correct
a problem without first checking with management
Factors of production - Correct Answer✔✔-the resources that are used to
create wealth
Goods - Correct Answer✔✔-Items purchased to satisfy needs and wants
Greening - Correct Answer✔✔-the trend toward saving energy and producing
products that cause less harm to the environment
Identity theft - Correct Answer✔✔-The forging of someone's identity for the
purpose of fraud
1
,Loss - Correct Answer✔✔-when a business's expenses are more than its
revenues
Non-profit organization - Correct Answer✔✔-an organization whose goals do
not include making a personal profit for its owners or organizers
Outsourcing - Correct Answer✔✔-Contracting with other companies (often in
other countries) to do some or all of the functions of a firm, like its production
or accounting tasks.
productivity - Correct Answer✔✔-The value of a particular product compared
to the amount of labor needed to make it.
profit - Correct Answer✔✔-The financial gain made in a transaction
quality of life - Correct Answer✔✔-the standard of health, comfort, and
happiness experienced by an individual or group.
revenue - Correct Answer✔✔-income
risk - Correct Answer✔✔-Degree of uncertainty of return on an asset; in
business, the likelihood of loss or reduced profit.
services - Correct Answer✔✔-intangible products
stakeholders - Correct Answer✔✔-All the people who stand to gain or lose by
the policies and activities of a business and whose concerns the business needs
to address.
Standards of living - Correct Answer✔✔-the amount of goods and services
people can buy with the money they have
business cycle - Correct Answer✔✔-periodic growth and contraction of the
economy
Capitalism - Correct Answer✔✔-an economic system in which the factors of
production and distribution are privately owned and operated for a profit
command economy - Correct Answer✔✔-An economic system in which the
government controls a country's economy.
2
,Communism - Correct Answer✔✔-A theory or system of social organization
based on the holding of all property in common, actual ownership being
ascribed to the community as a whole or to the state.
Consumer Price Index (CPI) - Correct Answer✔✔-monthly statistics that
measure the pace of inflation or deflation
core inflation - Correct Answer✔✔-CPI minus food and energy costs
deflation - Correct Answer✔✔-A situation in which prices are declining
demand - Correct Answer✔✔-Consumer willingness and ability to buy
products
depression - Correct Answer✔✔-A period of low economic activity and rising
unemployment
Disinflation - Correct Answer✔✔-a situation in which price increases are
slowing (the inflation rate is declining)
Economics - Correct Answer✔✔-The study of how people seek to satisfy their
needs and wants by making choices
fiscal policy - Correct Answer✔✔-Government policy that attempts to manage
the economy by controlling taxing and spending.
free market economy - Correct Answer✔✔-Capitalism, private ownership law
of supply and demand
Gross Domestic Product (GDP) - Correct Answer✔✔-A measurement of the
total goods and services produced within a country.
Gross Output (GO) - Correct Answer✔✔-A measure of total sales volume at
all stages of production
Inflation - Correct Answer✔✔-A general and progressive increase in prices
invisible hand - Correct Answer✔✔-term economists use to describe the self-
regulating nature of the marketplace
3
, Keynesian economics - Correct Answer✔✔-Theory based on the principles of
John Maynard Keynes, stating that government spending should increase during
business slumps and be curbed during booms.
Macroeconomics - Correct Answer✔✔-The study of the economy as a whole
market price - Correct Answer✔✔-the price determined by supply and demand
Microeconomics - Correct Answer✔✔-The study of how households and firms
make choices, how they interact in markets, and how the government attempts
to influence their choices.
mixed economy - Correct Answer✔✔-market-based economic system with
limited government involvement
monetary policy - Correct Answer✔✔-Government policy that attempts to
manage the economy by controlling the money supply and thus interest rates.
monopolistic competition - Correct Answer✔✔-a market structure in which
many companies sell products that are similar but not identical
Monopoly - Correct Answer✔✔-A market in which there are many buyers but
only one seller.
national debt - Correct Answer✔✔-The sum of government deficits over time.
Oligopoly - Correct Answer✔✔-A market structure in which a few large firms
dominate a market
perfect competition - Correct Answer✔✔-the degree of competition in which
there are many sellers in a market and none is large enough to dictate the price
of a product
Producer Price Index (PPI) - Correct Answer✔✔-An index that measures
prices at the wholesale level.
Resource Development - Correct Answer✔✔-the study of how to increase
resources and to create the conditions that will make better use of those
resources
Recession - Correct Answer✔✔-A slowdown in a nation's economy
4
