NOVA BUS 100 – Exam 1 – Introduction to Business – 2026 – Study and Practice
Guide
Revenue - correct answer ✔✔ The total amount of money a business takes in during a given
period by selling hoods/services
Quality of Life - correct answer ✔✔ the degree of overall satisfaction that a person gets from
life(how much time do you have with your family)
Database - correct answer ✔✔ an electronic storage file for information
Empowerment of Employees - correct answer ✔✔ -Giving employees authority to make
decisions and take actions on their own
-ask employees questions, have them give opinions BUT give them authority to do something
about it
Demographic - correct answer ✔✔ the statistical study of the human population with regard to
its size, density, and other characteristics such as age, race, gender, and income.
Free Market System (Capitalism) - correct answer ✔✔ economic system in which the market
determines what goods and services get produced.
Ethnocentricity - correct answer ✔✔ the belief in the inherent superiority of one's own group
and culture
competitive advantage - correct answer ✔✔ a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those of the
competition
, absolute advantage - correct answer ✔✔ the ability of an individual, a firm, or a country to
produce more of a good or service than competitors, using the same amount of resources
Entrepreneurship - correct answer ✔✔ A person who risks time and money to start and manage
a business
unemployment - correct answer ✔✔ the number of civilians at least 16 years old who are
unemployed and tried to find a job within the prior 4 weeks.
interest rates - correct answer ✔✔ the amount a lender charges for the use of assets expressed
as a percentage of the principal.
Mixed exonomy - correct answer ✔✔ some allocation of resources is made by the market and
some by the government
Free-market Economies - correct answer ✔✔ the market largely determines what goods and
services are produced
command economies - correct answer ✔✔ the government largely determines what goods and
services are produced.
National Debt - correct answer ✔✔ the total amount of money that a country's government has
borrowed, by various means.
productivity - correct answer ✔✔ The value of a particular product compared to the amount of
labor needed to make it.
Consumer Price Index(CPI) - correct answer ✔✔ -the price index that measures the average
price level of the items in the base year market basket
Guide
Revenue - correct answer ✔✔ The total amount of money a business takes in during a given
period by selling hoods/services
Quality of Life - correct answer ✔✔ the degree of overall satisfaction that a person gets from
life(how much time do you have with your family)
Database - correct answer ✔✔ an electronic storage file for information
Empowerment of Employees - correct answer ✔✔ -Giving employees authority to make
decisions and take actions on their own
-ask employees questions, have them give opinions BUT give them authority to do something
about it
Demographic - correct answer ✔✔ the statistical study of the human population with regard to
its size, density, and other characteristics such as age, race, gender, and income.
Free Market System (Capitalism) - correct answer ✔✔ economic system in which the market
determines what goods and services get produced.
Ethnocentricity - correct answer ✔✔ the belief in the inherent superiority of one's own group
and culture
competitive advantage - correct answer ✔✔ a set of unique features of a company and its
products that are perceived by the target market as significant and superior to those of the
competition
, absolute advantage - correct answer ✔✔ the ability of an individual, a firm, or a country to
produce more of a good or service than competitors, using the same amount of resources
Entrepreneurship - correct answer ✔✔ A person who risks time and money to start and manage
a business
unemployment - correct answer ✔✔ the number of civilians at least 16 years old who are
unemployed and tried to find a job within the prior 4 weeks.
interest rates - correct answer ✔✔ the amount a lender charges for the use of assets expressed
as a percentage of the principal.
Mixed exonomy - correct answer ✔✔ some allocation of resources is made by the market and
some by the government
Free-market Economies - correct answer ✔✔ the market largely determines what goods and
services are produced
command economies - correct answer ✔✔ the government largely determines what goods and
services are produced.
National Debt - correct answer ✔✔ the total amount of money that a country's government has
borrowed, by various means.
productivity - correct answer ✔✔ The value of a particular product compared to the amount of
labor needed to make it.
Consumer Price Index(CPI) - correct answer ✔✔ -the price index that measures the average
price level of the items in the base year market basket
