BUS 201 comprehensive exam final up to
date Questions and Answers |With 100%
Verified Solutions | Updated & Verified |
2026
what are 5 factors of production - ✔✔ANSWER ✔✔-natural
resources, labor, capital, entrepreneurship and knowledge
what is capital as a factor of production - ✔✔ANSWER ✔✔-
machinery or equipment
what are the six steps in the supply chain - ✔✔ANSWER ✔✔-1.
raw material 2. processing 3.producers 4. wholesalers/
distributers 5. retailer 6. end consumer
,what are buisness products - ✔✔ANSWER ✔✔-products meant
to run a buisness can be anything from Coffee machines to
machines
what are the four different types of products - ✔✔ANSWER
✔✔-unsought, convenience, shopping and specialty
What are unsought products? - ✔✔ANSWER ✔✔-unplanned
products like life insurance
What are convenience products? - ✔✔ANSWER ✔✔-items that
the consumer purchase with little thought like soda
What are shopping products? - ✔✔ANSWER ✔✔-items that
require more thought like a house
what are specialty products - ✔✔ANSWER ✔✔-items that
require lots of thought and research like a specialty sports car
what are 6 types of buisness products - ✔✔ANSWER ✔✔-
installations, accessories, component parts and materials, raw
materials, supplies, services
,what is the difference between component parts and raw
material in terms of buisness products - ✔✔ANSWER ✔✔-
component parts are material that have already gone through
production like fabric where raw material have gone through
little to no production
what is the difference between accessories and supplies in
terms of buisness products - ✔✔ANSWER ✔✔-accessories hold
more value like computers and supplies are things like pencils
what are 6 types of businesses - ✔✔ANSWER ✔✔-sole
proprietorship, partnership, corporations, cooperatives, joint
venture and franchise
what is the difference between a public and private corporation
- ✔✔ANSWER ✔✔-public have many shareholders and private
only have a few
what is a cooperative - ✔✔ANSWER ✔✔-a buisness that is
owned by members like vanity
, What is a joint venture? - ✔✔ANSWER ✔✔-2 or more
companies join to complete a project
what five steps are necessary to incorporate a company -
✔✔ANSWER ✔✔-Selecting the company's name,
Writing the articles of incorporation,
Paying required fees and taxes,
Holding an organizational meeting,
Adopting bylaws, electing directors, and passing the first
operating resolutions
what are four management functions - ✔✔ANSWER ✔✔-
planning (identify problems), leading( allocate resources),
organizing(organize plan), controlling(identify and evaluate
results)
what are 4 characteristics of money - ✔✔ANSWER ✔✔-scarcity,
durability, portability, divisability
what is the difference between a new product and a line
expansion - ✔✔ANSWER ✔✔-A new product is an original idea
date Questions and Answers |With 100%
Verified Solutions | Updated & Verified |
2026
what are 5 factors of production - ✔✔ANSWER ✔✔-natural
resources, labor, capital, entrepreneurship and knowledge
what is capital as a factor of production - ✔✔ANSWER ✔✔-
machinery or equipment
what are the six steps in the supply chain - ✔✔ANSWER ✔✔-1.
raw material 2. processing 3.producers 4. wholesalers/
distributers 5. retailer 6. end consumer
,what are buisness products - ✔✔ANSWER ✔✔-products meant
to run a buisness can be anything from Coffee machines to
machines
what are the four different types of products - ✔✔ANSWER
✔✔-unsought, convenience, shopping and specialty
What are unsought products? - ✔✔ANSWER ✔✔-unplanned
products like life insurance
What are convenience products? - ✔✔ANSWER ✔✔-items that
the consumer purchase with little thought like soda
What are shopping products? - ✔✔ANSWER ✔✔-items that
require more thought like a house
what are specialty products - ✔✔ANSWER ✔✔-items that
require lots of thought and research like a specialty sports car
what are 6 types of buisness products - ✔✔ANSWER ✔✔-
installations, accessories, component parts and materials, raw
materials, supplies, services
,what is the difference between component parts and raw
material in terms of buisness products - ✔✔ANSWER ✔✔-
component parts are material that have already gone through
production like fabric where raw material have gone through
little to no production
what is the difference between accessories and supplies in
terms of buisness products - ✔✔ANSWER ✔✔-accessories hold
more value like computers and supplies are things like pencils
what are 6 types of businesses - ✔✔ANSWER ✔✔-sole
proprietorship, partnership, corporations, cooperatives, joint
venture and franchise
what is the difference between a public and private corporation
- ✔✔ANSWER ✔✔-public have many shareholders and private
only have a few
what is a cooperative - ✔✔ANSWER ✔✔-a buisness that is
owned by members like vanity
, What is a joint venture? - ✔✔ANSWER ✔✔-2 or more
companies join to complete a project
what five steps are necessary to incorporate a company -
✔✔ANSWER ✔✔-Selecting the company's name,
Writing the articles of incorporation,
Paying required fees and taxes,
Holding an organizational meeting,
Adopting bylaws, electing directors, and passing the first
operating resolutions
what are four management functions - ✔✔ANSWER ✔✔-
planning (identify problems), leading( allocate resources),
organizing(organize plan), controlling(identify and evaluate
results)
what are 4 characteristics of money - ✔✔ANSWER ✔✔-scarcity,
durability, portability, divisability
what is the difference between a new product and a line
expansion - ✔✔ANSWER ✔✔-A new product is an original idea
