GEB 1011 Final Exam Prep Questions with
100% Correct Answers
Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal
financial risks in order to do so
Business
a person's regular occupation, profession, or trade
Business Environment
means all of the internal and external factors that affect how the company functions
Capitalism
An economic system in which individuals own and operate the majority of businesses that
provide goods and services
Mixed economy
Exhibits both elements of capitalism and socialism
Perfect (or pure) Competition
Many buyers and sellers of a product
Monopolistic Competition
Many Buyers and Sellers selling similar yet different products; they differentiate their
products from the competitors
Oligopoly
Few very large sellers and many small buyers
, Monopoly
Only one large seller and many small buyers
Code of Ethics
A guide to acceptable and ethical behavior as defined by an organization
Compliance Based
Ethical standards that emphasize preventing unlawful behavior by increasing control and by
penalizing wrongdoers
Integrity Based
Ethical standards that define the organizations guiding values, create an environment that
supports ethically sound behavior, and stresses a shared accountability among employees
Corporate Social Responsibility
A business's concern for the welfare of society
Social Audit
A systematic evaluation of an
organization's progress toward implementing programs that are socially responsible and
responsive
Sole Proprietorship
A business owned, and usually managed, by one person
Advantages of Sole Propreitorship
Ease of starting and ending the business
Being your own boss
100% Correct Answers
Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal
financial risks in order to do so
Business
a person's regular occupation, profession, or trade
Business Environment
means all of the internal and external factors that affect how the company functions
Capitalism
An economic system in which individuals own and operate the majority of businesses that
provide goods and services
Mixed economy
Exhibits both elements of capitalism and socialism
Perfect (or pure) Competition
Many buyers and sellers of a product
Monopolistic Competition
Many Buyers and Sellers selling similar yet different products; they differentiate their
products from the competitors
Oligopoly
Few very large sellers and many small buyers
, Monopoly
Only one large seller and many small buyers
Code of Ethics
A guide to acceptable and ethical behavior as defined by an organization
Compliance Based
Ethical standards that emphasize preventing unlawful behavior by increasing control and by
penalizing wrongdoers
Integrity Based
Ethical standards that define the organizations guiding values, create an environment that
supports ethically sound behavior, and stresses a shared accountability among employees
Corporate Social Responsibility
A business's concern for the welfare of society
Social Audit
A systematic evaluation of an
organization's progress toward implementing programs that are socially responsible and
responsive
Sole Proprietorship
A business owned, and usually managed, by one person
Advantages of Sole Propreitorship
Ease of starting and ending the business
Being your own boss
