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BUS1010409Su16 Final Exam with
100% accurate solutions + rationales
20262027
Final Exam
Due Aug 5 at 10pm Points 200 Questions 100 Available Aug 5 at 5am Aug 5 at 10pm about 17 hours
Time Limit 120 Minutes
Instructions
About this Exam
This is a 100 question exam.
Each question is worth 2 point.
Once you have answered a question you cannot go back.
You will have 120 minutes to finish.
You can only take this exam 1 time
Attempt History
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Attempt Time Score
LATEST Attempt 1 68 minutes 194 out of 200
Score for this quiz: 194 out of 200
Submitted Aug 5 at 9:45am
This attempt took 68 minutes.
Question 1 pts
Leroy owns a small hardware store that is known for its high level of customer service. A large chain
home improvement store has just opened up in his community. Which of the following would BEST help
Leroy deal with his new competitor?
Pay his employees ʺunder the tableʺ to avoid costly payroll taxes and keep prices lower.
Raise his prices, to show that their customer service is worth paying a premium for.
Move his store in order to be farther away from the large store.
Correct!
Advertise aggressively to increase consumer awareness of his reputation for service.
Close the business, since small stores cannot compete effectively with chain stores.
Question 2 pts
Which of the following is NOT a benefit of business competition?
It may lead to cheaper goods and services.
It may lead to increased customer satisfaction.
It may lead to higher quality goods and services.
It may lead to a wider variety of goods and services.
Correct!
It may lead to a limited variety of goods and services.
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Question 3 pts
Which of the following BEST describes competition?
Two or more companies compete with one another to influence trade policy.
Two or more companies compete with one another to maintain a monopoly.
Two or more companies compete with one another for greater federal, state, and local
subsidies.
Correct!
Two or more companies compete with one another to a 턀퓿 ract customers and gain an
advantage.
Two or more companies compete with one another to limit the variety of goods and services.
Question 4 pts
Which of the following statements is TRUE of a not forprofit organization?
It does not pay expenses.
Correct!
It can earn excess revenue.
It pursues profits for its owners.
It rewards the proprietor of the organization with earned profits.
It cannot operate like a business.
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Question 5 pts
The physical products that a business offers are called ________.
services
assets
Correct!
goods
intangible
devices
Question 7 pts
According to the law of supply, the amount of a good or service supplied will increase as the price
increases, and decrease as the price decreases. This direct relationship exists because ________.
supply is not affected by the quantity of similar or substitute products
supply is not dependent on the resources required to produce the product
Correct!
supply is derived from a producerʹs desire to maximize profit
supply is affected by the number of suppliers
or more exams
mail’
mail’
BUS1010409Su16 Final Exam with
100% accurate solutions + rationales
20262027
Final Exam
Due Aug 5 at 10pm Points 200 Questions 100 Available Aug 5 at 5am Aug 5 at 10pm about 17 hours
Time Limit 120 Minutes
Instructions
About this Exam
This is a 100 question exam.
Each question is worth 2 point.
Once you have answered a question you cannot go back.
You will have 120 minutes to finish.
You can only take this exam 1 time
Attempt History
or more exams
mail’
,or more exams
mail’
Attempt Time Score
LATEST Attempt 1 68 minutes 194 out of 200
Score for this quiz: 194 out of 200
Submitted Aug 5 at 9:45am
This attempt took 68 minutes.
Question 1 pts
Leroy owns a small hardware store that is known for its high level of customer service. A large chain
home improvement store has just opened up in his community. Which of the following would BEST help
Leroy deal with his new competitor?
Pay his employees ʺunder the tableʺ to avoid costly payroll taxes and keep prices lower.
Raise his prices, to show that their customer service is worth paying a premium for.
Move his store in order to be farther away from the large store.
Correct!
Advertise aggressively to increase consumer awareness of his reputation for service.
Close the business, since small stores cannot compete effectively with chain stores.
Question 2 pts
Which of the following is NOT a benefit of business competition?
It may lead to cheaper goods and services.
It may lead to increased customer satisfaction.
It may lead to higher quality goods and services.
It may lead to a wider variety of goods and services.
Correct!
It may lead to a limited variety of goods and services.
or more exams
mail’
,or more exams
mail’
Question 3 pts
Which of the following BEST describes competition?
Two or more companies compete with one another to influence trade policy.
Two or more companies compete with one another to maintain a monopoly.
Two or more companies compete with one another for greater federal, state, and local
subsidies.
Correct!
Two or more companies compete with one another to a 턀퓿 ract customers and gain an
advantage.
Two or more companies compete with one another to limit the variety of goods and services.
Question 4 pts
Which of the following statements is TRUE of a not forprofit organization?
It does not pay expenses.
Correct!
It can earn excess revenue.
It pursues profits for its owners.
It rewards the proprietor of the organization with earned profits.
It cannot operate like a business.
or more exams
mail’
,or more exams
mail’
Question 5 pts
The physical products that a business offers are called ________.
services
assets
Correct!
goods
intangible
devices
Question 7 pts
According to the law of supply, the amount of a good or service supplied will increase as the price
increases, and decrease as the price decreases. This direct relationship exists because ________.
supply is not affected by the quantity of similar or substitute products
supply is not dependent on the resources required to produce the product
Correct!
supply is derived from a producerʹs desire to maximize profit
supply is affected by the number of suppliers
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