BUS 1O1/102/202
BUS/110.
BUSINESS
wiseman 2026/2027 BUSINESS
, BUS 101 Exam #1 - Chapters 1-5 Exam
questions with correct answers
2026/2027 Edition Graded A+
tangible products - ✅✅goods (ex. shoes, vegetables, phones)
intangible products - ✅✅services (ex. health care, education)
mission statement - ✅✅powerful, short description of a business's
purpose; broadly focused to ensure endurance, and must be flexible
vision statement - ✅✅company's "road map"; points to future and
where business is trying to go
stakeholders - ✅✅All the people who stand to gain or lose by the
policies and activities of a business
primary stakeholders - ✅✅owners, employees, customers
scarce - ✅✅too few goods & resources to satisfy the wants of all
individuals
, factors of production - ✅✅land, labor, capital, & entrepreneurial
ability (all scarce; limited in supply)
opportunity cost - ✅✅benefit, profit, value of something that must
be given up to acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity
cost)
positive incentive - ✅✅increases the benefit of making a decision,
making the choice more likely (ex. lowering a price)
negative incentive - ✅✅an incentive that either increases costs or
reduces benefits, making choice less likely (ex. a tax)
marginal - ✅✅what will be added to what was there before (ex.
marginal revenue is the additional $$ made by producing one more
unit of a good/service)
positive sum game - ✅✅trading a good or service; creates new
wealth; buyer & seller are better off
framing - ✅✅the way a choice is posed to customer/decision-maker;
can significantly affect decisions and judgments.
BUS/110.
BUSINESS
wiseman 2026/2027 BUSINESS
, BUS 101 Exam #1 - Chapters 1-5 Exam
questions with correct answers
2026/2027 Edition Graded A+
tangible products - ✅✅goods (ex. shoes, vegetables, phones)
intangible products - ✅✅services (ex. health care, education)
mission statement - ✅✅powerful, short description of a business's
purpose; broadly focused to ensure endurance, and must be flexible
vision statement - ✅✅company's "road map"; points to future and
where business is trying to go
stakeholders - ✅✅All the people who stand to gain or lose by the
policies and activities of a business
primary stakeholders - ✅✅owners, employees, customers
scarce - ✅✅too few goods & resources to satisfy the wants of all
individuals
, factors of production - ✅✅land, labor, capital, & entrepreneurial
ability (all scarce; limited in supply)
opportunity cost - ✅✅benefit, profit, value of something that must
be given up to acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity
cost)
positive incentive - ✅✅increases the benefit of making a decision,
making the choice more likely (ex. lowering a price)
negative incentive - ✅✅an incentive that either increases costs or
reduces benefits, making choice less likely (ex. a tax)
marginal - ✅✅what will be added to what was there before (ex.
marginal revenue is the additional $$ made by producing one more
unit of a good/service)
positive sum game - ✅✅trading a good or service; creates new
wealth; buyer & seller are better off
framing - ✅✅the way a choice is posed to customer/decision-maker;
can significantly affect decisions and judgments.
