BUS 100 EXAM 1 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. Business
Answer:
Any organization or activity that provides goods and services in an effort to earn
a profit.
Question:
2. Profit
Answer:
the money that a business earns in sales (or revenue), minus expenses, such as the
cost of goods and the cost of salaries.
Question:
3. Economics
Answer:
The study of the choices that people, companies, and governments make in
allocating society's resources.
Question:
4. Macroeconomics
Answer:
The study of a company's overall economic dynamics such as the employment
rate, the GDP, and the taxation policies.
Question:
5. Microeconomics
Answer:
The study of smaller economic units such as individual consumers, families, and
individual businesses.
Question:
6. Monetary Policy
Answer:
Federal Reserve decisions that shape the economy by influencing interest rates
rates and the supply of money.
, Question:
7. Monopoly
Answer:
A market structure with one producer completely dominating the industry, leaving
no room for any significant competitors. Barriers to entry tend to be virtually
insurmountable.
Question:
8. Oligopoly
Answer:
A market structure with only a handful of competitors selling products that can be
similar or different. Barriers to entry are typically high.
Question:
9. Monopolistic Competitive
Answer:
A market structure with many competitors selling differentiated products.
Question:
10. Supply curve
Answer:
The curve showing the relationship between price and quantity from a supplier
standpoint
Question:
11. Demand curve
Answer:
The graphed relationship between price and quantity from a customer demand
standpoint.
Question:
12. Learning Styles
Answer:
Visual, Auditory, Read, Kinesethic
Question:
13. Frictional Unemployment
Answer:
You quit, and chances are that you'll get another job. (Positive)
CORRECT ANSWERS
Question:
1. Business
Answer:
Any organization or activity that provides goods and services in an effort to earn
a profit.
Question:
2. Profit
Answer:
the money that a business earns in sales (or revenue), minus expenses, such as the
cost of goods and the cost of salaries.
Question:
3. Economics
Answer:
The study of the choices that people, companies, and governments make in
allocating society's resources.
Question:
4. Macroeconomics
Answer:
The study of a company's overall economic dynamics such as the employment
rate, the GDP, and the taxation policies.
Question:
5. Microeconomics
Answer:
The study of smaller economic units such as individual consumers, families, and
individual businesses.
Question:
6. Monetary Policy
Answer:
Federal Reserve decisions that shape the economy by influencing interest rates
rates and the supply of money.
, Question:
7. Monopoly
Answer:
A market structure with one producer completely dominating the industry, leaving
no room for any significant competitors. Barriers to entry tend to be virtually
insurmountable.
Question:
8. Oligopoly
Answer:
A market structure with only a handful of competitors selling products that can be
similar or different. Barriers to entry are typically high.
Question:
9. Monopolistic Competitive
Answer:
A market structure with many competitors selling differentiated products.
Question:
10. Supply curve
Answer:
The curve showing the relationship between price and quantity from a supplier
standpoint
Question:
11. Demand curve
Answer:
The graphed relationship between price and quantity from a customer demand
standpoint.
Question:
12. Learning Styles
Answer:
Visual, Auditory, Read, Kinesethic
Question:
13. Frictional Unemployment
Answer:
You quit, and chances are that you'll get another job. (Positive)
