BUS 101 EXAM 1 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. P= R-C
Answer:
Profits = Revenue - Cost
Question:
2. Profit
Answer:
total revenue - total cost
money left after all costs are paid
Question:
3. Revenue
Answer:
The money a company receives by providing services or selling goods to
customers.
Question:
4. Cost
Answer:
The money spent by a business on goods and services.
Question:
5. internal environment
Answer:
the events and trends inside an organization that affect management, employees,
and organizational culture
Question:
6. examples of internal environment
Answer:
entrepreneurs, managers, workers, customers, equipment, human capital
Question:
7. External Environment
Answer:
everything outside an organization's boundaries that might affect it
, Question:
8. examples of external environment
Answer:
technology, consumer trust, suppliers, other businesses, weather
Question:
9. MECE Principle
Answer:
Segments must be mutually exclusive and collectively exhaustive.
Question:
10. Business
Answer:
An organization that strives for a profit by providing goods and services desired
by its customers.
Question:
11. Goods
Answer:
TANGIBLE objects that can be manufactured or produced for resale
Question:
12. Services
Answer:
INTANGIBLE offerings of businesses that can't be held, touched, or stored.
Question:
13. Standard of living
Answer:
A measure of quality of life based on the amounts and kinds of goods and
services a person can buy with the money they have.
Question:
14. Quality of life
Answer:
the standard of health, comfort, and happiness experienced by an individual or
group.
CORRECT ANSWERS
Question:
1. P= R-C
Answer:
Profits = Revenue - Cost
Question:
2. Profit
Answer:
total revenue - total cost
money left after all costs are paid
Question:
3. Revenue
Answer:
The money a company receives by providing services or selling goods to
customers.
Question:
4. Cost
Answer:
The money spent by a business on goods and services.
Question:
5. internal environment
Answer:
the events and trends inside an organization that affect management, employees,
and organizational culture
Question:
6. examples of internal environment
Answer:
entrepreneurs, managers, workers, customers, equipment, human capital
Question:
7. External Environment
Answer:
everything outside an organization's boundaries that might affect it
, Question:
8. examples of external environment
Answer:
technology, consumer trust, suppliers, other businesses, weather
Question:
9. MECE Principle
Answer:
Segments must be mutually exclusive and collectively exhaustive.
Question:
10. Business
Answer:
An organization that strives for a profit by providing goods and services desired
by its customers.
Question:
11. Goods
Answer:
TANGIBLE objects that can be manufactured or produced for resale
Question:
12. Services
Answer:
INTANGIBLE offerings of businesses that can't be held, touched, or stored.
Question:
13. Standard of living
Answer:
A measure of quality of life based on the amounts and kinds of goods and
services a person can buy with the money they have.
Question:
14. Quality of life
Answer:
the standard of health, comfort, and happiness experienced by an individual or
group.
