BUSM 180 Exam Midterm Verified Exam Questions and Answers
Latest update 2026/2027
Question:
1. business
Answer:
Is activities connected with producing or procuring goods for sales and adding a profit margin before
selling them to customers to meet their needs.
Question:
2. Market Forces
Answer:
the actions of buyers and sellers that cause the prices of goods and services to change without being
controlled by the government
Question:
3. Vision of BYUH
Answer:
To be an example to the world of intercultural peace and unity through living the teachings of Jesus
Christ.
Question:
4. Elder and Sister Seawright's goal for us?
Answer:
Our goal is to support you in your efforts to become a disciple learner and leader.
Question:
5. quality
Answer:
Goods and services that meet customer expectations by providing reliable performance.
Question:
6. What are some important aspects of managing products and service quality?
Answer:
Understanding customer expectations, Employee training and engagement, & Continuous
improvement.
, Question:
7. What are the pros Pro: Easy and inexpensive to form - Con: Unlimited liability and cons of a Sole
Profits all go to the owner - Diflculty raising capital. Proprietorship?
Answer:
Direct control of the business - Limited managerial expertise Freedom from government regulation -
Trouble finding qualified employees. No special taxation - Personal time commitment Ease of
dissolution - Unstable business life
Question:
8. What are the pros Pro: Ease of formation Cons: Unlimited liability and cons of a partnership?
Answer:
Availability of capital Potential for conflicts between partners Diversity of skills and expertise
Complexity of profit sharing Flexibility Diflculty exiting or dissolving a partnership No special taxes
Relative freedom from government control
Question:
9. What are the pros Pro: Limited liability Cons: Double taxation of profits. and cons of a Cor- Ease of
transferring ownership Cost and complexity of formation. poration?
Answer:
Unlimited life More government restrictions. Tax deductions Ability to attract financing
Question:
10. What are the pros Pros: Increased ability for franchisor to expand Cons: Loss of control and cons
of a Franchise?
Answer:
Recognized name, product, and operating concept. Cost of franchising. Management training and
assistance. Restricted operating freedom Financial assistance.
Question:
11. What is something to consider when engaging in negotiations? (x2 parts)
Answer:
Understanding customer expectations, Employee training and engagement, & Continuous
improvement.
Question:
12. Name a kind of value that can be created for a customer?
Answer:
Form, Place, Time, Post Purchase Service, Needed Info, and Cost & Price
Latest update 2026/2027
Question:
1. business
Answer:
Is activities connected with producing or procuring goods for sales and adding a profit margin before
selling them to customers to meet their needs.
Question:
2. Market Forces
Answer:
the actions of buyers and sellers that cause the prices of goods and services to change without being
controlled by the government
Question:
3. Vision of BYUH
Answer:
To be an example to the world of intercultural peace and unity through living the teachings of Jesus
Christ.
Question:
4. Elder and Sister Seawright's goal for us?
Answer:
Our goal is to support you in your efforts to become a disciple learner and leader.
Question:
5. quality
Answer:
Goods and services that meet customer expectations by providing reliable performance.
Question:
6. What are some important aspects of managing products and service quality?
Answer:
Understanding customer expectations, Employee training and engagement, & Continuous
improvement.
, Question:
7. What are the pros Pro: Easy and inexpensive to form - Con: Unlimited liability and cons of a Sole
Profits all go to the owner - Diflculty raising capital. Proprietorship?
Answer:
Direct control of the business - Limited managerial expertise Freedom from government regulation -
Trouble finding qualified employees. No special taxation - Personal time commitment Ease of
dissolution - Unstable business life
Question:
8. What are the pros Pro: Ease of formation Cons: Unlimited liability and cons of a partnership?
Answer:
Availability of capital Potential for conflicts between partners Diversity of skills and expertise
Complexity of profit sharing Flexibility Diflculty exiting or dissolving a partnership No special taxes
Relative freedom from government control
Question:
9. What are the pros Pro: Limited liability Cons: Double taxation of profits. and cons of a Cor- Ease of
transferring ownership Cost and complexity of formation. poration?
Answer:
Unlimited life More government restrictions. Tax deductions Ability to attract financing
Question:
10. What are the pros Pros: Increased ability for franchisor to expand Cons: Loss of control and cons
of a Franchise?
Answer:
Recognized name, product, and operating concept. Cost of franchising. Management training and
assistance. Restricted operating freedom Financial assistance.
Question:
11. What is something to consider when engaging in negotiations? (x2 parts)
Answer:
Understanding customer expectations, Employee training and engagement, & Continuous
improvement.
Question:
12. Name a kind of value that can be created for a customer?
Answer:
Form, Place, Time, Post Purchase Service, Needed Info, and Cost & Price
