SGMA 217 Midterm Exam 2025 | Latest Questions &
Answers | University of Calgary | A+ Study Guide
Chapter 1 — Exploring the World of Business
Questions 1–50
1. What is a business?
A. An organization that only provides charitable services
B. An organization that seeks profit by providing goods or services that satisfy customer
needs
C. A government department
D. A group of consumers
Answer: B
Businesses generally seek to earn profit by providing goods or services that satisfy
customer needs.
2. Which of the following is a service?
A. Automobile
B. Laptop
C. Haircut
D. Refrigerator
,Answer: C
A service is an intangible activity or benefit provided to a customer; a haircut is an example.
3. Which resource category includes employees and their skills?
A. Financial resources
B. Material resources
C. Human resources
D. Informational resources
Answer: C
Human resources include the people who work for an organization and the knowledge and
skills they contribute.
4. Which is an example of a material resource?
A. Employee experience
B. Cash
C. Factory equipment
D. Customer data
Answer: C
Material resources include physical assets such as buildings, equipment, machinery, and
raw materials.
,5. Which resource is most directly represented by cash available to a company?
A. Human
B. Financial
C. Informational
D. Material
Answer: B
Financial resources include money and other financial assets used to operate a business.
6. What is a stakeholder?
A. Only a company's shareholders
B. Anyone affected by a business's activities
C. Only the company's employees
D. Only its customers
Answer: B
Stakeholders include individuals or groups affected by or able to affect an organization,
including employees, customers, governments, suppliers, and owners.
7. Which person is an internal stakeholder?
A. Government regulator
B. Customer
, C. Employee
D. Competitor
Answer: C
Employees are internal stakeholders because they are part of the organization.
8. Which is an external stakeholder?
A. Employee
B. Manager
C. Customer
D. Department supervisor
Answer: C
Customers are external stakeholders because they are outside the organization's internal
structure.
9. One important benefit businesses provide to society is:
A. Eliminating all competition
B. Providing goods, services, and employment
C. Preventing technological development
D. Eliminating government involvement
Answers | University of Calgary | A+ Study Guide
Chapter 1 — Exploring the World of Business
Questions 1–50
1. What is a business?
A. An organization that only provides charitable services
B. An organization that seeks profit by providing goods or services that satisfy customer
needs
C. A government department
D. A group of consumers
Answer: B
Businesses generally seek to earn profit by providing goods or services that satisfy
customer needs.
2. Which of the following is a service?
A. Automobile
B. Laptop
C. Haircut
D. Refrigerator
,Answer: C
A service is an intangible activity or benefit provided to a customer; a haircut is an example.
3. Which resource category includes employees and their skills?
A. Financial resources
B. Material resources
C. Human resources
D. Informational resources
Answer: C
Human resources include the people who work for an organization and the knowledge and
skills they contribute.
4. Which is an example of a material resource?
A. Employee experience
B. Cash
C. Factory equipment
D. Customer data
Answer: C
Material resources include physical assets such as buildings, equipment, machinery, and
raw materials.
,5. Which resource is most directly represented by cash available to a company?
A. Human
B. Financial
C. Informational
D. Material
Answer: B
Financial resources include money and other financial assets used to operate a business.
6. What is a stakeholder?
A. Only a company's shareholders
B. Anyone affected by a business's activities
C. Only the company's employees
D. Only its customers
Answer: B
Stakeholders include individuals or groups affected by or able to affect an organization,
including employees, customers, governments, suppliers, and owners.
7. Which person is an internal stakeholder?
A. Government regulator
B. Customer
, C. Employee
D. Competitor
Answer: C
Employees are internal stakeholders because they are part of the organization.
8. Which is an external stakeholder?
A. Employee
B. Manager
C. Customer
D. Department supervisor
Answer: C
Customers are external stakeholders because they are outside the organization's internal
structure.
9. One important benefit businesses provide to society is:
A. Eliminating all competition
B. Providing goods, services, and employment
C. Preventing technological development
D. Eliminating government involvement
