LUOA Essentials of Business Exam Questions With Correct Answers

LUOA Essentials of Business Exam Questions With Correct Answers In general, a business is an organization that provides what two things? - answergoods and services The main goal of a business that is not a charity or a free provider of goods and services is to make a... - answerprofit the overriding objective for a business should be to earn as much profit for its owners as possible - answerprofit maximization businesses should strive not only to increase their profit but also to improve society - answercorporate social responsibility everyone affected by a business should have some say in how that business operates - answerstakeholder theory Select all of the following that are considered internal stakeholders. - answeremployees managers owners ©SIRJOEL EXAM SOLUTIONS 12/3/2024 11:27AM Select all of the following that are considered external stakeholders. - answercommunity and government suppliers and creditors customers Choose from the list the four specialized departments that make up the functional areas of a typical for-profit business. - answermanagement finance marketing accounting The difference between a company's sales (or revenue) and the amount it cost them to produce the goods that they sold is called the... - answergross profit A for-profit company distributes excess revenue to its... - answerowners or shareholders A nonprofit company distributes excess revenue in... - answerthe organization to further its goals Market research is... - answerthe gathering and analysis of data about consumers. retail stores, shopping malls, flea markets, and grocery stores - answerphysical markets Amazon, eBay, and other online providers - answerinternet markets ©SIRJOEL EXAM SOLUTIONS 12/3/2024 11:27AM the available workforce in a country or specific geographic region - answerlabor market the New York Stock Exchange, NASDAQ, Wall Street, Standard and Poor's and others - answerstock market illegal contraband, sex trafficking, drugs, and other items sold without regulation - answerblack market The two main types of small businesses are... - answersole propertiership partnership Small businesses are regulated by what federal department? - answerThe Small Business Administration (SBA) A limited partnership is a business where... - answeronly one partner (the general partner) has liability for the business. What is the most significant risk of a sole proprietorship? - answerunlimited personal liability for losses and debts incurred by the business When referencing businesses, there is only one kind of profit. - answerNo. There are several types of profit scenarios depending on what factors and costs are considered. The stakeholder theory as applied to business states that... - answereveryone who is affected by a business should have a say in how that business operates.