Intro To Business Final Exam Questions
and Answers
Business - correct answer-Any activity that seeks to make a profit by providing goods
and services to others
Consumer - correct answer-A person who purchases the products/services
Resource - correct answer-Anything we can use to obtain or make what we need
Public wants - correct answer-Wants shared widely by others (water/education)
private wants - correct answer-Shared wants
goods - correct answer-Satisfy wants and needs for materials you can see or touch
profit - correct answer-Amount of money left over after a business has paid for cost of
producing
services - correct answer-tasks that people or machines perform
competition - correct answer-Contest between two businesses to win consumers
Wants - correct answer-Things you wish you had
Needs - correct answer-Necessary wants
Mixed economy - correct answer-Combination of market and command economy (gov
owns some businesses)
Market economy - correct answer-Economic decisions are made in the market
according to rules of supply and demand
Equilibriam price - correct answer-When quantity demanded and quantity supplied meet
Capital ressources - correct answer-Things used to produce goods and services, like
building materials and equipment
Natural resources - correct answer-Raw materials found in nature
Human resources - correct answer-Knowledge, efforts and skill people bring to work
,Scarcity - correct answer-Shortage of resources
Entrepreneurial resources - correct answer-requires meeting changing wants and needs
of people
Supply - correct answer-Amount of goods and services that producers will produce at
various prices
Demand - correct answer-The amount of goods/services consumers are willing to buy at
various prices
Factors of production - correct answer-...Land labor and capital
Command economy - correct answer-Central authority makes all key economic
decisions
Economics - correct answer-Studies how society chooses to use resources to produce
and distribute goods and services
Price - correct answer-The amount of money given or asked for when goods/services re
bought/sold
Communism - correct answer-State/gov makes all economic decisions
Socialsim - correct answer-There is some form of private enterprise (Moderate
command economy)
Capitalism - correct answer-market economy w/ private enterprise
Conflict of interest - correct answer-When a business is tempted to put benefits before
social welfare
Code of ethics - correct answer-Set of strict guidelines for maintaining ethics in the work
place
Ethics - correct answer-Set of moral principles by which people conduct themselves
personally, professionally, and socially
Social responsibility - correct answer-Duty to do what do what is best for the good of
society
equal pay act - correct answer-Requires men and women to be paid equal wages for
equal work
,occupational safety and health admin (OSHA) - correct answer-Department of labor
division that sets and enforces work related health and safety issues
Sweatshop - correct answer-Factory that pay workers poorly, are unhealthy and treat
workers badly
Business ethics - correct answer-Set of laws about how a business should conduct itself
FDA (Fed drug admin) - correct answer-Govt agency that protects consumers from
dangerous/falsely advertised products
EPA (Env protect agency) - correct answer-Gov't agency that enforces rules that protect
environment and control population
Prdoucer - correct answer-Business that grows materials in their natural state
Intermideatery - correct answer-Business that moves goods from one business to the
other
Processor - correct answer-Business that changes raw materials into finished products
Delegating - correct answer-Giving managers the power to run things and make
decisions
Organizational chart - correct answer-Chart to show how business is structured and
who is in charge of who
Centralized organization - correct answer-authority is all in one place with top
management
Decentralized organization - correct answer-authority given to a number of managers to
run
Management plan - correct answer-Divides company into different departments run by
different managers
Planning - correct answer-involves top level management deciding how company
should be run
Organizing - correct answer-To do this, you must assign different managers different
tasks and coordinate activities
Controlling - correct answer-Keeping company on track and making sure all goals are
met
, Budget - correct answer-Helps decide which goals you can meet with the amount of
money you have
Fixed expense - correct answer-Expenses that occur regularly at the same amount
withholdings - correct answer-Subtracting taxes from pay check to be forwarded to the
gov;t . (may include federal, state and income taxes)
Gross pay - correct answer-Total amount of money you earn within a certain time before
any type of deduction
variable expense - correct answer-expenses that fluctuate from month to month
How do unethical practices affect business? - correct answer-1) profit you make from 1
unhappy customer can mean lots of lost profits due to no repeat business from the
unhappy customer
2)High turnover rate increasing cost of training
3) Low employee morale= decreases prodictivity
the three ethical questions - correct answer-1) Is it legal. (Am i breaking the law)
2) Am I sacrificing long term benefits fir short term gains
3) What if everyone did this? How would I feel, and what if it was done to me.
Ethics: Businesses are responsible in which ways - correct answer-legal, social,
employees, costumers
The steps of ethical decision making - correct answer-1) Identify the ethical dilemma
2) Could it have been done another way
3) Deterimine who is affects
4) list alternatives
5) Select the best ethical alternative
4 ethical obligations of a business - correct answer-1) Provide safe products
2) Create Jobs
3) Protect the environment
4) Contribute to society's standard of living
and Answers
Business - correct answer-Any activity that seeks to make a profit by providing goods
and services to others
Consumer - correct answer-A person who purchases the products/services
Resource - correct answer-Anything we can use to obtain or make what we need
Public wants - correct answer-Wants shared widely by others (water/education)
private wants - correct answer-Shared wants
goods - correct answer-Satisfy wants and needs for materials you can see or touch
profit - correct answer-Amount of money left over after a business has paid for cost of
producing
services - correct answer-tasks that people or machines perform
competition - correct answer-Contest between two businesses to win consumers
Wants - correct answer-Things you wish you had
Needs - correct answer-Necessary wants
Mixed economy - correct answer-Combination of market and command economy (gov
owns some businesses)
Market economy - correct answer-Economic decisions are made in the market
according to rules of supply and demand
Equilibriam price - correct answer-When quantity demanded and quantity supplied meet
Capital ressources - correct answer-Things used to produce goods and services, like
building materials and equipment
Natural resources - correct answer-Raw materials found in nature
Human resources - correct answer-Knowledge, efforts and skill people bring to work
,Scarcity - correct answer-Shortage of resources
Entrepreneurial resources - correct answer-requires meeting changing wants and needs
of people
Supply - correct answer-Amount of goods and services that producers will produce at
various prices
Demand - correct answer-The amount of goods/services consumers are willing to buy at
various prices
Factors of production - correct answer-...Land labor and capital
Command economy - correct answer-Central authority makes all key economic
decisions
Economics - correct answer-Studies how society chooses to use resources to produce
and distribute goods and services
Price - correct answer-The amount of money given or asked for when goods/services re
bought/sold
Communism - correct answer-State/gov makes all economic decisions
Socialsim - correct answer-There is some form of private enterprise (Moderate
command economy)
Capitalism - correct answer-market economy w/ private enterprise
Conflict of interest - correct answer-When a business is tempted to put benefits before
social welfare
Code of ethics - correct answer-Set of strict guidelines for maintaining ethics in the work
place
Ethics - correct answer-Set of moral principles by which people conduct themselves
personally, professionally, and socially
Social responsibility - correct answer-Duty to do what do what is best for the good of
society
equal pay act - correct answer-Requires men and women to be paid equal wages for
equal work
,occupational safety and health admin (OSHA) - correct answer-Department of labor
division that sets and enforces work related health and safety issues
Sweatshop - correct answer-Factory that pay workers poorly, are unhealthy and treat
workers badly
Business ethics - correct answer-Set of laws about how a business should conduct itself
FDA (Fed drug admin) - correct answer-Govt agency that protects consumers from
dangerous/falsely advertised products
EPA (Env protect agency) - correct answer-Gov't agency that enforces rules that protect
environment and control population
Prdoucer - correct answer-Business that grows materials in their natural state
Intermideatery - correct answer-Business that moves goods from one business to the
other
Processor - correct answer-Business that changes raw materials into finished products
Delegating - correct answer-Giving managers the power to run things and make
decisions
Organizational chart - correct answer-Chart to show how business is structured and
who is in charge of who
Centralized organization - correct answer-authority is all in one place with top
management
Decentralized organization - correct answer-authority given to a number of managers to
run
Management plan - correct answer-Divides company into different departments run by
different managers
Planning - correct answer-involves top level management deciding how company
should be run
Organizing - correct answer-To do this, you must assign different managers different
tasks and coordinate activities
Controlling - correct answer-Keeping company on track and making sure all goals are
met
, Budget - correct answer-Helps decide which goals you can meet with the amount of
money you have
Fixed expense - correct answer-Expenses that occur regularly at the same amount
withholdings - correct answer-Subtracting taxes from pay check to be forwarded to the
gov;t . (may include federal, state and income taxes)
Gross pay - correct answer-Total amount of money you earn within a certain time before
any type of deduction
variable expense - correct answer-expenses that fluctuate from month to month
How do unethical practices affect business? - correct answer-1) profit you make from 1
unhappy customer can mean lots of lost profits due to no repeat business from the
unhappy customer
2)High turnover rate increasing cost of training
3) Low employee morale= decreases prodictivity
the three ethical questions - correct answer-1) Is it legal. (Am i breaking the law)
2) Am I sacrificing long term benefits fir short term gains
3) What if everyone did this? How would I feel, and what if it was done to me.
Ethics: Businesses are responsible in which ways - correct answer-legal, social,
employees, costumers
The steps of ethical decision making - correct answer-1) Identify the ethical dilemma
2) Could it have been done another way
3) Deterimine who is affects
4) list alternatives
5) Select the best ethical alternative
4 ethical obligations of a business - correct answer-1) Provide safe products
2) Create Jobs
3) Protect the environment
4) Contribute to society's standard of living
