Business Fundamentals Final Exam
1. Leading authority on competitive strategy and models.: Michael Porter
2. The coordinated series of functional activities needed to transform re-
sources into products and services customers want to buy.: Value Chain
3. Helps you identify the ways in which you create value for your customers,
internally and externally, and then helps you think through how you can
maximize this value.: Value Chain Analysis
4. Task specific operations needed to convert resources into finished goods
and services sold to customers.: Functions
5. Functions directly responsible for utilizing scarce resources the most effi-
ciently and effectively to create goods and services.: Primary Activities
6. Not directly responsible, but contribute to efficiency and effectiveness of
other functions.: Secondary or Supporting Activities.
7. Inbound Logistics.
Operations.
Outbound Logistics.
Marketing and Sales.
Service.: List of Primary Activities
8. Purchasing raw materials
Transportation of materials.: Primary Activity: Inbound Logistics
9. Distribution.
Manufacturing Process.: Primary Activity: Operations
10. Shipping manufactured goods.
Packaging.: Primary Activity: Outbound Logistics
11. Communicating with and educating customers.: Primary Activity: Marketing
and Sales
12. Information.
Pre and post sale assistance.: Primary Activity: Service
13. Infrastructure.
Human Resource Management.
Technology Development.
Procurement.: List of Secondary Activities
14. Finance.
Accounting.
Quality Information.: Secondary Activity: Infrastructure
15. Training.
Development of staff.: Secondary Activity: Human Resource Management
16. Information technology.
Research and development.: Secondary Activity: Technology Development
17. Process of obtaining goods and services.: Secondary Activity: Procurement
, Business Fundamentals Final Exam
18. Economic and Legal.
Technological.
Socio-cultural.
Competitive
Global and Geo-political.
Natural Resources.: Environmental Issues Facing Today's Business Leaders
19. Enables "tribes" to communicate, collaborate, and conduct business.: So-
cial Computing
20. Collection of individuals formed around shared passions, pain, or common
traits.
No longer associated with nations or regions.: Tribes
21. Digital trail of preferences, opinions, and behaviors shared in Social Com-
puting.: Digital Exhaust
22. Using data and information to plan future, not just explain the past.: Real
Analytics
23. A business owned, and usually managed, by one person.: Sole Proprietor-
ship
24. Two or more people legally agree to become co-owners of a business.: -
Partnership
25. A state-chartered legal entity with authority to act and have liability sepa-
rate from its owners or stockholders.: Corporation
26. All owners share in operating the business and in assuming liability for the
business's debts.: General Partnership
27. A partnership with one or more general partners and one or more limited
partners.: Limited Partnership
28. Limits partners' risk of losing their personal assets to the outcomes of only
their acts and omissions and those of people under their supervision.: Limited
Liability Partnership
29. An owner or partner who has unlimited liability and is active in managing
the firm.: General Partner
30. An owner who invests money in the business but enjoys limited liability.-
: Limited Partner
31. Liability for the debts of the business is limited to the amount the limited
partner puts into the company; personal assets are not at risk.: Limited Liability
32. The result of two firms joining to form one company.
Company A + Company B = Company C: Merger
33. One company's purchase of the property and obligations of another com-
pany.: Acquisition
1. Leading authority on competitive strategy and models.: Michael Porter
2. The coordinated series of functional activities needed to transform re-
sources into products and services customers want to buy.: Value Chain
3. Helps you identify the ways in which you create value for your customers,
internally and externally, and then helps you think through how you can
maximize this value.: Value Chain Analysis
4. Task specific operations needed to convert resources into finished goods
and services sold to customers.: Functions
5. Functions directly responsible for utilizing scarce resources the most effi-
ciently and effectively to create goods and services.: Primary Activities
6. Not directly responsible, but contribute to efficiency and effectiveness of
other functions.: Secondary or Supporting Activities.
7. Inbound Logistics.
Operations.
Outbound Logistics.
Marketing and Sales.
Service.: List of Primary Activities
8. Purchasing raw materials
Transportation of materials.: Primary Activity: Inbound Logistics
9. Distribution.
Manufacturing Process.: Primary Activity: Operations
10. Shipping manufactured goods.
Packaging.: Primary Activity: Outbound Logistics
11. Communicating with and educating customers.: Primary Activity: Marketing
and Sales
12. Information.
Pre and post sale assistance.: Primary Activity: Service
13. Infrastructure.
Human Resource Management.
Technology Development.
Procurement.: List of Secondary Activities
14. Finance.
Accounting.
Quality Information.: Secondary Activity: Infrastructure
15. Training.
Development of staff.: Secondary Activity: Human Resource Management
16. Information technology.
Research and development.: Secondary Activity: Technology Development
17. Process of obtaining goods and services.: Secondary Activity: Procurement
, Business Fundamentals Final Exam
18. Economic and Legal.
Technological.
Socio-cultural.
Competitive
Global and Geo-political.
Natural Resources.: Environmental Issues Facing Today's Business Leaders
19. Enables "tribes" to communicate, collaborate, and conduct business.: So-
cial Computing
20. Collection of individuals formed around shared passions, pain, or common
traits.
No longer associated with nations or regions.: Tribes
21. Digital trail of preferences, opinions, and behaviors shared in Social Com-
puting.: Digital Exhaust
22. Using data and information to plan future, not just explain the past.: Real
Analytics
23. A business owned, and usually managed, by one person.: Sole Proprietor-
ship
24. Two or more people legally agree to become co-owners of a business.: -
Partnership
25. A state-chartered legal entity with authority to act and have liability sepa-
rate from its owners or stockholders.: Corporation
26. All owners share in operating the business and in assuming liability for the
business's debts.: General Partnership
27. A partnership with one or more general partners and one or more limited
partners.: Limited Partnership
28. Limits partners' risk of losing their personal assets to the outcomes of only
their acts and omissions and those of people under their supervision.: Limited
Liability Partnership
29. An owner or partner who has unlimited liability and is active in managing
the firm.: General Partner
30. An owner who invests money in the business but enjoys limited liability.-
: Limited Partner
31. Liability for the debts of the business is limited to the amount the limited
partner puts into the company; personal assets are not at risk.: Limited Liability
32. The result of two firms joining to form one company.
Company A + Company B = Company C: Merger
33. One company's purchase of the property and obligations of another com-
pany.: Acquisition
