Intro to Business(NCTI) Exam Questions
And Answers
Business -
correct answer ✅organization that provides goods or services to
earn profits
Profits -
correct answer ✅difference between a busi-ness's revenues and
its expenses
External Environment -
correct answer ✅everything outside an organization's boundaries
that might affect it
Domestic Business Environment -
correct answer ✅the environment in which a firm conducts its
operations and derives its revenues
Global Business Environment -
correct answer ✅the international forces that affect a business.
include international trade agreements, international economic
conditions, political unrest, and so forth.
,Intro to Business(NCTI) Exam Questions
And Answers
Technological Environment -
correct answer ✅all the ways by which firms create value for their
constituents. Includes human knowledge, work methods, physical
equipment, electronics and telecommunications, and various
processing systems
Political-Legal Environment -
correct answer ✅the relationship between business and
government. government regulation of business
Sociocultural Environment -
correct answer ✅the customs, mores, values, and demo-graphic
characteristics of the society in which an organization functions.
includes the customs, mores, values, and demographic
characteristics of the society
Economic Environment -
correct answer ✅relevant conditions that exist in the economic
system in which a company operates.
Economic System -
correct answer ✅a nation's system
,Intro to Business(NCTI) Exam Questions
And Answers
for allocating its resources among its citizens
Factors of Production -
correct answer ✅resources used in the production of goods and
services—labor, capital, entrepreneurs, physical resources, and
information resources
Labor (Human Resources) -
correct answer ✅physical and mental capabilities of people as
they contribute to economic production. human resources or
human capital
Capital -
correct answer ✅funds needed to create and operate a business
enterprise
Entrepreneur -
correct answer ✅individual who accepts the risks and
opportunities involved in creating and operating a new business
venture
, Intro to Business(NCTI) Exam Questions
And Answers
Physical Resources -
correct answer ✅tangible items that organizations use in the
conduct of their businesses
Information Resources -
correct answer ✅data and other information used by businesses
Planned Economy -
correct answer ✅economy that relies on a centralized government
to control all or most factors of production and to make all or most
production and allocation decisions
Market Economy -
correct answer ✅economy in which individuals control production
and allocation decisions through supply and demand
Communism -
correct answer ✅political system in which the government owns
and operates all factors of production
And Answers
Business -
correct answer ✅organization that provides goods or services to
earn profits
Profits -
correct answer ✅difference between a busi-ness's revenues and
its expenses
External Environment -
correct answer ✅everything outside an organization's boundaries
that might affect it
Domestic Business Environment -
correct answer ✅the environment in which a firm conducts its
operations and derives its revenues
Global Business Environment -
correct answer ✅the international forces that affect a business.
include international trade agreements, international economic
conditions, political unrest, and so forth.
,Intro to Business(NCTI) Exam Questions
And Answers
Technological Environment -
correct answer ✅all the ways by which firms create value for their
constituents. Includes human knowledge, work methods, physical
equipment, electronics and telecommunications, and various
processing systems
Political-Legal Environment -
correct answer ✅the relationship between business and
government. government regulation of business
Sociocultural Environment -
correct answer ✅the customs, mores, values, and demo-graphic
characteristics of the society in which an organization functions.
includes the customs, mores, values, and demographic
characteristics of the society
Economic Environment -
correct answer ✅relevant conditions that exist in the economic
system in which a company operates.
Economic System -
correct answer ✅a nation's system
,Intro to Business(NCTI) Exam Questions
And Answers
for allocating its resources among its citizens
Factors of Production -
correct answer ✅resources used in the production of goods and
services—labor, capital, entrepreneurs, physical resources, and
information resources
Labor (Human Resources) -
correct answer ✅physical and mental capabilities of people as
they contribute to economic production. human resources or
human capital
Capital -
correct answer ✅funds needed to create and operate a business
enterprise
Entrepreneur -
correct answer ✅individual who accepts the risks and
opportunities involved in creating and operating a new business
venture
, Intro to Business(NCTI) Exam Questions
And Answers
Physical Resources -
correct answer ✅tangible items that organizations use in the
conduct of their businesses
Information Resources -
correct answer ✅data and other information used by businesses
Planned Economy -
correct answer ✅economy that relies on a centralized government
to control all or most factors of production and to make all or most
production and allocation decisions
Market Economy -
correct answer ✅economy in which individuals control production
and allocation decisions through supply and demand
Communism -
correct answer ✅political system in which the government owns
and operates all factors of production
