BUS 101 - Module 1 || QUESTIONS WITH CORRECT
SOLUTIONS!!
A factor of production is a nation's system for allocating resources among its citizens. correct
answers False - it is an economic system
Name and explain five of the six consumer rights: correct answers Right to be Informed: the
right to be given correct product information (ads, labels, salespersons, etc..)
Example: The amount of protein in Cheerios new protein cereal has been called into question.
It is said to be over blown since the serving size has been increased.
Right to Safety: the right to be protected from hazardous goods or services.
Example: McDonald's was sued for serving hot coffee without warning, and now nearly all
coffee cups have a warning that the product is hot.
Right to Choose: right to be assured that goods and services are at competitive prices.
Example: Walmart and a handful of other stores provide a price match service to ensure you
are receiving the lowest price on the market.
Right to be Heard: right to be assured that your concerns, complaints, and interests are taken
into consideration.
Example: I ordered some Fallout bobble heads from Bethesda a couple weeks ago. One of the
bobble heads I ordered was missing an attachable hand. I contacted Bethesda; hoping to
obtain a complete bobble head. They responded to my dilemma within 24 hours and were
able to send me a replacement without having to worry about sending in the incomplete
product.
Right to redress: the right of legal correction if wrongs are committed against customers/the
following Act's: Fair Packaging and Labeling Act, National Traffic and Motor Vehicle Safety
Act, and Truth in Food Labeling Act.
Example: A women in Texas was eating a Milky Way when she bit into something hard. It
turned out to be a tooth. She then had a right to legal correction.
Right to Consumer Education: right to learn about consumer rights and responsibilities as
economic citizens.
When starting a small business, the entrepreneur must __________________. correct answers
All of the items shown below:
choose an industry and market with potential
match business trends and conditions with ability and interest
commit to hard work and many hours to make the business successful
Specifically what is the Golden Rule and how can a business use it to their advantage? correct
answers Golden Rule: Treat others the way you wish to be treated.
The business should apply the Golden Rule to their marketing strategy.
SOLUTIONS!!
A factor of production is a nation's system for allocating resources among its citizens. correct
answers False - it is an economic system
Name and explain five of the six consumer rights: correct answers Right to be Informed: the
right to be given correct product information (ads, labels, salespersons, etc..)
Example: The amount of protein in Cheerios new protein cereal has been called into question.
It is said to be over blown since the serving size has been increased.
Right to Safety: the right to be protected from hazardous goods or services.
Example: McDonald's was sued for serving hot coffee without warning, and now nearly all
coffee cups have a warning that the product is hot.
Right to Choose: right to be assured that goods and services are at competitive prices.
Example: Walmart and a handful of other stores provide a price match service to ensure you
are receiving the lowest price on the market.
Right to be Heard: right to be assured that your concerns, complaints, and interests are taken
into consideration.
Example: I ordered some Fallout bobble heads from Bethesda a couple weeks ago. One of the
bobble heads I ordered was missing an attachable hand. I contacted Bethesda; hoping to
obtain a complete bobble head. They responded to my dilemma within 24 hours and were
able to send me a replacement without having to worry about sending in the incomplete
product.
Right to redress: the right of legal correction if wrongs are committed against customers/the
following Act's: Fair Packaging and Labeling Act, National Traffic and Motor Vehicle Safety
Act, and Truth in Food Labeling Act.
Example: A women in Texas was eating a Milky Way when she bit into something hard. It
turned out to be a tooth. She then had a right to legal correction.
Right to Consumer Education: right to learn about consumer rights and responsibilities as
economic citizens.
When starting a small business, the entrepreneur must __________________. correct answers
All of the items shown below:
choose an industry and market with potential
match business trends and conditions with ability and interest
commit to hard work and many hours to make the business successful
Specifically what is the Golden Rule and how can a business use it to their advantage? correct
answers Golden Rule: Treat others the way you wish to be treated.
The business should apply the Golden Rule to their marketing strategy.
