BUS 100 Final Exam with Verified
Answers
accounting - ✔✔the functional area of business that monitors where money is spent
economics - ✔✔the study of the choices made to allocate scarce resources
finance - ✔✔the functional area of business that determines the best sources and uses of
financial capital
human resource management - ✔✔the functional area of business that maximizes the
effectiveness of its workforce
information systems (IS) - ✔✔the functional area of business that uses technology to solve
problems and make decisions
macroeconomics - ✔✔the economics of countries focusing on the overall economy
management - ✔✔the functional area of business that coordinates the activities of a business
to achieve its goals
marketing - ✔✔the functional area of business focused on every touchpoint with customers
microeconomics - ✔✔the economics of individuals focusing on supply and demand
operations management - ✔✔the functional area of business that converts resources into
products
,supply chain management (SCM) - ✔✔the functional area of business that streamlines the flow
of products from point of origin to point of consumption
business - ✔✔providing goods and services to others while operating at a profit
goods - ✔✔tangible products
services - ✔✔intangible products
revenue - ✔✔money earned from conducting business
profit - ✔✔normal income derived from business activity
entrepreneur - ✔✔people who start a business risking their time and money
standard of living - ✔✔the quality and quantity of products available to a population
stakeholders - ✔✔those affected by the actions of a business
nonprofit - ✔✔a form of business ownership serving the public good rather than generating
financial gain
business environment - ✔✔the setting in which business operates
expenses - ✔✔money spent to conduct business
risk - ✔✔the chance taken to make a profit
, quality of life - ✔✔the sense of well-being experienced by individuals
factors of production - ✔✔resources used to produce goods and services (land, labor, capital,
entrepreneurship)
economic system - ✔✔a structure for allocating limited resources
free-market - ✔✔an economic system in which supply and demand determine prices with
socialism - ✔✔the idea that businesses should be owned by the workers
communism - ✔✔the idea that businesses should be owned by the government
capitalism - ✔✔the idea that businesses should be owned by private individuals
invisible hand - ✔✔forces that move the free market economy
mixed economies - ✔✔an economic system in which the government and private sector both
direct the economy
economic indicator - ✔✔used to predict the future movements of an economy
gross domestic product (GDP) - ✔✔an economic indicator showing the total value of everything
a country produces within a year
unemployment rate - ✔✔an economic indicator showing the total value of everything a country
produces within a year
Answers
accounting - ✔✔the functional area of business that monitors where money is spent
economics - ✔✔the study of the choices made to allocate scarce resources
finance - ✔✔the functional area of business that determines the best sources and uses of
financial capital
human resource management - ✔✔the functional area of business that maximizes the
effectiveness of its workforce
information systems (IS) - ✔✔the functional area of business that uses technology to solve
problems and make decisions
macroeconomics - ✔✔the economics of countries focusing on the overall economy
management - ✔✔the functional area of business that coordinates the activities of a business
to achieve its goals
marketing - ✔✔the functional area of business focused on every touchpoint with customers
microeconomics - ✔✔the economics of individuals focusing on supply and demand
operations management - ✔✔the functional area of business that converts resources into
products
,supply chain management (SCM) - ✔✔the functional area of business that streamlines the flow
of products from point of origin to point of consumption
business - ✔✔providing goods and services to others while operating at a profit
goods - ✔✔tangible products
services - ✔✔intangible products
revenue - ✔✔money earned from conducting business
profit - ✔✔normal income derived from business activity
entrepreneur - ✔✔people who start a business risking their time and money
standard of living - ✔✔the quality and quantity of products available to a population
stakeholders - ✔✔those affected by the actions of a business
nonprofit - ✔✔a form of business ownership serving the public good rather than generating
financial gain
business environment - ✔✔the setting in which business operates
expenses - ✔✔money spent to conduct business
risk - ✔✔the chance taken to make a profit
, quality of life - ✔✔the sense of well-being experienced by individuals
factors of production - ✔✔resources used to produce goods and services (land, labor, capital,
entrepreneurship)
economic system - ✔✔a structure for allocating limited resources
free-market - ✔✔an economic system in which supply and demand determine prices with
socialism - ✔✔the idea that businesses should be owned by the workers
communism - ✔✔the idea that businesses should be owned by the government
capitalism - ✔✔the idea that businesses should be owned by private individuals
invisible hand - ✔✔forces that move the free market economy
mixed economies - ✔✔an economic system in which the government and private sector both
direct the economy
economic indicator - ✔✔used to predict the future movements of an economy
gross domestic product (GDP) - ✔✔an economic indicator showing the total value of everything
a country produces within a year
unemployment rate - ✔✔an economic indicator showing the total value of everything a country
produces within a year
