BUS 100 Midterm Exam with 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 - ✔✔he 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.
Non Profit - ✔✔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.
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 - ✔✔he 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.
Non Profit - ✔✔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.
