Business 100 Exam #1 ISU questions
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What is the purpose of business? - correct answer ✔✔To provide a good or service
How does a business indicate it's success? - correct answer ✔✔Profit
What are the benefits of business? - correct answer ✔✔Produce goods & services
Create jobs
Create new innovations & provide a vast range of opportunities
Enhances personal incomes
Enhances quality of life
What does external environment and what are some examples? - correct answer ✔✔Everything
outside an organizations boundary that might affect it.
Ex.) Economy, how well the country is doing financially, politically, & legally.
What are the three big economic systems? - correct answer ✔✔Planned Economy
Market Economy
Mixed Market Economy
What is a 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
A.K.A. Communism, Socialism
, What is market economy? - correct answer ✔✔Individual producers and consumers control
production and allocation by creating combinations of supply and demand.
What does it mean to be a mixed market economy? - correct answer ✔✔Features
characteristics of both planned and market economies.
What is supply? - correct answer ✔✔What is being produced.
What is demand? - correct answer ✔✔What is wanted by the customers.
What does purchasing power refer to? - correct answer ✔✔Refers to exchange rates around the
world.
How much is my dollar worth?
How do you establish an ethical organization? - correct answer ✔✔Establish a code of ethics
Reinforce
What is sustainability? - correct answer ✔✔Using renewable resources and managing limited
resources responsibly and efficiently.
Who is a whistleblower? - correct answer ✔✔Someone who calls out or brings things forward
that are illegal, or unethical.
Who is a stakeholder? - correct answer ✔✔An investor, owner, shareholders, the community.
Stakeholder responsibility: - correct answer ✔✔Customers
Employees
Investors
n answers rated A+
What is the purpose of business? - correct answer ✔✔To provide a good or service
How does a business indicate it's success? - correct answer ✔✔Profit
What are the benefits of business? - correct answer ✔✔Produce goods & services
Create jobs
Create new innovations & provide a vast range of opportunities
Enhances personal incomes
Enhances quality of life
What does external environment and what are some examples? - correct answer ✔✔Everything
outside an organizations boundary that might affect it.
Ex.) Economy, how well the country is doing financially, politically, & legally.
What are the three big economic systems? - correct answer ✔✔Planned Economy
Market Economy
Mixed Market Economy
What is a 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
A.K.A. Communism, Socialism
, What is market economy? - correct answer ✔✔Individual producers and consumers control
production and allocation by creating combinations of supply and demand.
What does it mean to be a mixed market economy? - correct answer ✔✔Features
characteristics of both planned and market economies.
What is supply? - correct answer ✔✔What is being produced.
What is demand? - correct answer ✔✔What is wanted by the customers.
What does purchasing power refer to? - correct answer ✔✔Refers to exchange rates around the
world.
How much is my dollar worth?
How do you establish an ethical organization? - correct answer ✔✔Establish a code of ethics
Reinforce
What is sustainability? - correct answer ✔✔Using renewable resources and managing limited
resources responsibly and efficiently.
Who is a whistleblower? - correct answer ✔✔Someone who calls out or brings things forward
that are illegal, or unethical.
Who is a stakeholder? - correct answer ✔✔An investor, owner, shareholders, the community.
Stakeholder responsibility: - correct answer ✔✔Customers
Employees
Investors
