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Business 101 Chapters 1-5 (Cengage)
Questions and Correct Answers/ Latest
Update / Already Graded
free enterprise
Ans: the system of business in which individuals are free to
decide what to produce, how to produce it, and at what price to
sell it
cultural (workplace) diversity
Ans: differences among people in a workforce owing to race,
ethnicity, and gender
business
Ans: organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs
e-business
Ans: organized effort of individuals to produce and sell for a
profit, the goods and services that satisfy society's needs
through the facilities available on the internet
All rights reserved © 2025/ 2026 |
, Page |2
profit
Ans: what remains after all business expenses have been
deducted from sales revenue
stakeholders
Ans: all the different people or groups of people who are
affected by an organization's policies, decisions, and activities
economics
Ans: the study of wealth is created and distributed
microeconomics
Ans: the study of the decisions made by individuals and
businesses
macroeconomics
Ans: the study of the national economy and the global
economy
economy
All rights reserved © 2025/ 2026 |
, Page |3
Ans: the way in which people deal with creation and
distribution of wealth
factors of production
Ans: resources used to produce goods and services
entrepreneur
Ans: a person who risks time, effort, and money to start and
operate a business
capitalism
Ans: an economic system in which individuals own and operate
the majority of businesses that provide goods and services
invisible hand
Ans: term created by Adam Smith to describe how an
individual's personal gain benefits others and a nation's
economy
market economy
All rights reserved © 2025/ 2026 |
Business 101 Chapters 1-5 (Cengage)
Questions and Correct Answers/ Latest
Update / Already Graded
free enterprise
Ans: the system of business in which individuals are free to
decide what to produce, how to produce it, and at what price to
sell it
cultural (workplace) diversity
Ans: differences among people in a workforce owing to race,
ethnicity, and gender
business
Ans: organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs
e-business
Ans: organized effort of individuals to produce and sell for a
profit, the goods and services that satisfy society's needs
through the facilities available on the internet
All rights reserved © 2025/ 2026 |
, Page |2
profit
Ans: what remains after all business expenses have been
deducted from sales revenue
stakeholders
Ans: all the different people or groups of people who are
affected by an organization's policies, decisions, and activities
economics
Ans: the study of wealth is created and distributed
microeconomics
Ans: the study of the decisions made by individuals and
businesses
macroeconomics
Ans: the study of the national economy and the global
economy
economy
All rights reserved © 2025/ 2026 |
, Page |3
Ans: the way in which people deal with creation and
distribution of wealth
factors of production
Ans: resources used to produce goods and services
entrepreneur
Ans: a person who risks time, effort, and money to start and
operate a business
capitalism
Ans: an economic system in which individuals own and operate
the majority of businesses that provide goods and services
invisible hand
Ans: term created by Adam Smith to describe how an
individual's personal gain benefits others and a nation's
economy
market economy
All rights reserved © 2025/ 2026 |
