LSUS MBA 701 EXAM 1 NEWEST 2026 WITH QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED) | GRADED A+ | LATEST
UPDATE 2026/2027.
manager -CORRECTANSWER someone that directs resources to
achieve a goal
directs the efforts of others, purchases inputs used in the
production of the firms output, directs other decisions like the
product price and quality and construct incentives to induce
maximal effort from employees -CORRECTANSWER what does a
manager do?
economics -CORRECTANSWER the science of making decisions
in the presence of scarce resources
resources -CORRECTANSWER anything used to produce a good
or service or achieve a goal
, scarcity implies trade offs -CORRECTANSWER why are
decisions important in economics?
how many employees should be hired and how they should be
compensated, how many products to produce and sold at what
price, should a firm make or buy components of products -
CORRECTANSWER example of managerial accounting
identify goals and constraints, recognize the nature and
importance of profits, understand incentives, understand markets,
recognize the time value of money, use marginal analysis and
make data driven decisions -CORRECTANSWER the 7 principles
of effective managerial decision making
to maximize profits -CORRECTANSWER what should a firms
overall goal be?
CORRECT DETAILED ANSWERS (VERIFIED) | GRADED A+ | LATEST
UPDATE 2026/2027.
manager -CORRECTANSWER someone that directs resources to
achieve a goal
directs the efforts of others, purchases inputs used in the
production of the firms output, directs other decisions like the
product price and quality and construct incentives to induce
maximal effort from employees -CORRECTANSWER what does a
manager do?
economics -CORRECTANSWER the science of making decisions
in the presence of scarce resources
resources -CORRECTANSWER anything used to produce a good
or service or achieve a goal
, scarcity implies trade offs -CORRECTANSWER why are
decisions important in economics?
how many employees should be hired and how they should be
compensated, how many products to produce and sold at what
price, should a firm make or buy components of products -
CORRECTANSWER example of managerial accounting
identify goals and constraints, recognize the nature and
importance of profits, understand incentives, understand markets,
recognize the time value of money, use marginal analysis and
make data driven decisions -CORRECTANSWER the 7 principles
of effective managerial decision making
to maximize profits -CORRECTANSWER what should a firms
overall goal be?
