BUS 2000 EXAM 1 QUESTIONS AND ANSWERS
Five Core Pillars of Business - CORRECT ANSWER✅✅1. Ethics
2. Quantitative Analytical Skills
3. Communications Skills
4. Information Literary Competencies
5. Global Awareness
Business - CORRECT ANSWER✅✅Any activity that seeks to provide goods and services to others while
operating at a profit.
Goods - CORRECT ANSWER✅✅Tangible Products
E.G - Computers, Food, Clothing, Cars, and Appliances.
Services - CORRECT ANSWER✅✅Intangible Products
E.G - Education, Health Care, Insurance, Recreation, and Travel or Tourism.
Entrepreneur - CORRECT ANSWER✅✅A person who risks time and money to start and manage a
business.
Revenue - CORRECT ANSWER✅✅The total amount of money a business takes in during a given period
by selling goods and services.
Expenses - CORRECT ANSWER✅✅Costs of selling products.
, Profit - CORRECT ANSWER✅✅The amount of money a business retains when its revenues are
subtracted by its expenses.
Loss - CORRECT ANSWER✅✅When a business's expenses are more than its revenues.
Risk - CORRECT ANSWER✅✅1. The chance an entrepreneur takes of losing time and money on a
business that may not prove profitable.
2. The chance of loss, the degree of probability of loss and the amount of possible loss.
Proprietorship - CORRECT ANSWER✅✅A business owned by one person. Has Unlimited Liability.
Partnership - CORRECT ANSWER✅✅A business owned by two or more persons. Has Unlimited Liability.
Corporation - CORRECT ANSWER✅✅A business separate from its owners/stockholders. Has Limited
Liability.
Privately Held - CORRECT ANSWER✅✅No public investments, fewer stockholders, not regulated by SEC.
Publicly Held - CORRECT ANSWER✅✅Public investment, more stockholders, regulated by the SEC.
Standard of Living - CORRECT ANSWER✅✅The amount of goods and services people can buy with the
money they have.
Quality of Life - CORRECT ANSWER✅✅The general well-being of society in terms of its political
freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add
to the satisfaction and joy that others goods and services provided.
Five Core Pillars of Business - CORRECT ANSWER✅✅1. Ethics
2. Quantitative Analytical Skills
3. Communications Skills
4. Information Literary Competencies
5. Global Awareness
Business - CORRECT ANSWER✅✅Any activity that seeks to provide goods and services to others while
operating at a profit.
Goods - CORRECT ANSWER✅✅Tangible Products
E.G - Computers, Food, Clothing, Cars, and Appliances.
Services - CORRECT ANSWER✅✅Intangible Products
E.G - Education, Health Care, Insurance, Recreation, and Travel or Tourism.
Entrepreneur - CORRECT ANSWER✅✅A person who risks time and money to start and manage a
business.
Revenue - CORRECT ANSWER✅✅The total amount of money a business takes in during a given period
by selling goods and services.
Expenses - CORRECT ANSWER✅✅Costs of selling products.
, Profit - CORRECT ANSWER✅✅The amount of money a business retains when its revenues are
subtracted by its expenses.
Loss - CORRECT ANSWER✅✅When a business's expenses are more than its revenues.
Risk - CORRECT ANSWER✅✅1. The chance an entrepreneur takes of losing time and money on a
business that may not prove profitable.
2. The chance of loss, the degree of probability of loss and the amount of possible loss.
Proprietorship - CORRECT ANSWER✅✅A business owned by one person. Has Unlimited Liability.
Partnership - CORRECT ANSWER✅✅A business owned by two or more persons. Has Unlimited Liability.
Corporation - CORRECT ANSWER✅✅A business separate from its owners/stockholders. Has Limited
Liability.
Privately Held - CORRECT ANSWER✅✅No public investments, fewer stockholders, not regulated by SEC.
Publicly Held - CORRECT ANSWER✅✅Public investment, more stockholders, regulated by the SEC.
Standard of Living - CORRECT ANSWER✅✅The amount of goods and services people can buy with the
money they have.
Quality of Life - CORRECT ANSWER✅✅The general well-being of society in terms of its political
freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add
to the satisfaction and joy that others goods and services provided.
