BUS 100 FINAL EXAM ACTUAL QUESTIONS AND ANSWERS
RATED A+
✔✔Offshoring: - ✔✔Shifting business functions to another country.
✔✔Outsourcing: - ✔✔Shifting business functions to another company.
✔✔Ethics: - ✔✔Beliefs about right and wrong, good and bad.
✔✔Ethical Dilemma: - ✔✔A decision that involves a conflict of values.
✔✔Corporate Social Responsibility: - ✔✔The obligation to contribute to society.
✔✔Sole Proprietorship: - ✔✔A form of business ownership with one owner actively
managing the company.
✔✔Partnership: - ✔✔A form of business ownership with two or more people acting as
co-owners.
✔✔Corporation: - ✔✔A form of business ownership recognized as a separate legal
entity.
✔✔Income Tax: - ✔✔A tax on wages earned.
✔✔General Partnership: - ✔✔A partnership where everyone manages the business and
share responsibility for debts.
✔✔Limited Partnership: - ✔✔A partnership where one partner only contributes funds
while the other manages the business.
✔✔Limited Liability: - ✔✔Not personally responsible for debts accrued by a business.
✔✔Limited Liability Corporation (LLC): - ✔✔A form of business ownership combining
flexible tax treatment with legal protections from a company's debts.
✔✔Board of Directors: - ✔✔Those elected by stockholders to represent their interests.
✔✔Dividend: - ✔✔Money paid to shareholders.
✔✔Retained Earnings: - ✔✔Reinvesting profit back into the company.
✔✔Merger: - ✔✔When two companies combine to form a single organization.
✔✔Acquisition: - ✔✔When a company buys all or part of another company.
, ✔✔Franchise: - ✔✔Purchasing the right to use another company's brand and business
methods.
✔✔Business Plan: - ✔✔An outline of a business's future objectives and strategies for
achieving them.
✔✔Venture Capitalists: - ✔✔Companies that invest in startup business in exchange for
ownership.
✔✔Angel Investors: - ✔✔Individuals who invest in startup businesses in exchange for
ownership.
✔✔Market: - ✔✔A meeting place for buyers and sellers.
✔✔Management: - ✔✔The functional area of business that coordinates the activities of
a business to achieve its goals.
✔✔Planning: - ✔✔When managers set organizational goals and outline how to achieve
them.
✔✔Organizing: - ✔✔When managers develop a structure for allocating human
resources.
✔✔Leading: - ✔✔When managers inspire people to be successful.
✔✔Controlling: - ✔✔When managers monitor performance and makes adjustments.
✔✔Mission Statement: - ✔✔An organization's core purpose.
✔✔SWOT Analysis: - ✔✔A technique for determining a company's competitive position.
✔✔Strategic Planning: - ✔✔Setting of long-term goals by top management.
✔✔Tactical Planning: - ✔✔Setting of short-term goals by middle management.
✔✔Operational Planning: - ✔✔Setting of work standards by Supervisory management.
✔✔Contingency Planning: - ✔✔Setting of backup plans in case the primary plans fail.
✔✔Technical Skills: - ✔✔The ability to perform specific tasks.
✔✔Human Skills: - ✔✔The ability to motivate and communicate effectively.
RATED A+
✔✔Offshoring: - ✔✔Shifting business functions to another country.
✔✔Outsourcing: - ✔✔Shifting business functions to another company.
✔✔Ethics: - ✔✔Beliefs about right and wrong, good and bad.
✔✔Ethical Dilemma: - ✔✔A decision that involves a conflict of values.
✔✔Corporate Social Responsibility: - ✔✔The obligation to contribute to society.
✔✔Sole Proprietorship: - ✔✔A form of business ownership with one owner actively
managing the company.
✔✔Partnership: - ✔✔A form of business ownership with two or more people acting as
co-owners.
✔✔Corporation: - ✔✔A form of business ownership recognized as a separate legal
entity.
✔✔Income Tax: - ✔✔A tax on wages earned.
✔✔General Partnership: - ✔✔A partnership where everyone manages the business and
share responsibility for debts.
✔✔Limited Partnership: - ✔✔A partnership where one partner only contributes funds
while the other manages the business.
✔✔Limited Liability: - ✔✔Not personally responsible for debts accrued by a business.
✔✔Limited Liability Corporation (LLC): - ✔✔A form of business ownership combining
flexible tax treatment with legal protections from a company's debts.
✔✔Board of Directors: - ✔✔Those elected by stockholders to represent their interests.
✔✔Dividend: - ✔✔Money paid to shareholders.
✔✔Retained Earnings: - ✔✔Reinvesting profit back into the company.
✔✔Merger: - ✔✔When two companies combine to form a single organization.
✔✔Acquisition: - ✔✔When a company buys all or part of another company.
, ✔✔Franchise: - ✔✔Purchasing the right to use another company's brand and business
methods.
✔✔Business Plan: - ✔✔An outline of a business's future objectives and strategies for
achieving them.
✔✔Venture Capitalists: - ✔✔Companies that invest in startup business in exchange for
ownership.
✔✔Angel Investors: - ✔✔Individuals who invest in startup businesses in exchange for
ownership.
✔✔Market: - ✔✔A meeting place for buyers and sellers.
✔✔Management: - ✔✔The functional area of business that coordinates the activities of
a business to achieve its goals.
✔✔Planning: - ✔✔When managers set organizational goals and outline how to achieve
them.
✔✔Organizing: - ✔✔When managers develop a structure for allocating human
resources.
✔✔Leading: - ✔✔When managers inspire people to be successful.
✔✔Controlling: - ✔✔When managers monitor performance and makes adjustments.
✔✔Mission Statement: - ✔✔An organization's core purpose.
✔✔SWOT Analysis: - ✔✔A technique for determining a company's competitive position.
✔✔Strategic Planning: - ✔✔Setting of long-term goals by top management.
✔✔Tactical Planning: - ✔✔Setting of short-term goals by middle management.
✔✔Operational Planning: - ✔✔Setting of work standards by Supervisory management.
✔✔Contingency Planning: - ✔✔Setting of backup plans in case the primary plans fail.
✔✔Technical Skills: - ✔✔The ability to perform specific tasks.
✔✔Human Skills: - ✔✔The ability to motivate and communicate effectively.
