BUS X100 FINAL EXAMS
QUESTION AND
CORRECT ANSWERS
, BUS X100 FINAL EXAMS QUESTION AND CORRECT
ANSWERS
3-Step Delegation Process - Answer-Assign Responsibility, Grant Authority, Assign
Accountability
Absolute Advantage - Answer-Ability to produce a specific product for efficiently than any other
nation
Accounting Equation - Answer-Stockholder's Equity = assets - liabilities
Advantages of Small Business - Answer-Flexibility, Service, Specialization, Simplified,
Independence
Areas of Finance (3) - Answer-Financial Markets, Financial Institutions, Financial Management
Audience of Financial Accounting - Answer-Internal Officers and External investors and
consumers
Balance Sheet a.k.a - Answer-Statement of Financial Position
Benefits - Answer-Tangible and intangible things that are received in an exchange
Break-Even Equation - Answer-Total Fixed Costs/(Selling Price - Variable Cost)
Business Ethics - Answer-motivating force of business behavior
Business owned by a single owner; most popular form of business - Answer-Sole Proprietorship
Buying - Answer-obtaining raw materials and services to make products
Central Banking System - Answer-Board of Governors, Federal Open Market Committee, 12
Regional Federal Banks, Private US member regional banks
Character - Answer-Personal qualities that each us us can cultivate to help work ethically
Characteristics of Entrepreneurs - Answer-Vision, High Energy, Self-Confident, Optimism,
Creativity, Tolerance for Uncertainty, Tolerance for Failure
Characteristics of Money (5) - Answer-Divisibility, Portability, Stability, Durability, Difficulty of
Counterfeiting
Communal Culture - Answer-High Sociability, High Solidarity
Comparative Advantage - Answer-Ability to produce a specific product more efficiently than any
other product
Competition utilizing product differentiation - Answer-Monopolistic Competition
Consumer Products (3) - Answer-Convenience, Shopping, Specialty
QUESTION AND
CORRECT ANSWERS
, BUS X100 FINAL EXAMS QUESTION AND CORRECT
ANSWERS
3-Step Delegation Process - Answer-Assign Responsibility, Grant Authority, Assign
Accountability
Absolute Advantage - Answer-Ability to produce a specific product for efficiently than any other
nation
Accounting Equation - Answer-Stockholder's Equity = assets - liabilities
Advantages of Small Business - Answer-Flexibility, Service, Specialization, Simplified,
Independence
Areas of Finance (3) - Answer-Financial Markets, Financial Institutions, Financial Management
Audience of Financial Accounting - Answer-Internal Officers and External investors and
consumers
Balance Sheet a.k.a - Answer-Statement of Financial Position
Benefits - Answer-Tangible and intangible things that are received in an exchange
Break-Even Equation - Answer-Total Fixed Costs/(Selling Price - Variable Cost)
Business Ethics - Answer-motivating force of business behavior
Business owned by a single owner; most popular form of business - Answer-Sole Proprietorship
Buying - Answer-obtaining raw materials and services to make products
Central Banking System - Answer-Board of Governors, Federal Open Market Committee, 12
Regional Federal Banks, Private US member regional banks
Character - Answer-Personal qualities that each us us can cultivate to help work ethically
Characteristics of Entrepreneurs - Answer-Vision, High Energy, Self-Confident, Optimism,
Creativity, Tolerance for Uncertainty, Tolerance for Failure
Characteristics of Money (5) - Answer-Divisibility, Portability, Stability, Durability, Difficulty of
Counterfeiting
Communal Culture - Answer-High Sociability, High Solidarity
Comparative Advantage - Answer-Ability to produce a specific product more efficiently than any
other product
Competition utilizing product differentiation - Answer-Monopolistic Competition
Consumer Products (3) - Answer-Convenience, Shopping, Specialty
