Business 120 Final Exam Questions Answered Correctly Latest Update 2026

BUSINESS 120 FINAL EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 The four primary functions of management are - Answers Planning, organizing, leading and controlling ______ can be produced independently of the consumer and then stored and shipped - Answers goods ______ refers to computer programs that provide instructions for a computer to execute a desired task - Answers software ______ refers to the physical components used to collect, store, organize, and process data and to distribute information - Answers hardware The Fair Labor Standards Act of 1938 established a minimum wage and overtime pay for employees working - Answers More than 40 hours a week ______ include compensation such as health insurance, sick leave, and childcare or eldercare programs offered to an employer's workers - Answers benefits ______ refers to the combination of pay and benefits that employees receive in exchange for their work - Answers compensation ______ are consumed when and where they are produced and they often require the customer to be actively involved in their production - Answers services A ______ measures the ability to pay short-term liabilities as they come due - Answers liquidity ratio The majority of businesses today are formed as ______ - Answers sole proprietorships Stockholders are ______ of a corporation. They have the right to vote on issues affecting the operation of the business - Answers owners ______ are professionally managed funds that pool the contributions of thousands of investors - Answers mutual funds The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the - Answers franchisee In communication, the term ______ refers to any interference that causes the message received by the audience to be different from the sender's intended message - Answers noise ______ are what the firm owes its creditors - Answers liabilities ______ are wealthy individuals who invest in new and growing firms - Answers angel investors ______ are companies that invest in start-up businesses with high growth potential in exchange for an ownership stake - Answers venture capital firms A key advantage of a corporation is that - Answers the owners maintain limited liability The ______ is an index based on the adjusted average price of stocks of 30 major corporations picked by editors of the Wall Street Journal - Answers Dow Jones Industrial Average Economics is divided into two core areas of study known as - Answers macroeconomics and microeconomics Imports and exports enhance international trade, while creating growing opportunities for nations. Which of the following is NOT a benefit of global trade? - Answers less competition Entrepreneurs are commonly characterized as - Answers risk takers and decision makers The goal of _____ is to meet the needs of the current generation without harming the ability of future generations to meet their needs - Answers sustainable development ______ is the most basic level of international market development and involved shipping domestically produced products overseas - Answers exporting A ______ is any activity that provides goods and services in an effort to earn a profit - Answers business The process whereby a company promotes environmentally friendly products as a benefit to its customers is known as - Answers green marketing Today the economies of virtually all nations would be classified as - Answers mixed economies As competition has become truly global, free trade has resulted in _____ prices and ______ quality across virtually every product category - Answers lower, higher The items included in the Consumer Price Index (CPI) "market basket" are chosen to represent - Answers goods and services bought by the average consumer The relationship era introduced the idea - Answers that cultivating current customers is more profitable than constantly seeking new ones Costs that fluctuate based on production levels achieved are called _____ costs - Answers variable Douglas McGregor proposed that managers should use _____ assumptions in order to capitalize on the intelligence of the workers they supervise - Answers theory Y In 2002, the United States steel industry lobbied the United States government to place a tax on the importation of foreign produced steel. The goal was to make imported foreign steel more expensive giving economic relief to U.S. steel producers. The United States steel industry received a(n) - Answers tariff Microsoft Word, Quicken, and MS Publisher are examples of _____, used broadly across large and small businesses - Answers horizontal market software Stakeholders are - Answers groups or individuals with a personal interest in the performance and actions of a business SWOT is the acronym for - Answers strengths, weaknesses, opportunities, and threats