BUSINESS ESSENTIALS FINAL EXAM WELL
ANSWERED TO PASS TEST BANK 2026
UPDATED QUESTIONS WITH ANSWERS
GRADED A+
⩥ Integrity. Answer: Adhering to an established set of personal ethics
and sound moral principles; acting with honesty in all situations
⩥ Trustworthy. Answer: Reliable; deserving the confidence of others
⩥ Accountability. Answer: The condition of having to answer for or be
liable for your actions; accepting responsibility for your decisions
⩥ Transparency. Answer: The quality of being just as one seems; being
open and truthful when communicating
⩥ Fairness. Answer: The ability to make judgments without favoritism
or self-interest; engaging in fair competition and creating equal
relationships
⩥ Respect. Answer: Regard or esteem; honoring the rights, freedoms,
views, and property of others
,⩥ Rule of Law. Answer: Complying with laws and regulations
⩥ Viability. Answer: The long-term value of your choices
⩥ Consequence. Answer: The result of an action
⩥ Dilemma. Answer: A difficult situation in which you are required to
make a decision
⩥ Ethical dilemma. Answer: An issue in which you must decide whether
something is right or wrong; sometimes referred to as an ethical situation
⩥ Intuition. Answer: Instinct; gut feeling
⩥ Role model. Answer: A person whose behavior is imitated by others
⩥ Brick and mortar. Answer: A business that operates out of a physical
facility (instead of online)
⩥ Builders. Answer: A type of producer that constructs roads, bridges,
buildings, houses, etc
,⩥ Consumers. Answer: People who use goods and services to satisfy
their wants
⩥ E-tailers. Answer: Retailers who operate solely online
⩥ Manufacturer. Answer: A type of producer that changes the shapes or
forms of materials so that they will be useful to consumers
⩥ Producers. Answer: The people who make or provide goods and
services
⩥ Raw-goods producer. Answer: A type of producer that provides goods
in their natural state
⩥ Retailer. Answer: A business that buys consumer goods or services
and sells them to the ultimate consumer
⩥ Service business. Answer: A type of business that performs intangible
activities that satisfy the needs and wants of consumers or industrial
users
⩥ Social responsibility. Answer: The duty of business to contribute to
the well-being of society
, ⩥ Trade industries. Answer: Businesses that buy and sell goods to
others; retailers and wholesalers
⩥ Wholesalers. Answer: Intermediaries who help move goods between
producers and retailers by buying goods from producers and selling
them to retailers
⩥ Capital goods. Answer: Manufactured or constructed items that are
used in the production of goods and services
⩥ Consumer products. Answer: Products produced for personal
consumption
⩥ Consumption. Answer: The process or activity of using goods and
services; the economic process or activity of using goods and services
⩥ Demand. Answer: The quantity of a good or service that buyers are
ready to buy at a given price at a particular time
⩥ Distribution. Answer: The economic process or activity by which
income is divided among resource owners and producers
⩥ Economic goods. Answer: Physical objects that are useful, scarce, and
transferable and which satisfy economic wants
ANSWERED TO PASS TEST BANK 2026
UPDATED QUESTIONS WITH ANSWERS
GRADED A+
⩥ Integrity. Answer: Adhering to an established set of personal ethics
and sound moral principles; acting with honesty in all situations
⩥ Trustworthy. Answer: Reliable; deserving the confidence of others
⩥ Accountability. Answer: The condition of having to answer for or be
liable for your actions; accepting responsibility for your decisions
⩥ Transparency. Answer: The quality of being just as one seems; being
open and truthful when communicating
⩥ Fairness. Answer: The ability to make judgments without favoritism
or self-interest; engaging in fair competition and creating equal
relationships
⩥ Respect. Answer: Regard or esteem; honoring the rights, freedoms,
views, and property of others
,⩥ Rule of Law. Answer: Complying with laws and regulations
⩥ Viability. Answer: The long-term value of your choices
⩥ Consequence. Answer: The result of an action
⩥ Dilemma. Answer: A difficult situation in which you are required to
make a decision
⩥ Ethical dilemma. Answer: An issue in which you must decide whether
something is right or wrong; sometimes referred to as an ethical situation
⩥ Intuition. Answer: Instinct; gut feeling
⩥ Role model. Answer: A person whose behavior is imitated by others
⩥ Brick and mortar. Answer: A business that operates out of a physical
facility (instead of online)
⩥ Builders. Answer: A type of producer that constructs roads, bridges,
buildings, houses, etc
,⩥ Consumers. Answer: People who use goods and services to satisfy
their wants
⩥ E-tailers. Answer: Retailers who operate solely online
⩥ Manufacturer. Answer: A type of producer that changes the shapes or
forms of materials so that they will be useful to consumers
⩥ Producers. Answer: The people who make or provide goods and
services
⩥ Raw-goods producer. Answer: A type of producer that provides goods
in their natural state
⩥ Retailer. Answer: A business that buys consumer goods or services
and sells them to the ultimate consumer
⩥ Service business. Answer: A type of business that performs intangible
activities that satisfy the needs and wants of consumers or industrial
users
⩥ Social responsibility. Answer: The duty of business to contribute to
the well-being of society
, ⩥ Trade industries. Answer: Businesses that buy and sell goods to
others; retailers and wholesalers
⩥ Wholesalers. Answer: Intermediaries who help move goods between
producers and retailers by buying goods from producers and selling
them to retailers
⩥ Capital goods. Answer: Manufactured or constructed items that are
used in the production of goods and services
⩥ Consumer products. Answer: Products produced for personal
consumption
⩥ Consumption. Answer: The process or activity of using goods and
services; the economic process or activity of using goods and services
⩥ Demand. Answer: The quantity of a good or service that buyers are
ready to buy at a given price at a particular time
⩥ Distribution. Answer: The economic process or activity by which
income is divided among resource owners and producers
⩥ Economic goods. Answer: Physical objects that are useful, scarce, and
transferable and which satisfy economic wants
