BUS X100 – Final Exam, 2026 – Fully Answered Practice Questions
Fundamental Business Resources (4) - ANS✔✔ Human, Material, Informational, Financial
Economy of a capitalistic economic system is a _____________ - ANS✔✔ Mixed economy
Economic system in which individuals own and operate a majority of the businesses - ANS✔✔
Capitalism
Economy of a socialistic and communistic economic system is a ____________ - ANS✔✔
Command Economy
Types of Competition (4) - ANS✔✔ Perfect, Monopolistic, Oligopoly, Monopoly
Competition utilizing product differentiation - ANS✔✔ Monopolistic Competition
Absolute Advantage - ANS✔✔ Ability to produce a specific product for efficiently than any other
nation
Comparative Advantage - ANS✔✔ Ability to produce a specific product more efficiently than any
other product
Tariff - ANS✔✔ Tax on imported goods
Business owned by a single owner; most popular form of business - ANS✔✔ Sole Proprietorship
, Domestic Corporation - ANS✔✔ A corporation that is known as in the state in which it is
incorporated
LLC-Limited Liability Corporation - ANS✔✔ Form of business which is simple, owned by one
person, and has limited liability for the owner
Who is appointed by the Board of Directors in a corporate structure? - ANS✔✔ The Officers
Planning - ANS✔✔ The first management function, all other functions rely upon it
Planning optimal for daily planning - ANS✔✔ Operational Planning
3-Step Delegation Process - ANS✔✔ Assign Responsibility, Grant Authority, Assign
Accountability
Maslow's Hierarchy of Needs - ANS✔✔ Physiological, Safety, Belongingness, Esteem, Self-
Actualization
Group-Think - ANS✔✔ main disadvantage of group decision-making, when members of a team
simply agree for the sake of agreeing
Level of Conflict for best group performance - ANS✔✔ optimal level of conflict
First Step in Decision Making Process - ANS✔✔ Recognize the need
Occupational Safety and Health Act (OSHA) - ANS✔✔ Act that regulates the degree to which
employees can be exposed to hazardous substances
Fundamental Business Resources (4) - ANS✔✔ Human, Material, Informational, Financial
Economy of a capitalistic economic system is a _____________ - ANS✔✔ Mixed economy
Economic system in which individuals own and operate a majority of the businesses - ANS✔✔
Capitalism
Economy of a socialistic and communistic economic system is a ____________ - ANS✔✔
Command Economy
Types of Competition (4) - ANS✔✔ Perfect, Monopolistic, Oligopoly, Monopoly
Competition utilizing product differentiation - ANS✔✔ Monopolistic Competition
Absolute Advantage - ANS✔✔ Ability to produce a specific product for efficiently than any other
nation
Comparative Advantage - ANS✔✔ Ability to produce a specific product more efficiently than any
other product
Tariff - ANS✔✔ Tax on imported goods
Business owned by a single owner; most popular form of business - ANS✔✔ Sole Proprietorship
, Domestic Corporation - ANS✔✔ A corporation that is known as in the state in which it is
incorporated
LLC-Limited Liability Corporation - ANS✔✔ Form of business which is simple, owned by one
person, and has limited liability for the owner
Who is appointed by the Board of Directors in a corporate structure? - ANS✔✔ The Officers
Planning - ANS✔✔ The first management function, all other functions rely upon it
Planning optimal for daily planning - ANS✔✔ Operational Planning
3-Step Delegation Process - ANS✔✔ Assign Responsibility, Grant Authority, Assign
Accountability
Maslow's Hierarchy of Needs - ANS✔✔ Physiological, Safety, Belongingness, Esteem, Self-
Actualization
Group-Think - ANS✔✔ main disadvantage of group decision-making, when members of a team
simply agree for the sake of agreeing
Level of Conflict for best group performance - ANS✔✔ optimal level of conflict
First Step in Decision Making Process - ANS✔✔ Recognize the need
Occupational Safety and Health Act (OSHA) - ANS✔✔ Act that regulates the degree to which
employees can be exposed to hazardous substances
