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INTRO TO BUSINESS UPDATED ACTUAL EXAM QUESTIONS CORRECT ANSWERS GRADED A PLUS

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INTRO TO BUSINESS UPDATED ACTUAL EXAM QUESTIONS CORRECT ANSWERS GRADED A PLUS

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INTRO TO BUSINESS UPDATED ACTUAL EXAM QUESTIONS CORRECT ANSWERS GRADED A
PLUS




● Entrepreneur: Answer: takes risks to start/manage a business


● Revenue vs. Profit vs. Loss: Answer: Revenue: total income from
sales.
Profit: revenue - expenses.
Loss: when expenses > revenue.


● Standard of living: Answer: goods/services people can afford.


● Quality of life: Answer: well-being (freedom, safety, health).


● Stakeholders: Answer: all affected by business decisions.


● Outsourcing vs. Insourcing: Answer: shifting tasks abroad vs.
Bringing them back.


● Factors of production: Answer: land, labor, capital, entrepreneurship,
knowledge.

, ● Business environment: Answer: Economic/legal
Technological
Competitive
Social
Global


● Capitalism (free market): Answer: :Private ownership/ Four rights:
property, profit, competition, choice


● Socialism: Answer: High taxes, government controls key industries/
Pros: equality, free education/healthcare/ Cons: less innovation, "brain
drain"


● Communism: Answer: Gov't controls all/ Often leads to shortages and
low innovation


● Invisible hand (Adam Smith): Answer: self-interest = economic
benefit for all.


● Supply/demand: Answer: determines prices in the free market.


● Market price: Answer: where supply = demand.

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