BUS 1O1/102/202
BUS/110.
BUSINESS
wiseman 2026/2027 BUSINESS
, BUS 101 Exam questions with correct
answers 2026/2027 Edition Graded A+
business
A catchall term that refers to both for-profit and nonprofit
organizations that provide goods and services to others.
Goods
Goods are tangible products. Examples include tomatoes, shoes, and
iPhones.
Services
Intangible products - meaning the product cannot be held in your
hand - are called services. Examples include education, health care,
and made services.
Revenue
The income generated from sale of goods or services, or any other use
of capital or assets, associated with the main operations of an
organization before any costs or expenses are deducted.
Expenses
Businesses incur expenses from producing goods and services.
Profit
The amount of money a business earns in revenue in excess of its
expense
Loss
, Occurs when expenses are greater than revenue.
For-profit businesses
For-profit businesses seek to earn profit for their owners while
providing goods and services. Examples include Exxon Mobile, IKEA,
and Apple.
Nonprofit businesses
Nonprofit businesses seek to maximize a primary objective rather
than profit while providing goods and services.
Entrepreneur
A person willing to risk time and money to start and manage a
business.
SWOT Analysis
Involves examining the business's internal strengths, internal
weaknesses, external opportunities, and external threats.
Core competency
Is a unique ability that a business acquires from its founders that
cannot be easily imitated.
Mission Statement
A formal summary of the aims and values of a company, organization,
or individual.
Vision statement
Avision statementis a company's road map, indicating both what the
company wants to become and guiding transformational initiatives by
setting adefineddirection for the company's growth.
Stakeholder
BUS/110.
BUSINESS
wiseman 2026/2027 BUSINESS
, BUS 101 Exam questions with correct
answers 2026/2027 Edition Graded A+
business
A catchall term that refers to both for-profit and nonprofit
organizations that provide goods and services to others.
Goods
Goods are tangible products. Examples include tomatoes, shoes, and
iPhones.
Services
Intangible products - meaning the product cannot be held in your
hand - are called services. Examples include education, health care,
and made services.
Revenue
The income generated from sale of goods or services, or any other use
of capital or assets, associated with the main operations of an
organization before any costs or expenses are deducted.
Expenses
Businesses incur expenses from producing goods and services.
Profit
The amount of money a business earns in revenue in excess of its
expense
Loss
, Occurs when expenses are greater than revenue.
For-profit businesses
For-profit businesses seek to earn profit for their owners while
providing goods and services. Examples include Exxon Mobile, IKEA,
and Apple.
Nonprofit businesses
Nonprofit businesses seek to maximize a primary objective rather
than profit while providing goods and services.
Entrepreneur
A person willing to risk time and money to start and manage a
business.
SWOT Analysis
Involves examining the business's internal strengths, internal
weaknesses, external opportunities, and external threats.
Core competency
Is a unique ability that a business acquires from its founders that
cannot be easily imitated.
Mission Statement
A formal summary of the aims and values of a company, organization,
or individual.
Vision statement
Avision statementis a company's road map, indicating both what the
company wants to become and guiding transformational initiatives by
setting adefineddirection for the company's growth.
Stakeholder
