BUS 110- CUMULATIVE FINAL EXAM (CHAPTER 1-14)
QUESTIONS WITH ACCURATE ANSWERS
Absolute and comparative advantage correct answer The producer that requires a
smaller quantity inputs to produce a good is said to have an absolute advantage in
producing that good. Comparative advantage refers to the ability of a party to
produce a particular good or service at a lower opportunity cost than another.
Accounting correct answer The process of planning, recording, analyzing, and
interpreting financial information.
Accounting Equation correct answer An equation showing the relationship among
assets, liabilities, and owner's equity
Advantages and disadvantages of business ownership correct answer Pros:
Independence, Lifestyle, Financial Rewards, Learning Opportunities, Creative
freedom. Cons: Financial Risk, Stress, Time commitment, Undesirable Duties
Assets, Liability, and Shareholder equity correct answer The companies total
amounts of assets, liability and shareholders equity.
Balance Sheet correct answer A financial statement that reports assets, liabilities,
and owner's equity on a specific date.
Break even analysis correct answer a method of determining what sales volume
must be reached before total revenue equals total costs
, Business plan correct answer a formal written document that describes the
nature of a business and how it will operate
Characteristics of a team correct answer -Communication
- Honesty
- Common purpose
- Trust
- Clarity of purpose
Corporate Social Responsibility correct answer Companies' acknowledged
responsibility to society
Corporations correct answer businesses that are owned by many investors who
buy shares of stock
Define Team correct answer small group of people with complementary skills who
are committed to a common purpose, performance goals, and approach for which
they hold themselves mutually accountable
Economics correct answer the branch of knowledge concerned with the
production, consumption, and transfer of wealth.
Entrepreneurship correct answer the process of starting, organizing, managing,
and assuming the responsibility for a business
QUESTIONS WITH ACCURATE ANSWERS
Absolute and comparative advantage correct answer The producer that requires a
smaller quantity inputs to produce a good is said to have an absolute advantage in
producing that good. Comparative advantage refers to the ability of a party to
produce a particular good or service at a lower opportunity cost than another.
Accounting correct answer The process of planning, recording, analyzing, and
interpreting financial information.
Accounting Equation correct answer An equation showing the relationship among
assets, liabilities, and owner's equity
Advantages and disadvantages of business ownership correct answer Pros:
Independence, Lifestyle, Financial Rewards, Learning Opportunities, Creative
freedom. Cons: Financial Risk, Stress, Time commitment, Undesirable Duties
Assets, Liability, and Shareholder equity correct answer The companies total
amounts of assets, liability and shareholders equity.
Balance Sheet correct answer A financial statement that reports assets, liabilities,
and owner's equity on a specific date.
Break even analysis correct answer a method of determining what sales volume
must be reached before total revenue equals total costs
, Business plan correct answer a formal written document that describes the
nature of a business and how it will operate
Characteristics of a team correct answer -Communication
- Honesty
- Common purpose
- Trust
- Clarity of purpose
Corporate Social Responsibility correct answer Companies' acknowledged
responsibility to society
Corporations correct answer businesses that are owned by many investors who
buy shares of stock
Define Team correct answer small group of people with complementary skills who
are committed to a common purpose, performance goals, and approach for which
they hold themselves mutually accountable
Economics correct answer the branch of knowledge concerned with the
production, consumption, and transfer of wealth.
Entrepreneurship correct answer the process of starting, organizing, managing,
and assuming the responsibility for a business
