Book Title:
Author(s):
Some examples from this set of practice questions
1.
Product
Answer: A good or service with tangible and intangible characteristics that provide satisfaction and benefits.
2.
Business
Answer: Individuals or organizations who try to earn a profit by providing products that satisfy people’s needs.
3.
Profit
Answer: The difference between what it costs to make and sell a product and what the customer pays for it.
4.
Nonprofit Organization
Answer: Organizations that may provide goods or services but do not have the fundamental purpose of earning profits.
5.
Stakeholders
Answer: Groups that have a stake in the success and outcome of a business.
Some examples from this set of practice questions
1.
Business Ethics
Answer: The principles and standards that determine acceptable conduct in business.
2.
Social Responsibilit
Answer: A business’s obligation to maximize its positive impact and minimize its negative impact on society
3.
Business Law
Answer: Refers to the laws and regulations that govern the conduct of business.
4.
Ethical Issue
Answer: An identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical.
5.
Bribes
Answer: Payments, gifts, or special favors intended to influence the outcome.
Some examples from this set of practice questions
1.
International Business
Answer: The buying, selling, and trading of goods and services across national boundaries.
2.
Absolute Advantage
Answer: A monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient producer of an item.
3.
Comparative Advantage
Answer: The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items.
4.
Outsourcing
Answer: The transferring of manufacturing or other tasks-- such as data processing-- to countries where labor and supplies are less expensive
5.
Exporting
Answer: The sale of goods and services to foreign markets
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