BUS120 FINAL EXAM
Questions And Answers
A core goal for successful businesses is to deliver value to customers while
generating long-term profits.
✓~ True
Even though non-profit organizations are not in business for financial gain, they
are still businesses in every other sense.
✓~ True
Organizations generate long-term success by delivering unsurpassed value to
their customers.
✓~ True
Value is the relationship between the price of a good or a service and the
benefit that the service offers to the customer.
,✓~ True
Economic factors are not as important to non-profit organizations as they are
to for-profits.
✓~ True
The technological environment is less important to small business than it is to
large businesses.
✓~ False
For-profits are understandably less concerned about trends in the social
environment.
✓~ False
Non-profits have no need to be concerned about the competitive environment.
✓~ False
Small businesses have no need to be concerned about the global environment.
,✓~ False
Supply is defined as:
✓~ the quantity of products that a producer will make for a specific price.
Ann is a manager at a store than sells casual clothing and accessories for both
men and women. She notices that the jeans priced at $120 aren't selling very
well. She wants to increase sales of these jeans before next season. The
approach Ann should take to achieve this is:
✓~ lower the price of the jeans so that demand will increase.
Demand is defined as
✓~ the amount of products or services consumers are willing to pay at different
prices.
Fair competition among businesses:
✓~ drives higher quality and lower prices in capitalism.
, A basic characteristic of ______________________ is that both producers
and consumers are free to make their own economic decisions on many basic
issue.
✓~ capitalism.
_____________________ is an economic system based upon the principle that
the government should own and operate key enterprises that directly affect
public welfare.
✓~ Socialism
Which of the following is a difference between a socialist economic system and
a communist economic system?
✓~ Socialism controls social welfare. Communism controls almost everything.
To encourage fair competition and protect both consumers and workers, the
Federal Government:
✓~ creates regulations to intervene in the free market.
Questions And Answers
A core goal for successful businesses is to deliver value to customers while
generating long-term profits.
✓~ True
Even though non-profit organizations are not in business for financial gain, they
are still businesses in every other sense.
✓~ True
Organizations generate long-term success by delivering unsurpassed value to
their customers.
✓~ True
Value is the relationship between the price of a good or a service and the
benefit that the service offers to the customer.
,✓~ True
Economic factors are not as important to non-profit organizations as they are
to for-profits.
✓~ True
The technological environment is less important to small business than it is to
large businesses.
✓~ False
For-profits are understandably less concerned about trends in the social
environment.
✓~ False
Non-profits have no need to be concerned about the competitive environment.
✓~ False
Small businesses have no need to be concerned about the global environment.
,✓~ False
Supply is defined as:
✓~ the quantity of products that a producer will make for a specific price.
Ann is a manager at a store than sells casual clothing and accessories for both
men and women. She notices that the jeans priced at $120 aren't selling very
well. She wants to increase sales of these jeans before next season. The
approach Ann should take to achieve this is:
✓~ lower the price of the jeans so that demand will increase.
Demand is defined as
✓~ the amount of products or services consumers are willing to pay at different
prices.
Fair competition among businesses:
✓~ drives higher quality and lower prices in capitalism.
, A basic characteristic of ______________________ is that both producers
and consumers are free to make their own economic decisions on many basic
issue.
✓~ capitalism.
_____________________ is an economic system based upon the principle that
the government should own and operate key enterprises that directly affect
public welfare.
✓~ Socialism
Which of the following is a difference between a socialist economic system and
a communist economic system?
✓~ Socialism controls social welfare. Communism controls almost everything.
To encourage fair competition and protect both consumers and workers, the
Federal Government:
✓~ creates regulations to intervene in the free market.
