Business Management 101 Exam With
Complete Solution Graded A+
Absolute Advantage - Answer When a country can produce something at the lowest
possible cost because of certain natural resources or aptitudes
Advertising - Answer Any PAID form of NONPERSONAL presentation and promotion of
ideas, goods, and services by an IDENTIFIABLE sponsor
Agents - Answer Middlemen who negotiate TITLE OF GOODS by bringing buyers and
sellers together, but never take TITLE of the goods.
Approach - Answer First contact with customer
Asset - Answer Anything that possesses monetary value owned by an individual. The
direct opposite of a liability.
Balance of Trade - Answer Between the nation's imports and exports, the difference in
value.
Balance Sheet - Answer The summary of liabilities, assets, and owner's equity of a
business.
Brand - A name, term, design, symbol, or combination of them, identifying a business or
organization and the products and services offered by it.
Break-even Point - The point at which the sales generated from any product are equal to
the manufacturing cost and distribution expenses of that particular product.
, Business Cycle - The process in which an economy is continuously slowing down and
growing with.
Business Plan Answer A plan that outlines a method of turning a business ideal into
reality.
Business Risk Answer A possible loss because of one or more factors over which an
individual or group has little or no control.
Capital Answer Goods, such as equipment of processed materials, used up in a
production process. Money invested to start and run a business.
Capitalism Answer An economic system through which businesses are privately owned
and openly compete in the marketplace.
Cash Flow Statement - Answer A month-to-month plan that shows when you expect cash
to come into the business and when you plan to spend cash.
Channels of Distribution - Answer The path which a product takes from producer or
manufacturer to final user.
Collateral - Answer Something of value given as security for a loan if the debt is
defaulted on.
Communication- The process of exchanging information, and ex ideas, and feelings
Break-even Point- The point at which sales revenue equals the cost and expenses of
making a particular product
Consumer- One who uses a product.
Complete Solution Graded A+
Absolute Advantage - Answer When a country can produce something at the lowest
possible cost because of certain natural resources or aptitudes
Advertising - Answer Any PAID form of NONPERSONAL presentation and promotion of
ideas, goods, and services by an IDENTIFIABLE sponsor
Agents - Answer Middlemen who negotiate TITLE OF GOODS by bringing buyers and
sellers together, but never take TITLE of the goods.
Approach - Answer First contact with customer
Asset - Answer Anything that possesses monetary value owned by an individual. The
direct opposite of a liability.
Balance of Trade - Answer Between the nation's imports and exports, the difference in
value.
Balance Sheet - Answer The summary of liabilities, assets, and owner's equity of a
business.
Brand - A name, term, design, symbol, or combination of them, identifying a business or
organization and the products and services offered by it.
Break-even Point - The point at which the sales generated from any product are equal to
the manufacturing cost and distribution expenses of that particular product.
, Business Cycle - The process in which an economy is continuously slowing down and
growing with.
Business Plan Answer A plan that outlines a method of turning a business ideal into
reality.
Business Risk Answer A possible loss because of one or more factors over which an
individual or group has little or no control.
Capital Answer Goods, such as equipment of processed materials, used up in a
production process. Money invested to start and run a business.
Capitalism Answer An economic system through which businesses are privately owned
and openly compete in the marketplace.
Cash Flow Statement - Answer A month-to-month plan that shows when you expect cash
to come into the business and when you plan to spend cash.
Channels of Distribution - Answer The path which a product takes from producer or
manufacturer to final user.
Collateral - Answer Something of value given as security for a loan if the debt is
defaulted on.
Communication- The process of exchanging information, and ex ideas, and feelings
Break-even Point- The point at which sales revenue equals the cost and expenses of
making a particular product
Consumer- One who uses a product.
