1|Page
BUS 120 FINAL EXAM 2024 ACTUAL EXAM COMPLETE 250
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
A core goal for successful businesses is to deliver value to customers while generating long-term profits.
- ANSWER ✔✔-True
Even though non-profit organizations are not in business for financial gain, they are still businesses in
every other sense. - ANSWER ✔✔-True
Organizations generate long-term success by delivering unsurpassed value to their customers. -
ANSWER ✔✔-True
Value is the relationship between the price of a good or a service and the benefit that the service offers to
the customer. - ANSWER ✔✔-True
Economic factors are not as important to non-profit organizations as they are to for-profits. - ANSWER
✔✔-True
The technological environment is less important to small business than it is to large businesses. -
ANSWER ✔✔-False
For-profits are understandably less concerned about trends in the social environment. - ANSWER ✔✔-
False
Non-profits have no need to be concerned about the competitive environment. - ANSWER ✔✔-False
Small businesses have no need to be concerned about the global environment. - ANSWER ✔✔-False
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
,2|Page
Supply is defined as: - ANSWER ✔✔-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: - ANSWER ✔✔-lower the price of
the jeans so that demand will increase.
Demand is defined as - ANSWER ✔✔-the amount of products or services consumers are willing to pay at
different prices.
Fair competition among businesses: - ANSWER ✔✔-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. - ANSWER ✔✔-capitalism.
_____________________ is an economic system based upon the principle that the government should own
and operate key enterprises that directly affect public welfare. - ANSWER ✔✔-Socialism
Which of the following is a difference between a socialist economic system and a communist economic
system? - ANSWER ✔✔-Socialism controls social welfare. Communism controls almost everything.
To encourage fair competition and protect both consumers and workers, the Federal Government: -
ANSWER ✔✔-creates regulations to intervene in the free market.
Government regulations are likely to become stronger in the wake of the _____________________. -
ANSWER ✔✔-economic crisis like the Great Recession.
Fiscal policy refers to: - ANSWER ✔✔-government efforts to influence the economy through taxation and
spending.
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
, 3|Page
_______________________ refers to actions that shape the economy by influencing interest rates and the
supply of cash. - ANSWER ✔✔-Monetary policy.
The primary way that the Fed controls the supply of money is by: - ANSWER ✔✔-buying and selling
government securities in open market operations.
The amount of goods and services produced by an economy divided by the amount of resources used to
make those goods and services equals: - ANSWER ✔✔-productivity.
Capitalism, as an economic system, has many advantages and disadvantages. Describe some of these
advantages and disadvantages. - ANSWER ✔✔-The advantages with capitalism is: capitalism provides
customers with a choice, a huge deal of economic growth happens with capitalism, and naturally we are
compassionate when it comes to living in a capitalist society.
The disadvantages are: Inequality eventually occurs with capitalism, there is never a set pattern with
capitalism, and it always require consumption on order to be successful.
Economies have their advantages and disadvantages, as do free market economies. Why do global
economists believe that most global economic powers are moving towards "mixed economies"? -
ANSWER ✔✔-Global economists believe that most global economic powers are moving towards a
"mixed economy" because it will help eliminate any inequality, and provide a better advantage for us as a
society to work together in the business world. It also helps people enjoy their financial rewards and to
work hard and to gain a sense of pride.
Which of the following is an advantage of a sole proprietorship? - ANSWER ✔✔-Retention of control.
A key advantage of a sole proprietorship is that: - ANSWER ✔✔-it is easy and inexpensive to form this
type of business.
Tina is the owner of a dance studio. As a sole proprietor, any profit she earns is: - ANSWER ✔✔-treated
as a personal income of Tina.
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
BUS 120 FINAL EXAM 2024 ACTUAL EXAM COMPLETE 250
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
A core goal for successful businesses is to deliver value to customers while generating long-term profits.
- ANSWER ✔✔-True
Even though non-profit organizations are not in business for financial gain, they are still businesses in
every other sense. - ANSWER ✔✔-True
Organizations generate long-term success by delivering unsurpassed value to their customers. -
ANSWER ✔✔-True
Value is the relationship between the price of a good or a service and the benefit that the service offers to
the customer. - ANSWER ✔✔-True
Economic factors are not as important to non-profit organizations as they are to for-profits. - ANSWER
✔✔-True
The technological environment is less important to small business than it is to large businesses. -
ANSWER ✔✔-False
For-profits are understandably less concerned about trends in the social environment. - ANSWER ✔✔-
False
Non-profits have no need to be concerned about the competitive environment. - ANSWER ✔✔-False
Small businesses have no need to be concerned about the global environment. - ANSWER ✔✔-False
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
,2|Page
Supply is defined as: - ANSWER ✔✔-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: - ANSWER ✔✔-lower the price of
the jeans so that demand will increase.
Demand is defined as - ANSWER ✔✔-the amount of products or services consumers are willing to pay at
different prices.
Fair competition among businesses: - ANSWER ✔✔-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. - ANSWER ✔✔-capitalism.
_____________________ is an economic system based upon the principle that the government should own
and operate key enterprises that directly affect public welfare. - ANSWER ✔✔-Socialism
Which of the following is a difference between a socialist economic system and a communist economic
system? - ANSWER ✔✔-Socialism controls social welfare. Communism controls almost everything.
To encourage fair competition and protect both consumers and workers, the Federal Government: -
ANSWER ✔✔-creates regulations to intervene in the free market.
Government regulations are likely to become stronger in the wake of the _____________________. -
ANSWER ✔✔-economic crisis like the Great Recession.
Fiscal policy refers to: - ANSWER ✔✔-government efforts to influence the economy through taxation and
spending.
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
, 3|Page
_______________________ refers to actions that shape the economy by influencing interest rates and the
supply of cash. - ANSWER ✔✔-Monetary policy.
The primary way that the Fed controls the supply of money is by: - ANSWER ✔✔-buying and selling
government securities in open market operations.
The amount of goods and services produced by an economy divided by the amount of resources used to
make those goods and services equals: - ANSWER ✔✔-productivity.
Capitalism, as an economic system, has many advantages and disadvantages. Describe some of these
advantages and disadvantages. - ANSWER ✔✔-The advantages with capitalism is: capitalism provides
customers with a choice, a huge deal of economic growth happens with capitalism, and naturally we are
compassionate when it comes to living in a capitalist society.
The disadvantages are: Inequality eventually occurs with capitalism, there is never a set pattern with
capitalism, and it always require consumption on order to be successful.
Economies have their advantages and disadvantages, as do free market economies. Why do global
economists believe that most global economic powers are moving towards "mixed economies"? -
ANSWER ✔✔-Global economists believe that most global economic powers are moving towards a
"mixed economy" because it will help eliminate any inequality, and provide a better advantage for us as a
society to work together in the business world. It also helps people enjoy their financial rewards and to
work hard and to gain a sense of pride.
Which of the following is an advantage of a sole proprietorship? - ANSWER ✔✔-Retention of control.
A key advantage of a sole proprietorship is that: - ANSWER ✔✔-it is easy and inexpensive to form this
type of business.
Tina is the owner of a dance studio. As a sole proprietor, any profit she earns is: - ANSWER ✔✔-treated
as a personal income of Tina.
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
