BUSG 129 Midterm Exam Questions and Answers Already Passed
true - Answers A company has competitive advantage when its products are more appealing to its
chosen customers.
false - Answers In a free-market economy, companies generally have limited autonomy in deciding
which customers they want to focus on and how they want to compete.
false - Answers Profit refers to the money the company brings in through the sale of goods and services.
true - Answers True professionals avoid committing ethical lapses.
labor-intensive - Answers A business that relies on human resources more than on buildings, machinery,
material resources, and land would be a ________ business.
business model - Answers A _______ is a framework of how a business intends to generate revenue
motivate and train diverse workforces - Answers An HR specialist is most likely to be responsible for
which of the following activities?
A) motivate and train diverse workforces
B) production engineering
C) design, implement, and maintain information
systems
D) lodge the annual tax returns for the company
E) verify the financial reports of public companies
true - Answers HR specialist and managers plan and direct human resource activities that include
recruiting training and development compensation and benefits employee and labor relations and
health and safety.
false - Answers Assets refer to the tangible economic resources owned by a firm.
marketing - Answers Creating branding and advertising strategies to communicate with potential
customers and setting prices, identifying opportunities in the marketplace, and working with R&D to
develop the products to address those opportunities would fall under the ________ function of a
business.
true - Answers marketing is charged with identifying opportunities in the marketplace working with
research and development to develop their products to address those opportunities creating branding
and advertising strategies to communicate with potential customers and setting prices.
, capital-intensive - Answers Businesses that need very large amounts of money, equipment, land and
other material resources in order to get started and continue to operate are ________ businesses.
true - Answers A business mindset is a view of business that considers the various decisions a business
has to make as well as the challenges that it must overcome in order to be successful.
true - Answers Businesses add value by transforming lower-value inputs (like paper and ink) into higher-
value outputs (like textbooks).
true - Answers Companies that sell shares of stock to the public are required to have their financial
records audited by an outside accounting firm.
true - Answers Dependability includes meeting your commitments, such as staying on schedule and
within budgets.
true - Answers Capitalism is a term used to describe the free-market system, one in which private
parties own and operate the majority of businesses and where competition, supply, and demand
determine which goods and services are produced.
true - Answers Economics is the study of how a society uses its scarce resources to produce and
distribute goods and services to its citizens.
prices are set by the government mandate - Answers In a regulated monopoly, ________.
true - Answers In practice, no economy is truly a free-market economy.
decreases the purchasing power of consumers - Answers Inflation is a major concern for consumers,
businesses, and government leaders because it ________.
true - Answers Leading economic indicators suggest changes that may happen in the economy in the
future.
economic behavior among consumers, businesses, and industries that collectively determine the quality
of goods and services demanded and supplied at different prices - Answers Microeconomics is the study
of ________.
the quantity that the sellers are willing to supply rises with increase in prices - Answers Movement along
the supply curve typically slopes upward because ________.
true - Answers movement along the supply curve typically slopes upward as prices rise the quantity the
sellers are willing to supply also rises. similarly as the prices to climb the quantity of the sellers are
willing to supply declines.
leading - Answers Retail sales, on the day after Thanksgiving, are usually a good indicator of overall retail
sales for the Christmas season. This is an example of a ________ indicator.
true - Answers A company has competitive advantage when its products are more appealing to its
chosen customers.
false - Answers In a free-market economy, companies generally have limited autonomy in deciding
which customers they want to focus on and how they want to compete.
false - Answers Profit refers to the money the company brings in through the sale of goods and services.
true - Answers True professionals avoid committing ethical lapses.
labor-intensive - Answers A business that relies on human resources more than on buildings, machinery,
material resources, and land would be a ________ business.
business model - Answers A _______ is a framework of how a business intends to generate revenue
motivate and train diverse workforces - Answers An HR specialist is most likely to be responsible for
which of the following activities?
A) motivate and train diverse workforces
B) production engineering
C) design, implement, and maintain information
systems
D) lodge the annual tax returns for the company
E) verify the financial reports of public companies
true - Answers HR specialist and managers plan and direct human resource activities that include
recruiting training and development compensation and benefits employee and labor relations and
health and safety.
false - Answers Assets refer to the tangible economic resources owned by a firm.
marketing - Answers Creating branding and advertising strategies to communicate with potential
customers and setting prices, identifying opportunities in the marketplace, and working with R&D to
develop the products to address those opportunities would fall under the ________ function of a
business.
true - Answers marketing is charged with identifying opportunities in the marketplace working with
research and development to develop their products to address those opportunities creating branding
and advertising strategies to communicate with potential customers and setting prices.
, capital-intensive - Answers Businesses that need very large amounts of money, equipment, land and
other material resources in order to get started and continue to operate are ________ businesses.
true - Answers A business mindset is a view of business that considers the various decisions a business
has to make as well as the challenges that it must overcome in order to be successful.
true - Answers Businesses add value by transforming lower-value inputs (like paper and ink) into higher-
value outputs (like textbooks).
true - Answers Companies that sell shares of stock to the public are required to have their financial
records audited by an outside accounting firm.
true - Answers Dependability includes meeting your commitments, such as staying on schedule and
within budgets.
true - Answers Capitalism is a term used to describe the free-market system, one in which private
parties own and operate the majority of businesses and where competition, supply, and demand
determine which goods and services are produced.
true - Answers Economics is the study of how a society uses its scarce resources to produce and
distribute goods and services to its citizens.
prices are set by the government mandate - Answers In a regulated monopoly, ________.
true - Answers In practice, no economy is truly a free-market economy.
decreases the purchasing power of consumers - Answers Inflation is a major concern for consumers,
businesses, and government leaders because it ________.
true - Answers Leading economic indicators suggest changes that may happen in the economy in the
future.
economic behavior among consumers, businesses, and industries that collectively determine the quality
of goods and services demanded and supplied at different prices - Answers Microeconomics is the study
of ________.
the quantity that the sellers are willing to supply rises with increase in prices - Answers Movement along
the supply curve typically slopes upward because ________.
true - Answers movement along the supply curve typically slopes upward as prices rise the quantity the
sellers are willing to supply also rises. similarly as the prices to climb the quantity of the sellers are
willing to supply declines.
leading - Answers Retail sales, on the day after Thanksgiving, are usually a good indicator of overall retail
sales for the Christmas season. This is an example of a ________ indicator.
