BUS X100 FINAL EXAM QUESTIONS AND ANSWERS
Fundamental Business Resources (4) - CORRECT ANSWER✅✅✅Human, Material, Informational,
Financial
Economy of a capitalistic economic system is a _____________ - CORRECT ANSWER✅✅✅Mixed
economy
Economic system in which individuals own and operate a majority of the businesses - CORRECT
ANSWER✅✅✅Capitalism
Economy of a socialistic and communistic economic system is a ____________ - CORRECT
ANSWER✅✅✅Command Economy
Types of Competition (4) - CORRECT ANSWER✅✅✅Perfect, Monopolistic, Oligopoly, Monopoly
Competition utilizing product differentiation - CORRECT ANSWER✅✅✅Monopolistic Competition
Absolute Advantage - CORRECT ANSWER✅✅✅Ability to produce a specific product for efficiently
than any other nation
Comparative Advantage - CORRECT ANSWER✅✅✅Ability to produce a specific product more
efficiently than any other product
Tariff - CORRECT ANSWER✅✅✅Tax on imported goods
Business owned by a single owner; most popular form of business - CORRECT ANSWER✅✅✅Sole
Proprietorship
Domestic Corporation - CORRECT ANSWER✅✅✅A corporation that is known as in the state in which
it is incorporated
, LLC-Limited Liability Corporation - CORRECT ANSWER✅✅✅Form of business which is simple, owned
by one person, and has limited liability for the owner
Who is appointed by the Board of Directors in a corporate structure? - CORRECT ANSWER✅✅✅The
Officers
Planning - CORRECT ANSWER✅✅✅The first management function, all other functions rely upon it
Planning optimal for daily planning - CORRECT ANSWER✅✅✅Operational Planning
3-Step Delegation Process - CORRECT ANSWER✅✅✅Assign Responsibility, Grant Authority, Assign
Accountability
Maslow's Hierarchy of Needs - CORRECT ANSWER✅✅✅Physiological, Safety, Belongingness,
Esteem, Self-Actualization
Group-Think - CORRECT ANSWER✅✅✅main disadvantage of group decision-making, when
members of a team simply agree for the sake of agreeing
Level of Conflict for best group performance - CORRECT ANSWER✅✅✅optimal level of conflict
First Step in Decision Making Process - CORRECT ANSWER✅✅✅Recognize the need
Occupational Safety and Health Act (OSHA) - CORRECT ANSWER✅✅✅Act that regulates the degree
to which employees can be exposed to hazardous substances
Who are the primary users of accounting information? - CORRECT ANSWER✅✅✅Management
Types of Accounting (3) - CORRECT ANSWER✅✅✅Financial, Managerial, Tax
Fundamental Business Resources (4) - CORRECT ANSWER✅✅✅Human, Material, Informational,
Financial
Economy of a capitalistic economic system is a _____________ - CORRECT ANSWER✅✅✅Mixed
economy
Economic system in which individuals own and operate a majority of the businesses - CORRECT
ANSWER✅✅✅Capitalism
Economy of a socialistic and communistic economic system is a ____________ - CORRECT
ANSWER✅✅✅Command Economy
Types of Competition (4) - CORRECT ANSWER✅✅✅Perfect, Monopolistic, Oligopoly, Monopoly
Competition utilizing product differentiation - CORRECT ANSWER✅✅✅Monopolistic Competition
Absolute Advantage - CORRECT ANSWER✅✅✅Ability to produce a specific product for efficiently
than any other nation
Comparative Advantage - CORRECT ANSWER✅✅✅Ability to produce a specific product more
efficiently than any other product
Tariff - CORRECT ANSWER✅✅✅Tax on imported goods
Business owned by a single owner; most popular form of business - CORRECT ANSWER✅✅✅Sole
Proprietorship
Domestic Corporation - CORRECT ANSWER✅✅✅A corporation that is known as in the state in which
it is incorporated
, LLC-Limited Liability Corporation - CORRECT ANSWER✅✅✅Form of business which is simple, owned
by one person, and has limited liability for the owner
Who is appointed by the Board of Directors in a corporate structure? - CORRECT ANSWER✅✅✅The
Officers
Planning - CORRECT ANSWER✅✅✅The first management function, all other functions rely upon it
Planning optimal for daily planning - CORRECT ANSWER✅✅✅Operational Planning
3-Step Delegation Process - CORRECT ANSWER✅✅✅Assign Responsibility, Grant Authority, Assign
Accountability
Maslow's Hierarchy of Needs - CORRECT ANSWER✅✅✅Physiological, Safety, Belongingness,
Esteem, Self-Actualization
Group-Think - CORRECT ANSWER✅✅✅main disadvantage of group decision-making, when
members of a team simply agree for the sake of agreeing
Level of Conflict for best group performance - CORRECT ANSWER✅✅✅optimal level of conflict
First Step in Decision Making Process - CORRECT ANSWER✅✅✅Recognize the need
Occupational Safety and Health Act (OSHA) - CORRECT ANSWER✅✅✅Act that regulates the degree
to which employees can be exposed to hazardous substances
Who are the primary users of accounting information? - CORRECT ANSWER✅✅✅Management
Types of Accounting (3) - CORRECT ANSWER✅✅✅Financial, Managerial, Tax
