MBA 5113 Business Foundations Exam #1 Review
Questions With All Correct Answers
1. Business Any activity that provides goods or services to
consumers for the purpose of making a profit
2. 3 Participant Roles in a business Owners, Employees, Customers
3. Owner's role in a business Invest Money and organize business ideas and bring
re-
sources together
4. Employee's role in a business hired by owners to work for the business and help
achieve
owner's goals
5. Customer's role in a businessUltimate goal of owners and employees is to satisfy cu
tomers
6. Balanced Scorecard Framework to provide a "Balance" between financial an
other measures that are important for sustained long term
performance. - Out of Harvard
7. What are the 4 dimensions Financial, Customer, Internal Business Process,
in a Balanced Scorecard Learning & Growth
8. Triple Bottom Line Scorecard with the framework for Social Responsibility
adopted by companies such as "Starbucks & Ben &
Jerry's"
9. 3 key Elements in the Triple bot- People, Planet, Profit
tom line include
10. "People" in the Triple Social Concerns
Bottom Line
11. "Planet" in the Triple Environmental Concerns
Bottom Line
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28
,MBA 5113 Business Foundations Exam #1 Review
Questions With All Correct Answers
12. "Profit" in the triple bottom line Economic Concerns
2/
28
, MBA 5113 Business Foundations Exam #1 Review
Questions With All Correct Answers
13. Tree Diagram Decision tool that calculates probability to record all
possi- ble outcomes/ alternatives - "Calculated Risk"
tool for deci- sion making
14. Economic Profits = Total Revenue
-(Explicit Decisions)
-(Implicit Decisions)
15. Accounting Profits = Total Revenue
-(Explicit Decisions)
16. Implicit Costs Economic Opportunity Costs
17. Explicit Costs Accounting Costs such as Fixed & Variable Assets
18. Economic Profit is used for Making business decisions
19. Examples of Implicit Costs Interest Foregone, Wage Foregone, Rent Foregone
20. Accounting Profit Track Financial Performance
21. Ceteris Paribus Only 1 variable is changing EVERYTHING ELSE IS
HELD CON- STANT/ EQUAL.
22. 3 Basic Economic Questions WHAT, HOW, for WHO - to produce
23. Production Possibilities The alternative combination of goods & services that
could
be produced in a given period of time.
24. 4 factors of Production Land, Labor, Capital, Entrepreneurship
25. Land All natural resources to produce goods and services
26. Labor # of skilled workers to complete task
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28
Questions With All Correct Answers
1. Business Any activity that provides goods or services to
consumers for the purpose of making a profit
2. 3 Participant Roles in a business Owners, Employees, Customers
3. Owner's role in a business Invest Money and organize business ideas and bring
re-
sources together
4. Employee's role in a business hired by owners to work for the business and help
achieve
owner's goals
5. Customer's role in a businessUltimate goal of owners and employees is to satisfy cu
tomers
6. Balanced Scorecard Framework to provide a "Balance" between financial an
other measures that are important for sustained long term
performance. - Out of Harvard
7. What are the 4 dimensions Financial, Customer, Internal Business Process,
in a Balanced Scorecard Learning & Growth
8. Triple Bottom Line Scorecard with the framework for Social Responsibility
adopted by companies such as "Starbucks & Ben &
Jerry's"
9. 3 key Elements in the Triple bot- People, Planet, Profit
tom line include
10. "People" in the Triple Social Concerns
Bottom Line
11. "Planet" in the Triple Environmental Concerns
Bottom Line
1/
28
,MBA 5113 Business Foundations Exam #1 Review
Questions With All Correct Answers
12. "Profit" in the triple bottom line Economic Concerns
2/
28
, MBA 5113 Business Foundations Exam #1 Review
Questions With All Correct Answers
13. Tree Diagram Decision tool that calculates probability to record all
possi- ble outcomes/ alternatives - "Calculated Risk"
tool for deci- sion making
14. Economic Profits = Total Revenue
-(Explicit Decisions)
-(Implicit Decisions)
15. Accounting Profits = Total Revenue
-(Explicit Decisions)
16. Implicit Costs Economic Opportunity Costs
17. Explicit Costs Accounting Costs such as Fixed & Variable Assets
18. Economic Profit is used for Making business decisions
19. Examples of Implicit Costs Interest Foregone, Wage Foregone, Rent Foregone
20. Accounting Profit Track Financial Performance
21. Ceteris Paribus Only 1 variable is changing EVERYTHING ELSE IS
HELD CON- STANT/ EQUAL.
22. 3 Basic Economic Questions WHAT, HOW, for WHO - to produce
23. Production Possibilities The alternative combination of goods & services that
could
be produced in a given period of time.
24. 4 factors of Production Land, Labor, Capital, Entrepreneurship
25. Land All natural resources to produce goods and services
26. Labor # of skilled workers to complete task
3/
28
