BUS 101 Exam #1 - Chapters 1-5 UPDATED
ACTUAL Exam Questions and CORRECT
Answers
tangible products - CORRECT ANSWER - goods (ex. shoes, vegetables, phones)
intangible products - CORRECT ANSWER - services (ex. health care, education)
mission statement - CORRECT ANSWER - powerful, short description of a business's
purpose; broadly focused to ensure endurance, and must be flexible
vision statement - CORRECT ANSWER - company's "road map"; points to future and
where business is trying to go
stakeholders - CORRECT ANSWER - All the people who stand to gain or lose by the
policies and activities of a business
primary stakeholders - CORRECT ANSWER - owners, employees, customers
scarce - CORRECT ANSWER - too few goods & resources to satisfy the wants of all
individuals
factors of production - CORRECT ANSWER - land, labor, capital, & entrepreneurial
ability (all scarce; limited in supply)
opportunity cost - CORRECT ANSWER - benefit, profit, value of something that must be
given up to acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost)
, positive incentive - CORRECT ANSWER - increases the benefit of making a decision,
making the choice more likely (ex. lowering a price)
negative incentive - CORRECT ANSWER - an incentive that either increases costs or
reduces benefits, making choice less likely (ex. a tax)
marginal - CORRECT ANSWER - what will be added to what was there before (ex.
marginal revenue is the additional $$ made by producing one more unit of a good/service)
positive sum game - CORRECT ANSWER - trading a good or service; creates new
wealth; buyer & seller are better off
framing - CORRECT ANSWER - the way a choice is posed to customer/decision-maker;
can significantly affect decisions and judgments.
SWOT analysis - CORRECT ANSWER - strengths, weaknesses, opportunities, threats
information technology - CORRECT ANSWER - systems, processes, & tools that enable
organizations to collect, store, retrieve, analyze, & share data/the info obtained from it
cookie - CORRECT ANSWER - file that a website you visit sends to your browser
(collects info)
big data - CORRECT ANSWER - describes customer purchasing habit data & their
analysis; the amount of data they contain & how quickly this data is gathered
cloud - CORRECT ANSWER - form of data storage & computing that is accessed via
Internet
ACTUAL Exam Questions and CORRECT
Answers
tangible products - CORRECT ANSWER - goods (ex. shoes, vegetables, phones)
intangible products - CORRECT ANSWER - services (ex. health care, education)
mission statement - CORRECT ANSWER - powerful, short description of a business's
purpose; broadly focused to ensure endurance, and must be flexible
vision statement - CORRECT ANSWER - company's "road map"; points to future and
where business is trying to go
stakeholders - CORRECT ANSWER - All the people who stand to gain or lose by the
policies and activities of a business
primary stakeholders - CORRECT ANSWER - owners, employees, customers
scarce - CORRECT ANSWER - too few goods & resources to satisfy the wants of all
individuals
factors of production - CORRECT ANSWER - land, labor, capital, & entrepreneurial
ability (all scarce; limited in supply)
opportunity cost - CORRECT ANSWER - benefit, profit, value of something that must be
given up to acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost)
, positive incentive - CORRECT ANSWER - increases the benefit of making a decision,
making the choice more likely (ex. lowering a price)
negative incentive - CORRECT ANSWER - an incentive that either increases costs or
reduces benefits, making choice less likely (ex. a tax)
marginal - CORRECT ANSWER - what will be added to what was there before (ex.
marginal revenue is the additional $$ made by producing one more unit of a good/service)
positive sum game - CORRECT ANSWER - trading a good or service; creates new
wealth; buyer & seller are better off
framing - CORRECT ANSWER - the way a choice is posed to customer/decision-maker;
can significantly affect decisions and judgments.
SWOT analysis - CORRECT ANSWER - strengths, weaknesses, opportunities, threats
information technology - CORRECT ANSWER - systems, processes, & tools that enable
organizations to collect, store, retrieve, analyze, & share data/the info obtained from it
cookie - CORRECT ANSWER - file that a website you visit sends to your browser
(collects info)
big data - CORRECT ANSWER - describes customer purchasing habit data & their
analysis; the amount of data they contain & how quickly this data is gathered
cloud - CORRECT ANSWER - form of data storage & computing that is accessed via
Internet
