BUS 101 Exam #1 - Chapters 1-5 questions with
verified answers
4 functions of management Ans✓✓✓planning, organizing, leading,
controlling
backward vertical integration Ans✓✓✓manufacturing own products
(ex. Rolex)
big data Ans✓✓✓describes customer purchasing habit data & their
analysis; the amount of data they contain & how quickly this data is
gathered
business analytics*** Ans✓✓✓used to convert massive data amounts
into info that can be used to meet customer needs more fully; involves
building analysis models + stimulants to create scenarios, predict future
states, & understand realities
business cycle Ans✓✓✓unpredictable fluctuations in economic activity
centralization Ans✓✓✓concentration of management & decision
making @ top of organization's hierarchy
centralized Ans✓✓✓decisions made at the top
, centrally planned economy Ans✓✓✓primarily government controlled
organizations (North Korea)
ceteris paribus ("all else equal") condition Ans✓✓✓the requirement
that when analyzing the relationship between two variables—such as
price and quantity demanded—other variables must be held constant.
cloud Ans✓✓✓form of data storage & computing that is accessed via
Internet
code of ethics Ans✓✓✓minimizes uncertainty regarding the decisions
that employees may encounter when faced with ethical dilemmas
complementary goods Ans✓✓✓goods that are commonly used with
other goods (ex. bagels and orange juice, PB&J)
concentration strategy Ans✓✓✓focus on a single business and compete
in a single industry
consumer price index Ans✓✓✓measures the cost of the market basket
of a typical urban American family
cookie Ans✓✓✓file that a website you visit sends to your browser
(collects info)
core competency Ans✓✓✓source of firm's competitive advantage
verified answers
4 functions of management Ans✓✓✓planning, organizing, leading,
controlling
backward vertical integration Ans✓✓✓manufacturing own products
(ex. Rolex)
big data Ans✓✓✓describes customer purchasing habit data & their
analysis; the amount of data they contain & how quickly this data is
gathered
business analytics*** Ans✓✓✓used to convert massive data amounts
into info that can be used to meet customer needs more fully; involves
building analysis models + stimulants to create scenarios, predict future
states, & understand realities
business cycle Ans✓✓✓unpredictable fluctuations in economic activity
centralization Ans✓✓✓concentration of management & decision
making @ top of organization's hierarchy
centralized Ans✓✓✓decisions made at the top
, centrally planned economy Ans✓✓✓primarily government controlled
organizations (North Korea)
ceteris paribus ("all else equal") condition Ans✓✓✓the requirement
that when analyzing the relationship between two variables—such as
price and quantity demanded—other variables must be held constant.
cloud Ans✓✓✓form of data storage & computing that is accessed via
Internet
code of ethics Ans✓✓✓minimizes uncertainty regarding the decisions
that employees may encounter when faced with ethical dilemmas
complementary goods Ans✓✓✓goods that are commonly used with
other goods (ex. bagels and orange juice, PB&J)
concentration strategy Ans✓✓✓focus on a single business and compete
in a single industry
consumer price index Ans✓✓✓measures the cost of the market basket
of a typical urban American family
cookie Ans✓✓✓file that a website you visit sends to your browser
(collects info)
core competency Ans✓✓✓source of firm's competitive advantage
