BUS 101 Cengage Final Exam questions with verified
answers
absolute advantage Ans✓✓✓the ability of an individual, a firm, or a
country to produce more of a good or service than competitors, using the
same amount of resources
Accounting Equation Ans✓✓✓Assets = Liabilities + Owner's Equity
ASEAN (Association of Southeast Asian Nations) Ans✓✓✓An
international organization linking together the 10 most important
countries of Southeast Asia
balance of trade Ans✓✓✓difference between how much a country
imports and how much it exports
Balance Sheet Ans✓✓✓a statement of the assets, liabilities, and capital
of a business or other organization at a particular point in time, detailing
the balance of income and expenditure over the preceding period.
Benchmarking Ans✓✓✓A process of continuously measuring system
results, comparing those results to optimal system performance
(benchmark values), and identifying steps and procedures to improve
system performance
board of directors Ans✓✓✓a group of persons elected by the
stockholders to manage a corporation
,Branding Ans✓✓✓A marketing function that identifies products and
their source and differentiates them from all other products
breakeven analysis Ans✓✓✓Reveals how many units of a good or
service a business needs to sell before it begins earning a profit
business plan Ans✓✓✓a formal written document that describes the
nature of a business and how it will operate
Business plan essential extras Ans✓✓✓Management function, Product
Breakdown, Funding requirements, Financial Projections
Calculating Profit Ans✓✓✓Profit=Total Revenue - Total Costs
Total Revenue = (Price x # Sold)
centralized authority Ans✓✓✓an organization structure in which
decision-making authority is maintained at the top level of management
Civil Rights Act of 1964 Ans✓✓✓outlawed discrimination based on
race, color, religion, sex, or national origin
command economy Ans✓✓✓an economy in which production,
investment, prices, and incomes are determined centrally by a
government.
, Company Description Ans✓✓✓Provides an outline of the business.
comparative advantage Ans✓✓✓the ability of an individual, a firm, or a
country to produce a good or service at a lower opportunity cost than
competitors
Competitive Analysis Ans✓✓✓identifying and examining the
characteristics of a competing firm
competitive environment Ans✓✓✓The immediate environment
surrounding a firm; includes suppliers, customers, rivals, and the like.
conceptual skills Ans✓✓✓skills that involve the ability to picture the
organization as a whole and the relationship among its various parts
conglomerate merger Ans✓✓✓the joining of firms in completely
unrelated industries
Consumer Price Index (CPI) Ans✓✓✓
contigency planning Ans✓✓✓the process of preparing alternative
courses of action that may be used if the primary plans don't achieve the
organization's objectives
answers
absolute advantage Ans✓✓✓the ability of an individual, a firm, or a
country to produce more of a good or service than competitors, using the
same amount of resources
Accounting Equation Ans✓✓✓Assets = Liabilities + Owner's Equity
ASEAN (Association of Southeast Asian Nations) Ans✓✓✓An
international organization linking together the 10 most important
countries of Southeast Asia
balance of trade Ans✓✓✓difference between how much a country
imports and how much it exports
Balance Sheet Ans✓✓✓a statement of the assets, liabilities, and capital
of a business or other organization at a particular point in time, detailing
the balance of income and expenditure over the preceding period.
Benchmarking Ans✓✓✓A process of continuously measuring system
results, comparing those results to optimal system performance
(benchmark values), and identifying steps and procedures to improve
system performance
board of directors Ans✓✓✓a group of persons elected by the
stockholders to manage a corporation
,Branding Ans✓✓✓A marketing function that identifies products and
their source and differentiates them from all other products
breakeven analysis Ans✓✓✓Reveals how many units of a good or
service a business needs to sell before it begins earning a profit
business plan Ans✓✓✓a formal written document that describes the
nature of a business and how it will operate
Business plan essential extras Ans✓✓✓Management function, Product
Breakdown, Funding requirements, Financial Projections
Calculating Profit Ans✓✓✓Profit=Total Revenue - Total Costs
Total Revenue = (Price x # Sold)
centralized authority Ans✓✓✓an organization structure in which
decision-making authority is maintained at the top level of management
Civil Rights Act of 1964 Ans✓✓✓outlawed discrimination based on
race, color, religion, sex, or national origin
command economy Ans✓✓✓an economy in which production,
investment, prices, and incomes are determined centrally by a
government.
, Company Description Ans✓✓✓Provides an outline of the business.
comparative advantage Ans✓✓✓the ability of an individual, a firm, or a
country to produce a good or service at a lower opportunity cost than
competitors
Competitive Analysis Ans✓✓✓identifying and examining the
characteristics of a competing firm
competitive environment Ans✓✓✓The immediate environment
surrounding a firm; includes suppliers, customers, rivals, and the like.
conceptual skills Ans✓✓✓skills that involve the ability to picture the
organization as a whole and the relationship among its various parts
conglomerate merger Ans✓✓✓the joining of firms in completely
unrelated industries
Consumer Price Index (CPI) Ans✓✓✓
contigency planning Ans✓✓✓the process of preparing alternative
courses of action that may be used if the primary plans don't achieve the
organization's objectives
