Page |1
BUS 6600 BOOKOUT FINAL EXAM QUESTIONS WITH
REVISED ANSWERS (100% VERIFIED).
Q. demographic -Correct Ans ✓✓ Businesses collect ______ information on where people live, what they buy,
and how they spend their time
Q. producing goods and services using the least amount of resources -Correct Ans ✓✓ Efficiency means:
Q. company leaders may threaten competitors and minimize competition -Correct Ans ✓✓ When corruption is
present in the business environment:
Q. minimal -Correct Ans ✓✓ Businesses favor ______ government spending because it keeps taxes to a
minimum
Q. offering new ways to access items -Correct Ans ✓✓ Technology is helping turn products into services by
Q. manufacturing -Correct Ans ✓✓ Businesses that produce and tell tangible products like steel and machines
are part of the ______ industry
Q. dealing sensitively with workers and cultures around the world -Correct Ans ✓✓ Diversity means:
Q. Productivity increases -Correct Ans ✓✓ What is an advantage of utilitizing technology?
Q. price of a good and the quality of that good sellers are willing to offer for sale at a specific point in time -
Correct Ans ✓✓ A simple supply curve shows a relationship between the
, Page |2
Q. deflation -Correct Ans ✓✓ A bank system crashed. These circumstances cut into consumers purchasing
power, causing a severe decline in the proce of goods and services, better known as ______
Q. the price of the gem to be above the equilibrium price for this gem -Correct Ans ✓✓ In a year, the price of a
gem has increased from $7/lb to $90/lb. Under these circumstances and the fact that more companies are
looking to use the gem in their products, a graph of the supply and demand for this product would show
Q. emphasis on social equality -Correct Ans ✓✓ A major benefit of socialism:
Q. cut spending -Correct Ans ✓✓ One way to lessen the US government budget deficit is to
Q. increase the amount of resources and create conditions that will make better use of those resources -
Correct Ans ✓✓ The main goal of resource development is to find ways to
Q. greed -Correct Ans ✓✓ One of the dangers of free markets is that business people and others may let
_______ guide their behavior
Q. persistent shortages of basic goods such as food and clothing -Correct Ans ✓✓ One of the most significant
problems faced by communist nations is
Q. price of the good will rise -Correct Ans ✓✓ If a shortage exists for a good in a free-market economy, the
Q. short-term increases in govermenet spending to stimulate the economy -Correct Ans ✓✓ Keynesian
economic theory suggests:
Q. Monopolistic -Correct Ans ✓✓ There are a large number of bakeries in AL and each produces similar, but
not ideantial, products. The bakery is an example of what type of competition?
, Page |3
Q. economics -Correct Ans ✓✓ _____ is the study of how a society employs its limited resources to produce
goods and services and how it distributes them among competiting groups and individuals
Q. Demand -Correct Ans ✓✓ A _____ curve shows the relationship between the price of a good and the
quantity of that good people are willing and able to buy in a given time period.
Q. goals -Correct Ans ✓✓ ______ are broad, long-term accomplishments an organization wants to achieve
Q. organizing -Correct Ans ✓✓ Management function that involves allocating resources, assigning tasks, and
establishing procedures for accomplishing the orgizational objectives
Q. conceptual -Correct Ans ✓✓ _______ skills involve a manager's ability to picture the organization as a
whole and the relationships among its various parts
Q. Giving front line workers assitional resources needed to provide faster and better services to customers -
Correct Ans ✓✓ What activities are part of the organizing function of management?
Q. First line managers spend most of their time explaining procedures, assigning jobs, and evaluating the
performance of employees within their own areas These activities require HR and technical skills. Top
managers are concerned with creating a vision, strategic planning, and overseeing the operation as a whole.
This requires HR and conceptual skills. -Correct Ans ✓✓ By comparing the types of skills used by managers at
different levels within an organization, which of the following is true of first line managers?
Q. Operational plan -Correct Ans ✓✓ A(n) _______ would be used by a department manager as a tool for
making daily and weekly assignments.
Q. Vision, vision -Correct Ans ✓✓ A ____ explains why an organization exists and where it is trying to go. The
purpose of ____ is to provide a sense of purpose and common set of values to unite workers and give them a
sense of directions.
BUS 6600 BOOKOUT FINAL EXAM QUESTIONS WITH
REVISED ANSWERS (100% VERIFIED).
Q. demographic -Correct Ans ✓✓ Businesses collect ______ information on where people live, what they buy,
and how they spend their time
Q. producing goods and services using the least amount of resources -Correct Ans ✓✓ Efficiency means:
Q. company leaders may threaten competitors and minimize competition -Correct Ans ✓✓ When corruption is
present in the business environment:
Q. minimal -Correct Ans ✓✓ Businesses favor ______ government spending because it keeps taxes to a
minimum
Q. offering new ways to access items -Correct Ans ✓✓ Technology is helping turn products into services by
Q. manufacturing -Correct Ans ✓✓ Businesses that produce and tell tangible products like steel and machines
are part of the ______ industry
Q. dealing sensitively with workers and cultures around the world -Correct Ans ✓✓ Diversity means:
Q. Productivity increases -Correct Ans ✓✓ What is an advantage of utilitizing technology?
Q. price of a good and the quality of that good sellers are willing to offer for sale at a specific point in time -
Correct Ans ✓✓ A simple supply curve shows a relationship between the
, Page |2
Q. deflation -Correct Ans ✓✓ A bank system crashed. These circumstances cut into consumers purchasing
power, causing a severe decline in the proce of goods and services, better known as ______
Q. the price of the gem to be above the equilibrium price for this gem -Correct Ans ✓✓ In a year, the price of a
gem has increased from $7/lb to $90/lb. Under these circumstances and the fact that more companies are
looking to use the gem in their products, a graph of the supply and demand for this product would show
Q. emphasis on social equality -Correct Ans ✓✓ A major benefit of socialism:
Q. cut spending -Correct Ans ✓✓ One way to lessen the US government budget deficit is to
Q. increase the amount of resources and create conditions that will make better use of those resources -
Correct Ans ✓✓ The main goal of resource development is to find ways to
Q. greed -Correct Ans ✓✓ One of the dangers of free markets is that business people and others may let
_______ guide their behavior
Q. persistent shortages of basic goods such as food and clothing -Correct Ans ✓✓ One of the most significant
problems faced by communist nations is
Q. price of the good will rise -Correct Ans ✓✓ If a shortage exists for a good in a free-market economy, the
Q. short-term increases in govermenet spending to stimulate the economy -Correct Ans ✓✓ Keynesian
economic theory suggests:
Q. Monopolistic -Correct Ans ✓✓ There are a large number of bakeries in AL and each produces similar, but
not ideantial, products. The bakery is an example of what type of competition?
, Page |3
Q. economics -Correct Ans ✓✓ _____ is the study of how a society employs its limited resources to produce
goods and services and how it distributes them among competiting groups and individuals
Q. Demand -Correct Ans ✓✓ A _____ curve shows the relationship between the price of a good and the
quantity of that good people are willing and able to buy in a given time period.
Q. goals -Correct Ans ✓✓ ______ are broad, long-term accomplishments an organization wants to achieve
Q. organizing -Correct Ans ✓✓ Management function that involves allocating resources, assigning tasks, and
establishing procedures for accomplishing the orgizational objectives
Q. conceptual -Correct Ans ✓✓ _______ skills involve a manager's ability to picture the organization as a
whole and the relationships among its various parts
Q. Giving front line workers assitional resources needed to provide faster and better services to customers -
Correct Ans ✓✓ What activities are part of the organizing function of management?
Q. First line managers spend most of their time explaining procedures, assigning jobs, and evaluating the
performance of employees within their own areas These activities require HR and technical skills. Top
managers are concerned with creating a vision, strategic planning, and overseeing the operation as a whole.
This requires HR and conceptual skills. -Correct Ans ✓✓ By comparing the types of skills used by managers at
different levels within an organization, which of the following is true of first line managers?
Q. Operational plan -Correct Ans ✓✓ A(n) _______ would be used by a department manager as a tool for
making daily and weekly assignments.
Q. Vision, vision -Correct Ans ✓✓ A ____ explains why an organization exists and where it is trying to go. The
purpose of ____ is to provide a sense of purpose and common set of values to unite workers and give them a
sense of directions.
