BUS 100 Final Exam with Verified
Answers
Business Eras - ✔✔The Industrial Revolution (Mid 1700s- Mid 1800s)
The Entrepreneurship Era (late 1800s)
The Production Era (early 1900s)
The Marketing Era (after WWII)
The Relationship Era
The Industrial Revolution - ✔✔rapid technological advancement, mass production
Huge factories replaced skilled artisan workshops (loss of individual ownership)
The Entrepreneurship Era - ✔✔business empires, enormous wealth raising national standard of
living
Forcing out competitors, dominating markets, manipulating prices → government intervention
and business regulation
The Production Era - ✔✔Focus on refining production process and creating greater efficiencies
Specialized job focus increased productivity and lowered costs (Ford's assembly line)
The Marketing Era - ✔✔Power shifted from producers to consumers as there became choices
Marketing concept emerged: a customer focus that permeates successful companies in every
department, at every level
The Relationship Era - ✔✔Look beyond immediate transaction and work to create long-term
relationships
Satisfied customers advocate for the business
,Bloom's Taxonomy - ✔✔Knowledge/Remembering: recall, define, memorize, etc
Comprehension/Understanding: explain ideas and concepts, discuss and identify
Application/Applying: use info in a new way; choose, demonstrate, solve, etc
Analysis/Analyzing: distinguish different parts, compare, criticize, examine
Synthesis/Evaluating: justify a stand or decision; argue, select, support
Evaluation/Creating: create a new product or point of view, assemble, design, develop
6 Strategies for Success - ✔✔Networking, Plan Ahead, Take Charge of Learning, Sharpen your
Skills, Get Connected, Know Yourself
Top Four Desired Qualities when hiring - ✔✔Teamwork
Written Communication
Leadership
Problem-Solving
The process of communicating an idea - ✔✔Sender → Message → Receiver
Idea → Image → Presentation → Image → Idea
(Creator) (Consumer)
Images provoke ideas
Noise - ✔✔Interference that causes misinterpretation of information
Unintentional Noise: "Heavy Plant Crossing" sign at road
How does an image provoke an idea? - ✔✔*Context= environment, situation, other
text/sounds/graphics (13 and B exercise)
, *Consumer's mind= memories and associations, emotions, inference and reasoning
What percent of perception is by appearance? - ✔✔50%; VERY important form of business
communication
Writing high impact messages - ✔✔Use OABC structure
Use block paragraphs
headings/bulleted lists
Don't make grammar mistakes
How do you calculate percent change? - ✔✔(New-Old)/Old
What percentage of people are employed by nonprofits? - ✔✔10%
factors of production definition - ✔✔Four fundamental elements (natural, capital and human
resources, entrepreneurship) that businesses need to achieve their objectives
natural resources - ✔✔Land, fresh water, wind, mineral deposits
Must be extracted, purified or harnessed, not created
capital resources - ✔✔Machines, tools, buildings, information and technology (synthetic
resources)
Computers and telecommunications capability is significant
human resources - ✔✔physical, intellectual, and creative contributions
Education and motivation (as technology replaces many manual jobs)
Answers
Business Eras - ✔✔The Industrial Revolution (Mid 1700s- Mid 1800s)
The Entrepreneurship Era (late 1800s)
The Production Era (early 1900s)
The Marketing Era (after WWII)
The Relationship Era
The Industrial Revolution - ✔✔rapid technological advancement, mass production
Huge factories replaced skilled artisan workshops (loss of individual ownership)
The Entrepreneurship Era - ✔✔business empires, enormous wealth raising national standard of
living
Forcing out competitors, dominating markets, manipulating prices → government intervention
and business regulation
The Production Era - ✔✔Focus on refining production process and creating greater efficiencies
Specialized job focus increased productivity and lowered costs (Ford's assembly line)
The Marketing Era - ✔✔Power shifted from producers to consumers as there became choices
Marketing concept emerged: a customer focus that permeates successful companies in every
department, at every level
The Relationship Era - ✔✔Look beyond immediate transaction and work to create long-term
relationships
Satisfied customers advocate for the business
,Bloom's Taxonomy - ✔✔Knowledge/Remembering: recall, define, memorize, etc
Comprehension/Understanding: explain ideas and concepts, discuss and identify
Application/Applying: use info in a new way; choose, demonstrate, solve, etc
Analysis/Analyzing: distinguish different parts, compare, criticize, examine
Synthesis/Evaluating: justify a stand or decision; argue, select, support
Evaluation/Creating: create a new product or point of view, assemble, design, develop
6 Strategies for Success - ✔✔Networking, Plan Ahead, Take Charge of Learning, Sharpen your
Skills, Get Connected, Know Yourself
Top Four Desired Qualities when hiring - ✔✔Teamwork
Written Communication
Leadership
Problem-Solving
The process of communicating an idea - ✔✔Sender → Message → Receiver
Idea → Image → Presentation → Image → Idea
(Creator) (Consumer)
Images provoke ideas
Noise - ✔✔Interference that causes misinterpretation of information
Unintentional Noise: "Heavy Plant Crossing" sign at road
How does an image provoke an idea? - ✔✔*Context= environment, situation, other
text/sounds/graphics (13 and B exercise)
, *Consumer's mind= memories and associations, emotions, inference and reasoning
What percent of perception is by appearance? - ✔✔50%; VERY important form of business
communication
Writing high impact messages - ✔✔Use OABC structure
Use block paragraphs
headings/bulleted lists
Don't make grammar mistakes
How do you calculate percent change? - ✔✔(New-Old)/Old
What percentage of people are employed by nonprofits? - ✔✔10%
factors of production definition - ✔✔Four fundamental elements (natural, capital and human
resources, entrepreneurship) that businesses need to achieve their objectives
natural resources - ✔✔Land, fresh water, wind, mineral deposits
Must be extracted, purified or harnessed, not created
capital resources - ✔✔Machines, tools, buildings, information and technology (synthetic
resources)
Computers and telecommunications capability is significant
human resources - ✔✔physical, intellectual, and creative contributions
Education and motivation (as technology replaces many manual jobs)
