BUS 100 Final Exam with Verified
Answers
business - ✔✔individuals or organizations who try to earn a profit by providing products that
satisfy people's needs
primary goal of a business - ✔✔earn a profit
to achieve and maintain profitability, a company must... - ✔✔produce quality products, operate
effectively, and be socially responsible and ethical in dealing with customers, employees,
investors, government regulators, and the community
product - ✔✔a good or service with tangible and intangible qualities that provide satisfaction
and benefits
non-profit organization - ✔✔organizations that may provide goods or services but do not have
a fundamental purpose of earning profits
primary goal of a non-profit - ✔✔meet their mission
stakeholders - ✔✔groups that have a stake in the success and outcomes of a business
examples of stakeholders - ✔✔customers, employees, investors, government regulators, and
the community
management involves... - ✔✔developing plans, organizing people to work efficiently,
motivating employees, and coordinating employees' actions to achieve the firm's goals
, the focus of marketing - ✔✔satisfying customers' needs and wants
marketing involves... - ✔✔gathering information and conducting research, planning and
developing products, analyzing the marketing environment
The 4Ps - ✔✔1. Product
2. Price
3. Place
4. Promotion
primary responsibility of owners - ✔✔obtain financial resources for the operation of the
business
economics - ✔✔the study of how resources are distributed for the production of goods and
services within a social system
natural resources - ✔✔land, forests, minerals, water, and other things that are not made by
people
human resources - ✔✔labor - the physical and mental abilities that people use to produce
goods and services
financial resources - ✔✔capital - the funds used to acquire the natural and human resources
needed to provide products
economic system - ✔✔a description of how a particular society distributes its resources to
produce goods and services
Answers
business - ✔✔individuals or organizations who try to earn a profit by providing products that
satisfy people's needs
primary goal of a business - ✔✔earn a profit
to achieve and maintain profitability, a company must... - ✔✔produce quality products, operate
effectively, and be socially responsible and ethical in dealing with customers, employees,
investors, government regulators, and the community
product - ✔✔a good or service with tangible and intangible qualities that provide satisfaction
and benefits
non-profit organization - ✔✔organizations that may provide goods or services but do not have
a fundamental purpose of earning profits
primary goal of a non-profit - ✔✔meet their mission
stakeholders - ✔✔groups that have a stake in the success and outcomes of a business
examples of stakeholders - ✔✔customers, employees, investors, government regulators, and
the community
management involves... - ✔✔developing plans, organizing people to work efficiently,
motivating employees, and coordinating employees' actions to achieve the firm's goals
, the focus of marketing - ✔✔satisfying customers' needs and wants
marketing involves... - ✔✔gathering information and conducting research, planning and
developing products, analyzing the marketing environment
The 4Ps - ✔✔1. Product
2. Price
3. Place
4. Promotion
primary responsibility of owners - ✔✔obtain financial resources for the operation of the
business
economics - ✔✔the study of how resources are distributed for the production of goods and
services within a social system
natural resources - ✔✔land, forests, minerals, water, and other things that are not made by
people
human resources - ✔✔labor - the physical and mental abilities that people use to produce
goods and services
financial resources - ✔✔capital - the funds used to acquire the natural and human resources
needed to provide products
economic system - ✔✔a description of how a particular society distributes its resources to
produce goods and services
