BUSINESS 101 FINAL EXAM QUESTIONS LATEST
UPDATED 2025-2026 WITH COMPLETE VERIFIED
ANSWERS
the organized effort of
individuals to produce and sell,
for a profit, the goods and services
that satisfy society's needs - answer ✔✔-business
an economic system in which individuals own and operate the majority
of businesses that provide goods and services. - answer ✔✔-Capitalism
the total dollar value of all
goods and services produced by all
people within the boundaries of a
country during a one-year period - answer ✔✔-gross domestic product
(GDP
general rise in the level of prices - answer ✔✔-inflation
general decrease in level of prices - answer ✔✔-decline
market situation in which there are
many buyers along with a relatively
large number of sellers who
differentiate their products from
, the products of competitors - answer ✔✔-monopolistic competition
the study of right and
wrong and of the morality of the
choices individuals make - answer ✔✔-ethics
the application of
moral standards to business situations - answer ✔✔-business ethics
informing the
press or government officials
about unethical practices within
one's organization - answer ✔✔-whistle blowing
a Latin phrase
meaning "let the buyer beware" - answer ✔✔-caveat emptor
a government agency
with the power to investigate
complaints of employment
discrimination and the power to
sue firms that practice it - answer ✔✔-Equal Employment
Opportunity Commission
(EEOC)
the concept that
business should emphasize not
only profits but also the impact of
its decisions on society - answer ✔✔-Social Responsibility
UPDATED 2025-2026 WITH COMPLETE VERIFIED
ANSWERS
the organized effort of
individuals to produce and sell,
for a profit, the goods and services
that satisfy society's needs - answer ✔✔-business
an economic system in which individuals own and operate the majority
of businesses that provide goods and services. - answer ✔✔-Capitalism
the total dollar value of all
goods and services produced by all
people within the boundaries of a
country during a one-year period - answer ✔✔-gross domestic product
(GDP
general rise in the level of prices - answer ✔✔-inflation
general decrease in level of prices - answer ✔✔-decline
market situation in which there are
many buyers along with a relatively
large number of sellers who
differentiate their products from
, the products of competitors - answer ✔✔-monopolistic competition
the study of right and
wrong and of the morality of the
choices individuals make - answer ✔✔-ethics
the application of
moral standards to business situations - answer ✔✔-business ethics
informing the
press or government officials
about unethical practices within
one's organization - answer ✔✔-whistle blowing
a Latin phrase
meaning "let the buyer beware" - answer ✔✔-caveat emptor
a government agency
with the power to investigate
complaints of employment
discrimination and the power to
sue firms that practice it - answer ✔✔-Equal Employment
Opportunity Commission
(EEOC)
the concept that
business should emphasize not
only profits but also the impact of
its decisions on society - answer ✔✔-Social Responsibility
