BUS 101 Exam #1 - Chapters 1-5 review
questions with complete verified accurate
answers
goods (ex. shoes, vegetables, phones) - answer ✔✔-tangible products
services (ex. health care, education) - answer ✔✔-intangible products
powerful, short description of a business's purpose; broadly focused to ensure endurance, and must be
flexible - answer ✔✔-mission statement
company's "road map"; points to future and where business is trying to go - answer ✔✔-vision
statement
All the people who stand to gain or lose by the policies and activities of a business - answer ✔✔-
stakeholders
owners, employees, customers - answer ✔✔-primary stakeholders
too few goods & resources to satisfy the wants of all individuals - answer ✔✔-scarce
land, labor, capital, & entrepreneurial ability (all scarce; limited in supply) - answer ✔✔-factors of
production
benefit, profit, value of something that must be given up to acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost) - answer ✔✔-opportunity
cost
increases the benefit of making a decision, making the choice more likely (ex. lowering a price) - answer
✔✔-positive incentive
, an incentive that either increases costs or reduces benefits, making choice less likely (ex. a tax) - answer
✔✔-negative incentive
what will be added to what was there before (ex. marginal revenue is the additional $$ made by
producing one more unit of a good/service) - answer ✔✔-marginal
trading a good or service; creates new wealth; buyer & seller are better off - answer ✔✔-positive sum
game
the way a choice is posed to customer/decision-maker; can significantly affect decisions and judgments.
- answer ✔✔-framing
strengths, weaknesses, opportunities, threats - answer ✔✔-SWOT analysis
systems, processes, & tools that enable organizations to collect, store, retrieve, analyze, & share
data/the info obtained from it - answer ✔✔-information technology
file that a website you visit sends to your browser (collects info) - answer ✔✔-cookie
describes customer purchasing habit data & their analysis; the amount of data they contain & how
quickly this data is gathered - answer ✔✔-big data
form of data storage & computing that is accessed via Internet - answer ✔✔-cloud
used to convert massive data amounts into info that can be used to meet customer needs more fully;
involves building analysis models + stimulants to create scenarios, predict future states, & understand
realities - answer ✔✔-business analytics***
actions organizations take to protect data + info from hackers (3 MILLION JOBS) - answer ✔✔-
cybersecurity***
questions with complete verified accurate
answers
goods (ex. shoes, vegetables, phones) - answer ✔✔-tangible products
services (ex. health care, education) - answer ✔✔-intangible products
powerful, short description of a business's purpose; broadly focused to ensure endurance, and must be
flexible - answer ✔✔-mission statement
company's "road map"; points to future and where business is trying to go - answer ✔✔-vision
statement
All the people who stand to gain or lose by the policies and activities of a business - answer ✔✔-
stakeholders
owners, employees, customers - answer ✔✔-primary stakeholders
too few goods & resources to satisfy the wants of all individuals - answer ✔✔-scarce
land, labor, capital, & entrepreneurial ability (all scarce; limited in supply) - answer ✔✔-factors of
production
benefit, profit, value of something that must be given up to acquire/achieve something else
(ex. 60k/yr job offer vs. starting own company - 60k is the opportunity cost) - answer ✔✔-opportunity
cost
increases the benefit of making a decision, making the choice more likely (ex. lowering a price) - answer
✔✔-positive incentive
, an incentive that either increases costs or reduces benefits, making choice less likely (ex. a tax) - answer
✔✔-negative incentive
what will be added to what was there before (ex. marginal revenue is the additional $$ made by
producing one more unit of a good/service) - answer ✔✔-marginal
trading a good or service; creates new wealth; buyer & seller are better off - answer ✔✔-positive sum
game
the way a choice is posed to customer/decision-maker; can significantly affect decisions and judgments.
- answer ✔✔-framing
strengths, weaknesses, opportunities, threats - answer ✔✔-SWOT analysis
systems, processes, & tools that enable organizations to collect, store, retrieve, analyze, & share
data/the info obtained from it - answer ✔✔-information technology
file that a website you visit sends to your browser (collects info) - answer ✔✔-cookie
describes customer purchasing habit data & their analysis; the amount of data they contain & how
quickly this data is gathered - answer ✔✔-big data
form of data storage & computing that is accessed via Internet - answer ✔✔-cloud
used to convert massive data amounts into info that can be used to meet customer needs more fully;
involves building analysis models + stimulants to create scenarios, predict future states, & understand
realities - answer ✔✔-business analytics***
actions organizations take to protect data + info from hackers (3 MILLION JOBS) - answer ✔✔-
cybersecurity***
