BUS 110 exam 1 2026 Questions and
Answers
Business - Correct answer-profit seeking activities, provider of goods and services,
drives nations economy, improves standard of living, and exchange between a
buyer and seller
Profits - Correct answer-difference between a firms revenue and the expenses it
incurs
Not-for-profit organizations - Correct answer-establishments with objectives other
than returning profit to their owners. Public service is placed above profit
Public not-for-profit - Correct answer-Government agencies, political parties, and
labor unions are examples of what kind of organization?
Private not-for-profit - Correct answer-Museums, libraries, trade and religious
associations are examples of what kind of organization?
Natural resources, capital, human resources, and entrepreneurship - Correct
answer-What are the 4 key factors of production?
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Answers
Business - Correct answer-profit seeking activities, provider of goods and services,
drives nations economy, improves standard of living, and exchange between a
buyer and seller
Profits - Correct answer-difference between a firms revenue and the expenses it
incurs
Not-for-profit organizations - Correct answer-establishments with objectives other
than returning profit to their owners. Public service is placed above profit
Public not-for-profit - Correct answer-Government agencies, political parties, and
labor unions are examples of what kind of organization?
Private not-for-profit - Correct answer-Museums, libraries, trade and religious
associations are examples of what kind of organization?
Natural resources, capital, human resources, and entrepreneurship - Correct
answer-What are the 4 key factors of production?
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
