MBA 5113 Business Foundations
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Business - Answer✅✅Any activity that provides goods or services to consumers for
the purpose of making a profit
3 Participant Roles in a business - Answer✅✅Owners, Employees, Customers
Owner's role in a business - Answer✅✅Invest Money and organize business ideas
and bring resources together
Employee's role in a business - Answer✅✅hired by owners to work for the business
and help achieve owner's goals
Customer's role in a business - Answer✅✅Ultimate goal of owners and employees
is to satisfy customers
Balanced Scorecard - Answer✅✅Framework to provide a "Balance" between
financial and other measures that are important for sustained long term
performance. - Out of Harvard
What are the 4 dimensions in a Balanced Scorecard - Answer✅✅Financial,
Customer, Internal Business Process, Learning & Growth
, Triple Bottom Line - Answer✅✅Scorecard with the framework for Social
Responsibility adopted by companies such as "Starbucks & Ben & Jerry's"
3 key Elements in the Triple bottom line include - Answer✅✅People, Planet, Profit
"People" in the Triple Bottom Line - Answer✅✅Social Concerns
"Planet" in the Triple Bottom Line - Answer✅✅Environmental Concerns
"Profit" in the triple bottom line - Answer✅✅Economic Concerns
Tree Diagram - Answer✅✅Decision tool that calculates probability to record all
possible outcomes/ alternatives - "Calculated Risk" tool for decision making
Economic Profits = - Answer✅✅Total Revenue
- (Explicit Decisions)
- (Implicit Decisions)
Accounting Profits = - Answer✅✅Total Revenue
- (Explicit Decisions)
Implicit Costs - Answer✅✅Economic Opportunity Costs
Explicit Costs - Answer✅✅Accounting Costs such as Fixed & Variable Assets
Economic Profit is used for - Answer✅✅Making business decisions
Examples of Implicit Costs - Answer✅✅Interest Foregone, Wage Foregone, Rent
Foregone
Accounting Profit - Answer✅✅Track Financial Performance
Ceteris Paribus - Answer✅✅Only 1 variable is changing EVERYTHING ELSE IS HELD
CONSTANT/ EQUAL.
3 Basic Economic Questions - Answer✅✅WHAT, HOW, for WHO - to produce
Production Possibilities - Answer✅✅The alternative combination of goods &
services that could be produced in a given period of time.
4 factors of Production - Answer✅✅Land, Labor, Capital, Entrepreneurship
Land - Answer✅✅All natural resources to produce goods and services
Labor - Answer✅✅# of skilled workers to complete task
Exam #1 Review| Brand New Exam
Questions with 100% Correct Clear
Answers| All Graded A+|Latest
Premium Update|100%
Guaranteed Success.
Business - Answer✅✅Any activity that provides goods or services to consumers for
the purpose of making a profit
3 Participant Roles in a business - Answer✅✅Owners, Employees, Customers
Owner's role in a business - Answer✅✅Invest Money and organize business ideas
and bring resources together
Employee's role in a business - Answer✅✅hired by owners to work for the business
and help achieve owner's goals
Customer's role in a business - Answer✅✅Ultimate goal of owners and employees
is to satisfy customers
Balanced Scorecard - Answer✅✅Framework to provide a "Balance" between
financial and other measures that are important for sustained long term
performance. - Out of Harvard
What are the 4 dimensions in a Balanced Scorecard - Answer✅✅Financial,
Customer, Internal Business Process, Learning & Growth
, Triple Bottom Line - Answer✅✅Scorecard with the framework for Social
Responsibility adopted by companies such as "Starbucks & Ben & Jerry's"
3 key Elements in the Triple bottom line include - Answer✅✅People, Planet, Profit
"People" in the Triple Bottom Line - Answer✅✅Social Concerns
"Planet" in the Triple Bottom Line - Answer✅✅Environmental Concerns
"Profit" in the triple bottom line - Answer✅✅Economic Concerns
Tree Diagram - Answer✅✅Decision tool that calculates probability to record all
possible outcomes/ alternatives - "Calculated Risk" tool for decision making
Economic Profits = - Answer✅✅Total Revenue
- (Explicit Decisions)
- (Implicit Decisions)
Accounting Profits = - Answer✅✅Total Revenue
- (Explicit Decisions)
Implicit Costs - Answer✅✅Economic Opportunity Costs
Explicit Costs - Answer✅✅Accounting Costs such as Fixed & Variable Assets
Economic Profit is used for - Answer✅✅Making business decisions
Examples of Implicit Costs - Answer✅✅Interest Foregone, Wage Foregone, Rent
Foregone
Accounting Profit - Answer✅✅Track Financial Performance
Ceteris Paribus - Answer✅✅Only 1 variable is changing EVERYTHING ELSE IS HELD
CONSTANT/ EQUAL.
3 Basic Economic Questions - Answer✅✅WHAT, HOW, for WHO - to produce
Production Possibilities - Answer✅✅The alternative combination of goods &
services that could be produced in a given period of time.
4 factors of Production - Answer✅✅Land, Labor, Capital, Entrepreneurship
Land - Answer✅✅All natural resources to produce goods and services
Labor - Answer✅✅# of skilled workers to complete task
