BUSI 1301 EXAM 1
QUESTIONS AND
VERIFIED ANSWERS
, BUSI 1301 Exam 1 QUESTIONS AND VERIFIED ANSWERS
_______ is what remains after all business expenses have been deducted from sales revenue. -
- Answer --Profit
_________ is the study of how wealth is created and distributed. - - Answer --Economics
__________ is a feature of corporate ownership that limits each owner's financial liability to the
amount of money that he or she has paid for the corporation's stock. - - Answer --limited liability
__________ is a legal concept that holds a business owner personally responsible for all the
debts of the business. - - Answer --unlimited liability
__________ is a partnership formed to achieve a specific goal or to operate for a specific period
of time. - - Answer --Joint venture
__________ was implemented in 1994 and created a market of more than 469 million people. It
consists of Canada, the United States, and Mexico. According to the Office of teh U.S. Trade
Representative, it has achieved its core goals of expanding trade and investment between the
US, Canada, and Mexico. - - Answer --North American Free Trade Agreement (NAFTA)
___________ is a contractual agreement in which one firm permits another to produce and
market its product and use its brand name in return for a royalty or other compensation. - -
Answer --Licensing
___________ is a partnership formed to create competitive advantage on a worldwide basis. - -
Answer --Strategic alliance
___________ is an economic system in which individuals own and operate the majority of
businesses that provide goods and services. - - Answer --Capitalism
____________ was created by Congress in 1953 as a governmental agency that assists,
counsels, and protects the interests of small businesses in the United States. - - Answer --Small
Business Administration (SBA)
______________ are groups of senior and graduate students in business administration who
provide management counseling to small businesses. - - Answer --Small-Business Institutes
(SBIs)
______________ are university based groups that provide individual counseling and practical
training to owners of small businesses. - - Answer --Small-Business Development Centers
(SBDCs)
______________ is money that is invested in small (and sometimes struggling) firms that have
the potential to become very successful. - - Answer --venture capital
__________________ encompasses all business activities that involve exchanges across
national boundaries. - - Answer --International Business
QUESTIONS AND
VERIFIED ANSWERS
, BUSI 1301 Exam 1 QUESTIONS AND VERIFIED ANSWERS
_______ is what remains after all business expenses have been deducted from sales revenue. -
- Answer --Profit
_________ is the study of how wealth is created and distributed. - - Answer --Economics
__________ is a feature of corporate ownership that limits each owner's financial liability to the
amount of money that he or she has paid for the corporation's stock. - - Answer --limited liability
__________ is a legal concept that holds a business owner personally responsible for all the
debts of the business. - - Answer --unlimited liability
__________ is a partnership formed to achieve a specific goal or to operate for a specific period
of time. - - Answer --Joint venture
__________ was implemented in 1994 and created a market of more than 469 million people. It
consists of Canada, the United States, and Mexico. According to the Office of teh U.S. Trade
Representative, it has achieved its core goals of expanding trade and investment between the
US, Canada, and Mexico. - - Answer --North American Free Trade Agreement (NAFTA)
___________ is a contractual agreement in which one firm permits another to produce and
market its product and use its brand name in return for a royalty or other compensation. - -
Answer --Licensing
___________ is a partnership formed to create competitive advantage on a worldwide basis. - -
Answer --Strategic alliance
___________ is an economic system in which individuals own and operate the majority of
businesses that provide goods and services. - - Answer --Capitalism
____________ was created by Congress in 1953 as a governmental agency that assists,
counsels, and protects the interests of small businesses in the United States. - - Answer --Small
Business Administration (SBA)
______________ are groups of senior and graduate students in business administration who
provide management counseling to small businesses. - - Answer --Small-Business Institutes
(SBIs)
______________ are university based groups that provide individual counseling and practical
training to owners of small businesses. - - Answer --Small-Business Development Centers
(SBDCs)
______________ is money that is invested in small (and sometimes struggling) firms that have
the potential to become very successful. - - Answer --venture capital
__________________ encompasses all business activities that involve exchanges across
national boundaries. - - Answer --International Business
