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BUS X100 Final Exam Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Fundamental Business Resources (4) - ANSWER Human,
Material, Informational, Financial
Economy of a capitalistic economic system is a _____________ -
ANSWER Mixed economy
Economic system in which individuals own and operate a
majority of the businesses - ANSWER Capitalism
Economy of a socialistic and communistic economic system is a
____________ - ANSWER Command Economy
Types of Competition (4) - ANSWER Perfect, Monopolistic,
Oligopoly, Monopoly
Competition utilizing product differentiation - ANSWER
Monopolistic Competition
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Absolute Advantage - ANSWER Ability to produce a specific
product for efficiently than any other nation
Comparative Advantage - ANSWER Ability to produce a specific
product more efficiently than any other product
Tariff - ANSWER Tax on imported goods
Business owned by a single owner; most popular form of
business - ANSWER Sole Proprietorship
Domestic Corporation - ANSWER A corporation that is known as
in the state in which it is incorporated
LLC-Limited Liability Corporation - ANSWER Form of business
which is simple, owned by one person, and has limited liability
for the owner
Who is appointed by the Board of Directors in a corporate
structure? - ANSWER The Officers
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Planning - ANSWER The first management function, all other
functions rely upon it
Planning optimal for daily planning - ANSWER Operational
Planning
3-Step Delegation Process - ANSWER Assign Responsibility,
Grant Authority, Assign Accountability
Maslow's Hierarchy of Needs - ANSWER Physiological, Safety,
Belongingness, Esteem, Self-Actualization
Group-Think - ANSWER main disadvantage of group decision-
making, when members of a team simply agree for the sake of
agreeing
Level of Conflict for best group performance - ANSWER optimal
level of conflict
BUS X100 Final Exam Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Fundamental Business Resources (4) - ANSWER Human,
Material, Informational, Financial
Economy of a capitalistic economic system is a _____________ -
ANSWER Mixed economy
Economic system in which individuals own and operate a
majority of the businesses - ANSWER Capitalism
Economy of a socialistic and communistic economic system is a
____________ - ANSWER Command Economy
Types of Competition (4) - ANSWER Perfect, Monopolistic,
Oligopoly, Monopoly
Competition utilizing product differentiation - ANSWER
Monopolistic Competition
,2|Page
Absolute Advantage - ANSWER Ability to produce a specific
product for efficiently than any other nation
Comparative Advantage - ANSWER Ability to produce a specific
product more efficiently than any other product
Tariff - ANSWER Tax on imported goods
Business owned by a single owner; most popular form of
business - ANSWER Sole Proprietorship
Domestic Corporation - ANSWER A corporation that is known as
in the state in which it is incorporated
LLC-Limited Liability Corporation - ANSWER Form of business
which is simple, owned by one person, and has limited liability
for the owner
Who is appointed by the Board of Directors in a corporate
structure? - ANSWER The Officers
, 3|Page
Planning - ANSWER The first management function, all other
functions rely upon it
Planning optimal for daily planning - ANSWER Operational
Planning
3-Step Delegation Process - ANSWER Assign Responsibility,
Grant Authority, Assign Accountability
Maslow's Hierarchy of Needs - ANSWER Physiological, Safety,
Belongingness, Esteem, Self-Actualization
Group-Think - ANSWER main disadvantage of group decision-
making, when members of a team simply agree for the sake of
agreeing
Level of Conflict for best group performance - ANSWER optimal
level of conflict
