Top Mark Questions and Correct Verified Answers
BUSN 201 VCU Exam 1 Chapter 1
Questions and Correct Verified Answers
business
✓ the organized effort of individuals to produce and sell for a profit the goods and
services that satisfy society's needs.
free enterprise
✓ the system of business in which individuals are free to decide what to produce
how to produce it and at what price to sell it
Interpersonal Skills
✓ the ability to deal effectively with individual employess other managers within
the firm and people outside the firm
Analystic Skills
✓ the ability to identify problems correctly generate reasonable alternatives and
select the best alternatives to solve problems
Technical Skills
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ skill required to accomplish a specific kind of work being done in an
organization. (managers may not perform but should be able to train employees
in technical tasks)
Conceptual skills
✓ ability to think in abstract terms in order to see the "big picture"
For a business to be organized it must combine four kinds of resources:
✓ material, human, financial, and informational
profit
✓ what remains after all business expenses have been deducted from sales
revenue
stakeholders
✓ all the different people or groups of people who are affected by an
organization's policies, decisions, and activities
economics
✓ the study of how wealth is created and distributed (who gets what)
microeconomics
Top Mark !!!
BUSN 201 VCU Exam 1 Chapter 1
Questions and Correct Verified Answers
business
✓ the organized effort of individuals to produce and sell for a profit the goods and
services that satisfy society's needs.
free enterprise
✓ the system of business in which individuals are free to decide what to produce
how to produce it and at what price to sell it
Interpersonal Skills
✓ the ability to deal effectively with individual employess other managers within
the firm and people outside the firm
Analystic Skills
✓ the ability to identify problems correctly generate reasonable alternatives and
select the best alternatives to solve problems
Technical Skills
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ skill required to accomplish a specific kind of work being done in an
organization. (managers may not perform but should be able to train employees
in technical tasks)
Conceptual skills
✓ ability to think in abstract terms in order to see the "big picture"
For a business to be organized it must combine four kinds of resources:
✓ material, human, financial, and informational
profit
✓ what remains after all business expenses have been deducted from sales
revenue
stakeholders
✓ all the different people or groups of people who are affected by an
organization's policies, decisions, and activities
economics
✓ the study of how wealth is created and distributed (who gets what)
microeconomics
Top Mark !!!
