BA110 Final Review Exam Questions
And Revised Answers.
Provide 4 examples of a service industry. - Answer 1) Healthcare 2) Transportation 3) Financial
Services 4) Waste Control
Operations managers oversee the conversion of resources into products or services. - Answer
True
Match the following terms with the appropriate definitions. - Answer Franchise agreement -
foreign company is granted the right to use it brand name and sell its products
Licensing agreement - foreign company is granted the right to sell a company's products or
intellectual property in exchange for the payment of royalty fees
Strategic alliance - an agreement between two companies to combine talent and resources to
achieve the goals of a vusiness benefiting both companies
Joint venture - a strategic alliance where a seperate entity is formed and funded by the
participating companies to manage the alliance
Business are more willing to sell a product when - Answer the price rises
A business is defined as - Answer any activity where goods and services are provided to
consumers for a profit.
Resources are the outputs of production. - Answer false
The functional areas of a business are - Answer finance, accounting, operations, marketing,
and management.
Prices are influenced by the both - Answer supply and demand
A nation has an absolute advantage if it is the only source of a service or product. - Answer
True
Globalization of world commerce affects - Answer everyone
, Corporations elect a board of , who are legally responsible for governing the corporation. -
Answer directors
A single form of ownership will give you everything you desire in business ownership. - Answer
false
According to the SBA, small businesses are - Answer independently owned and operated,
generally less than 500 employees, and have little influence in their industry.
A sole proprietorship is owned by - Answer one person
A not-for-profit business is only interested in doing business to gain a profit. - Answer false
An organization chart - Answer represents the authority relationships among people working in
an organization.
A single form of ownership will give you everything you desire in business ownership. - Answer
false
Managers - Answer plan, organize, direct, and control company resources to achieve specific
goals.
Strategic planning is the process of - Answer deciding on an overall course of action for the
business.
W3
The functional areas of a business are - Answer finance, accounting, operations, marketing,
and management.
Some organizations are not designed or created to make a profit. - Answer True
A business is defined as - Answer any activity where goods and services are provided to
consumers for a profit.
And Revised Answers.
Provide 4 examples of a service industry. - Answer 1) Healthcare 2) Transportation 3) Financial
Services 4) Waste Control
Operations managers oversee the conversion of resources into products or services. - Answer
True
Match the following terms with the appropriate definitions. - Answer Franchise agreement -
foreign company is granted the right to use it brand name and sell its products
Licensing agreement - foreign company is granted the right to sell a company's products or
intellectual property in exchange for the payment of royalty fees
Strategic alliance - an agreement between two companies to combine talent and resources to
achieve the goals of a vusiness benefiting both companies
Joint venture - a strategic alliance where a seperate entity is formed and funded by the
participating companies to manage the alliance
Business are more willing to sell a product when - Answer the price rises
A business is defined as - Answer any activity where goods and services are provided to
consumers for a profit.
Resources are the outputs of production. - Answer false
The functional areas of a business are - Answer finance, accounting, operations, marketing,
and management.
Prices are influenced by the both - Answer supply and demand
A nation has an absolute advantage if it is the only source of a service or product. - Answer
True
Globalization of world commerce affects - Answer everyone
, Corporations elect a board of , who are legally responsible for governing the corporation. -
Answer directors
A single form of ownership will give you everything you desire in business ownership. - Answer
false
According to the SBA, small businesses are - Answer independently owned and operated,
generally less than 500 employees, and have little influence in their industry.
A sole proprietorship is owned by - Answer one person
A not-for-profit business is only interested in doing business to gain a profit. - Answer false
An organization chart - Answer represents the authority relationships among people working in
an organization.
A single form of ownership will give you everything you desire in business ownership. - Answer
false
Managers - Answer plan, organize, direct, and control company resources to achieve specific
goals.
Strategic planning is the process of - Answer deciding on an overall course of action for the
business.
W3
The functional areas of a business are - Answer finance, accounting, operations, marketing,
and management.
Some organizations are not designed or created to make a profit. - Answer True
A business is defined as - Answer any activity where goods and services are provided to
consumers for a profit.
