GEB 1011 Final Exam questions
correctly answered to pass
Entrepreneur - correct answer ✔✔ a person who organizes and operates a business or
businesses, taking on greater than normal financial risks in order to do so
Business - correct answer ✔✔ a person's regular occupation, profession, or trade
Business Environment - correct answer ✔✔ means all of the internal and external factors that
affect how the company functions
Capitalism - correct answer ✔✔ An economic system in which individuals own and operate the
majority of businesses that provide goods and services
Mixed economy - correct answer ✔✔ Exhibits both elements of capitalism and socialism
Perfect (or pure) Competition - correct answer ✔✔ Many buyers and sellers of a product
Monopolistic Competition - correct answer ✔✔ Many Buyers and Sellers selling similar yet
different products; they differentiate their products from the competitors
Oligopoly - correct answer ✔✔ Few very large sellers and many small buyers
Monopoly - correct answer ✔✔ Only one large seller and many small buyers
, Code of Ethics - correct answer ✔✔ A guide to acceptable and ethical behavior as defined by an
organization
Compliance Based - correct answer ✔✔ Ethical standards that emphasize preventing unlawful
behavior by increasing control and by penalizing wrongdoers
Integrity Based - correct answer ✔✔ Ethical standards that define the organizations guiding
values, create an environment that supports ethically sound behavior, and stresses a shared
accountability among employees
Corporate Social Responsibility - correct answer ✔✔ A business's concern for the welfare of
society
Social Audit - correct answer ✔✔ A systematic evaluation of an
organization's progress toward implementing programs that are socially responsible and
responsive
Sole Proprietorship - correct answer ✔✔ A business owned, and usually managed, by one
person
Advantages of Sole Propreitorship - correct answer ✔✔ Ease of starting and ending the business
Being your own boss
Pride of ownership
No special taxes
Disadvantages of Sole Proprietorship - correct answer ✔✔ Unlimited Liabiltiy
Management Difficulties
Limited growth
correctly answered to pass
Entrepreneur - correct answer ✔✔ a person who organizes and operates a business or
businesses, taking on greater than normal financial risks in order to do so
Business - correct answer ✔✔ a person's regular occupation, profession, or trade
Business Environment - correct answer ✔✔ means all of the internal and external factors that
affect how the company functions
Capitalism - correct answer ✔✔ An economic system in which individuals own and operate the
majority of businesses that provide goods and services
Mixed economy - correct answer ✔✔ Exhibits both elements of capitalism and socialism
Perfect (or pure) Competition - correct answer ✔✔ Many buyers and sellers of a product
Monopolistic Competition - correct answer ✔✔ Many Buyers and Sellers selling similar yet
different products; they differentiate their products from the competitors
Oligopoly - correct answer ✔✔ Few very large sellers and many small buyers
Monopoly - correct answer ✔✔ Only one large seller and many small buyers
, Code of Ethics - correct answer ✔✔ A guide to acceptable and ethical behavior as defined by an
organization
Compliance Based - correct answer ✔✔ Ethical standards that emphasize preventing unlawful
behavior by increasing control and by penalizing wrongdoers
Integrity Based - correct answer ✔✔ Ethical standards that define the organizations guiding
values, create an environment that supports ethically sound behavior, and stresses a shared
accountability among employees
Corporate Social Responsibility - correct answer ✔✔ A business's concern for the welfare of
society
Social Audit - correct answer ✔✔ A systematic evaluation of an
organization's progress toward implementing programs that are socially responsible and
responsive
Sole Proprietorship - correct answer ✔✔ A business owned, and usually managed, by one
person
Advantages of Sole Propreitorship - correct answer ✔✔ Ease of starting and ending the business
Being your own boss
Pride of ownership
No special taxes
Disadvantages of Sole Proprietorship - correct answer ✔✔ Unlimited Liabiltiy
Management Difficulties
Limited growth
