MUN Business 1000- Mid Term 1 Exam
Questions With Correct Answers
Business |- |CORRECT |ANSWER✔✔-an |organization |that |seeks |to |earn |profits |by |providing |
goods |and |services
Profit |- |CORRECT |ANSWER✔✔-what |remains |(if |anything) |after |a |businesses |expenses |are |
subtracted |from |its |sales |revenue
Not-For-Profit |Organization |- |CORRECT |ANSWER✔✔-an |organization |that |provides |goods |and |
services |to |customers, |but |does |not |seek |to |make |a |profit |hile |doing |so
Economic |System |- |CORRECT |ANSWER✔✔-the |way |in |which |a |nation |allocates |its |resources |
among |its |citizens
Factors |of |Production |- |CORRECT |ANSWER✔✔-the |resources |used |to |produce |goods |and |
services: |labour, |capital, |entrepreneurs |and |natural |resources
Labour |- |CORRECT |ANSWER✔✔-the |mental |and |physical |training |and |talents |of |people; |
sometimes |called |human |resources
Capital |- |CORRECT |ANSWER✔✔-the |funds |needed |to |operate |an |enterprise
Entrepreneur |- |CORRECT |ANSWER✔✔-an |individual |who |organizes |and |manages |labour, |
capital, |and |natural |resources |to |produce |goods |and |services |to |earn |a |profit, |but |who |also |
runs |the |risk |of |failure
,Natural |Resources |- |CORRECT |ANSWER✔✔-items |used |in |the |production |of |goods |and |
services |in |their |natural |state, |including |land, |water, |mineral |deposits, |and |trees
Information |Resources |- |CORRECT |ANSWER✔✔-information |such |as |market |forecasts, |
economic |data, |and |specialized |knowledge |of |employees |that |is |useful |to |a |business |and |that |
helps |it |achieve |its |goals
Command |Economy |- |CORRECT |ANSWER✔✔-an |economic |system |in |which |government |
controls |all |or |most |factors |of |production |and |makes |all |or |most |production |decisions
Market |Economy |- |CORRECT |ANSWER✔✔-an |economic |system |in |which |individuals |control |all |
or |most |factors |of |production |and |make |all |or |most |production |decisions
Communism |- |CORRECT |ANSWER✔✔-a |type |of |command |economy |in |which |the |government |
owns |and |operates |all |industries
Socialism |- |CORRECT |ANSWER✔✔-a |kind |of |command |economy |in |which |the |government |
owns |and |operates |the |main |industries, |while |individuals |own |and |operate |less |crucial |
industries
Market |- |CORRECT |ANSWER✔✔-an |exchange |process |between |buyers |and |sellers |of |a |
particular |good |or |service
Input |Market |- |CORRECT |ANSWER✔✔-firms |buy |resources |that |they |need |in |the |production |or
|goods |and |services
Output |Market |- |CORRECT |ANSWER✔✔-firms |supply |goods |and |services |in |response |to |
demand |on |the |part |of |consumers
, Capitalism |- |CORRECT |ANSWER✔✔-an |economic |system |in |which |markets |decide |what, |when |
and |for |whom |to |produce
Mixed |Market |Economy |- |CORRECT |ANSWER✔✔-and |economic |system |with |elements |of |both |
a |command |and |a |market |economy; |in |practice, |typical |of |most |nations |economies
Privatization |- |CORRECT |ANSWER✔✔-the |transfer |of |activites |from |the |government |to |the |
private |sector
Nationalization |- |CORRECT |ANSWER✔✔-the |transfer |of |activities |from |private |firms |to |the |
government
Deregulation |- |CORRECT |ANSWER✔✔-a |reduction |in |the |number |of |laws |affecting |business |
activity
Canadian |Radio-Television |and |Telecommunications |Commission |(CRTC) |- |CORRECT |
ANSWER✔✔-regulates |and |supervises |all |aspects |of |the |Canadian |broadcasting |system
Canadian |Wheat |Board |- |CORRECT |ANSWER✔✔-regulates |the |price |farmers |receive |for |their |
wheat
Hazardous |Products |Act |- |CORRECT |ANSWER✔✔-regulates |banned |products |and |products |that
|can |be |sold |but |must |be |labelled |hazardous
Tobacco |Act |- |CORRECT |ANSWER✔✔-prohibits |cigarette |advertising |on |billboards |and |in |retail |
stores, |and |assigns |financial |penalties |to |violators
Weights |and |Measures |Act |- |CORRECT |ANSWER✔✔-sets |standards |of |accuracy |for |weighing |
and |measuring |devices
Questions With Correct Answers
Business |- |CORRECT |ANSWER✔✔-an |organization |that |seeks |to |earn |profits |by |providing |
goods |and |services
Profit |- |CORRECT |ANSWER✔✔-what |remains |(if |anything) |after |a |businesses |expenses |are |
subtracted |from |its |sales |revenue
Not-For-Profit |Organization |- |CORRECT |ANSWER✔✔-an |organization |that |provides |goods |and |
services |to |customers, |but |does |not |seek |to |make |a |profit |hile |doing |so
Economic |System |- |CORRECT |ANSWER✔✔-the |way |in |which |a |nation |allocates |its |resources |
among |its |citizens
Factors |of |Production |- |CORRECT |ANSWER✔✔-the |resources |used |to |produce |goods |and |
services: |labour, |capital, |entrepreneurs |and |natural |resources
Labour |- |CORRECT |ANSWER✔✔-the |mental |and |physical |training |and |talents |of |people; |
sometimes |called |human |resources
Capital |- |CORRECT |ANSWER✔✔-the |funds |needed |to |operate |an |enterprise
Entrepreneur |- |CORRECT |ANSWER✔✔-an |individual |who |organizes |and |manages |labour, |
capital, |and |natural |resources |to |produce |goods |and |services |to |earn |a |profit, |but |who |also |
runs |the |risk |of |failure
,Natural |Resources |- |CORRECT |ANSWER✔✔-items |used |in |the |production |of |goods |and |
services |in |their |natural |state, |including |land, |water, |mineral |deposits, |and |trees
Information |Resources |- |CORRECT |ANSWER✔✔-information |such |as |market |forecasts, |
economic |data, |and |specialized |knowledge |of |employees |that |is |useful |to |a |business |and |that |
helps |it |achieve |its |goals
Command |Economy |- |CORRECT |ANSWER✔✔-an |economic |system |in |which |government |
controls |all |or |most |factors |of |production |and |makes |all |or |most |production |decisions
Market |Economy |- |CORRECT |ANSWER✔✔-an |economic |system |in |which |individuals |control |all |
or |most |factors |of |production |and |make |all |or |most |production |decisions
Communism |- |CORRECT |ANSWER✔✔-a |type |of |command |economy |in |which |the |government |
owns |and |operates |all |industries
Socialism |- |CORRECT |ANSWER✔✔-a |kind |of |command |economy |in |which |the |government |
owns |and |operates |the |main |industries, |while |individuals |own |and |operate |less |crucial |
industries
Market |- |CORRECT |ANSWER✔✔-an |exchange |process |between |buyers |and |sellers |of |a |
particular |good |or |service
Input |Market |- |CORRECT |ANSWER✔✔-firms |buy |resources |that |they |need |in |the |production |or
|goods |and |services
Output |Market |- |CORRECT |ANSWER✔✔-firms |supply |goods |and |services |in |response |to |
demand |on |the |part |of |consumers
, Capitalism |- |CORRECT |ANSWER✔✔-an |economic |system |in |which |markets |decide |what, |when |
and |for |whom |to |produce
Mixed |Market |Economy |- |CORRECT |ANSWER✔✔-and |economic |system |with |elements |of |both |
a |command |and |a |market |economy; |in |practice, |typical |of |most |nations |economies
Privatization |- |CORRECT |ANSWER✔✔-the |transfer |of |activites |from |the |government |to |the |
private |sector
Nationalization |- |CORRECT |ANSWER✔✔-the |transfer |of |activities |from |private |firms |to |the |
government
Deregulation |- |CORRECT |ANSWER✔✔-a |reduction |in |the |number |of |laws |affecting |business |
activity
Canadian |Radio-Television |and |Telecommunications |Commission |(CRTC) |- |CORRECT |
ANSWER✔✔-regulates |and |supervises |all |aspects |of |the |Canadian |broadcasting |system
Canadian |Wheat |Board |- |CORRECT |ANSWER✔✔-regulates |the |price |farmers |receive |for |their |
wheat
Hazardous |Products |Act |- |CORRECT |ANSWER✔✔-regulates |banned |products |and |products |that
|can |be |sold |but |must |be |labelled |hazardous
Tobacco |Act |- |CORRECT |ANSWER✔✔-prohibits |cigarette |advertising |on |billboards |and |in |retail |
stores, |and |assigns |financial |penalties |to |violators
Weights |and |Measures |Act |- |CORRECT |ANSWER✔✔-sets |standards |of |accuracy |for |weighing |
and |measuring |devices
