BUS 100 Final Exam with Verified
Answers
Value - ✔✔the relationship between the price of a good or a service and the benefits that it
offers its customers
Business - ✔✔any organization or activity that provides goods and services to earn a profit
Profit - ✔✔money that a business earns in sales (or revenue) minus expenses
Loss - ✔✔occurs when a business incurs expenses that are greater than its revenue
Entrepreneurs - ✔✔people who risk their time, money, and other resources to start and
manage a business
Standard of living - ✔✔the material well-being, level of income, comforts, and services available
to an individual or community
Quality of life - ✔✔the degree to which an individual is healthy, comfortable, and able to
participate in or enjoy life events
Nonprofits - ✔✔business-like establishments that employ people and produces goods and
services
Factors of Production - ✔✔elements that businesses need to achieve their objectives
- natural resources
- capital
- human resources
, - entrepreneurship
Business environment - ✔✔the components that affect a business
- internal factors like employees and resources
- external factors like customers and markets
Speed-to-market - ✔✔- provides competitive advantage
- the rate at which a new product moves form conception to commercialization
Business technology - ✔✔tools used by businesses to become efficient and effective, such as e-
commerce
World Wide Web - ✔✔global information medium that users can access via computers
connected to the internet
E-commerce - ✔✔- electronic commerce
- the online exchange of goods and services
Demographics - ✔✔measurable characteristics of a population
Free trade - ✔✔a policy by which a government does not discriminate against imports or
interfere with exports by applying tariffs (to imports) or subsidies (to exports)
General Agreement on Tariffs and Trade (GATT) - ✔✔international trade agreement that has
taken bold steps to lower tariffs and promote free trade worldwide
Discount rate - ✔✔rate of interest that the Federal Reserve changes when it loans funds to
banks
Answers
Value - ✔✔the relationship between the price of a good or a service and the benefits that it
offers its customers
Business - ✔✔any organization or activity that provides goods and services to earn a profit
Profit - ✔✔money that a business earns in sales (or revenue) minus expenses
Loss - ✔✔occurs when a business incurs expenses that are greater than its revenue
Entrepreneurs - ✔✔people who risk their time, money, and other resources to start and
manage a business
Standard of living - ✔✔the material well-being, level of income, comforts, and services available
to an individual or community
Quality of life - ✔✔the degree to which an individual is healthy, comfortable, and able to
participate in or enjoy life events
Nonprofits - ✔✔business-like establishments that employ people and produces goods and
services
Factors of Production - ✔✔elements that businesses need to achieve their objectives
- natural resources
- capital
- human resources
, - entrepreneurship
Business environment - ✔✔the components that affect a business
- internal factors like employees and resources
- external factors like customers and markets
Speed-to-market - ✔✔- provides competitive advantage
- the rate at which a new product moves form conception to commercialization
Business technology - ✔✔tools used by businesses to become efficient and effective, such as e-
commerce
World Wide Web - ✔✔global information medium that users can access via computers
connected to the internet
E-commerce - ✔✔- electronic commerce
- the online exchange of goods and services
Demographics - ✔✔measurable characteristics of a population
Free trade - ✔✔a policy by which a government does not discriminate against imports or
interfere with exports by applying tariffs (to imports) or subsidies (to exports)
General Agreement on Tariffs and Trade (GATT) - ✔✔international trade agreement that has
taken bold steps to lower tariffs and promote free trade worldwide
Discount rate - ✔✔rate of interest that the Federal Reserve changes when it loans funds to
banks
