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BUSI 111 - MIDTERM 1 (CHAPTERS 1-5) EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Four factors of production - Answers land, labor, capital, entrepreneurship Seven Eras in the History of Business - Answers Colonial, industrial revolution, industrial entrepreneurs, production, marketing, relationship, social Two major categories of ethical codes - Answers Compliance based / Integrity based Three point ethical checklist - Point 1 - Answers Is it legal, and is it within my corporate ru...

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When a judge "distinguishes" a case on its facts, this means: correct answers the judge decides that facts crucial to a former decision are not present in the case at hand, and does not follow the former decision. What is the result of the doctrine of stare decisis? correct answers All of the above result from the doctrine of stare decisis. There are several steps taken before a lawsuit actually is brought before a judge. Which of the following procedures does NOT take place before a...

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BUSI 111 Questions with CORRECT Answers

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BUSI 111 MIDTERM 2, TWU EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 Five motivations for individual entrepreneurship - Answers Being Own Boss: self-management motivation to drive entrepreneurship Financial Success: Entrepreneurs are wealth creators and idea generators Job security: Large companies downsize, people own the future, jobs in their control Quality of Life: gives founder choice over when, where, and how to work Innovative Ideas: Believe their ideas will fulfill cust...

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BUSI 111 CHAPTER 5 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Small business? - Answers an independent business with fewer than 100 employees and revenues less than $2 million that is not dominant in its market home-based businesses - Answers firms operated from the residence of the business owner In what industries do small businesses play a significant role? - Answers Small businesses provide many jobs in construction, retail trade and health care services. What are the three k...

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BUSI 111 CHAPTER 4 TERMS EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 ISO 26000? - Answers 7 Principles: Accountability Transparency Ethical Behaviour Stakeholder interests Rule of law International norms of behaviour Human rights Business ethics - Answers Standards of conduct and moral values regarding right and wrong actions in the business environment To whom do businesses have responsibilities? - Answers Businesses have responsibilities to customers, employees, investor...

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BUSI 111 CHAPTER 2 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 Microeconomics - Answers The study of small economic units, such as individual consumers, families, and businesses Demand? - Answers The willingness and ability of buyers to purchase goods and services at different prices supply - Answers The willingness and ability of sellers to provide goods and services at different prices Economics - Answers A social science that analyzes the choices people and governments make i...

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BUSI 111 MIDTERM #1 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 Business - Answers All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profits - Answers Rewards for businesspeople who take the risks involved in offering goods and services to customers. Factors of Production - Answers 1. Natural resources - useful in their natural states 2. Capital - technology, tools, information, facilities 3. Human resources - labour an...

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Busi 111 Bundled Questions With Correct Answers Latest Update 2026/2027

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BUSI 111 CHAPTER 6 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 How do entrepreneurs create new businesses? - Answers Entrepreneurs combine their ideas and drive with money, employees, and other resources to create a business that meets a market need. How do entrepreneurs differ from managers? - Answers Managers are employees who direct the efforts of others to reach an organization's goals. Entrepreneurs have the drive and impatience that make their companies successful. These qu...

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