Study guides, Class notes & Summaries

Which of the following creates competition for finite resources, thereby forcing trade-offs by participants in the economy? A) Redundancy B) Scarcity C) Opportunity costs D) Free market systems E) Planned systems - Answer- Scarcity The value given up when a different opportunity was pursued is referred to as ________. A) opportunity cost B) factors of production C) scarcity value D) finite supply E) affordability - Answer- Opportunity Cost What is gross domestic product? A) Prod...

Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years. ANSWER: False The opposite of free trade is protectionism. ANSWER: True Which type of business organization experiences the least governmental regulation? ANSWER: Sole Proprietorship _____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada. ANSWER: Imports The United States buys copper from Chile's Escond...

Articles of incorporation usually specify the life of a corporation as a certain number of predetermined years. ANSWER: False The opposite of free trade is protectionism. ANSWER: True Which type of business organization experiences the least governmental regulation? ANSWER: Sole Proprietorship _____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada. ANSWER: Imports The United States buys copper from Chile's Escond...

bus 101 exam 1 questions & answers 2024/2025 Business - ANSWERSorganizations that provide goods or services that are then sold to earn profits Profits - ANSWERSthe different between a business a business revenues and its expenses external environment - ANSWERSconsist of everything outside an organization's boundaries that might affect it economic environment - ANSWERSrefers to relevant conditions that exist in the economic system in which a company operates Economic system - AN...

BUS 101 Final Exam - Questions and Answers An example of nonstore retailing is the vending machine from which you purchased a soda. True Enlightened firms are realizing that empowerment puts too much stress on employees and are eliminating empowerment programs. False Verna Knight is doing observation research when he asks people to describe how to fold sheets, towels, and pillowcases. False Venture capitalists provide a source of debt financing and usually charge high interest for loans becaus...

BUS 101 Quiz 7 - Questions and Answers The Sarbanes-Oxley Act redefines the public corporation-auditor relationship and restricts the types of services auditors can provide to clients. True Managerial accounting provides information that would probably be most beneficial to: A middle manager of the company Accounting is the process of collecting, recording, classifying, summarizing, reporting, and analyzing the financial condition of an organization. True Accounting involves the _____ of the f...

BUS 101 Quiz 6 - Questions and Answers Victorinox is the name of the company that manufacturers Swiss army knives. The _____ channel the company utilizes to get its knives to market is to wholesalers, than to retailers, and finally to consumers. Distribution Internet retailing is also called e-retailing. True The goal of all promotion is to stimulate action. True Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainer...

BUS 101 Quiz 5 - Questions and Answers _____ is the gap between what is and what is desired, and _____ is the gap between what is and what is required. A want; A need Process layout is almost always designed as a continuous, assembly-line layout. False Operations management refers to the role that computers play in the production process. False Elton Mayo, America's first industrial psychologist, was responsible for formulating: the explanation of the Hawthorne effect The original Hawthorne s...

BUS 101 Quiz 4 - Questions and Answers Job description refers to the specific location or office where a job is done. False Human resource management is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals. True A _____ is a study of the tasks required to do a particular job well. Job Analysis A company that uses departmentalization groups jobs under the authority of one manager for the purposes of planning, coordination, and control. Tr...

BUS 101 Quiz 2 - Questions and Answers According to the principle of absolute advantage, each country should specialize in the products that it can produce most readily and cheaply and trade those products for products that foreign countries can produce most readily and cheaply. False Canadian logging companies sell timber in the United States. To the U.S., the timber is a(n)_____, and for Canadians, the timber is a(n) _____. Import; Export The sole proprietorship is considered a legal entity;...