BUSN 101 INTRO TO BUSINESS ACTUAL EXAM
QUESTIONS WITH VERIFIED SOLUTIONS
business*
any entity that seeks to provide goods & services to others while operating at a profit.
5 factors of production*
1. land (natural resources)
2. labor (workers)
3. capital (equipment, tools, building, etc)
4. entrepreneurship (business owners)
5. knowledge (what entrepreneurs have learned)
capitalism*
an economic system in which all or most of the factors of production & distribution are privately
owned & operated for profit.
corporation*
a legal entity with authority to act and have liability apart from its owners.
Why people take the entrepreneurial challenge*
1. opportunity
2. profit
3. independence
4. challenge
What it takes to be an entrepreneur*
1. self directed
2. self nurturing
3. action-oriented
4. highly energetic
5. tolerant of uncertainty
revenue
money received by selling goods & services
entrepreneur
starts & runs business
nonprofit
organization does not make personal profit
, goods
tangible; food, clothes, tech, etc.
loss
revenue<expenses
risk
time and money
services
intangible; cashier, waitress, doctors, etc.
profit
expenses<revenue
standard of living
amount of goods & services people can buy with money
quality of life
general well being of a society
stakeholder
all the people who can gain or lose
e-commerce
buying and selling over internet
diversity
we as a nation are becoming more diverse
economics
the study of how a society chooses to employ resources to produce goods & services & distribute
them for consumption.
micro economics
behavior of people & organizations in particular markets.
macro economics
looks at the operation of the nation's economy as a whole.
invisible hand
QUESTIONS WITH VERIFIED SOLUTIONS
business*
any entity that seeks to provide goods & services to others while operating at a profit.
5 factors of production*
1. land (natural resources)
2. labor (workers)
3. capital (equipment, tools, building, etc)
4. entrepreneurship (business owners)
5. knowledge (what entrepreneurs have learned)
capitalism*
an economic system in which all or most of the factors of production & distribution are privately
owned & operated for profit.
corporation*
a legal entity with authority to act and have liability apart from its owners.
Why people take the entrepreneurial challenge*
1. opportunity
2. profit
3. independence
4. challenge
What it takes to be an entrepreneur*
1. self directed
2. self nurturing
3. action-oriented
4. highly energetic
5. tolerant of uncertainty
revenue
money received by selling goods & services
entrepreneur
starts & runs business
nonprofit
organization does not make personal profit
, goods
tangible; food, clothes, tech, etc.
loss
revenue<expenses
risk
time and money
services
intangible; cashier, waitress, doctors, etc.
profit
expenses<revenue
standard of living
amount of goods & services people can buy with money
quality of life
general well being of a society
stakeholder
all the people who can gain or lose
e-commerce
buying and selling over internet
diversity
we as a nation are becoming more diverse
economics
the study of how a society chooses to employ resources to produce goods & services & distribute
them for consumption.
micro economics
behavior of people & organizations in particular markets.
macro economics
looks at the operation of the nation's economy as a whole.
invisible hand
