BUS X100 Final Exam Questions With
Correct Answers
Fundamental |Business |Resources |(4) |- |CORRECT |ANSWER✔✔-Human, |Material, |Informational, |
Financial
Economy |of |a |capitalistic |economic |system |is |a |_____________ |- |CORRECT |ANSWER✔✔-Mixed
|economy
Economic |system |in |which |individuals |own |and |operate |a |majority |of |the |businesses |- |
CORRECT |ANSWER✔✔-Capitalism
Economy |of |a |socialistic |and |communistic |economic |system |is |a |____________ |- |CORRECT |
ANSWER✔✔-Command |Economy
Types |of |Competition |(4) |- |CORRECT |ANSWER✔✔-Perfect, |Monopolistic, |Oligopoly, |Monopoly
Competition |utilizing |product |differentiation |- |CORRECT |ANSWER✔✔-Monopolistic |
Competition
Absolute |Advantage |- |CORRECT |ANSWER✔✔-Ability |to |produce |a |specific |product |for |
efficiently |than |any |other |nation
Comparative |Advantage |- |CORRECT |ANSWER✔✔-Ability |to |produce |a |specific |product |more |
efficiently |than |any |other |product
, Tariff |- |CORRECT |ANSWER✔✔-Tax |on |imported |goods
Business |owned |by |a |single |owner; |most |popular |form |of |business |- |CORRECT |ANSWER✔✔-
Sole |Proprietorship
Domestic |Corporation |- |CORRECT |ANSWER✔✔-A |corporation |that |is |known |as |in |the |state |in |
which |it |is |incorporated
LLC-Limited |Liability |Corporation |- |CORRECT |ANSWER✔✔-Form |of |business |which |is |simple, |
owned |by |one |person, |and |has |limited |liability |for |the |owner
Who |is |appointed |by |the |Board |of |Directors |in |a |corporate |structure? |- |CORRECT |
ANSWER✔✔-The |Officers
Planning |- |CORRECT |ANSWER✔✔-The |first |management |function, |all |other |functions |rely |
upon |it
Planning |optimal |for |daily |planning |- |CORRECT |ANSWER✔✔-Operational |Planning
3-Step |Delegation |Process |- |CORRECT |ANSWER✔✔-Assign |Responsibility, |Grant |Authority, |
Assign |Accountability
Maslow's |Hierarchy |of |Needs |- |CORRECT |ANSWER✔✔-Physiological, |Safety, |Belongingness, |
Esteem, |Self-Actualization
Group-Think |- |CORRECT |ANSWER✔✔-main |disadvantage |of |group |decision-making, |when |
members |of |a |team |simply |agree |for |the |sake |of |agreeing
Level |of |Conflict |for |best |group |performance |- |CORRECT |ANSWER✔✔-optimal |level |of |conflict
Correct Answers
Fundamental |Business |Resources |(4) |- |CORRECT |ANSWER✔✔-Human, |Material, |Informational, |
Financial
Economy |of |a |capitalistic |economic |system |is |a |_____________ |- |CORRECT |ANSWER✔✔-Mixed
|economy
Economic |system |in |which |individuals |own |and |operate |a |majority |of |the |businesses |- |
CORRECT |ANSWER✔✔-Capitalism
Economy |of |a |socialistic |and |communistic |economic |system |is |a |____________ |- |CORRECT |
ANSWER✔✔-Command |Economy
Types |of |Competition |(4) |- |CORRECT |ANSWER✔✔-Perfect, |Monopolistic, |Oligopoly, |Monopoly
Competition |utilizing |product |differentiation |- |CORRECT |ANSWER✔✔-Monopolistic |
Competition
Absolute |Advantage |- |CORRECT |ANSWER✔✔-Ability |to |produce |a |specific |product |for |
efficiently |than |any |other |nation
Comparative |Advantage |- |CORRECT |ANSWER✔✔-Ability |to |produce |a |specific |product |more |
efficiently |than |any |other |product
, Tariff |- |CORRECT |ANSWER✔✔-Tax |on |imported |goods
Business |owned |by |a |single |owner; |most |popular |form |of |business |- |CORRECT |ANSWER✔✔-
Sole |Proprietorship
Domestic |Corporation |- |CORRECT |ANSWER✔✔-A |corporation |that |is |known |as |in |the |state |in |
which |it |is |incorporated
LLC-Limited |Liability |Corporation |- |CORRECT |ANSWER✔✔-Form |of |business |which |is |simple, |
owned |by |one |person, |and |has |limited |liability |for |the |owner
Who |is |appointed |by |the |Board |of |Directors |in |a |corporate |structure? |- |CORRECT |
ANSWER✔✔-The |Officers
Planning |- |CORRECT |ANSWER✔✔-The |first |management |function, |all |other |functions |rely |
upon |it
Planning |optimal |for |daily |planning |- |CORRECT |ANSWER✔✔-Operational |Planning
3-Step |Delegation |Process |- |CORRECT |ANSWER✔✔-Assign |Responsibility, |Grant |Authority, |
Assign |Accountability
Maslow's |Hierarchy |of |Needs |- |CORRECT |ANSWER✔✔-Physiological, |Safety, |Belongingness, |
Esteem, |Self-Actualization
Group-Think |- |CORRECT |ANSWER✔✔-main |disadvantage |of |group |decision-making, |when |
members |of |a |team |simply |agree |for |the |sake |of |agreeing
Level |of |Conflict |for |best |group |performance |- |CORRECT |ANSWER✔✔-optimal |level |of |conflict
