MGMT 100 MIDTERM EXAM QUESTIONS AND ANSWERS
Goods - CORRECT ANSWER✅✅are tangible products such as computers, food, clothing, cars and
appliances.
services - CORRECT ANSWER✅✅are intangible products (products that cannot be literally held) such as
education, health, insurance, recreation and travel.
Business - CORRECT ANSWER✅✅is any activity that seeks to provide goods and services to others while
operating a profit.
Entrepreneur - CORRECT ANSWER✅✅is a person who risks time and money to start and manage a
business.
Revenue - CORRECT ANSWER✅✅is the total amount of money received during a given period for goods
sold and services rendered, and from financial sources.
Profit - CORRECT ANSWER✅✅is the amount of money a business earns above and beyond what it
spends for salaries and other expenses.
Loss - CORRECT ANSWER✅✅is when a business's expenses are more than its revenue.
Risk - CORRECT ANSWER✅✅is the chance an entrepreneur takes of losing time and money on a
business that may not prove profitable
Standard of living - CORRECT ANSWER✅✅refers to the amount of goods and services people can buy
with money they have.
Quality of life - CORRECT ANSWER✅✅refers the general well-being of a society in terms of its political
freedom, natural environment, education, health care, safety, amount of leisure and rewards that add
to the satisfaction and joy that other goods and services provide.
,stakeholders - CORRECT ANSWER✅✅are all of the people who stand to gain or lose by the policies and
activities of a business.
Offshoring - CORRECT ANSWER✅✅entails sourcing part of the purchased inputs outside of the country.
Outsourcing - CORRECT ANSWER✅✅means assigning various functions (accounting, productions,
security, maintenance, legal work) to outside organizations.
Non-Profit Organizations - CORRECT ANSWER✅✅goals do not including making a personal profit for its
owners or organizers.
Land and other natural resources - CORRECT ANSWER✅✅Used to make homes, cars and other
products.
Labour - CORRECT ANSWER✅✅People have always been an importance resources in producing goods,
however many people are now being replaced by technology.
Capital Goods - CORRECT ANSWER✅✅This includes machines, tools, buildings, and more that are used
in the production of goods. Doesn't include money.
Entrepreneurship - CORRECT ANSWER✅✅Resources have little value unless entrepreneurs are willing
to risk starting a business to use those resources.
Knowledge - CORRECT ANSWER✅✅Determining the needs and wants to respond to goods and services.
The Business Environment - CORRECT ANSWER✅✅consist the surrounding factors that either help or
hinder the development of business.
Regulations - CORRECT ANSWER✅✅consist of regulations that provincial and federal laws place on
businesses with respect to the conduct of their activities.
, Technology - CORRECT ANSWER✅✅means everything from smartphones to computers, machines, and
software, that make business processes more effective, efficient and productive.
Effectiveness - CORRECT ANSWER✅✅is producing the desired amount.
Efficiency - CORRECT ANSWER✅✅is producing goods and services using the least amount of resources.
Productivity - CORRECT ANSWER✅✅is the amount of output that is generated given the amount of
input.
E-Commerce - CORRECT ANSWER✅✅is the buying and selling of goods and services over the Internet.
E-Business - CORRECT ANSWER✅✅refers to any information system or application (software) that
empowers business processes.
Database - CORRECT ANSWER✅✅is an electronic storage file for information.
Identity Theft - CORRECT ANSWER✅✅is the act of obtaining an individual's personal information (SIN #
etc.) for illegal purposes.
Crowdsourcing - CORRECT ANSWER✅✅is the use of expertise of a large group of people to solve a
business problem.
Entry - CORRECT ANSWER✅✅refers to how a firm must assess the likelihood of new entrants.
Powers of suppliers - CORRECT ANSWER✅✅exist when the product is critical to the buyer.
Existing Competitors and Substitutes - CORRECT ANSWER✅✅refers to how competitive pressure
depends on the rate of industry growth. In slow growth settings, the competition is higher.
Goods - CORRECT ANSWER✅✅are tangible products such as computers, food, clothing, cars and
appliances.
services - CORRECT ANSWER✅✅are intangible products (products that cannot be literally held) such as
education, health, insurance, recreation and travel.
Business - CORRECT ANSWER✅✅is any activity that seeks to provide goods and services to others while
operating a profit.
Entrepreneur - CORRECT ANSWER✅✅is a person who risks time and money to start and manage a
business.
Revenue - CORRECT ANSWER✅✅is the total amount of money received during a given period for goods
sold and services rendered, and from financial sources.
Profit - CORRECT ANSWER✅✅is the amount of money a business earns above and beyond what it
spends for salaries and other expenses.
Loss - CORRECT ANSWER✅✅is when a business's expenses are more than its revenue.
Risk - CORRECT ANSWER✅✅is the chance an entrepreneur takes of losing time and money on a
business that may not prove profitable
Standard of living - CORRECT ANSWER✅✅refers to the amount of goods and services people can buy
with money they have.
Quality of life - CORRECT ANSWER✅✅refers the general well-being of a society in terms of its political
freedom, natural environment, education, health care, safety, amount of leisure and rewards that add
to the satisfaction and joy that other goods and services provide.
,stakeholders - CORRECT ANSWER✅✅are all of the people who stand to gain or lose by the policies and
activities of a business.
Offshoring - CORRECT ANSWER✅✅entails sourcing part of the purchased inputs outside of the country.
Outsourcing - CORRECT ANSWER✅✅means assigning various functions (accounting, productions,
security, maintenance, legal work) to outside organizations.
Non-Profit Organizations - CORRECT ANSWER✅✅goals do not including making a personal profit for its
owners or organizers.
Land and other natural resources - CORRECT ANSWER✅✅Used to make homes, cars and other
products.
Labour - CORRECT ANSWER✅✅People have always been an importance resources in producing goods,
however many people are now being replaced by technology.
Capital Goods - CORRECT ANSWER✅✅This includes machines, tools, buildings, and more that are used
in the production of goods. Doesn't include money.
Entrepreneurship - CORRECT ANSWER✅✅Resources have little value unless entrepreneurs are willing
to risk starting a business to use those resources.
Knowledge - CORRECT ANSWER✅✅Determining the needs and wants to respond to goods and services.
The Business Environment - CORRECT ANSWER✅✅consist the surrounding factors that either help or
hinder the development of business.
Regulations - CORRECT ANSWER✅✅consist of regulations that provincial and federal laws place on
businesses with respect to the conduct of their activities.
, Technology - CORRECT ANSWER✅✅means everything from smartphones to computers, machines, and
software, that make business processes more effective, efficient and productive.
Effectiveness - CORRECT ANSWER✅✅is producing the desired amount.
Efficiency - CORRECT ANSWER✅✅is producing goods and services using the least amount of resources.
Productivity - CORRECT ANSWER✅✅is the amount of output that is generated given the amount of
input.
E-Commerce - CORRECT ANSWER✅✅is the buying and selling of goods and services over the Internet.
E-Business - CORRECT ANSWER✅✅refers to any information system or application (software) that
empowers business processes.
Database - CORRECT ANSWER✅✅is an electronic storage file for information.
Identity Theft - CORRECT ANSWER✅✅is the act of obtaining an individual's personal information (SIN #
etc.) for illegal purposes.
Crowdsourcing - CORRECT ANSWER✅✅is the use of expertise of a large group of people to solve a
business problem.
Entry - CORRECT ANSWER✅✅refers to how a firm must assess the likelihood of new entrants.
Powers of suppliers - CORRECT ANSWER✅✅exist when the product is critical to the buyer.
Existing Competitors and Substitutes - CORRECT ANSWER✅✅refers to how competitive pressure
depends on the rate of industry growth. In slow growth settings, the competition is higher.
