FM 116 - Final Exam with correct answers 100% 2026

FM 116 - Final Exam with correct answers 100% 2026 gross domestic product - Correct Answer the total dollar value of all goods and services produced by all people within the boundaries of a country during a one-year period four resources of business - Correct Answer financial resources, human resources, material resources and informational resources business cycle - Correct Answer the recurrence of periods of growth and recession in a nation's economic activity mixed economy - Correct Answer an economy that exhibits elements of both capitalism and socialism supply - Correct Answer the quantity of a product that producers are willing to sell at a given price demand - Correct Answer the quantity of a product that buyers are willing to purchase at each various prices profit - Correct Answer what remains after all business expenses have been deducted from sales revenue trade deficit - Correct Answer a negative balance of trade monopolies - Correct Answer a market (or industry) with only one seller, and there are barriers to keep other firms from entering the industry oligopoly - Correct Answer a market (or industry) in which there are few sellers horizontal mergers - Correct Answer merge of two companies within the same industry vertical mergers - Correct Answer a merger of two companies that create different goods or services for one specified finished product sole proprietorships - Correct Answer a business that is owned and usually operated by one person advantages of sole proprietorships - Correct Answer ease of start-up and closure, pride of ownership, retention of all profits, no special taxes, flexibility disadvantages of sole proprietorships - Correct Answer unlimited liability, lack of continuity, lack of money, limited management skills, difficult in hiring employees corporation - Correct Answer an artificial person created by law, with most of the legal rights of a real person advantages of a corporation - Correct Answer LIMITED LIABILITY, ease of raising capital, ease of transfer of ownership, perpetual life, specialized management disadvantages of corporation - Correct Answer difficulty and expense of formation, gov't regulation and increased paperwork, conflict within the corp, double taxation, lack of secrecy limited liability - Correct Answer limits each owner's financial liability to the amount of money that he or she has paid for the corp's stock joint venture - Correct Answer an agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time Small Business Association - Correct Answer governmental agency that assists, counsels, and protects the interests of small business in the US insider trading - Correct Answer the practice of board members, corporate managers, and employees buying and selling a corporation's stock (illegal) whistleblower - Correct Answer a person who informs the press or government officials about unethical practices within one's organization business ethics - Correct Answer application of moral standards to business situations Environmental Protection Agency - Correct Answer protect environment - pollution