BUSI 100 FINAL EXAM QUESTIONS AND ANSWERS
Who said: "So long as men live together on earth and need means to deal with one
another- their only substitute, if they abandon money, is the muzzle of a gun" - Answers
- Ayn Rand
Who said: "To form a functioning society there is a list of trade-offs" - Answers - Plato
According to Thoreau, which of the following is the choicest of relics? - Answers - Books
Who says: "The manager is the ___________ of the individuals who own the
corporation and the primary responsibility is to them" and fill in the blank - Answers -
Friedman, Agent
Plato felt that the fundamental key in the development of an economy was - Answers -
Specialization: more things are produced and better and more easily when one man
performs one task
The insider ownership % for most large firms in the US is.. - Answers - 0-10%
According to Ayn Rand, what is wealth the product of? - Answers - Man's capacity to
think
Michael Porter's Five Forces Model - Answers - Identifies the fundamental factors that
determine the level of competition and long-term profitability of an industry by analyzing
an organization, its position in the marketplace, and how information systems could be
used to make it more competitive
Assets - Answers - Liabilities + Stockholders Equity (Cash+amount left on rent+amount
left of equipment+ (revenue-collected))
Intangible Assets - Answers - Long-term assets (e.g., patents, trademarks, copyrights)
that have no real physical form but do have value
The process of systematically collecting, analyzing, and reporting financial information is
called - Answers - Accounting
Present Value (PV) - Answers - Future value divided by (1 + required rate of return)
raised to the power of the number of periods.
Accounts Payable - Answers - Debt owed to suppliers for goods or services purchased
on credit
,Who believes that there is a connection between the exactness of a trade person's
bookkeeping and the tradesperson's prosperity. - Answers - Daniel Defoe
Who suggested that money is symbolic of a society's moral values? - Answers - Ayn
Rand
Who said: "A tailor won't try and make his own shoes he will buy from a shoemaker" -
Answers - Adam Smith, good trade benefits both people in different way
What did Defoe believe useful to consider when conducting business? - Answers -
Everything done in the conduct of the business should be set down in a book and every
transaction should be recorded in the books at the very time it occurs
Who said: "Let us define the investment value of a stock as the present worth of all the
dividends to be paid upon it. In short, a stock is worth only what you can get out of it" -
Answers - John Burr Williams
Who argues that true wisdom comes from learning and experiences and observations?
- Answers - Bacon
Who believes money is symbolic of a society's moral values? - Answers - Ayn Rand
Who believes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise. -
Answers - Thoreau
Who argues that modern society is too focused on material possessions and that we
should prioritize our spiritual and intellectual well-being instead? - Answers - Thoreau
"In today's fast-changing world, it's not so much what you know anymore that counts,
because often what you know is old. It is how fast you can learn" This John Kotter quote
is most closely related to which passage from "The Art of War"?
a) All warfare is based on deception
b) Do not repeat tactics which have gained you one victory, but let your methods be
regulated by the infinite variety of circumstances.
c) Now in order to kill the enemy, our men must be roused to anger; that there may be
advantage from defeating the enemy, they must have their rewards.
d) The clever combatant looks to the effect of combined energy, and does not require
too much from individuals.
e) To secure ourselves against defeat lies in our own hands, but the opportunity of
defeating the enemy is provided by the enemy himself. - Answers - b) Do not repeat
tactics which have gained you one victory, but let your methods be regulated by the
infinite variety of circumstances.
Who argues that justice is not only desirable but is also necessary for the well-being of
individuals and society as a whole? - Answers - Plato
, Who talks about the individual hand when individuals act in their own self-interest in a
free market, they unintentionally contribute to the greater good of society as a whole? -
Answers - Smith
Who says people who invest money and take business risks should be rewarded with
profits? - Answers - John Stuart Mill
Who thinks government should only intervene to promote the well-being of society as a
whole? - Answers - John Stuart Mill
Who talks about importance of hardwork and diligence and customer-focused approach
to business? - Answers - Daniel Defoe
Who says government has a responsibility to ensure a level playing field to prevent
monopolies but no excessive regulation? - Answers - Daniel Defoe
Who says the primary responsibility of a business is to maximize profits for its
shareholders? - Answers - Friedman
Who says the accumulation of wealth by individuals is necessary for the progress of
society? - Answers - Andrew Carnegie
Who says the wealthy have a responsibility to use their wealth for the greater good? -
Answers - Andrew Carnegie
Who thinks education is imperative for African Americans to achieve equality and social
mobility? - Answers - WEB Du Bois
Who thinks government intervention and regulation has stifled innovation and
productivity? - Answers - Ayn Rand
Who thinks people should be free to pursue their own goals and values without
interference from the government or society? - Answers - Ayn Rand
Who says: "The works of the great poets have never yet been read by mankind, for only
great poets can read them" - Answers - Thoreau
Pacioli indicates that the purpose of every merchant is to - Answers - make a profit
What are 3 things needed by any one who wishes to carry on business carefully
according to Pacioli? - Answers - Arranging transactions in a systematic ways, cash,
and being a good bookkeeper and ready mathematician
What activity is Thoreau discussing when noting that we should do it by standing on
tiptoe and devoting our most alert and wakeful hours to it? - Answers - Reading
Who said: "So long as men live together on earth and need means to deal with one
another- their only substitute, if they abandon money, is the muzzle of a gun" - Answers
- Ayn Rand
Who said: "To form a functioning society there is a list of trade-offs" - Answers - Plato
According to Thoreau, which of the following is the choicest of relics? - Answers - Books
Who says: "The manager is the ___________ of the individuals who own the
corporation and the primary responsibility is to them" and fill in the blank - Answers -
Friedman, Agent
Plato felt that the fundamental key in the development of an economy was - Answers -
Specialization: more things are produced and better and more easily when one man
performs one task
The insider ownership % for most large firms in the US is.. - Answers - 0-10%
According to Ayn Rand, what is wealth the product of? - Answers - Man's capacity to
think
Michael Porter's Five Forces Model - Answers - Identifies the fundamental factors that
determine the level of competition and long-term profitability of an industry by analyzing
an organization, its position in the marketplace, and how information systems could be
used to make it more competitive
Assets - Answers - Liabilities + Stockholders Equity (Cash+amount left on rent+amount
left of equipment+ (revenue-collected))
Intangible Assets - Answers - Long-term assets (e.g., patents, trademarks, copyrights)
that have no real physical form but do have value
The process of systematically collecting, analyzing, and reporting financial information is
called - Answers - Accounting
Present Value (PV) - Answers - Future value divided by (1 + required rate of return)
raised to the power of the number of periods.
Accounts Payable - Answers - Debt owed to suppliers for goods or services purchased
on credit
,Who believes that there is a connection between the exactness of a trade person's
bookkeeping and the tradesperson's prosperity. - Answers - Daniel Defoe
Who suggested that money is symbolic of a society's moral values? - Answers - Ayn
Rand
Who said: "A tailor won't try and make his own shoes he will buy from a shoemaker" -
Answers - Adam Smith, good trade benefits both people in different way
What did Defoe believe useful to consider when conducting business? - Answers -
Everything done in the conduct of the business should be set down in a book and every
transaction should be recorded in the books at the very time it occurs
Who said: "Let us define the investment value of a stock as the present worth of all the
dividends to be paid upon it. In short, a stock is worth only what you can get out of it" -
Answers - John Burr Williams
Who argues that true wisdom comes from learning and experiences and observations?
- Answers - Bacon
Who believes money is symbolic of a society's moral values? - Answers - Ayn Rand
Who believes that most of his townsmen have learned to read, not only to keep
accounts and not be cheated in trade, but also as a noble intellectual exercise. -
Answers - Thoreau
Who argues that modern society is too focused on material possessions and that we
should prioritize our spiritual and intellectual well-being instead? - Answers - Thoreau
"In today's fast-changing world, it's not so much what you know anymore that counts,
because often what you know is old. It is how fast you can learn" This John Kotter quote
is most closely related to which passage from "The Art of War"?
a) All warfare is based on deception
b) Do not repeat tactics which have gained you one victory, but let your methods be
regulated by the infinite variety of circumstances.
c) Now in order to kill the enemy, our men must be roused to anger; that there may be
advantage from defeating the enemy, they must have their rewards.
d) The clever combatant looks to the effect of combined energy, and does not require
too much from individuals.
e) To secure ourselves against defeat lies in our own hands, but the opportunity of
defeating the enemy is provided by the enemy himself. - Answers - b) Do not repeat
tactics which have gained you one victory, but let your methods be regulated by the
infinite variety of circumstances.
Who argues that justice is not only desirable but is also necessary for the well-being of
individuals and society as a whole? - Answers - Plato
, Who talks about the individual hand when individuals act in their own self-interest in a
free market, they unintentionally contribute to the greater good of society as a whole? -
Answers - Smith
Who says people who invest money and take business risks should be rewarded with
profits? - Answers - John Stuart Mill
Who thinks government should only intervene to promote the well-being of society as a
whole? - Answers - John Stuart Mill
Who talks about importance of hardwork and diligence and customer-focused approach
to business? - Answers - Daniel Defoe
Who says government has a responsibility to ensure a level playing field to prevent
monopolies but no excessive regulation? - Answers - Daniel Defoe
Who says the primary responsibility of a business is to maximize profits for its
shareholders? - Answers - Friedman
Who says the accumulation of wealth by individuals is necessary for the progress of
society? - Answers - Andrew Carnegie
Who says the wealthy have a responsibility to use their wealth for the greater good? -
Answers - Andrew Carnegie
Who thinks education is imperative for African Americans to achieve equality and social
mobility? - Answers - WEB Du Bois
Who thinks government intervention and regulation has stifled innovation and
productivity? - Answers - Ayn Rand
Who thinks people should be free to pursue their own goals and values without
interference from the government or society? - Answers - Ayn Rand
Who says: "The works of the great poets have never yet been read by mankind, for only
great poets can read them" - Answers - Thoreau
Pacioli indicates that the purpose of every merchant is to - Answers - make a profit
What are 3 things needed by any one who wishes to carry on business carefully
according to Pacioli? - Answers - Arranging transactions in a systematic ways, cash,
and being a good bookkeeper and ready mathematician
What activity is Thoreau discussing when noting that we should do it by standing on
tiptoe and devoting our most alert and wakeful hours to it? - Answers - Reading
