BUS 120A Final Exam Study Guide Updated Questions and Answers 100% Already Graded A+ Excel!!!

BUS 120 A Final Exam Study Guide Updated Questions and Answe rs 100% Already Graded A+ Excel!!! In a business, which of the following statements best describes profit? - CORRECT ANSWER -It is the money that a business earns in sales, minus expenses. When a busi ness brings in less money than it needs to cover expenses, it incurs a _____. - CORRECT ANSWER -loss The Federal Trade Commission: - CORRECT ANSWER -actively promotes fair competitive practices. The United States goes through a period of recession because of the continuous decrease in the nation's gross domestic product. The Fed intervenes and improves the situation by reducing the discount rate. This move by the Fed will result in: - CORRECT ANSWER -banks obtaining funds at a lower cost. Which of the follo wing is a feature of capitalism? - CORRECT ANSWER -Private -sector businesses are free to make their own choices regarding what they will produce. _____ is the rate of interest that the Federal Reserve charges when it loans funds to banks. - CORRECT ANSWER -discount rate In the context of fundamental principles of a free market system, which of the following statements is true of a demand curve? - CORRECT ANSWER -It shows the relationship between price and quantity from a customer standpoint. _____ is an eco nomic system based on private ownership, economic freedom, and fair competition. - CORRECT ANSWER -Capitalism Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when it receives an order. The bakery produces the products as per the order and delivers to the customer's homes. It does not produce any excess products. In the given scenario, the price associated with the demand and supply of the products at Perggy's Bakes reflects the _____. - CORRECT ANSWER -equilibrium price _____ is the total value of all final goods and services produced within a nation's physical boundaries over a given period of time. - CORRECT ANSWER -gross domestic product In the context of the business cycle, _____ is an economic downturn marked by a decrease in the gross domestic product (GDP) for two consecutive quarters. - CORRECT ANSWER -a recession In the context of various strategies for reaching global markets, _____ is also referred to as contract manufacturing. - CORRECT ANSWER -foreign outsourcing A _____ is formed when two or more companies share resources, risks, and profits without actually merging, to pursue specific opportunities. - CORRECT ANSWER -joint venture Which of the following strategies for reaching global markets allows firms to expand into foreign markets with little or no investment? - CORRECT ANSWER -Foreign licensing In the context of various strategies for reaching global markets, which of the following strategies represents the deepest level of global involvement? - CORRECT ANSWER -Direct investment One of the ways by which companies can show thei r responsibility toward the environment is by reducing their _____. - CORRECT ANSWER -carbon footprint _____ is the obligation of a business to contribute to society. Ex: Companies that step in with on -site day care programs for workers facing challenges s uch as raising kids are fulfilling their - CORRECT ANSWER -Social responsibility In the context of social responsibility, stakeholders refer to: - CORRECT ANSWER -any groups that have a personal interest in the performance and actions of an organization. _____ refers to developing and promoting environmentally sound products and practices to gain a competitive edge. - CORRECT ANSWER -green marketing The goal of nonverbal communication should be to: - CORRECT ANSWER -reinforce the meaning of a message. In the context of American culture, which of the following is one of the dos for better listening? - CORRECT ANSWER -Use your extra mental capacity to summarize what the speaker is saying. In a sole proprietorship, any debts the company incurs are: - CORRECT AN SWER -considered to be the owner's personal liabilities. An advantage of a general partnership is that the: - CORRECT ANSWER -business is taxed as the personal income of its owners. In the context of a limited partnership, which of the following statements is true of general partners? - CORRECT ANSWER -all partners take an active role in managing A _____ is a licensing arrangement under which one party allows another party to use its name, trademark, patents, copyrights, business methods, and other property in exchange for monetary payments and other considerations. - CORRECT ANSWER -franchise Value of Information - CORRECT ANSWER -The benefit produced by the information minus the cost of producing it. Revenue Cycle - CORRECT ANSWER -Goods and services are sold for cash or a future promise to receive cash. Expenditure Cycle - CORRECT ANSWER -Companies purchase inventory for resale or raw materials to use in producing products in exchang e for cash or a future promise to pay. Production Cycle - CORRECT ANSWER -Raw materials are transformed into finished goods. Human Resources Cycle - CORRECT ANSWER -Employees are hired, trained, compensated, evaluated, promoted, and terminated. Financing Cycle - CORRECT ANSWER -Companies sell shares in the company to investors and borrow money and where investors are paid dividends and interest is paid on loans. Value Chain - CORRECT ANSWER -The linking together of all primary and support activities in a bu siness. Inbound Logistics - CORRECT ANSWER -Consists of receiving, storing, and distributing, the materials an organization uses to create the services and products it sells. Operations - CORRECT ANSWER -Activities transform inputs into final products or s ervices. Outbound Logistics - CORRECT ANSWER -Activities distribute products or services to customers. Marketing and Sales - CORRECT ANSWER -Activities to help customers buy the organization's products or services.