BUS 201 comprehensive exam 155 Questions
and Answers.
what are 5 factors of production -
✅natural resources, labor, capital, entrepreneurship and knowledge
what is capital as a factor of production -
✅machinery or equipment
what are the six steps in the supply chain -
✅1. raw material 2. processing 3.producers 4. wholesalers/ distributers 5. retailer 6. end consumer
what are buisness products -
✅products meant to run a buisness can be anything from Coffee machines to machines
what are the four different types of products -
✅unsought, convenience, shopping and specialty
What are unsought products? -
✅unplanned products like life insurance
What are convenience products? -
✅items that the consumer purchase with little thought like soda
What are shopping products? -
✅items that require more thought like a house
what are specialty products -
✅items that require lots of thought and research like a specialty sports car
,what are 6 types of buisness products -
✅installations, accessories, component parts and materials, raw materials, supplies, services
what is the difference between component parts and raw material in terms of buisness products -
✅component parts are material that have already gone through production like fabric where raw
material have gone through little to no production
what is the difference between accessories and supplies in terms of buisness products -
✅accessories hold more value like computers and supplies are things like pencils
what are 6 types of businesses -
✅sole proprietorship, partnership, corporations, cooperatives, joint venture and franchise
what is the difference between a public and private corporation -
✅public have many shareholders and private only have a few
what is a cooperative -
✅a buisness that is owned by members like vanity
What is a joint venture? -
✅2 or more companies join to complete a project
what five steps are necessary to incorporate a company -
✅Selecting the company's name,
Writing the articles of incorporation,
Paying required fees and taxes,
Holding an organizational meeting,
Adopting bylaws, electing directors, and passing the first operating resolutions
what are four management functions -
✅planning (identify problems), leading( allocate resources), organizing(organize plan),
controlling(identify and evaluate results)
, what are 4 characteristics of money -
✅scarcity, durability, portability, divisability
what is the difference between a new product and a line expansion -
✅A new product is an original idea for the company where a line extension is expanding on a
product like cherry pepsi
6 steps to establish new products -
✅1. set new product goals
2.Develop new ideas
3.Screen ideas and concepts
4.Develop the concept
5.est market
6.Introduce the product
what is the product manager in charge of -
✅Product manager is in charge completing a strategy to market a product
what are the four steps of a product lifestyle -
✅1.Introduction (establish)
2.Growth (advertise)
3.Maturity (modify to remain needed)
4.Decline (maintian sales)
in what step of the product lifestyle do products peak -
✅maturity
what are the 4 distribution channels and what do they do(marketing intermediaries) -
✅Agents and brokers(bring buyers and sellers together)
Industrial distributors(Independent wholesalers that sell to industrial users)
and Answers.
what are 5 factors of production -
✅natural resources, labor, capital, entrepreneurship and knowledge
what is capital as a factor of production -
✅machinery or equipment
what are the six steps in the supply chain -
✅1. raw material 2. processing 3.producers 4. wholesalers/ distributers 5. retailer 6. end consumer
what are buisness products -
✅products meant to run a buisness can be anything from Coffee machines to machines
what are the four different types of products -
✅unsought, convenience, shopping and specialty
What are unsought products? -
✅unplanned products like life insurance
What are convenience products? -
✅items that the consumer purchase with little thought like soda
What are shopping products? -
✅items that require more thought like a house
what are specialty products -
✅items that require lots of thought and research like a specialty sports car
,what are 6 types of buisness products -
✅installations, accessories, component parts and materials, raw materials, supplies, services
what is the difference between component parts and raw material in terms of buisness products -
✅component parts are material that have already gone through production like fabric where raw
material have gone through little to no production
what is the difference between accessories and supplies in terms of buisness products -
✅accessories hold more value like computers and supplies are things like pencils
what are 6 types of businesses -
✅sole proprietorship, partnership, corporations, cooperatives, joint venture and franchise
what is the difference between a public and private corporation -
✅public have many shareholders and private only have a few
what is a cooperative -
✅a buisness that is owned by members like vanity
What is a joint venture? -
✅2 or more companies join to complete a project
what five steps are necessary to incorporate a company -
✅Selecting the company's name,
Writing the articles of incorporation,
Paying required fees and taxes,
Holding an organizational meeting,
Adopting bylaws, electing directors, and passing the first operating resolutions
what are four management functions -
✅planning (identify problems), leading( allocate resources), organizing(organize plan),
controlling(identify and evaluate results)
, what are 4 characteristics of money -
✅scarcity, durability, portability, divisability
what is the difference between a new product and a line expansion -
✅A new product is an original idea for the company where a line extension is expanding on a
product like cherry pepsi
6 steps to establish new products -
✅1. set new product goals
2.Develop new ideas
3.Screen ideas and concepts
4.Develop the concept
5.est market
6.Introduce the product
what is the product manager in charge of -
✅Product manager is in charge completing a strategy to market a product
what are the four steps of a product lifestyle -
✅1.Introduction (establish)
2.Growth (advertise)
3.Maturity (modify to remain needed)
4.Decline (maintian sales)
in what step of the product lifestyle do products peak -
✅maturity
what are the 4 distribution channels and what do they do(marketing intermediaries) -
✅Agents and brokers(bring buyers and sellers together)
Industrial distributors(Independent wholesalers that sell to industrial users)
