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Helpful Examination paper tests
“Come all for this greatness”
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Business Management 114
Business
ans>>The organized effort of individuals to produce and sell, for a profit, the goods and
services that satisfy society's needs.
What are the four resources a business needs in order to be successful?
ans>>Human resources, material resources, informational resources, and financial
resources.
What do service businesses do?
ans>>They provide services.
Ex: Haircuts, legal advice, tax preparation, etc.
Intermediary
,ans>>Go-between; mediator.
Are businesses that understand customer needs, and work to satisfy those needs successful?
ans>>Yes
Profit
ans>>The remains after all business expenses have been deducted from sales revenue.
What is the formula for profit?
ans>>Sales revenue - expenses
Economics
ans>>The study of how wealth is created and distributed.
Economy
ans>>The system through which a society creates and distributes wealth.
Capitalism
ans>>A system in which individuals own and operate the majority of businesses that
provide goods and services.
Socialism
ans>>A system in which the government owns and controls the means of production.
,Communism
ans>>A system where factors of production are owned and directed by the state.
What type of economy is the U.S.?
ans>>Capitalist
Why is the U.S. a mixed economy?
ans>>They include both capitalism and socialism.
What do businesses purchase after they sell their goods and services?
ans>>Factors of production.
Factors of Production
ans>>Land, labor, and capital.
What does the government do in exchange for taxes?
ans>>They provide public services not provided by businesses.
Ex: Law Enforcement
Command Economy
ans>>An economic system in which the government controls a country's economy.
What type of economies are in command economy?
, ans>>Socialism and communism.
Competition
ans>>Competing on sales for potential customers.
Pure Competition
ans>>Large number of small that businesses that sell the same type of products with the
same characteristics.
What are some characteristics of a pure competition?
ans>>- It is easy to enter leave the market
- All prices are basically the same
Supply
ans>>Quantity of a product producers are willing to sell.
Demand
ans>>Quantity of a product buyers are willing to purchase.
Market Price (equilibrium)
ans>>The price at which the amount that buyers wish to buy equals the amount that sellers
wish to sell.
Monopoly Competition
Helpful Examination paper tests
“Come all for this greatness”
...100% Correct Ans...
***Determined to success***
Business Management 114
Business
ans>>The organized effort of individuals to produce and sell, for a profit, the goods and
services that satisfy society's needs.
What are the four resources a business needs in order to be successful?
ans>>Human resources, material resources, informational resources, and financial
resources.
What do service businesses do?
ans>>They provide services.
Ex: Haircuts, legal advice, tax preparation, etc.
Intermediary
,ans>>Go-between; mediator.
Are businesses that understand customer needs, and work to satisfy those needs successful?
ans>>Yes
Profit
ans>>The remains after all business expenses have been deducted from sales revenue.
What is the formula for profit?
ans>>Sales revenue - expenses
Economics
ans>>The study of how wealth is created and distributed.
Economy
ans>>The system through which a society creates and distributes wealth.
Capitalism
ans>>A system in which individuals own and operate the majority of businesses that
provide goods and services.
Socialism
ans>>A system in which the government owns and controls the means of production.
,Communism
ans>>A system where factors of production are owned and directed by the state.
What type of economy is the U.S.?
ans>>Capitalist
Why is the U.S. a mixed economy?
ans>>They include both capitalism and socialism.
What do businesses purchase after they sell their goods and services?
ans>>Factors of production.
Factors of Production
ans>>Land, labor, and capital.
What does the government do in exchange for taxes?
ans>>They provide public services not provided by businesses.
Ex: Law Enforcement
Command Economy
ans>>An economic system in which the government controls a country's economy.
What type of economies are in command economy?
, ans>>Socialism and communism.
Competition
ans>>Competing on sales for potential customers.
Pure Competition
ans>>Large number of small that businesses that sell the same type of products with the
same characteristics.
What are some characteristics of a pure competition?
ans>>- It is easy to enter leave the market
- All prices are basically the same
Supply
ans>>Quantity of a product producers are willing to sell.
Demand
ans>>Quantity of a product buyers are willing to purchase.
Market Price (equilibrium)
ans>>The price at which the amount that buyers wish to buy equals the amount that sellers
wish to sell.
Monopoly Competition
