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BUS 100 Midterm #1- Illinois State
University 2026 Questions and
Answers (100% Correct Answers)
Already Graded A+
Purpose of business Ans: To provide goods and services
Business success indicator Ans: Their Profit
© 2026 Assignment
Benefits of business Ans: Provide goods and services, create
Guru01 - Stuvia
jobs, provide income
Expert
External business environment Ans: The economy, the political
legal, global
Economic systems Ans: how a government allocates resources
to their citizens
Planned economy Ans: Relies on centralized government to
control all or most factors of production and to make all or
most allocations
Market economy Ans: individual producers and consumers
control production and allocation by creating combinations of
supply demand
Mixed market economy Ans: Features characteristics of both
planned and market economy
Privatization Ans: process of converting government
enterprises into privately owned companies
, 2
Supply Ans: What the business offers
Demand Ans: What the customers want
Purchasing power Ans: exchange rates, what currency is worth
Establishing an ethical organization Ans: create a code of
ethics
Reinforcing ethical standards Ans: behavior towards
© 2026 Assignment
employees, the organization, and other economic agents
Guru01 - Stuvia
Sustainability Ans: "How we keep going"
Expert
Manage resources responsibly
Using removable resources that are restrainable so you don't
run out
Whistleblower Ans: People who want to end unethical practices
in there organization
social responsibility stakeholders Ans: Investors, suppliers,
customers, employees
Socially responsibility approaches Ans: Obstructionist
approach, defensive, accommodative, proactive
Entrepreneur characteristics Ans: resourceful, perseverance,
risk taker, dicier to be own boss
Sole priorships pros Ans: Freedom, simple to form, low start
up costs, tax benefits
BUS 100 Midterm #1- Illinois State
University 2026 Questions and
Answers (100% Correct Answers)
Already Graded A+
Purpose of business Ans: To provide goods and services
Business success indicator Ans: Their Profit
© 2026 Assignment
Benefits of business Ans: Provide goods and services, create
Guru01 - Stuvia
jobs, provide income
Expert
External business environment Ans: The economy, the political
legal, global
Economic systems Ans: how a government allocates resources
to their citizens
Planned economy Ans: Relies on centralized government to
control all or most factors of production and to make all or
most allocations
Market economy Ans: individual producers and consumers
control production and allocation by creating combinations of
supply demand
Mixed market economy Ans: Features characteristics of both
planned and market economy
Privatization Ans: process of converting government
enterprises into privately owned companies
, 2
Supply Ans: What the business offers
Demand Ans: What the customers want
Purchasing power Ans: exchange rates, what currency is worth
Establishing an ethical organization Ans: create a code of
ethics
Reinforcing ethical standards Ans: behavior towards
© 2026 Assignment
employees, the organization, and other economic agents
Guru01 - Stuvia
Sustainability Ans: "How we keep going"
Expert
Manage resources responsibly
Using removable resources that are restrainable so you don't
run out
Whistleblower Ans: People who want to end unethical practices
in there organization
social responsibility stakeholders Ans: Investors, suppliers,
customers, employees
Socially responsibility approaches Ans: Obstructionist
approach, defensive, accommodative, proactive
Entrepreneur characteristics Ans: resourceful, perseverance,
risk taker, dicier to be own boss
Sole priorships pros Ans: Freedom, simple to form, low start
up costs, tax benefits
