Business U Final Exam

What is the definition of business?

• A route or plan of action designed to achieve certain organizational goals and objectives.

  
  

• A for-profit or non-profit organization involved in commercial, industrial, or professional commerce.

• Improving existing products and developing new products in order to meet customer demands.

  
  

• Collecting, organizing, storing, and securing relevant data and information.

  
  

Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of industrial?

• The pursuit of a profit margin.

• 
  Customized services provided for a fee

• Collecting, organizing, and storing data.

• Items that are manufactured.

______________ includes communicating, motivating, guiding, encouraging, giving directions, following up, coaching, assisting, and reviewing.

• 
  Controlling

• Leading

• 
  Planning

• 
  Staffing

A route or plan of action designed to achieve certain goals and objectives is known as which of the following?

• strategy

• 
  function

• department

• 
  mission

What is the primary reason for a business to exist?

• To create products

• To serve the community

• To generate profits

• To employ people

Answer explanation

Money, Money, Money.

No profit no business !

Simples

Which of the following statements best demonstrates how strategy and Human Resources work together?

• Strategy helps determine who to hire and fire in a company.

• Strategy helps a company determine its annual revenue.

• 
  Strategy helps determine benefits like health insurance and retirement.

• Strategy helps a company determine who reports to whom in a company.

The study of behavior and decision-making of individuals and businesses in an economy is:

• 
  macroeconomics

• microeconomics

• 
  economic utility

• economic want

Choosing between two things that cannot be had or done at the same time, which may require a compromise is a/an:

• 
  noneconomic want

• 
  opportunity cost

• 
  resource

• trade-off

What basic questions do societies need to answer. Select THREE options.

• What should be produced?

• For Whom are the items produced?

• 
  Where should items be produced?

• 
  Why should items be produced?

• How should items be produced?

The reality that people’s wants always exceed the resources available to fulfill those wants is:

• 
  consumption

• 
  economics

• 
  inflation

• scarcity