MUN Business 1000- Mid Term 1 UPDATED Actual Exam Questions and CORRECT Answers
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Course
MUN Business 1000
Institution
MUN Business 1000
MUN Business 1000- Mid Term 1
UPDATED Actual Exam Questions and
CORRECT Answers
Business - CORRECT ANSWER- an organization that seeks to earn profits by providing
goods and services
Profit - CORRECT ANSWER- what remains (if anything) after a businesses expenses are
subtracted from its sale...
MUN Business 1000- Mid Term 1
UPDATED Actual Exam Questions and
CORRECT Answers
Business - CORRECT ANSWER- ✔✔an organization that seeks to earn profits by providing
goods and services
Profit - CORRECT ANSWER- ✔✔what remains (if anything) after a businesses expenses are
subtracted from its sales revenue
Not-For-Profit Organization - CORRECT ANSWER- ✔✔an organization that provides goods
and services to customers, but does not seek to make a profit hile doing so
Economic System - CORRECT ANSWER- ✔✔the way in which a nation allocates its
resources among its citizens
Factors of Production - CORRECT ANSWER- ✔✔the resources used to produce goods and
services: labour, capital, entrepreneurs and natural resources
Labour - CORRECT ANSWER- ✔✔the mental and physical training and talents of people;
sometimes called human resources
Capital - CORRECT ANSWER- ✔✔the funds needed to operate an enterprise
Entrepreneur - CORRECT ANSWER- ✔✔an individual who organizes and manages labour,
capital, and natural resources to produce goods and services to earn a profit, but who also
runs the risk of failure
Natural Resources - CORRECT ANSWER- ✔✔items used in the production of goods and
services in their natural state, including land, water, mineral deposits, and trees
,Information Resources - CORRECT ANSWER- ✔✔information such as market forecasts,
economic data, and specialized knowledge of employees that is useful to a business and that
helps it achieve its goals
Command Economy - CORRECT ANSWER- ✔✔an economic system in which government
controls all or most factors of production and makes all or most production decisions
Market Economy - CORRECT ANSWER- ✔✔an economic system in which individuals
control all or most factors of production and make all or most production decisions
Communism - CORRECT ANSWER- ✔✔a type of command economy in which the
government owns and operates all industries
Socialism - CORRECT ANSWER- ✔✔a kind of command economy in which the
government owns and operates the main industries, while individuals own and operate less
crucial industries
Market - CORRECT ANSWER- ✔✔an exchange process between buyers and sellers of a
particular good or service
Input Market - CORRECT ANSWER- ✔✔firms buy resources that they need in the
production or goods and services
Output Market - CORRECT ANSWER- ✔✔firms supply goods and services in response to
demand on the part of consumers
Capitalism - CORRECT ANSWER- ✔✔an economic system in which markets decide what,
when and for whom to produce
Mixed Market Economy - CORRECT ANSWER- ✔✔and economic system with elements of
both a command and a market economy; in practice, typical of most nations economies
Privatization - CORRECT ANSWER- ✔✔the transfer of activites from the government to the
private sector
, Nationalization - CORRECT ANSWER- ✔✔the transfer of activities from private firms to
the government
Deregulation - CORRECT ANSWER- ✔✔a reduction in the number of laws affecting
business activity
Canadian Radio-Television and Telecommunications Commission (CRTC) - CORRECT
ANSWER- ✔✔regulates and supervises all aspects of the Canadian broadcasting system
Canadian Wheat Board - CORRECT ANSWER- ✔✔regulates the price farmers receive for
their wheat
Hazardous Products Act - CORRECT ANSWER- ✔✔regulates banned products and products
that can be sold but must be labelled hazardous
Tobacco Act - CORRECT ANSWER- ✔✔prohibits cigarette advertising on billboards and in
retail stores, and assigns financial penalties to violators
Weights and Measures Act - CORRECT ANSWER- ✔✔sets standards of accuracy for
weighing and measuring devices
Textile Labelling Act - CORRECT ANSWER- ✔✔regulates the labeling, sale, importation,
and advertising of consumer textile articles
Food and Drug Act - CORRECT ANSWER- ✔✔prohibits the sale of food unfit for human
consumption and regulates food advertising
Canada Water Act - CORRECT ANSWER- ✔✔controls water quality in fresh and marine
waters of Canada
Fisheries Act - CORRECT ANSWER- ✔✔regulates the discharge of harmful substances into
the water
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