Exam (elaborations)
KNES 304 Final Study Guide
- Course
- KNES
- Institution
- Liberty University
KNES 304 Final Study Guide
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KNES 304 Final Study Guidebusinesses Correct Answer-Organizations created to provide a service or
product and charging a higher price than the cost of production. The
difference between the cost and the price is the profit.
constitutional monarchy Correct Answer-Part of the British
Commonwealth with allegiance to the queen of England. In Canada the
crown is the foundation of the executive and judicial branches of
government.
constitutional republic Correct Answer-Form of government in which
the executive branch is elected and the judicial branch is appointed by
the chief executive, as in the United States.
governmental unit Correct Answer-Generic term that describes a
government group at any level: national, state, county, or city. It can be
used to refer to one large unit such as the state or subdivisions within the
unit such as departments.
gross domestic national product Correct Answer-The sum of total goods
and services manufactured or provided by all businesses, nonprofits, and
government entities in a country.
-leisure services are the largest segment of the gross national product in
the USA
,marketing approach Correct Answer-Approach in which businesses
focus on the customer because the transaction between the business and
the customer provides the business its lifeblood.
transparency Correct Answer-Being clear and open with information.
leisure services are provided by 3 sectors of the economy: Correct
Answer-1. Nonprofit sector
2. Public sector
3. Private sector
private sector (commercial sector) Correct Answer--first sector to
provide leisure services
-largest sector/fastest growing sector
-has delivery systems called businesses, which are organizations created
to provide a service or product. they charge a higher price than the cost
of producing that product or service, and the difference between the cost
and the price is the profit
-customers become more important than the employees. money is the
purpose.
-focus on customers who are willing and able to pay for services.
-businesses will act in the best interest of the business, focusing on the
customer and helping it make a profit, which is acting on their own best
interest.
, challenges of managing private sector Correct Answer--marketing
approach
-rules: must comply to government regulations
-economic turndown
-private (wages & salaries are kept secret to other employees)
-self-supporting
-profit margins
-competition is a constant threat
skills required for managing private sector Correct Answer--economics
-business accounting
-finance
-marketing
-organizational leadership
Nonprofit Sector Correct Answer--organizations chartered or permitted
to provide services by the national gov. in Canada and the state &
federal gov. in the U.S.
-chartered by the individual states, but some are nationally chartered
(Boy Scouts)
-exempt from paying federal taxes (tax exemption). in order to receive
exempt status, a social club must be organized for pleasure, recreation,
and other similar purposes
-cannot discriminate people
-charitable organizations
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