BSNS 115 Questions and Answers
Already Passed
What are the four factors of production?
The four factors of production are land, labor, capital, and entrepreneurship, which are
essential for producing goods and services.
How does supply and demand influence market prices?
Supply and dema...
BSNS 115 Questions and Answers
Already Passed
What are the four factors of production?
✔✔The four factors of production are land, labor, capital, and entrepreneurship, which are
essential for producing goods and services.
How does supply and demand influence market prices?
✔✔Supply and demand influence market prices by determining how much of a product is
available and how much consumers are willing to buy, affecting overall pricing.
What is the role of entrepreneurship in business?
✔✔Entrepreneurship involves the creation and management of new business ventures, driving
innovation, job creation, and economic growth.
What is the difference between a sole proprietorship and a partnership?
✔✔A sole proprietorship is owned and operated by one individual, while a partnership involves
two or more individuals who share ownership and responsibilities.
1
, What is a corporate structure?
✔✔A corporate structure is a legal entity that separates the owners from the business, providing
limited liability and allowing for easier access to capital.
How does a SWOT analysis benefit a business?
✔✔A SWOT analysis identifies a business's strengths, weaknesses, opportunities, and threats,
helping to inform strategic planning and decision-making.
What is the purpose of a business plan?
✔✔A business plan outlines the goals, strategies, and financial forecasts of a business, serving as
a roadmap for growth and a tool for securing funding.
What are the primary functions of management?
✔✔The primary functions of management include planning, organizing, leading, and controlling
resources to achieve organizational goals effectively.
How do marketing and advertising differ?
✔✔Marketing encompasses the overall strategy to promote products or services, while
advertising focuses specifically on creating and delivering promotional messages.
2
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