Exam (elaborations)
MGT 111- Exam 1 Questions And Answers Latest Update
- Course
- MGT 111
- Institution
- University Of Illinois - Chicago
MGT 111- Exam 1 Questions And Answers Latest Update
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Solution 2024/2025Pepper
MGT 111- Exam 1 Questions And Answers
Latest Update
Business ANS✔✔ any activity that seeks to provide goods and services to
others while operating at a profit
Goods ANS✔✔ tangible products (computers, food, clothing, cars,
appliances)
Services ANS✔✔ - intangible products (education, health care, insurance,
travel)
- service sell a customer experience, and they use goods to do it
Revenue ANS✔✔ total amount of money a business takes in during a given
period by selling goods and services
Profit ANS✔✔ amount of money a business earns above and beyond what it
spends for salaries and other expenses
Loss ANS✔✔ when a business's expenses are more than its revenue
Risk ANS✔✔ the chance an entrepreneur takes of losing time and money on
a business that may not be profitable
, Solution 2024/2025
Pepper
Standard of living ANS✔✔ the amount of goods and services people can buy
with the money they have (U.S. has one of the highest standard of living in
the world)
Quality of life ANS✔✔ the general well-being of a society in terms of its
political freedom, natural environment, education, health care, safety,
amount of leisure, and rewards that add to the satisfaction and joy that
other goods and services provide
Stakeholders ANS✔✔ all the people who stand to gain or lose by the policies
and activities of a business and whose concerns the business needs to
address
Outsourcing ANS✔✔ contracting with other companies (often in other
countries) to do some functions of a firm, like production or accounting
Nonprofit organization ANS✔✔ an organization whose goals do not include
making a personal profit for its owners or organizers
Positives of Being an Entrepreneur ANS✔✔ •the freedom to succeed
•make your own decisions
•possible wealth
Negatives to Being an Entrepreneur ANS✔✔ -the freedom to fail
-no paid vacations
-no health insurance
, Solution 2024/2025
Pepper
Five Factors of Production ANS✔✔ 1. Land
2. Labor
3. Capital
4. Entrepreneurship
5. Knowledge
What makes rich countries rich today? ANS✔✔ entrepreneurship and
knowledge
Five kinds of environments (either help or hinder the development of
business) ANS✔✔ 1. Economic and legal environment (needs to be private
ownership)- have to be able to buy things before starting the business,
enforceable contracts (no corruption)
2. Technological environment- increased productivity, service side:
databases
3. Competitive environment- goal is to exceed customer expectations
4. Social environment (demography and diversity)
5. Global business environment- Are you in a safe global environment (war
and terrorism)
Government can promote entrepreneurship by: ANS✔✔ 1. Allowing private
ownership of businesses
2. Minimizing interference with the free exchange of goods and services
3. Passing laws that enable businesspeople to write enforceable contracts
4. Establishing a currency that's tradable in world markets
5. Minimizing corruption
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