BUSN 201 Study Guide Questions and Answers All Correct
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Course
BUSN 201
Institution
BUSN 201
BUSN 201 Study Guide Questions and Answers All Correct
What are the three major forms of business ownership? - Answer-Sole proprietorship, partnership, and corporation.
What is a detailed written statement that describes the nature of the business, the target market, the advantages the busin...
BUSN 201 Study Guide Questions
and Answers All Correct
What are the three major forms of business ownership? - Answer-Sole proprietorship,
partnership, and corporation.
What is a detailed written statement that describes the nature of the business, the target
market, the advantages the business will have in relation to competition, and the
resources and qualifications of the owner(s)? - Answer-A Business Plan
What is the difference between centralized and decentralized authority? - Answer-
Centralized authority is when decision-making authority is maintained at the top level of
management at the company's headquarters. Decentralized authority is when decision-
making authority is delegated to lower-level managers more familiar with local
conditions than headquarters management could be.
An organizational structure outlines the various _________ within an organization, and
identifies which __________________ report to which. - Answer-Roles; positions
What are the four product development categories? - Answer-New to the company,
improvement of existing product, extension of product line, and new to the market.
What does forecasting demand mean? - Answer-Forecasting demand helps you to
identify whether there are enough customers willing to buy your product at a price that
will allow you to make a profit.
How do you calculate your break-even point? - Answer-total fixed cost/ price of one unit-
variable cost of one unit
What is the major difference between intrinsic and extrinsic motivation? - Answer-
Intrinsic essentially means from within; when you have a drive to succeed and are
motivated by purpose, passion, and mission. So you will generally take pride in your
performance and you like to feel as though you have accomplished something. Extrinsic
rewards are often temporary and driven by money, recognition, and results - like
promotions. So these rewards are more external.
Maslow's Hierarchy of Needs proposed that we are motivated by five initially unmet
needs. What were they? - Answer-Psychological needs, safety needs, social needs,
esteem needs, and self-actualization.
, ______________ is the process of locating candidates that could be a good fit for the
job roles in your company, and encouraging them to apply for openings in your
organization. - Answer-Recruiting
What are some of the advantages of a diverse workforce? - Answer-Improves a
company's chances of attracting top talent, improves internal relationships, improves
employee morale/satisfaction, improves external relationships with customer groups,
more effective communication, improves performance, builds a more innovative
company, enhance creativity and decision-making, promotes a more ethical work
environment, and it can result in a diversity dividend.
Use social media to your advantage. Many companies admit to selecting a candidate
because of the ___________________ they conveyed on social media. - Answer-
Professional image
What are three reasons that an organization should choose to focus on retention of
employees? - Answer-Cost a lot to recruit and train a replacement, lead to a temporary
decline in productivity, and can lead to lower morale among remaining employees.
What are four inclusive company practices and policies? - Answer-Outline guidelines
and expectations regarding diversity, equity, and inclusion in employee handbooks and
on the organization's website. Also ensure that the organization addresses income
inequality (i.e. minimum/livable wage, gender pay equity, pay), and works to
accommodate different abilities and faiths.
What is a form of virtualization in which a company's data and applications are stored at
offsite data centers accessed over the Internet. - Answer-Cloud computing
What are the four elements of the Management Process? - Answer-Planning
Organizing
Leading
Controlling
When you are going through the process of planning in an organization, you are
essentially working to answer two questions, ________________________, and
_________________________________? - Answer-What is the situation now, and how
do we get to our goal from here?
Are profit and revenue the same thing? Why or why not? - Answer-No, they are not the
same. Revenue represents the funds an enterprise receives in exchange for its goods
or services. It is the total amount of money a business takes in during a given period by
selling goods and services. Profit is what's left (hopefully) after all of the bills are paid. It
is the amount of money a business earns above and beyond what it spends for salaries
and other expenses.
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