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Business Management 101 Final Exam Questions And Accurate Answers
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Business Management 101 Final Exam Questions AndAccurate Answers 2024-2025
Economic System - Answer A description of how a particular society distributes its
resources to produce goods and services
Communism - Answer First described by Karl Marx as a society in which the people,
without regard to class, own all the nation's resources
On paper it appears efficient, but in practice, these economies suffer from:
low standards of living
critical shortages of consumer goods
high prices
corruption and little freedom
Socialism - Answer An economic system whereby the government owns and operates
basic industries but where individuals own most businesses
Most socialist countries are democratic and recognize individual freedoms
The socialist system may allow a higher standard of living and is more stable; but taxes
and unemployment are generally higher in socialist countries
Capitalism/ Free Enterprise -Answer An economic system wherein individuals own and
operate most of the businesses that provide goods and services Pure capitalism or free
market system exists when all economic decisions are left to the free market; also
referred to as laissez-faire capitalism Modified capitalism is not quite as "pure" since
there is some government intervention and regulation of business
Supply - Answer The quantity of goods producers are willing to sell at different prices in
any period of time
,Demand - Answer The quantity of goods consumers are willing to buy at different prices
in any period of time
Equilibrium Price - Answer the price where the quantity supplied of goods is equal to the
amount of goods that consumers will buy in any period of time
Pure Competition - Answer The market structure that exists when there are many small
businesses selling one standardized product
Monopolistic Competition - Answer Fewer businesses than in a pure competition and the
differences among the goods they sell are small
Oligopoly - Answer The market structure that exists when there are very few businesses
selling a product
Monopoly - Answer The market structure that exists when there is only one business
providing a product in a given market
Gross Domestic Product (GDP) - Answer The sum of all goods and services produced in
a country during a year
Does not include profits from companies' overseas operations
Budget Defecit - Answer The condition in which a nation spends more than it takes in
from taxes
U.S. budget deficit has recently grown to record levels; remedies include raising taxes
or reduce spending
Business Ethics - Answer Principles and standards that determine acceptable conduct
in business
, Social Responsibility - Answer A business's obligation to maximize its positive impact
and minimize its negative impact on society
a voluntary action taken on by companies to varying degrees and it characterized by
actions showing concern for all stakeholders such as employees, consumers, the
environment and the community
Sarbanes-Oxley Act - Answer Criminalized securities fraud and stiffened penalties for
corporate fraud
Enacted after the accounting scandals in the early 2000's
Dodd-Frank Act - Answer Passed to reform the financial industry and offer consumers
protection against complex and/or deceptive financial products
Instituted post last recession
Ethical Issue - Solution An issue, circumstance, or chance that requires a person to
make a choice from among several alternatives viewed as right or wrong, ethical, or
unethical
Greenwashing - Solution (1) When a company says they are green, based on a few green
practices such as recycling but not water or energy conservation
(2)When a company puts a façade on their products/services that looks and claims to be
green, when in fact there is nothing green about it
Whistleblowing - Answer The act of an employee exposing an employer's wrongdoing to
outsiders, such as the media or government regulatory agencies
Code of Ethics - Answer Formalized rules and standards that describe what a company
expects of its employees
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