BBI201 Introduction to Business

Question 1

Products that experience a ___ have a section of the market that they dominate. These products have a short growth stage

Accepted Answer

Niche

Question 2

A disadvantage in a partnership is:

Accepted Answer

Unlimited liability

Question 3

In a closed-ended survey, questions can be answered

Accepted Answer

with a yes or no response

Question 4

In a sole proprietorship, the owner is responsible for all the losses and may even lose his or her home. This is called

Accepted Answer

Unlimited liability

Question 5

___________________ is the income that one uses to pay for basic necessities, such as food, clothing and shelter.

Accepted Answer

Disposable Income

Question 6

Different countries have different ideas of what is considered rude.

Accepted Answer

True

Question 7

An item necessary for survival such as food, clothing, and shelter is called _____________.

Accepted Answer

Need

Question 8

The 2 C’s of Marketing include

Accepted Answer

Competition and Consumers

Question 9

The acronym “AIDA” stands for

Accepted Answer

Attention, Interest, Desire, Action

Question 10

A _____________ is a word or group of words that a business uses to distinguish its products from competitor’s products.

Accepted Answer

Brand Name

Question 11

In a franchise, the ____ buys a license to operate a ready-made business and is often provided with a facility.

Accepted Answer

franchisee

Question 12

Debt financing is money

Accepted Answer

you borrow

Question 13

A(n)__ is a financial statement used in a business that shows the financial position of a business on a particular date.

Accepted Answer

Balance Sheet

Question 14

City of Hamilton, Community Rec Centres, sports programs and community events are operated by _______________.

Accepted Answer

Municipal Corporations

Question 15

___________ is the income that one uses after they have purchased basic necessities, such as food, clothing and shelter.

Accepted Answer

Discretionary Income

Question 16

Assets minus Liabilities equals __________________.

Accepted Answer

Owner&#x27;s Equity

Question 17

What is the Profit equation?

Accepted Answer

Profit= Revenues- Expenses

Question 18

______________ is the term used to describe the ease of converting an asset into cash.

Accepted Answer

Liquidity

Question 19

The two fundamental roles of marketing are:

Accepted Answer

Create a want and sell what the business makes

Question 20

In a franchise operation, one business the _____ licenses the rights to its name, operating procedure, and designs.

Accepted Answer

franchiser

Question 21

A(n)_ is a product or process that does something that has never been done before

Accepted Answer

Invention

Question 22

A product is said to be obsolete when

Accepted Answer

the product is no longer in use

Question 23

A______ is a product that is extremely popular for a short period of time

Accepted Answer

Fad

Question 24

__________ is the number of people who are exposed to a message. Television describes it as ratings.

Accepted Answer

Reach

Question 25

The amount of money you will receive from the sale of the product is called

Accepted Answer

Revenue

Question 26

In a sole proprietorship, there is only one owner

Accepted Answer

True

Question 27

If Assets= 200,000 and Liabilites= 40,000. What is Owner&#x27;s Equity?

Accepted Answer

$160,000

Question 28

___________________ encourages consumers to buy a product by using coupons, contests, samples and special events.

Accepted Answer

Promotion

Question 29

Because there are so many owners, a corporation is run by

Accepted Answer

a vote by all shareholders

Question 30

____ refers to highly trained people with specific occupations, such as accountants, electricians, teachers and doctors.

Accepted Answer

Professional labour

Question 31

Which of the following is NOT an Economic Resource?

Accepted Answer

Technological Resources

Question 32

BBI201 was my favourite class this semester :)

Accepted Answer

True

Question 33

If you are choosing between buying a cola from Coke or Pepsi

Accepted Answer

direct competition

Question 34

______ is an invisible barrier that denies an employee a business position based on being a women or minority

Accepted Answer

Glass ceiling

Question 35

_____________ is when a business owner uses his/her own money and resources to run the business.

Accepted Answer

Equity financing

Question 36

Which of the following is NOT a level of Maslow’s Hierarchy of Needs.

Accepted Answer

Competition

Question 37

A ______________ occurs when something that has value is exchanged for something else that has value.

Accepted Answer

Transaction

Question 38

The ______________ leaves employees alone to do their job.

Accepted Answer

Laissez-faire Leader

Question 39

Producers will increase the supply of a product if

Accepted Answer

A change in technology improves the product

Question 40

The 4 P’s of Marketing are:

Accepted Answer

Product, Place, Promotion, Price

Question 41

You need to include a picture of yourself when submitting a resume.

Accepted Answer

False

Question 42

__________ is information that others have collected. This information can be collected from websites or books

Accepted Answer

Secondary Data

Question 43

_________________ are risk takers, perceptive, curious and imaginative.

Accepted Answer

Entrepreneurs

Question 44

_________refers to items that are difficult to convert into cash such as buildings, equipment, and intellectual capital.

Accepted Answer

Non-liquid Capital

Question 45

_________ is the process of recording, analyzing and interpreting the economic activities of a business.

Accepted Answer

Accounting

Question 46

A(n) ___________ is when a new technology, materials or processes improve existing products.

Accepted Answer

Innovation

Question 47

The action of an employee reporting a co-worker to management.

Accepted Answer

Whistle blowing

Question 48

A _____________ is a short catchy phrase that is usually attached to the company’s name and logo.

Accepted Answer

Slogan

Question 49

There are six types of ______, meaning that everything in the world is made from agriculture, fishing, mining, water

Accepted Answer

Natural Resources

Question 50

A dishwasher is considered __________ because little training is required.

Accepted Answer

Unskilled labour

BBI201 Introduction to Business

Questions 50

BBI201 Introduction to Business

Questions 50