BMT 1010: Introduction to Business Finals Prep #1

Question 1

What is a “VPN”?

Accepted Answer

Virtual Private Network

Question 2

A franchise may be able to take advantage of economies of scale w/ suppliers, advertisers & vendors. This is an ex of:

Accepted Answer

an advantage for the franchisor

Question 3

Opportunity cost is a key consideration in determining

Accepted Answer

comparative advantage

Question 4

Business function responsible for making sure that organizational strategies & goals are aligned with staffing plans is

Accepted Answer

management

Question 5

Which of the following are external stakeholders in a business?

Accepted Answer

creditors

Question 6

Due to the rise of ethical issues associated with information technology, a new branch of ethics has been created:

Accepted Answer

technoethics (TE)

Question 7

Resources that can be used to produce other goods and services and have been produced are:

Accepted Answer

capital

Question 8

Which of the following are internal stakeholders in a business?

Accepted Answer

managers

Question 9

When an entrepreneur owns and runs a business, they assume risks that are offset by the potential of

Accepted Answer

earning a profit

Question 10

External forces that affect businesses include:

Accepted Answer

advances in technology

Question 11

When a company decides it will cut vacation time & increase production hours, who will be most directly impacted?

Accepted Answer

employees

Question 12

The cost of start up, profits, taxation, entrepreneurial ability, risk tolerance, and financing are each

Accepted Answer

Factors to consider when choosing an organizational type

Question 13

__ predicts how much profit is associated w/ a customer during the course of their lifetime relationship with a company.

Accepted Answer

Customer lifetime value

Question 14

If your country is the single, only source of a given product, good or service, you are said to have

Accepted Answer

absolute advantage

Question 15

A business's customers can order their products online without visiting the store; they are engaged in

Accepted Answer

e-commerce

Question 16

The role of marketing is to

Accepted Answer

Identify, satisfy, and retain customers

Question 17

Joe went into the store to purchase a pair of shoes. The shoes cost $50. $50 is an example of

Accepted Answer

Price

Question 18

Which function is responsible for aligning products and services to customer needs.

Accepted Answer

marketing/sales

Question 19

________ are people who have an interest in the performance of a business and work directly within the business.

Accepted Answer

Internal stakeholders

Question 20

The value of data mining to the business is:

Accepted Answer

The ability to find trends/patterns of knowledge from large amounts of data

Question 21

The Micram company relocates its operations to another state. Which stakeholder will be affected by Micram moving states

Accepted Answer

the local government

Question 22

__________ is the amount a business earns after deducting what it spends for salaries and other expenses.

Accepted Answer

Profit

Question 23

What function is responsible for ensuring that products & services that are produced meet high-quality standards?

Accepted Answer

operations

Question 24

When countries produce goods they are most efficient at and trade for their other goods, the arrangement demonstrates:

Accepted Answer

the Law of Comparative Advantage

Question 25

In a limited partnership:

Accepted Answer

a general partner runs the business

BMT 1010: Introduction to Business Finals Prep #1

Questions 25

BMT 1010: Introduction to Business Finals Prep #1

Questions 25