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BUS 210 Week 1 Individual Assignment Knowledge Check

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Complete the Week One Knowledge Check.
What are the three components that make up a business system?
A. Business commerce, business organization, business
B. Business organization, business management, business
C. Business commerce, business organization, business
D. Business market, business management, business
Which term refers to the total money or assets of a business?
A. Competitive advantage
B. Sales revenue
C. Capital
D. Wealth
Information technology, e-commerce, human resource management, and procurement
are included in what type of value chain function in a business?
A. Tertiary function
B. Complimentary function
C. Primary value function
D. Secondary value function
Which of the following best describes a system through which goods or services are
exchanged for capital with the aim of making a profit?
A. Productive resources
B. Business
C. Value-creation process
D. Competitive advantage
Capital, land, enterprise, and labor are all costs associated with making and selling
goods. What do they determine?
A. Sales revenue
B. Value
C. Operating costs
D. Competitive advantage
Enterprise, as a main component of business, requires which of the following?
A. Inputs, machinery and computers
B. Employing the right people for the tasks
C. Foresight, drive, knowledge, and ingenuity
D. Operating from an appropriate facility
Concept: Law of Supply
Mastery 67% Questions 7 8 9
In economics, what principle indicates the value placed on a product lessens as
consumption increases?
A. Demand value
B. Supply utility
C. Diminishing marginal utility
D. Scarcity value
This is the point at which the supply of the product just meets the demand for it.
A. Market
B. Demand curve
C. Margin
D. Supply curve
What law shows that there is a direct relationship between the price of a product and the
amount that is supplied in the market?
A. Law of demand
B. Law of market price
C. Law of market systems
D. Law of supply
Concept: Law of Demand
Mastery 100% Questions 10 11 12
What law refers to the tendency of people to buy more of a product when the price is
lower and less of it when its price is higher?
A. Law of supply
B. Law of market increase
C. Law of diminishing marginal utility
D. Law of demand
In general, the more a particular product is valued, the more it is demanded. Which is true
in regard to this statement?
A. The higher the demand, the higher the price and the
product is harder to find.
B. The higher the demand, the lower the price and the
product is harder to find.
C. The higher the demand, the higher the price and the
product is easy to find.
D. The higher the demand, the lower the price and the
product is easy to find.
What will most likely increase the demand for better quality goods and services?
A. Increase in self-interest
B. Decrease in profitability
C. Decreasing demand
D. Increasing specialization
Concept: Calculating Profit
Mastery 100% Questions 13 14 15
What is defined as the absolute monetary difference between sales revenues and
operating costs?
A. Profit
B. Profitability
C. Supply
D. Demand
What equation correctly shows how profit is calculated?
A. Profit = (Purchases) – (Total Sales Revenues)
B. Profit = (Total Sales) – (Total Operating Costs)
C. Profit = (Total Operating Costs) – (Total Sales)
D. Profit = (Total Sales) – (Purchases)
If a company were to have a total sales revenue of $50 and a total operating cost of $37,
what is the total profit?
A. $ -13
B. $87
C. $37
D. $13
What measures how efficient a company uses its capital and resources to generate
returns for its investors?
A. Sales
B. Profit
C. Profitability
D. Revenues
Which equation correctly shows how to calculate profitability?
A. Profitability = (Total Profit) – (Total Amount of Capital
B. Profitability = (Total Amount of Capital Invested) /
(Total Profit)
C. Profitability = (Total Amount of Capital Invested) –
(Total Profit)
D. Profitability = (Total Profit) / (Total Amount of Capital
Imagine Company A has a total profit of $40 million and that it invested $400 million in the
course of a year. Company B has a total profit of $20 million and has invested $80 million
over the course of the year. Which company has the greater profitability?
A. Company A
B. Company B
C. They have the same profitability
D. Profitability cannot be determined from the information
Concept: Effect of the Business Model
Mastery 100% Questions 19 20 21
What defines a group of companies that have similar products and business activities?
A. Field of interest
B. Business model
C. Industry
D. Business system
How does specialization assist a business in becoming more productive?
A. Employees become more skilled at specific tasks.
B. Better equipment aids employees in increasing their
C. Product management is more efficient and easier to
D. Sunk costs are eliminated by reinvesting into new
product lines.
What are the four productive resources that make a business possible?
A.    Sales, profit, profitability, supply
B.     Land, labor, capital, enterpri
C.     C. Supply, demand, land, labor
D.    D. Capital, labor, supply, demand

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