BUS 210 Week 1 Knowledge Check 1.What are the three components that make up a business system? 2.Which term refers to the total money or assets of a business? 3.Information technology, e-commerce, human resource management, and procurement are included in what type of value chain function in a business? 4.Which of the following best describes a system through which goods or services are exchanged for capital with the aim of making a profit? 5.Capital, land, enterprise, and labor are all costs associated with making and selling goods. What do they determine? 6.Enterprise, as a main component of business, requires which of the following? 7.In economics, what principle indicates the value placed on a product lessens as consumption increases? 8.This is the point at which the supply of the product just meets the demand for it. 9.What law shows that there is a direct relationship between the price of a product and the amount that is supplied in the market? 10.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? 11.In general, the more a particular product is valued, the more it is demanded. Which is true in regard to this statement? 12.What will most likely increase the demand for better quality goods and services? 13.What is defined as the absolute monetary difference between sales revenues and operating costs? 14.What equation correctly shows how profit is calculated? 15.If a company were to have a total sales revenue of $50 and a total operating cost of $37, what is the total profit? 16.What measures how efficient a company uses its capital and resources to generate returns for its investors? 17.Which equation correctly shows how to calculate profitability? 18.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? 19.What defines a group of companies that have similar products and business activities? 20.How does specialization assist a business in becoming more productive? 21.What are the four productive resources that make a business possible?
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