Business 115 Final Exam Study Guide

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BUSN115 Final Exam Study Guide

The BUSN115 final exam is 3 pages long. It is a timed exam worth 250 points that you may enter only once. You have 3.5 hours to complete the exam. It consists of 30 multiple choice questions worth 5 points each. There are 5 essay questions worth 20 points each. Be sure to save and save often while you are working on the exam, and submit the exam when you are finished.

To earn full credit your response to each essay question should answer the question completely and average 2 – 3 paragraphs in length. The exam reflects the following course objectives and possible topics:

TCO 1 Chapters 1, 2, 3, 5, 6, 13 and 15 Weeks 1, 2, 4 and 5Given a description of a typical business, demonstrate how that business acts within our economic system to achieve its goals as well as those of society, along with an understanding of how the future may impact these goals.

* Understand the relationship and interaction of supply and demand in the economy. * Be able to define, differentiate and provide examples of a market, command and mixed economy. * Define and discuss the fiscal and monetary policy role of the federal government and its respective agencies. * List and define the foundations of capitalism.

* Apply the “Invisible Hand” to a market economy.
* Explain productivity and its relationship to international trade. * Relate political systems to their respective economic system * Describe the demographic trends
* Define and apply common economic indicators

TCO 2 Chapter 4 Week 3

Given the importance of ethics in business, be able to understand and address ethical dilemmas that may occur in workplace activities and offer suggestions to prevent their recurrence.

* Define and discuss the ethical and social responsibility of business. * List and explain business stakeholders.
* Describe and apply a business code of ethics.
* Explain compliance-based business ethics.

TCO 3 Chapter 3 Week 2

Given the need to increase profits through cost reductions, describe the use of globalization strategies to accomplish this initiative, along with a discussion of the pros and cons of this approach.

* Define and discuss globalization and its impact on international trade. * Discuss the relationship of the different cultures found in the world to international trade. * Explain why nations trade.

* Explain the benefits of exporting for small businesses. * Explain the process of foreign exchange and how it relates to trade between nations. * List and apply mechanisms used by nations for international trade protection (tariffs, quotas, subsidies, etc.). * Describe the role of multinational corporations in international trade. * Define, explain and apply comparative and absolute advantage as applied to trade between nations. * Discuss the effect of trade deficits on an economic system.

TCO 4 Chapters 1, 2, 5 and 6 Weeks 1 and 4

Given understanding of entrepreneurship, be able to describe the major elements necessary for success, along with an understanding of the potential risks associated with starting a business venture.

* Describe what it is to be an entrepreneur.
* Discuss entrepreneurship and its impact on an economy.
* Describe ways that governments can foster entrepreneurship. * Discuss the role of small business in the U.S. economy. * List and describe the primary sources of capital for business. * Describe an Initial Public Offering (IPO) of a company.

TCO 5 Chapters 13 and 15 Week 5

Given a need to identify additional sources of revenue, be able to discuss the importance of the Internet to achieve this goal and the overall value of e-Commerce.

* List and explain all aspects of supply chain management. * Define, explain and apply electronic retailing (etailing). * Discuss the...
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