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Bus Week 1

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Week 1 Knowledge Check
Concepts Business Systems Productive Resources Law of Supply Law of Demand Calculating Profit Calculating Profitability Effect of the Business Model Mastery 100% 100% 67% 100% 100% 100% 100% Questions
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Concept: Business Systems
Concepts Business Systems Mastery 100% Questions
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1.What are the three components that make up a business system? A. Business commerce, business organization, business occupation B. Business organization, business management, business exchange C. Business commerce, business organization, business market D. Business market, business management, business organization

Correct! The three components that make up a business system are as follows: business commerce, business occupation, and business organization. 2.Which term refers to the total money or assets of a business? A. Competitive advantage B. Sales revenue C. Capital D. Wealth

Correct! “Profit that is kept in a company and invested in its business increases its capital, the total monetary value of its financial assets such as cash, property, land, stock, patents, and brand name” (Jones, 2007, p. 8). . 3.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

Correct! There are primary and secondary value chain functions in business. Information technology, e-commerce, human resource management, and procurement are considered secondary functions because they are not directly

responsible for getting products to customers (Jones, 2007, p. 27).

Concept: Productive Resources
Concepts Productive Resources Mastery 100% Questions
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