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 67% 100% 100% 67% 100% 67% 67% Questions
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Score: 17/21
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Concept: Business Systems
Concepts Business Systems Mastery 67% 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 correct answer is: A. 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! The correct answer is: C. “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
Incorrect The correct answer is: D. 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).
