INTRO TO BUSINESS EXAM 1 QUESTIONS & ANSWERS

INTRO TO BUSINESS EXAM 1 QUESTIONS & ANSWERS
Question: What is the primary focus of a profit
organization?
CORRECT ANSWER: To make a profit.
Question: What are the four functions of management?
CORRECT ANSWER: Planning, organizing,
controlling, and leading
Question: What are the factors of production used to
make goods and services?
CORRECT ANSWER: quality products, efficient
operations, social responsibility, and business ethics.
Question: What is Communism?
CORRECT ANSWER: Owned and operated by
government. No competition, the government owns and
operates everything. Excess income goes to the
government. Consumers have limited choice of goods and

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