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Questions and Answers
Which of the following best describes a B2C business model?
Which of the following best describes a B2C business model?
Wholesalers sell products directly to consumers.
Wholesalers sell products directly to consumers.
False (B)
What is the definition of 'ethics' as discussed in the text?
What is the definition of 'ethics' as discussed in the text?
Ethics are moral principles that guide what is right and wrong.
[Blank] is intentionally deceiving another party for personal or financial gain.
[Blank] is intentionally deceiving another party for personal or financial gain.
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Match the following terms with their descriptions:
Match the following terms with their descriptions:
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If a business wants to be seen as high-end, what kind of price positioning would they likely adopt?
If a business wants to be seen as high-end, what kind of price positioning would they likely adopt?
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If demand for keychains is highly price-sensitive, a small price increase will likely have a small impact on sales.
If demand for keychains is highly price-sensitive, a small price increase will likely have a small impact on sales.
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What is net income?
What is net income?
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Goods that can be replaced by another are called ______ goods.
Goods that can be replaced by another are called ______ goods.
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Match the non-pricing factors with their descriptions:
Match the non-pricing factors with their descriptions:
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What does disposable personal income refer to?
What does disposable personal income refer to?
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New technology can make manufacturing processes more expensive and less efficient.
New technology can make manufacturing processes more expensive and less efficient.
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What is one example of a new technology that has impacted the keychain business?
What is one example of a new technology that has impacted the keychain business?
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Which of the following is NOT considered a method of promotion?
Which of the following is NOT considered a method of promotion?
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A tangible product is one that cannot be touched.
A tangible product is one that cannot be touched.
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What does USP stand for in business?
What does USP stand for in business?
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A performance appraisal should be signed by the employee and the ______.
A performance appraisal should be signed by the employee and the ______.
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Match the following HR scenarios with their descriptions:
Match the following HR scenarios with their descriptions:
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Which of the following is a primary function of a Human Resources (HR) professional?
Which of the following is a primary function of a Human Resources (HR) professional?
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Compensation packages are less important to employees than actual pay.
Compensation packages are less important to employees than actual pay.
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What is the purpose of a DEI department within a company?
What is the purpose of a DEI department within a company?
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Which of the following is a non-pricing factor that affects supply?
Which of the following is a non-pricing factor that affects supply?
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According to the law of supply, as the price of a good decreases, the supply of that good increases.
According to the law of supply, as the price of a good decreases, the supply of that good increases.
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What is the equilibrium point in a market?
What is the equilibrium point in a market?
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A business that operates primarily using donations and/or government funding is a ______ business.
A business that operates primarily using donations and/or government funding is a ______ business.
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What is the primary purpose of a 'loss leader' pricing strategy?
What is the primary purpose of a 'loss leader' pricing strategy?
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All businesses exist to make a profit.
All businesses exist to make a profit.
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How do non-profit businesses primarily obtain their funding?
How do non-profit businesses primarily obtain their funding?
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Match the following concepts with their descriptions:
Match the following concepts with their descriptions:
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Which of the following describes the management function of ensuring that goals and objectives are met?
Which of the following describes the management function of ensuring that goals and objectives are met?
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An autocratic leader is known for using participative leadership, where employees participate in decision-making.
An autocratic leader is known for using participative leadership, where employees participate in decision-making.
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Name three duties/responsibilities of a project manager.
Name three duties/responsibilities of a project manager.
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A key productivity indicator is referred to as a ___________.
A key productivity indicator is referred to as a ___________.
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Which of the following is NOT one of the six factors of production?
Which of the following is NOT one of the six factors of production?
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Which of the following is associated with raw materials?
Which of the following is associated with raw materials?
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Match the leadership styles with their descriptions:
Match the leadership styles with their descriptions:
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What are the four steps in the production process?
What are the four steps in the production process?
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Which of the following is NOT a way to improve production/productivity?
Which of the following is NOT a way to improve production/productivity?
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Direct competitors are companies that sell different products.
Direct competitors are companies that sell different products.
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What does JIT (just-in-time) refer to in the context of inventory systems?
What does JIT (just-in-time) refer to in the context of inventory systems?
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Two ways to increase market share are to increase the size of the overall market and to take sales away from ___________.
Two ways to increase market share are to increase the size of the overall market and to take sales away from ___________.
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Which of these is NOT an example of a demographic?
Which of these is NOT an example of a demographic?
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Quality control ensures that products meet safety and standards.
Quality control ensures that products meet safety and standards.
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Name three ways to make production more ethical and/or sustainable?
Name three ways to make production more ethical and/or sustainable?
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Study Notes
Exam Review Guide - BEP 20
- Exam dates: January 28th, 2025
- Exam format: Multiple choice, true/false, matching, short answer, accounting
- Exam location and time: C116, 8:30 AM
- Materials allowed: Pencil, pen, water bottle
- No smart devices permitted; place them in lockers before the exam.
Needs vs. Wants
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Needs: Essential for survival (water, shelter, food)
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Wants: Desires that can be lived without
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Profit equation: Revenue - Expenses
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Example profit calculation (kilt pins): 3(price)−3 (price) - 3(price)−1.94 (cost) = $1.06 (profit)
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Main reasons for business existence:
- Provide goods/services
- Generate profit
Demand
- Demand: The amount consumers are willing to buy at a given price.
- Law of Demand: As price decreases, demand increases, and vice versa.
- Pricing factors affecting demand: Price positioning, Price sensitivity, Price of related/substitute goods.
- Non-pricing factors affecting demand: Personal/household income, new technology, advertising/promotion, fads/trends
- Target market sensitivity to price: Students may prefer cheaper items instead of more expensive ones
- Substitute goods: These are products that can replace each other, for example, running shoes and jeans.
Supply
- Supply: The amount of a product or service a business is willing to provide at a range of prices that consumers are willing to pay.
- Law of supply: As price increases, supply increases, and vice versa.
- Pricing factors affecting supply: Pricing procedures, Keeping/creating market/loss leader.
- Non-pricing factors affecting supply: Capacity, shortage of essential supplies from other producers
Profit vs. Not-for-Profit Businesses
- Profit businesses: Aim to make profit
- Not-for-profit businesses: Aim not to make profit, rely on donations or government funding
Market Forces
- Market forces: Factors influencing price and quantity of goods/services (competition, consumer preferences, technology, economic growth, government regulations).
Business Ownership
- Different forms of business ownership: Corporations, sole proprietorships, partnerships, franchises, cooperatives
- Advantages and disadvantages of each ownership type
- Subcategories of business ownership: Crown corporations, public corporations, private corporations
Business Industries
- Primary industries: Extract or produce raw materials (e.g., agriculture, mining)
- Secondary/processing industries: Transform raw materials into finished products
- Tertiary/service industries: Provide services (e.g., retail, healthcare)
- Business-to-business (B2B)
- Business-to-consumer (B2C)
Ethics
- Ethics: Moral principles guiding right and wrong.
- Ethical behavior: Honest, fair, and respectful treatment.
- Legal, absolute, situational values: Legal values are based on laws, absolute values are unchanging, and situational values depend on circumstances.
- Reasons business ethics are sometimes seen as oxymoronic: Profit-driven nature of business
Corporate Social Responsibility (CSR)
- CSR: Principles and practices to enhance community well-being
- Stakeholders: Individuals or groups affected by a company
- Reasons for the CSR movement: Businesses wanting to be more socially responsible with their communities.
Competitive Markets
- Types of competitive market structures: Perfect competition, monopoly, monopolistic competition, oligopoly.
- Competitive advantages: Perfect competition - products are similar in nature; Monopoly - One seller with significant barriers to entry; Monopolistic competition - Many sellers competing with differentiating factors; Oligopoly - Few large sellers dominate the market.
Business Leadership and Management
- Levels of management: Corporate, middle, department
- Management duties: Planning, organizing, leading, controlling
Project Management
- Project management: Planning and organizing resources to complete tasks
- KPIs: Key productivity indicators
Production
- Methods of improving production: Capital investments, technological improvements, inventory systems (JIT), training, and safety measures
Marketing
- Consumer demographics: Age, gender, ethnicity, income level psychographics
- Consumer interests: Personalities, beliefs, lifestyles, opinions and attitudes
- Indirect competitors: Companies selling different products
- Direct competitors: Companies selling similar products
- Factors used to increase market share: Increased market size, acquiring competitors sales.
- The 4Ps: Product, pricing, promotion, placement
Human Resources (HR)
- Duties of a HR professional: Recruitment, planning for staffing needs, developing employees, performance appraisals.
- Employee retention strategies: Competitive compensation, health and safety, wellness, career development.
- Employee departures: Voluntary departure, Dismissal, Retirement
- Responsibilities and rights of employers and employees.
Accounting
- Financial vs. Managerial Accounting: Summarizing and reporting, and interpreting/communicating to managers.
- Balance sheets: A snapshot of a company’s financial position at a specific point in time
- Income Statements: Indicate financial performance over a specified period.
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Description
Prepare for the BEP 20 exam with this comprehensive review guide covering essential concepts like needs vs. wants, demand, and profit calculations. Understand the key factors affecting demand and the fundamental reasons for business existence. This guide will help you excel in your upcoming exam on January 28th, 2025.
