Exam (elaborations)
Introduction To Business Final Exam Solution
- Course
- Introduction to Business
- Institution
- Georgia State University
Introduction To Business Final Exam Solution
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Introduction To Business Final ExamSolution
Any activity that seeks to provide goods and services to others while operating at a profit. Answer:
Business
Tangible products such as computers, food, clothing, cars, and appliances. Answer: Goods
Intangible products such as education, health care, insurance, recreation, and travel and tourism.
Answer: Services
A person who risks time and money to start and manage a business. Answer: Entrepreneur
The total amount of money a business takes in during a given period by selling goods and services.
Answer: Revenue
The amount of money a business earns above and beyond what it spends for salaries and other
expenses. Answer: Profit
When a business's expenses are more than its revenues. Answer: Loss
The chance an entrepreneur takes of losing time and money on a business that may not prove
profitable. Answer: Risk
The amount of goods and services people can buy with the money they have. Answer: Standard of
Living
,The general well-being of a society in terms of its political freedom, natural environment, education,
health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods
and services provide. Answer: Quality of Life
All the people who stand to gain or lose by the policies and activities of a business and whose concerns
the business needs to address. Answer: Stakeholders
Contracting with other companies to do some or all of the functions of a firm, like its production or
accounting tasks. Answer: Outsourcing
An organization whose goals do not include making a personal profit for its owners or organizers.
Answer: Nonprofit Organization
The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge. Answer:
Factors of Production
The surrounding factors that either help or hinder the development of a business. Answer: Business
Environment
Everything from phones and copiers to computers, medical imaging devices, personal digital assistants,
and the various software programs that make business processes more effective, efficient, and
productive. Answer: Technology
The amount of output you generate given the amount of input. Answer: Productivity
The buying and selling of goods over the Internet Answer: E-Commerce
, An electronic storage file for information. Answer: Database
The obtaining of individuals' personal information, such as Social Security and credit card numbers, for
illegal purposes. Answer: Identity Theft
Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to
respond quickly to customer requests. Answer: Empowerment
The statistical study of the human population with regard to its size, density, and other characteristics
such as age, race, gender, and income. Answer: Demography
The movement of the temperature of the planet up or down over time. Answer: Climate Change
The trend toward saving energy and producing products that cause less harm to the environment.
Answer: Greening
People who use business principles to start and manage not-for-profits and help address social issues.
Answer: Social Entrepreneurs
What are the 5 factors of production? Answer: Land, Labor, Capital, Entrepreneurship, & Knowledge
The 5 elements of the business environment... Answer: Economic & Legal, Technological,
Competitive, and Social
What can the government do to lessen the risks of entrepreneurship? Answer: 1) Pass laws that
enable business people to write enforceable contracts
2) Establish currency that is tradable in world markets
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