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Business Management 101 Chapter 1-7 Exam Questions And Correct Answers
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Business Management 101 Chapter 1-7 Exam QuestionsAnd Correct Answers 2024-2025
Business - An activity that seeks to provide goods and services to others while
operating at a profit.
Entrepreneur - A person who risks time and money to start and manage a business
Goods - Tangible products like computers, food, clothes, cars.
Services- Intangible products like education, health care, insurance, recreation travel
and Tourism.
income - Answer the total amount of money a business takes in during a given period by
selling goods and services.
profit - Answer the amount of money a business earns above and beyond what it spends
for salaries and other expenses.
loss - Answer when a business's expenses are more than its revenues
risk - Answer the chance an entrepreneur takes of losing time and money on a business
that may not prove profitable.
profit - Answer Business take risks, but with great risks could come great ___________.
standard of living - Answer the amount of goods and services people can buy with the
money they have
, quality of life - The overall well-being of a society, in terms of its political freedom,
natural environment, education, health care, safety, quantity of leisure, and other
rewards that make up the satisfaction and pleasure that other goods and services
provide.
stakeholders - All those people who may gain or lose from the policies and actions of a
business and whose interest the business must take into account.
outsourcing - Answer contracting with other companies to do some of the firm's
functions
insourcing - Answer foreign companies opening offices and factories in the U.S
Land, labor, capital, entrepreneurship, and knowledge are the 5 factors of
_________________? - Answer production; these are used by entrepreneurs to grow their
businesses and increase wealth.
What is one of the government's role in business? - Answers keeping spending down
and holding taxes and regulations to a minimum.
nonprofit organization - Answer an organization whose goals do not include making a
personal profit for its owners and organizers
empowerment - Answer giving frontline workers the responsibility, authority, and
freedom to respond quickly to customer requests.
demography - the statistical study of the population in terms of size, density, and
characteristics like age, race, gender, and income.
business environment - includes the surrounding factors that either help or hinder the
development of businesses.
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