BUSINESS 101 KEY TERMS UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. business
Answer:
An organization that strives for a profit by providing goods and services desired
by its customers.
Question:
2. Goods
Answer:
are tangible items manufactured by businesses, such as laptops.
Question:
3. Services
Answer:
are intangible offerings of businesses that can't be held, touched, or
Question:
4. Business-to-business (B2B)
Answer:
Selling products and services between two businesses, rather
Question:
5. Business-to-Consumer (B2C):
Answer:
Selling products and services directly to a consumer, the end user
Question:
6. Traditional purpose of a business:
Answer:
to maximize the value of the firm to its owners
, Question:
7. Shareholder
Answer:
owns a share of a company's stock. A shareholder could be anindividual, a
company, or an institution (financial, educational, medical, etc.). Acommon stock
shareholder has the right to vote on major decisions made by thecompany. A
shareholder hopes the stock's value will increase and or the companywill pay a
dividend (a distribution of the company's earnings)
Question:
8. Stakeholder
Answer:
Anyone involved with or affected by an organization - such as shareholders,
customers, employees, community members, etc
Question:
9. Profit
Answer:
the difference between the amount earned and the amount spent inbuying,
operating, or producing something
Question:
10. what you earn from selling goods and services
Answer:
Revenue
Question:
11. what it costs you to operate your business.
Answer:
Expenses
Question:
12. Functional areas of business:
Answer:
Accounting. Finance. Management. Management information systems. Marketing.
Supply chain management
Question:
13. Cross-functional teams:
Answer:
groups of people who belong to different functional/expertise domains
QUESTIONS AND CORRECT ANSWERS
Question:
1. business
Answer:
An organization that strives for a profit by providing goods and services desired
by its customers.
Question:
2. Goods
Answer:
are tangible items manufactured by businesses, such as laptops.
Question:
3. Services
Answer:
are intangible offerings of businesses that can't be held, touched, or
Question:
4. Business-to-business (B2B)
Answer:
Selling products and services between two businesses, rather
Question:
5. Business-to-Consumer (B2C):
Answer:
Selling products and services directly to a consumer, the end user
Question:
6. Traditional purpose of a business:
Answer:
to maximize the value of the firm to its owners
, Question:
7. Shareholder
Answer:
owns a share of a company's stock. A shareholder could be anindividual, a
company, or an institution (financial, educational, medical, etc.). Acommon stock
shareholder has the right to vote on major decisions made by thecompany. A
shareholder hopes the stock's value will increase and or the companywill pay a
dividend (a distribution of the company's earnings)
Question:
8. Stakeholder
Answer:
Anyone involved with or affected by an organization - such as shareholders,
customers, employees, community members, etc
Question:
9. Profit
Answer:
the difference between the amount earned and the amount spent inbuying,
operating, or producing something
Question:
10. what you earn from selling goods and services
Answer:
Revenue
Question:
11. what it costs you to operate your business.
Answer:
Expenses
Question:
12. Functional areas of business:
Answer:
Accounting. Finance. Management. Management information systems. Marketing.
Supply chain management
Question:
13. Cross-functional teams:
Answer:
groups of people who belong to different functional/expertise domains
