Business in Action –
Chapter 1 & 2 2026 | Study
Guide, Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, business any profit-seeking organization that provides goods and services designed to satisfy
customers' needs
revenue money a company brings in through the sale of goods and services
business model a concise description of how a business intends to generate revenue
profit money left over after all the costs involved in doing business have been deducted
from revenue
competitive advantage some aspect of a product or company that makes it more appealing to target
customers
not-for-profit organizations/ nonprofit organizations organizations that provide goods and services without having a profit motive
goods-producing businesses companies that create value by making "things," most of which are tangible (digital
products such as software are a notable exception)
service businesses companies that create value by performing activities that deliver some benefit to
customers
barrier to entry any resource or capability a company must have before it can start competing in a
given market
business mindset a view of business that considers the myriad decisions that must be made and the
many problems that must be overcome before companies can deliver the products
that satisfy customer needs
social environment trends and forces in society at large
stakeholders internal and external groups affected by a company's decisions and activities
Chapter 1 & 2 2026 | Study
Guide, Practice Questions,
Answers, Rationales &
Exam Review | Complete
Ethics Study Guide
Updated 2026 Questions and Answers
100% Verified Exam Prep and Comprehensive
Rationales
Included
, business any profit-seeking organization that provides goods and services designed to satisfy
customers' needs
revenue money a company brings in through the sale of goods and services
business model a concise description of how a business intends to generate revenue
profit money left over after all the costs involved in doing business have been deducted
from revenue
competitive advantage some aspect of a product or company that makes it more appealing to target
customers
not-for-profit organizations/ nonprofit organizations organizations that provide goods and services without having a profit motive
goods-producing businesses companies that create value by making "things," most of which are tangible (digital
products such as software are a notable exception)
service businesses companies that create value by performing activities that deliver some benefit to
customers
barrier to entry any resource or capability a company must have before it can start competing in a
given market
business mindset a view of business that considers the myriad decisions that must be made and the
many problems that must be overcome before companies can deliver the products
that satisfy customer needs
social environment trends and forces in society at large
stakeholders internal and external groups affected by a company's decisions and activities
