Understanding Business Chapters 1-6 Questions with Correct Answers
Understanding Business Chapters 1-6 business - Answer- Any activity that seeks to provide goods and services to others while operating at a profit. profit - Answer- The amount of money a business earns above and beyond what it spends for salaries and other expenses. entrepreneur - Answer- A person who risks time and money to start and manage a business. revenue - Answer- The total amount of money a business takes in during a given period by selling goods and services. 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. Standard Of Living - Answer- The amount of goods and services people can buy with money they have. Quality Of Life - Answer- The general well-being of a society in terms of political freedom, a clean natural environment, education, health care, safety, free time, and everything else that leads to satisfaction and joy. stakeholders - Answer- All the people who stand to gain or lose by the policies and activities of a business. Nonprofit Organization - Answer- An organization whose goals do not include making a personal profit for its owners or organizers. Factors Of Production - Answer- The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge. Business Environment - Answer- The surrounding factors that either help or hinder the development of business. technology - Answer- Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more efficient and productive. productivity - Answer- The amount of output you generate given the amount of input (e.g., hours worked). e-commerce - Answer- The buying and selling of goods over the internet.
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