Business Fundamentals Exam Review
1. Local, regional, national, and multinational: The four different types of busi-
nesses are
2. is the term for the money a business brings in: Revenue
3. is the term for the money a business pays out: Expense
4. is the term for the money a business has left after paying all expenses: Profit
5. Profit: The goal is for a business to operate so that it always makes a
6. do not go into business with the goal of making a profit.: Nonprofit organiza-
tions
7. American Red Cross: An example of a nonprofit organization is
8. Labor, natural resources, capital, and entrepreneurship: Which of the follow-
ing are the factors of production?
9. Clothes: Goods are tangible products a business sells like
10. Loss: When expenses are higher than the revenue the business brings in, the
business experiences a
11. Competition: The struggle between two or more businesses to attract scarce
customer dollars
12. Multinational: McDonalds, a company that has restaurants all over the world is
classified as a business.
13. Capital: How would a tractor be classified in the factors of production?
14. A hydroelectric dam: Which resource is not classified as a land/natural re-
source?
15. Entrepreneur: What is the term for the individual that brings the other economic
resources necessary for production together? The person who assumes the risk for
owning/operating a business.
16. Scarcity: The fundamental economic problem that states that wants are unlim-
ited, but resources are limited, therefore choices must be made on how to best
allocate resources
17. Labor: What factor of production includes any form of human effort exerted?
18. Local: 5 Chefs, a restaurant that only has one location in Portland, TN would be
considered what type of business?
19. is the study of how individuals and businesses make decisions to best
satisfy wants, needs, and desires with limited resources: Economics
20. There is not enough for everyone to have all they want: In economics,
something is scarce when
21. Mixed: Most economies in today's society are some form of a
economy.
22. Capitalism: Another term used to describe a market economy/free enterprise
system is
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1. Local, regional, national, and multinational: The four different types of busi-
nesses are
2. is the term for the money a business brings in: Revenue
3. is the term for the money a business pays out: Expense
4. is the term for the money a business has left after paying all expenses: Profit
5. Profit: The goal is for a business to operate so that it always makes a
6. do not go into business with the goal of making a profit.: Nonprofit organiza-
tions
7. American Red Cross: An example of a nonprofit organization is
8. Labor, natural resources, capital, and entrepreneurship: Which of the follow-
ing are the factors of production?
9. Clothes: Goods are tangible products a business sells like
10. Loss: When expenses are higher than the revenue the business brings in, the
business experiences a
11. Competition: The struggle between two or more businesses to attract scarce
customer dollars
12. Multinational: McDonalds, a company that has restaurants all over the world is
classified as a business.
13. Capital: How would a tractor be classified in the factors of production?
14. A hydroelectric dam: Which resource is not classified as a land/natural re-
source?
15. Entrepreneur: What is the term for the individual that brings the other economic
resources necessary for production together? The person who assumes the risk for
owning/operating a business.
16. Scarcity: The fundamental economic problem that states that wants are unlim-
ited, but resources are limited, therefore choices must be made on how to best
allocate resources
17. Labor: What factor of production includes any form of human effort exerted?
18. Local: 5 Chefs, a restaurant that only has one location in Portland, TN would be
considered what type of business?
19. is the study of how individuals and businesses make decisions to best
satisfy wants, needs, and desires with limited resources: Economics
20. There is not enough for everyone to have all they want: In economics,
something is scarce when
21. Mixed: Most economies in today's society are some form of a
economy.
22. Capitalism: Another term used to describe a market economy/free enterprise
system is
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