introduction to business chapter 1,2,3, and 4 exam questions and answer. Qs business - n Ans any activity that seeks to provide goods and services to others while operating at a profit Qs goods - n Ans tangible products such as computers, food, clothi

introduction to business chapter
1,2,3, and 4 exam questions and
answer.
Qs
business - n
Ans✔✔
any activity that seeks to provide goods and services to others while operating at a
profit


Qs
goods - n
Ans✔✔
tangible products such as computers, food, clothing, cars, and appliances


Qs
services - n
Ans✔✔
intangible products such as education, health caare, insurance, recreation, and
travel


Qs
entrepreneur - n
Ans✔✔
a person who risks time and money to start and manage a business


Qs
revenue - n
Ans✔✔
the total amount of money a business takes in during a given period by selling
goods and services

, Qs
profit - n
Ans✔✔
the amount of money a business earns above and beyond what it spends fro
salaries and other expenses


Qs
loss - n
Ans✔✔
when a business's espenses are more than its revenues


Qs
risk - n
Ans✔✔
the chance an entrepreneur takes of losing time and money on a business that may
not prove profitable


Qs
standard of living - n
Ans✔✔
the amount of goods and services people can buy with the money they have


Qs
quality of life - n
Ans✔✔
the gerneral well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure, and rewards that
add to the satisfaction and joy that other goods and services provide


Qs