BUSINESS 101 TEST 1 QUESTIONS WITH
COMPLETE REVIEWED ACTUAL
ANSWERS.ALREADY GRADED A+
price in comparison to benefits; relationship between price of a good or service and the benefits it offers
- answer ✔✔-value
businesses must provide __________ (pay more-->get more) - answer ✔✔-value
any organization or activity that provides goods and services in an effort to earn a profit - answer ✔✔-
business
money that a business earns in sales (or revenue) minus expenses - answer ✔✔-profit
Occurs when a business's expenses are more than its revenues. - answer ✔✔-loss
business-like establishments that employ people and produce goods and services with the fundamental
goal of contributing to the community rather than generating financial gain - answer ✔✔-non-profits
non-profits want __________ but no __________ - answer ✔✔-revenue, no profit
what are the 5 eras of business - answer ✔✔-Industrial Revolution, entrepreneurship era, production
era, marketing era, relationship era
an era of business, mass production, factories, work specialization, efficiency - answer ✔✔-Industrial
Revolution
an era of business, industrial titans, wealth creation, increase in living standard,
manipulation/competition, exploitation - answer ✔✔-Entrepreneurship era
, an era of business, assembly line, refining production, productivity, gains, decrease costs, hard sell, no
customer focus - answer ✔✔-production era
an era of business, consumer power, growth in consumerism, product differentiation, customer focus -
answer ✔✔-marketing era
an era of business, long term relationships, satisfied customers, use of technology - answer ✔✔-
relationship era
what are the factors of production - answer ✔✔-natural resources, human resources, capital,
entrepreneurship
elements that businesses need to achieve objectives - answer ✔✔-factors of production
examples of natural resources - answer ✔✔-trees, water
what are human resources - answer ✔✔-people
examples of capital - answer ✔✔-money, equipment, land
entrepreneurship is... - answer ✔✔-ideas
what environments are businesses affected by - answer ✔✔-competitive environment, technological
environment, global environment, economic environment, social environment
reasons for international trade - answer ✔✔-access to factors of production, reduced risk, inflow of
innovation
benefit a country has if it can make products at a lower opportunity cost than other countries - answer
✔✔-comparative advantage
COMPLETE REVIEWED ACTUAL
ANSWERS.ALREADY GRADED A+
price in comparison to benefits; relationship between price of a good or service and the benefits it offers
- answer ✔✔-value
businesses must provide __________ (pay more-->get more) - answer ✔✔-value
any organization or activity that provides goods and services in an effort to earn a profit - answer ✔✔-
business
money that a business earns in sales (or revenue) minus expenses - answer ✔✔-profit
Occurs when a business's expenses are more than its revenues. - answer ✔✔-loss
business-like establishments that employ people and produce goods and services with the fundamental
goal of contributing to the community rather than generating financial gain - answer ✔✔-non-profits
non-profits want __________ but no __________ - answer ✔✔-revenue, no profit
what are the 5 eras of business - answer ✔✔-Industrial Revolution, entrepreneurship era, production
era, marketing era, relationship era
an era of business, mass production, factories, work specialization, efficiency - answer ✔✔-Industrial
Revolution
an era of business, industrial titans, wealth creation, increase in living standard,
manipulation/competition, exploitation - answer ✔✔-Entrepreneurship era
, an era of business, assembly line, refining production, productivity, gains, decrease costs, hard sell, no
customer focus - answer ✔✔-production era
an era of business, consumer power, growth in consumerism, product differentiation, customer focus -
answer ✔✔-marketing era
an era of business, long term relationships, satisfied customers, use of technology - answer ✔✔-
relationship era
what are the factors of production - answer ✔✔-natural resources, human resources, capital,
entrepreneurship
elements that businesses need to achieve objectives - answer ✔✔-factors of production
examples of natural resources - answer ✔✔-trees, water
what are human resources - answer ✔✔-people
examples of capital - answer ✔✔-money, equipment, land
entrepreneurship is... - answer ✔✔-ideas
what environments are businesses affected by - answer ✔✔-competitive environment, technological
environment, global environment, economic environment, social environment
reasons for international trade - answer ✔✔-access to factors of production, reduced risk, inflow of
innovation
benefit a country has if it can make products at a lower opportunity cost than other countries - answer
✔✔-comparative advantage
