Ch1 bus-102 (questions and answers)
rated A+
what is a business? - correct answer ✔✔its any activity that seeks profit by
providing goods and services to others.
why is businesses important? - correct answer ✔✔1. provide wealth and high
quality of life
2. entrepreneurs can become wealthy & provide employment for other people
3. higher standard of living and quality of life for every one
quality of life in a country - correct answer ✔✔refers to the general well-being of
society
standard of living of a country - correct answer ✔✔refers to the number of goods
and services people can buy with the money they have
nonprofit organizations - correct answer ✔✔is an organization whose goals don't
include making a profit for its owners such as government agencies, public
schools, and charities
nonprofit organizations needs business skills? - correct answer ✔✔- leadership
- marketing
- finance management
, Entrepreneur - correct answer ✔✔is a person who risks time and money to start
and manage a busissnes
corporate downsizing - correct answer ✔✔A popular technique designed to
eliminate layers of hierarchy and reduce the number of employees in general and
managers in particular
Matching Risks with Profit (plr) - correct answer ✔✔Profit: is money a business
earns above and beyond what it spends for salaries, expenses, and other costs
(profit = revenues - expenses)
Loss: occurs when a business's costs and expenses are more than its revenue.
Risk: is the chance you take of losing time and money on a business that may not
prove profitable.
facters of production - correct answer ✔✔1. Land (+natural resources)
2. Labor (workers)
3. capital (money, machines, tools, and buildings)
4. Entrepreneurship
5. Knowledge
the business environment 5 (environmental factors that are critical to the success
of business) - correct answer ✔✔1. Economic environment
rated A+
what is a business? - correct answer ✔✔its any activity that seeks profit by
providing goods and services to others.
why is businesses important? - correct answer ✔✔1. provide wealth and high
quality of life
2. entrepreneurs can become wealthy & provide employment for other people
3. higher standard of living and quality of life for every one
quality of life in a country - correct answer ✔✔refers to the general well-being of
society
standard of living of a country - correct answer ✔✔refers to the number of goods
and services people can buy with the money they have
nonprofit organizations - correct answer ✔✔is an organization whose goals don't
include making a profit for its owners such as government agencies, public
schools, and charities
nonprofit organizations needs business skills? - correct answer ✔✔- leadership
- marketing
- finance management
, Entrepreneur - correct answer ✔✔is a person who risks time and money to start
and manage a busissnes
corporate downsizing - correct answer ✔✔A popular technique designed to
eliminate layers of hierarchy and reduce the number of employees in general and
managers in particular
Matching Risks with Profit (plr) - correct answer ✔✔Profit: is money a business
earns above and beyond what it spends for salaries, expenses, and other costs
(profit = revenues - expenses)
Loss: occurs when a business's costs and expenses are more than its revenue.
Risk: is the chance you take of losing time and money on a business that may not
prove profitable.
facters of production - correct answer ✔✔1. Land (+natural resources)
2. Labor (workers)
3. capital (money, machines, tools, and buildings)
4. Entrepreneurship
5. Knowledge
the business environment 5 (environmental factors that are critical to the success
of business) - correct answer ✔✔1. Economic environment
