©BRIGHTSTARS EXAM SOLUTIONS
11/14/2024 12:19 PM
BSAD 180 Exam 1 Questions With Verified
Answers
How do you define business? - answer✔Any organization that provides goods and/or services
to provide value.
What does business do? - answer✔Improves the standard of living of people and contributes to
higher quality of life.
Provides the products and services that people need and jobs.
Contributes to society through innovation.
What is the difference between profit and nonprofit? - answer✔Only "difference" is financial
gain
What is profit? - answer✔Money earned in sales minus loss
What is loss? - answer✔Occurs when a business incurs expenses that are greater than revenue
What do entrepreneurs do? - answer✔People who risk their time, money, and other resources
to start and manage a business.
How did business evolve through the different era's' of history? - answer✔assembly lines, new
ideas, mass manufacturing, brands, relationships
What are factors of production? - answer✔Natural resources, capital, human resources,
entrepreneurship
What factors of the environment should a company be aware of? - answer✔Economic
Technology
Global
Social
Competitive
1|Page
11/14/2024 12:19 PM
BSAD 180 Exam 1 Questions With Verified
Answers
How do you define business? - answer✔Any organization that provides goods and/or services
to provide value.
What does business do? - answer✔Improves the standard of living of people and contributes to
higher quality of life.
Provides the products and services that people need and jobs.
Contributes to society through innovation.
What is the difference between profit and nonprofit? - answer✔Only "difference" is financial
gain
What is profit? - answer✔Money earned in sales minus loss
What is loss? - answer✔Occurs when a business incurs expenses that are greater than revenue
What do entrepreneurs do? - answer✔People who risk their time, money, and other resources
to start and manage a business.
How did business evolve through the different era's' of history? - answer✔assembly lines, new
ideas, mass manufacturing, brands, relationships
What are factors of production? - answer✔Natural resources, capital, human resources,
entrepreneurship
What factors of the environment should a company be aware of? - answer✔Economic
Technology
Global
Social
Competitive
1|Page
