BA 1310 TEST STUDY SET A+ GRADED
Business - ANSWER any activity that seeks to provide goods and services to others
while operating at a profit
Goods - ANSWER tangible products that we use to satisfy our wants and needs ex.
computers
Services - ANSWER intangible products ex. healthcare, education, etc
Entrepreneur - ANSWER A person who risks time and money to start and manage a
business
Revenue - ANSWER The total amount of money a business takes in during a given period
by selling goods and services.
Profit - ANSWER The amount of money a business earns above and beyond what it
spends for salaries and other expenses.
Loss - ANSWER when a business's expenses are more than its revenues
Risk - ANSWER the chance an entrepreneur takes of losing time and money on a
business that may not prove profitable
Standard of Living - ANSWER the amount of goods and services people can buy with the
money they have
Quality of Life - ANSWER The general 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.
Stakeholders - ANSWER All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to address.
Outsourcing - ANSWER Contracting with other companies (often in other countries) to
do some or all of the functions of a firm, like its production or accounting tasks.
Nonprofit Organization - ANSWER an organization whose goals do not include making a
personal profit for its owners or organizers
Factors of Production - ANSWER The resources used to create wealth: land, labor,
capital, entrepreneurship, and knowledge.
Business Environment - ANSWER The surrounding factors that either help or hinder the
development of business.
Technology - ANSWER Everything from phones and copiers to computers, medical
, imaging devices, personal digital assistants and various software programs that make
business processes more effective, efficient, and productive.
Productivity - ANSWER The amount of output you generate given the amount of input
(e.g., hours worked).
E-Commerce - ANSWER the buying and selling of goods over the internet
Database - ANSWER an electronic storage file for information
Identity Theft - ANSWER the obtaining of individuals' personal information, such as
Social Security and credit card numbers, for illegal purposes
Empowerment - ANSWER giving frontline workers the responsibility, authority, freedom,
training, and equipment they need to respond quickly to customer requests
Demography - ANSWER The statistical study of the human population with regard to its
size, density, and other characteristics such as age, race, gender, and income.
Climate Change - ANSWER the movement of the temperature of the planet up or down
over time
Greening - ANSWER the trend toward saving energy and producing products that cause
less harm to the environment
Economics - ANSWER the study of how society chooses to employ resources to produce
goods and services and distribute them for consumption among various competing
groups and individuals
Macroeconomics - ANSWER The part of economics study that looks at the operation of a
nation's economy as a whole.
Microeconomics - ANSWER the part of economics study that looks at the behavior of
people and organizations in particular markets
Resource Development - ANSWER the study of how to increase resources and to create
the conditions that will make better use of those resources
Invisible Hand - ANSWER A phrase coined by Adam Smith to describe the process that
turns self-directed gain into social and economic benefits for all
Capitalism - ANSWER an economic system in which all or most of the factors of
production and distribution are privately owned and operated for profit
State Capitalism - ANSWER a combination of freer markets and some government
control
Supply - ANSWER the quantity of products that manufacturers or owners are willing to
sell at different prices at a specific time
Business - ANSWER any activity that seeks to provide goods and services to others
while operating at a profit
Goods - ANSWER tangible products that we use to satisfy our wants and needs ex.
computers
Services - ANSWER intangible products ex. healthcare, education, etc
Entrepreneur - ANSWER A person who risks time and money to start and manage a
business
Revenue - ANSWER The total amount of money a business takes in during a given period
by selling goods and services.
Profit - ANSWER The amount of money a business earns above and beyond what it
spends for salaries and other expenses.
Loss - ANSWER when a business's expenses are more than its revenues
Risk - ANSWER the chance an entrepreneur takes of losing time and money on a
business that may not prove profitable
Standard of Living - ANSWER the amount of goods and services people can buy with the
money they have
Quality of Life - ANSWER The general 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.
Stakeholders - ANSWER All the people who stand to gain or lose by the policies and
activities of a business and whose concerns the business needs to address.
Outsourcing - ANSWER Contracting with other companies (often in other countries) to
do some or all of the functions of a firm, like its production or accounting tasks.
Nonprofit Organization - ANSWER an organization whose goals do not include making a
personal profit for its owners or organizers
Factors of Production - ANSWER The resources used to create wealth: land, labor,
capital, entrepreneurship, and knowledge.
Business Environment - ANSWER The surrounding factors that either help or hinder the
development of business.
Technology - ANSWER Everything from phones and copiers to computers, medical
, imaging devices, personal digital assistants and various software programs that make
business processes more effective, efficient, and productive.
Productivity - ANSWER The amount of output you generate given the amount of input
(e.g., hours worked).
E-Commerce - ANSWER the buying and selling of goods over the internet
Database - ANSWER an electronic storage file for information
Identity Theft - ANSWER the obtaining of individuals' personal information, such as
Social Security and credit card numbers, for illegal purposes
Empowerment - ANSWER giving frontline workers the responsibility, authority, freedom,
training, and equipment they need to respond quickly to customer requests
Demography - ANSWER The statistical study of the human population with regard to its
size, density, and other characteristics such as age, race, gender, and income.
Climate Change - ANSWER the movement of the temperature of the planet up or down
over time
Greening - ANSWER the trend toward saving energy and producing products that cause
less harm to the environment
Economics - ANSWER the study of how society chooses to employ resources to produce
goods and services and distribute them for consumption among various competing
groups and individuals
Macroeconomics - ANSWER The part of economics study that looks at the operation of a
nation's economy as a whole.
Microeconomics - ANSWER the part of economics study that looks at the behavior of
people and organizations in particular markets
Resource Development - ANSWER the study of how to increase resources and to create
the conditions that will make better use of those resources
Invisible Hand - ANSWER A phrase coined by Adam Smith to describe the process that
turns self-directed gain into social and economic benefits for all
Capitalism - ANSWER an economic system in which all or most of the factors of
production and distribution are privately owned and operated for profit
State Capitalism - ANSWER a combination of freer markets and some government
control
Supply - ANSWER the quantity of products that manufacturers or owners are willing to
sell at different prices at a specific time
