Understanding Business Fundamentals Flashcard

Front

Which of the following is a type of business organization? Sole Proprietorship, Monopoly, Inflation, Demand

Back

Sole Proprietorship

Front

What is the primary objective of most businesses?

Back

To maximize profits

Front

Who is typically responsible for starting a new business venture?

Back

Entrepreneur

Front

Which of the following is a factor in the business environment? Weather, Technology, Personal preferences, Family traditions

Back

Technology

Front

What is the term for the moral principles that guide business behavior?

Back

Business Ethics

Front

Which of the following is a basic economic principle? Supply and Demand, Color Theory, Musical Harmony, Literary Analysis

Back

Supply and Demand

Front

What type of business organization is owned by shareholders?

Back

Corporation

Front

Which of the following is a common goal for businesses besides profit maximization? Reducing employee wages, Increasing market share, Limiting production, Decreasing customer satisfaction

Back

Increasing market share

Front

What is one role of an entrepreneur in the economy?

Back

To innovate and create new products

Front

Which of the following is an example of a social responsibility for businesses?
Maximizing profits,
Reducing environmental impact,
Increasing production costs,
Limiting employee benefits

Back

Reducing environmental impact