Business Concepts Flashcard

Front

What is the primary goal of a for-profit business?

Back

Generate profit

Front

Which of the following is NOT a function of a business? Marketing products, Manufacturing goods, Organizing social events, Providing services

Back

Organizing social events

Front

What is a key characteristic of a not-for-profit organization?

Back

It reinvests revenue into its mission.

Front

What is the first step in analyzing an ethical dilemma?

Back

Identify the problem

Front

Which of the following best defines business ethics?

Back

Standards for making moral decisions in business

Front

Which of the following is an example of an ethical business practice? Exploiting labor for profit, Misleading advertising, Transparent financial reporting, Ignoring environmental regulations

Back

Transparent financial reporting

Front

Which outcome best demonstrates an understanding of ethical business practices? Options: Increased profits despite breaking rules, Reduced costs by ignoring employee needs, Implementing policies to ensure workplace safety, Winning a lawsuit against another business

Back

Implementing policies to ensure workplace safety

Front

What type of business is responsible for turning raw materials into finished goods?

Back

Manufacturing

Front

Which of the following businesses is part of the private sector?
City public library
Public school district
Grocery store chain
Fire department

Back

Grocery store chain

Front

What type of liability means that business owners are personally responsible for all debts?

Back

Unlimited liability