Lesson 1 & 2 Review

What is a hybrid business?

•  businesses have the characteristics of two or more types of businesses.

•  merchandising, is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price.

•  business deals in selling intangible goods to the consumers.

• None of the above

What is a business?

•  items that are tangible (you can physically touch them), such as a sandwich, a car, and a book

• things done for you by other people. You cannot touch a service (it is intangible). Examples include a haircut, a concert, and an Uber ride

• any organization or activity that provides goods and services in an effort to earn a profit

• None of the above

What is the formula for profit?

• profit=revenue+expenses

• profit=revenue-expenses

• profit=expenses-revenue

• None of the above

Baby Sitting, Nail Salons, Dog Groomer are all considered to be a

• e commerce

• good

• service

• None of the above

Rent, cell phone bill, paying an artist are all examples of _________________.

• an expense

• a profit

• good

• service

What is the difference between a non profit and a business?

• Businesses provide a good or service to seek profits, non profits provide a goods or services without seeking profit.

• Non-profits and businesses are the same. They don't have any differences.

• A&B

• None of the above

Define Manufacturing Business

• This type of business deals in selling intangible goods to the consumers. Unlike tangible goods, services cannot be stored or separated from the provider

• Manufacturing businesses are the producers who develop the product and sell it either directly to the customer or the middlemen to conduct sales

• businesses that have the characteristics of two or more types of businesses.

• merchandising, is a middlemen business strategy where the business buys products from a manufacturer, wholesaler, or other partners, and sells the same at the retail price.

What are the 4 types of business?

• Hybrid, Service, manufacturing, Retail

• Non Profit, Government Organization, Business, Charity

• All of the above

• None of the above

How many functions of business are there?

• 3

• 4

• 5

• 6

Define Accounting

• the process of creating, promoting, and selling products

• the process of recording financial transactions pertaining to a business

• Activities related to selling products

• None of the above