Entrepreneurship Chapter 2

What is the definition of a business?

• A tangible item that is produced and sold to consumers

• The performance of a particular task in exchange for money

• The aspects of making, selling, and providing products in exchange for money

• The financial gain calculated by the difference between amount earned and amount spent by a business

What is the definition of a product?

• A tangible item that is produced and sold to consumers

• The performance of a particular task in exchange for money

• The aspects of making, selling, and providing products in exchange for money

• The financial gain calculated by the difference between amount earned and amount spent by a business

What is the definition of a service?

• A tangible item that is produced and sold to consumers

• The performance of a particular task in exchange for money

• The aspects of making, selling, and providing products in exchange for money

• The financial gain calculated by the difference between amount earned and amount spent by a business

What is the goal of a business?

• To earn money by making a profit

• To provide goods and services to the community

• To conduct market research

• To understand connections between entrepreneurship and business

What is the definition of economics?

• The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources

• The aspects of making, selling, and providing products in exchange for money

• The financial gain calculated by the difference between amount earned and amount spent by a business

• The performance of a particular task in exchange for money

What are operational activities?

• Activities that contribute to the net worth of a company

• Activities that involve investments

• Activities that involve financial transactions

• Activities that involve marketing

Which of the following is a production function?

• Analyzing trends

• Hiring new employees

• Collecting money from sales

• Developing new software

What is the purpose of marketing functions?

• To ensure the business meets customer demand

• To manage daily business activities

• To make investments for future growth

• To supervise work and plan for the future

What are financial functions?

• Activities that involve money

• Activities that involve production

• Activities that involve marketing

• Activities that involve management

What are investing activities?

• Activities that involve financial transactions

• Activities that involve marketing

• Activities that involve investments

• Activities that involve production