EXERCISE 8/5/2024

What is a business?

• Activity that provides goods to consumers and making profit.

• Activity that focus on delivering services to consumers and making profit.

• Any activity that provides goods or services to consumers for the purpose of making a profit.

• Any activity that provides goods and services to consumers without generate profits.

___________ is the amount of revenue or income that a business owner retains after paying all the expenses associated with the operation of the business.

• Sale

• Profit

• Cost

• Debt

Factors of production are below, EXCEPT

• Entreprenurship

• Capital

• Equipment

• Labor

Which functional area of a business is responsible for converting the factors of production into goods and services?

• Management

• Marketing/Sales

• Operations

• Research and Development

_____________ is the study of people’s vital statistics, such as their age, gender, race and ethnicity, and location.

• Social

• Technology

• Economic

• Demography

____________, also known as the private enterprise system, is based on competition in the marketplace and private ownership of the factors of production (resources).

• Communism

• Socialism

• Capitalism

• Mixed Economy

____________ is a business that is established, owned, operated, and often financed by one person.

• Partnerships

• Sole Proprietorships

• Franchising

• Corporations

Which of the following is NOT a primary function of business?

• Marketing

• Finance

• Human Resources

• Entertainment

Which type of business organization is characterized by having unlimited liability for its owners?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company (LLC)

A __________________ is an organization that exists to achieve some goal other than the usual business goal of profit.

• profit organization

• non-profit organization

• NGO

• government