Introduction To Business

Products and money used in the production of goods and services are called Natural Resources

• True

• False

_______ include tools and equipment used to produce goods and services

• Capital Resources

• Natural Resources

• Human Resources

The primary reason why businesses invest resources and take risks is to ________.

• provide jobs

• produce goods and services

• improve their products

• earn a profit

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

How do you define profit?

• when revenue exceeds cost

• when costs exceed revenue

• when revenue achieves planned target

• when the bottom line is in the red

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

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

• Social

• Technology

• Economic

• Demography

An entity that seeks to earn a profit by providing a good or service is known as a(n)

• industry

• corporation

• business.

• service

________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.

• Depreciation

• Risk

• Fallibility

• Redundancy