ENT Chapter 2 Vocabulary Multiple Choice

Define the term "Asset"

• Something that an individual or business owns

• A liability that an individual or business owes

• A service provided by a business

• A type of expense incurred by a business

Define the term "Business":

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

• The process of creating art for personal expression

• The study of ancient civilizations and their cultures

• The practice of meditation and mindfulness for stress relief

Define the term "Business function":

• Four forms of operational activities that play necessary roles in running a business, including finance, production, marketing, and management

• A type of business strategy focused on long-term growth

• A set of guidelines for employee conduct

• A method for evaluating business performance

Define the term "Business model":

• A company’s plan for making a profit

• A company’s organizational structure

• A company’s marketing strategy

• A company’s employee benefits program

Define the term "Demand":

• The amount of goods that consumers want

• The price of goods in the market

• The supply of goods available

• The cost of production for goods

Define the term "Economics":

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

• The study of celestial bodies and the universe

• The art of creating visual content to communicate messages

• The practice of diagnosing and treating mental disorders

Define the term: Good.

• Tangible item that is produced and sold to consumers

• Something that is owed by an individual or business 

• Entrepreneurs’ research into consumer preferences

•  product essential for survival

Define the term: Liability.

• Something that is owed by an individual or business.

• Entrepreneurs’ research into consumer preferences

• A product essential to survival

• The value of a business determined by assets minus liabilities.

Entrepreneurs’ research into consumer preferences.

• Market research

• Financial analysis

• Product development

• Supply chain management

A product essential to survival.

• Need

• Want

• Desire

• Luxury