S&EM Unit 3 Review

What is the importance of the profit motive in business?

• It encourages businesses to minimize costs and maximize efficiency.

• It leads to increased government regulation.

• It reduces competition in the market.

• It discourages innovation and creativity.

What is the goal of any business?

• To provide employment

• To make a profit

• To support charities

• To create advertisements

What is profit?

• The total income before expenses

• The amount of money remaining after all expenses are paid

• The total expenses of a business

• The amount of money spent on resources

What is the purpose of a revenue stream according to the text?

• To increase expenses

• To pay all expenses and make a profit

• To reduce taxes

• To create a budget

Which of the following is NOT listed as an expense for the NFL?

• Coaching costs

• Equipment costs

• Travel costs

• Taxes

What is the study of how goods and services are produced, distributed, and consumed?

• Biology

• Economics

• Chemistry

• Physics

What is one of the items needed for a movie according to the example?

• Good story

• Expensive costumes

• Famous locations

• Large audience

Where are professional sporting and entertainment events available?

• Everywhere, all the time

• Only at certain locations and times

• Only online

• In every city

What is an example of form utility improvement in watching movies?

• Watching a movie on demand

• Buying a movie ticket

• Renting a DVD from a store

• Reading a movie review

What does form utility refer to in a product or service?

• The price of the product

• The physical characteristics

• The brand name

• The advertising strategy