Barriers of Entry and Business Impact Quiz
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Questions and Answers

Which of the following best defines a business?

  • An organization that provides goods and services to satisfy customers' needs (correct)
  • An organization that seeks a competitive advantage in the market
  • An organization that engages in unethical behavior
  • An organization that generates revenue through the sale of goods and services

    • What is the purpose of a company's business model?

  • To create revenue through the sale of goods and services
  • To transform lower-value inputs into higher-value outputs
  • To generate profit after expenses (correct)
  • To declare how it intends to create rewards

    • What is the definition of profit?

  • The result of a company's decisions
  • The pursuit of rewards without facing risks
  • The money a company brings in through the sale of goods and services
  • The amount of money left after expenses (correct)

    • What is a competitive advantage?

    <p>A unique factor that makes a company's products more appealing to target customers</p> Signup and view all the answers

    Which of the following is a characteristic of non-profit organizations?

    <p>They do not have profit purposes</p> Signup and view all the answers

    What are goods producing businesses?

    <p>Businesses that create value by making tangible things</p> Signup and view all the answers

    What are service businesses?

    <p>Businesses that perform activities to deliver benefits to customers</p> Signup and view all the answers

    What is moral hazard?

    <p>Engaging in unethical behavior due to the belief that risks can be avoided</p> Signup and view all the answers

    What is revenue?

    <p>The money a company brings in through the sale of goods and services</p> Signup and view all the answers

    What is the purpose of a company's business model?

    <p>To generate profit after expenses</p> Signup and view all the answers

    Which of the following is NOT a potential negative impact of a business?

    <p>Contributing to national growth and stability</p> Signup and view all the answers

    What is the social environment of a business?

    <p>Trends and forces of society at large</p> Signup and view all the answers

    Which department is responsible for research and development in most companies?

    <p>R&amp;D (Research and development)</p> Signup and view all the answers

    What does the economic environment of a business affect?

    <p>The behavior of buyers and sellers</p> Signup and view all the answers

    Which environment of a business is shaped by laws and regulations?

    <p>Legal environment</p> Signup and view all the answers

    What are the potential contributions of a business to society?

    <p>Offering valuable goods and services</p> Signup and view all the answers

    Which department is responsible for finance and accounting in most companies?

    <p>Finance and accounting</p> Signup and view all the answers

    What does the technological environment of a business result from?

    <p>The practical application of science to innovations</p> Signup and view all the answers

    Which environment of a business includes a company's target consumers and competitors?

    <p>Market environment</p> Signup and view all the answers

    What are the potential negative impacts of a business?

    <p>Causing financial instability</p> Signup and view all the answers

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