Barriers of Entry and Business Impact Quiz

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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?

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

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

They do not have profit purposes Signup and view all the answers

What are goods producing businesses?

Businesses that create value by making tangible things Signup and view all the answers

What are service businesses?

Businesses that perform activities to deliver benefits to customers Signup and view all the answers

What is moral hazard?

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

What is revenue?

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

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

To generate profit after expenses Signup and view all the answers

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

Contributing to national growth and stability Signup and view all the answers

What is the social environment of a business?

Trends and forces of society at large Signup and view all the answers

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

R&D (Research and development) Signup and view all the answers

What does the economic environment of a business affect?

The behavior of buyers and sellers Signup and view all the answers

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

Legal environment Signup and view all the answers

What are the potential contributions of a business to society?

Offering valuable goods and services Signup and view all the answers

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

Finance and accounting Signup and view all the answers

What does the technological environment of a business result from?

The practical application of science to innovations Signup and view all the answers

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

Market environment Signup and view all the answers

What are the potential negative impacts of a business?

Causing financial instability Signup and view all the answers

Barriers of Entry and Business Impact Quiz

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Questions and Answers

Which of the following best defines a business?

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

What is the definition of profit?

What is a competitive advantage?

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

What are goods producing businesses?

What are service businesses?

What is moral hazard?

What is revenue?

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

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

What is the social environment of a business?

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

What does the economic environment of a business affect?

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

What are the potential contributions of a business to society?

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

What does the technological environment of a business result from?

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

What are the potential negative impacts of a business?

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