Questions and Answers
Groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators are called?
stakeholders
The term 'factors of production' refers to the?
Natural, human, and financial resources used to produce goods and services
When a company contracts with another, sometimes in another country to do some of its functions, such as production or accounting, it is known as _____
outsourcing
A product that is tangible and can be touched or held in your hand is known as?
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The purposes of nonprofit organizations include?
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Total amount of money a business takes in during a given period by selling goods and services is its ________
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Businesses are part of a country's ____
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When expenses are greater than revenue, it is referred to as a?
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The amount of goods and services people can buy with the money that they have is known as?
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Whether a business makes a profit or loss is determined by the difference between the total amount of money a business takes in from sales, known as _________, and the money needed to operate it, known as ______
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Government policies that favor business include?
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Statistical description of a population using characteristics such as age, gender, and income is known as?
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Someone who risks time and money to start and manage a business is called an?
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A business tries to earn a profit by providing _____ and _____ that satisfy people's needs and wants
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Goods are _____ such as shoes or cars, while services are _____ such as insurance and travel
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Businesses improve the quality of life in their communities by?
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The difference between revenues and the expenses needed to operate the business is known as?
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Challenges for new leaders since the global information-based revolution include?
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Economic well-being and the quality of life improve when businesses create more jobs because?
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Global trade means more opportunities, but it also means more global _____
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Among the options being considered to reduce the future shortfall in Social Security are?
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Governments reduce the risks of entrepreneurship by passing laws that enable business people to write enforceable ______
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Buying and selling goods over the internet is known as?
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Retailers scan bar codes on products to build a ______ containing information about customers
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Changes in the technological environment increases in worldwide _____ in all sectors of the economy, creating exciting challenges for future leaders
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The Uniform Commercial Code is important to businesses in the US because?
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One government policy that helps to reduce the risks for businesses is?
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Globalization has occurred because of?
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Groups that stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address are called?
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Businesses provide help to the communities they are in by helping to provide ,,_____
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Well-being in a society that includes political freedom, safety, and amount of leisure is known as?
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Study Notes
Business Fundamentals and Key Terms
- Stakeholders are groups interested in a business's success, including employees, neighbors, and regulators.
- Factors of production encompass natural, human, and financial resources essential for producing goods and services.
- Outsourcing occurs when businesses contract external companies, possibly abroad, for certain functions like production or accounting.
- Goods are tangible products, while services are intangible offerings that fulfill needs and wants.
- Nonprofit organizations aim to address societal and educational needs rather than generating profits.
Financial Concepts
- Revenue is the total income generated from sales within a specified timeframe.
- A business experiences a loss when its expenses exceed its revenues.
- Standard of living measures the purchasing power of individuals based on available goods and services.
- Profit or loss results from the difference between revenues and operating expenses.
Economic Systems and Characteristics
- Businesses are integral components of a country's economic system.
- Government policies that bolster business include creating enforceable contracts and minimizing interference.
- Demography is the statistical study of population characteristics like age, gender, and income.
Entrepreneurship and Business Operations
- An entrepreneur takes on risks and invests time and money to start and manage a business.
- Businesses seek to earn profits by providing goods and services that meet consumer needs.
- The service era is declining, posing challenges for leaders adapting to global quality standards.
Impact on Quality of Life and Employment
- Economic well-being improves with the creation of jobs, as it increases consumer purchasing power.
- Global trade introduces more competition, presenting both opportunities and challenges for businesses.
Government and Legal Framework
- Options to address Social Security future shortfalls include increasing the retirement age and taxes.
- Governments mitigate entrepreneurship risks through laws that allow enforceable contracts.
- The Uniform Commercial Code ensures that business agreements and contracts are legally binding.
Technological Influence and Globalization
- E-commerce encompasses the buying and selling of goods via the internet.
- Retailers utilize barcodes to compile databases that contain customer information.
- Changes in technology heighten competition across all economic sectors, presenting challenges for future leaders.
- Globalization is driven by efficient distribution systems and advancements in communication.
Community Contributions and Well-being
- Businesses contribute to their communities by providing goods, services, and jobs.
- Quality of life includes societal well-being factors, such as political freedom, safety, and leisure availability.
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Description
Test your knowledge of key concepts from BUS 100 Chapter 1 with these flashcards. Review important terms such as stakeholders, factors of production, and outsourcing. This quiz will help reinforce your understanding of business fundamentals.