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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?
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?
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 _____
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?
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?
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 ________
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 ____
Businesses are part of a country's ____
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When expenses are greater than revenue, it is referred to as a?
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?
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 ______
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?
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?
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?
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
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
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?
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?
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?
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?
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 _____
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?
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 ______
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?
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
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
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?
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?
One government policy that helps to reduce the risks for businesses is?
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Globalization has occurred because of?
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?
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 ,,_____
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?
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.
