BUS 100 - Chapter 1 Flashcards

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?

good Signup and view all the answers

The purposes of nonprofit organizations include?

Filling a societal and education need Signup and view all the answers

Total amount of money a business takes in during a given period by selling goods and services is its ________

revenue Signup and view all the answers

Businesses are part of a country's ____

economic system Signup and view all the answers

When expenses are greater than revenue, it is referred to as a?

loss Signup and view all the answers

The amount of goods and services people can buy with the money that they have is known as?

standard of living Signup and view all the answers

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

revenues; expenses Signup and view all the answers

Government policies that favor business include?

Writing laws that support writing enforceable contracts and keeping interference to a minimum Signup and view all the answers

Statistical description of a population using characteristics such as age, gender, and income is known as?

demography Signup and view all the answers

Someone who risks time and money to start and manage a business is called an?

entrepreneur Signup and view all the answers

A business tries to earn a profit by providing _ and _ that satisfy people's needs and wants

goods; services Signup and view all the answers

Goods are _ such as shoes or cars, while services are _ such as insurance and travel

tangible; intangible Signup and view all the answers

Businesses improve the quality of life in their communities by?

providing jobs for workers and paying taxes Signup and view all the answers

The difference between revenues and the expenses needed to operate the business is known as?

profit or loss Signup and view all the answers

Challenges for new leaders since the global information-based revolution include?

The service era is coming to a close and learning about world quality standards Signup and view all the answers

Economic well-being and the quality of life improve when businesses create more jobs because?

people can purchase more goods and services Signup and view all the answers

Global trade means more opportunities, but it also means more global _____

competition Signup and view all the answers

Among the options being considered to reduce the future shortfall in Social Security are?

raising the retirement age and taxes Signup and view all the answers

Governments reduce the risks of entrepreneurship by passing laws that enable business people to write enforceable ______

contracts Signup and view all the answers

Buying and selling goods over the internet is known as?

e-commerce Signup and view all the answers

Retailers scan bar codes on products to build a ______ containing information about customers

database Signup and view all the answers

Changes in the technological environment increases in worldwide _____ in all sectors of the economy, creating exciting challenges for future leaders

competition Signup and view all the answers

The Uniform Commercial Code is important to businesses in the US because?

It makes business agreements such as contracts enforceable by law Signup and view all the answers

One government policy that helps to reduce the risks for businesses is?

Pass laws that enable business people to write enforceable contracts Signup and view all the answers

Globalization has occurred because of?

efficient distribution systems and advances in communication Signup and view all the answers

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?

stakeholders Signup and view all the answers

Businesses provide help to the communities they are in by helping to provide ,,_____

goods, services, and jobs Signup and view all the answers

Well-being in a society that includes political freedom, safety, and amount of leisure is known as?

quality of life Signup and view all the answers

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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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.