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Pricing Schools Business

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Business Basics: Profit, Revenue, and Entrepreneurship

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Business Basics: Profit, Revenue, and Entrepreneurship

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Questions and Answers

What is the formula to calculate profit?

Revenue * Expenses

Revenue - Expenses (correct)

Revenue + Expenses

Revenue / Expenses

Which term best describes goods or services that are no longer in use or produced?

Innovative

Advanced

Outdated (correct)

Sustainable

What type of resource includes materials that come from the earth, water, and air?

Capital resources

Natural resources (correct)

Entrepreneur resources

Human resources

In the context of economics, what defines a 'want'?

Something not necessary for survival but adds comfort (B) Signup and view all the answers

Who are the individuals responsible for creating goods and services?

Human resources (B) Signup and view all the answers

What is the key advantage of sole proprietorships?

Ability to keep all profits (C) Signup and view all the answers

In a general partnership, partners have:

Unlimited liability for debts (A) Signup and view all the answers

What type of corporation is Apple?

Public corporation (C) Signup and view all the answers

Who owns co-operatives?

Members or workers (B) Signup and view all the answers

What does 'unlimited liability' mean in the context of sole proprietorships?

Owner may lose personal belongings (C) Signup and view all the answers