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  • Outdated (correct)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'?

    <p>Something not necessary for survival but adds comfort</p> Signup and view all the answers

    Who are the individuals responsible for creating goods and services?

    <p>Human resources</p> Signup and view all the answers

    What is the key advantage of sole proprietorships?

    <p>Ability to keep all profits</p> Signup and view all the answers

    In a general partnership, partners have:

    <p>Unlimited liability for debts</p> Signup and view all the answers

    What type of corporation is Apple?

    <p>Public corporation</p> Signup and view all the answers

    Who owns co-operatives?

    <p>Members or workers</p> Signup and view all the answers

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

    <p>Owner may lose personal belongings</p> Signup and view all the answers

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