Business Concepts and Economic Principles Quiz

<p>Inner city (C)</p> Signup and view all the answers

<p>By the legal structure defining ownership (A)</p> Signup and view all the answers

<p>To support community development (D)</p> Signup and view all the answers

<p>The desire for a product that is supported by effective market demand (A)</p> Signup and view all the answers

<p>It is primarily focused on non-profit impact (B)</p> Signup and view all the answers

<p>The amount of goods and services people can buy (C)</p> Signup and view all the answers

<p>Mixed ownership (C)</p> Signup and view all the answers

<p>Lower prices for goods and services (A)</p> Signup and view all the answers

<p>Retail trade (D)</p> Signup and view all the answers

<p>Income level (D)</p> Signup and view all the answers

<p>Greater availability of resources (D)</p> Signup and view all the answers

<p>Deterioration of community infrastructures (D)</p> Signup and view all the answers

<p>Higher insurance and rent costs (B)</p> Signup and view all the answers

<p>To protect owners from personal liability (A)</p> Signup and view all the answers

<p>Material services (C)</p> Signup and view all the answers

<p>Service provider (A)</p> Signup and view all the answers

<p>Personal income tax (B)</p> Signup and view all the answers

<p>The total amount of money taken in from sales (C)</p> Signup and view all the answers

<p>When expenses exceed revenues (D)</p> Signup and view all the answers

<p>The chance of losing time and money on a venture (A)</p> Signup and view all the answers

<p>Profit-oriented businesses aim to make a profit (D)</p> Signup and view all the answers

<p>Higher stress levels (A)</p> Signup and view all the answers

<p>Access to education (C)</p> Signup and view all the answers

<p>Norway (B)</p> Signup and view all the answers

<p>Affordability of housing (A)</p> Signup and view all the answers

<p>Labor (B)</p> Signup and view all the answers

<p>It evaluates crime rates and safety concerns (A)</p> Signup and view all the answers

<p>Wealth, comfort, and material goods available (B)</p> Signup and view all the answers

<p>Cultural diversity (A)</p> Signup and view all the answers

<p>To allow private ownership of businesses. (B)</p> Signup and view all the answers

<p>It simplifies trade between countries. (B)</p> Signup and view all the answers

<p>Government regulations (D)</p> Signup and view all the answers

<p>Business to Consumer (B2C) and Business to Business (B2B) (A)</p> Signup and view all the answers

<p>It complicates the process of setting up factories or stores. (A)</p> Signup and view all the answers

<p>Acquisition of personal information for illegal purposes. (B)</p> Signup and view all the answers

<p>By enhancing productivity through effective tools. (B)</p> Signup and view all the answers

<p>Establishing laws to reduce corruption. (C)</p> Signup and view all the answers

<p>The statistical study of age, gender, and income (C)</p> Signup and view all the answers

<p>Providing frontline workers with authority and resources to meet customer needs (D)</p> Signup and view all the answers

<p>Advances in distribution systems and communication (D)</p> Signup and view all the answers

<p>Economic success while focusing on energy savings (B)</p> Signup and view all the answers

<p>Contracting with other companies, often abroad, for various business functions (C)</p> Signup and view all the answers

<p>Biotechnology advancements (C)</p> Signup and view all the answers

<p>Implementing practices that save energy and reduce environmental harm (D)</p> Signup and view all the answers

<p>Individuals with a financial interest, such as customers and employees (B)</p> Signup and view all the answers

<p>To satisfy consumer demands while making a profit (B)</p> Signup and view all the answers

<p>According to organizational form (D)</p> Signup and view all the answers

<p>Manufacturing and construction activities (A)</p> Signup and view all the answers

<p>Includes both government and private ownership (A)</p> Signup and view all the answers

<p>Employee demographics (B)</p> Signup and view all the answers

<p>To increase potential profits (D)</p> Signup and view all the answers

<p>Provision of services to consumers (B)</p> Signup and view all the answers

<p>Complete personal liability for debts (B)</p> Signup and view all the answers

<p>Encourages innovation and entrepreneurship (B)</p> Signup and view all the answers

<p>Includes all digital technologies impacting operations (D)</p> Signup and view all the answers

<p>It enhances the ease of transacting across borders (C)</p> Signup and view all the answers

<p>Increases the risk of factory establishment (B)</p> Signup and view all the answers

<p>Business to Business (B2B) and Business to Consumer (B2C) (A)</p> Signup and view all the answers

<p>Obtaining individuals’ information for illegal purposes (A)</p> Signup and view all the answers

<p>By facilitating more efficient processes (A)</p> Signup and view all the answers

<p>To reduce corruption and promote ethical practices (A)</p> Signup and view all the answers

<p>Less family time (D)</p> Signup and view all the answers

<p>Climate (B)</p> Signup and view all the answers

<p>Norway (C)</p> Signup and view all the answers

<p>Cultural heritage (B)</p> Signup and view all the answers

<p>Affordability of real estate (C)</p> Signup and view all the answers

<p>Workers who produce goods and services (C)</p> Signup and view all the answers

<p>Quality of life encompasses more than just economic factors. (B)</p> Signup and view all the answers

<p>Social networks (C)</p> Signup and view all the answers

<p>Intangible products (C)</p> Signup and view all the answers

<p>Non-material services (C)</p> Signup and view all the answers

<p>A commercial bakery selling bread (B)</p> Signup and view all the answers

<p>The amount remaining after costs are deducted from revenues (C)</p> Signup and view all the answers

<p>Sole proprietorships (D)</p> Signup and view all the answers

<p>It offers services to consumers (D)</p> Signup and view all the answers

<p>Loss of time and money on a venture (C)</p> Signup and view all the answers

<p>When expenses surpass revenues (D)</p> Signup and view all the answers

<p>Granting employees the authority and resources to respond to customer needs. (C)</p> Signup and view all the answers

<p>Potential for substantial profits despite risks. (C)</p> Signup and view all the answers

<p>Contracting with external companies to perform certain functions. (C)</p> Signup and view all the answers

<p>Successful operations leading to greater community investment. (A)</p> Signup and view all the answers

<p>The fluctuation of the planet's temperature over time. (C)</p> Signup and view all the answers

<p>Inclusion of different age groups and abilities. (C)</p> Signup and view all the answers

<p>The amount of leisure time individuals have. (B)</p> Signup and view all the answers

<p>Individuals or groups who can be affected by the business’s actions. (B)</p> Signup and view all the answers

<p>Higher prices for goods and services. (C)</p> Signup and view all the answers

<p>Advancements in communication and distribution systems. (C)</p> Signup and view all the answers

<p>It includes factors like education and healthcare. (D)</p> Signup and view all the answers

<p>It supports infrastructure and public amenities. (D)</p> Signup and view all the answers

<p>Forced food manufacturers to increase their product prices. (C)</p> Signup and view all the answers

<p>Trend towards reducing environmental harm through energy savings. (C)</p> Signup and view all the answers

<p>Higher risks can potentially lead to higher profits. (C)</p> Signup and view all the answers

A long-term economic activity using owned or rented assets and labor, aiming for profit.

The need or desire for a product/service, leading to effective market demand.

The financial gain from a business operation.

The potential for loss or failure in a venture.

Part of the economy involved in the extraction of raw materials.

Involves manufacturing, construction. Turning raw materials into products or structures.

A business owned, run, and controlled by a single person.

Business ownership controlled by private individuals or entities.

Any activity that provides goods or services to others, aiming for profit.

Tangible products like computers, food, or cars.

Intangible products like education or healthcare.

Total money earned from sales of goods or services.

Determining profit involves subtracting costs (materials, labor, rent, taxes) from revenue.

Everything from phones, computers, to software that makes business processes more efficient and productive.

Buying and selling goods online.

Business sells to consumer online.

Business sells to another busines online.

An electronic file to store information.

Stealing personal information like social security or credit card numbers for illegal purposes.

The amount of output you generate from a given amount of input.

The governmental systems, economic conditions, and regulations that influence businesses.

A measurement of a place's well-being considering factors like safety, affordability, and health care.

A measure of the wealth, comfort, and necessities available to a population.

The resources needed to produce goods and services (land, labor, capital, entrepreneurship, information).

Natural resources used in production (e.g., minerals, forests, land).

Human effort used to create goods and services.

Machines, tools, and other physical resources used in production.

The ability to set up a business, identify opportunities quickly, and manage resources effectively.

Data and knowledge used in decision-making and production.

Higher risk activities, like starting a business in a tough area, can potentially lead to higher profits, but there's more chance of losing money too.

Overall well-being of a society, including things like political freedom, environment, education, and healthcare.

Money collected by the government to fund public services.

Businesses contribute to society by producing goods and services influencing people's standard of life.

A business in a dense urban area (inner city) might have higher rent, insurance, and competition, but potentially higher profits, while suburbs offer lower risks with less potential for profit.

Standard of living can be measured via Gross Domestic Product per capita, government spending on education and healthcare but the most effective way is calculating average income per person for the population group and comparing it with goods and services.

The study of human populations, including their size, density, and characteristics like age, gender, and income.

Moving beyond just hiring minorities and women, it includes welcoming all people, including seniors, disabled individuals, and different personality types.

The increasing interconnectedness of the world due to communication, trade, and travel.

The long-term shift in the Earth's average temperature, driven by factors like greenhouse gases.

The trend towards energy conservation, environmentally friendly products, and reducing harm to the environment.

Giving frontline workers the responsibility, authority, training, and resources to respond quickly to customer needs.

Individuals or groups who have an interest in a company's success or failure.

Hiring another company (often overseas) to perform tasks for your business.

A human activity, driven by profit, that aims to satisfy consumer demands by providing goods or services.

The part of the economy focused on providing services, like retail, healthcare, or education.

Businesses must balance profit-making with long-term sustainability, considering ethical practices and environmental impact.

Any activity that produces goods or services that people want, operating with the goal of making a profit.

Tangible products you can hold, like a computer, food, or clothing.

Intangible products you can't hold, like education, healthcare, or travel

The total money a business earns by selling its goods or services.

The money left over after a business pays its costs, like salaries and rent.

When a business's expenses are higher than its revenue.

The chance that a business owner might lose time and money if their business fails.

Subtract costs from revenue. Costs include expenses like materials, labor, rent, and taxes.

Starting a business in a bustling inner city usually means higher risk (rent, insurance, competition) but the potential for higher profits. Starting in a suburb is typically lower risk but often less profitable.

Taxes provide the funds for government spending on public services that directly contribute to the quality of life for everyone in a society.