Business Fundamentals Basics
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Questions and Answers

What defines a business according to the text?

  • Providing goods and services while operating at a loss
  • Providing goods and services while operating at a profit (correct)
  • Providing only services to others
  • Providing only goods to others
  • What is the main difference between goods and services?

  • Goods are intangible, services are things you can touch and see
  • Goods are intangible, services are tangible
  • Goods are intangible products, services are tangible products
  • Goods are things you can touch and see, services are intangible (correct)
  • Who is an entrepreneur according to the text?

  • A person who works for a business
  • A person who buys goods for personal use
  • A person who risks time and money to start and manage a business (correct)
  • A person who provides goods and services without seeking profit
  • What is profit in the context of a business?

    <p>The amount of money a business earns above expenses</p> Signup and view all the answers

    How does the text describe the relationship between risk and starting a business?

    <p>Starting a business involves risk</p> Signup and view all the answers

    In what situation would starting a business be considered risky?

    <p>When there is no need for goods or services in the market</p> Signup and view all the answers

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