Business Introduction and Key Concepts
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Business Introduction and Key Concepts

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Questions and Answers

What is the primary goal of a business?

  • To strive for profit (correct)
  • To achieve a high standard of living
  • To provide goods and services
  • To satisfy society's needs

    • What is the difference between goods and services?

  • Goods are experienced, while services are manufactured
  • Goods are intangible, while services are tangible
  • Goods are provided by governments, while services are provided by businesses
  • Goods are tangible, while services are intangible (correct)

    • What is the meaning of the term 'revenue' in a business context?

  • The money a company invests in new projects
  • The money a company spends on expenses
  • The money a company has left over after paying expenses
  • The money a company earns from providing services or selling goods (correct)

    • What is the definition of 'profit' in a business?

    <p>The money a company has left over after paying expenses</p> Signup and view all the answers

    What is the term for the chance that an investment's actual return will be different than expected?

    <p>Risk</p> Signup and view all the answers

    What is one of the benefits that businesses offer?

    <p>An array of goods</p> Signup and view all the answers

    What is a factor that affects the business environment?

    <p>Global access</p> Signup and view all the answers

    What is the authority of the Federal Government in terms of money and banking?

    <p>Money and banking</p> Signup and view all the answers

    What is the main purpose of transfer payments?

    <p>To provide financial assistance to provinces</p> Signup and view all the answers

    What does a patent give an inventor?

    <p>The exclusive right to manufacture, use, and sell an invention for 20 years</p> Signup and view all the answers

    What is the purpose of consumer protection laws?

    <p>To reflect the struggle for power between buyers and sellers</p> Signup and view all the answers

    What is the purpose of bankruptcy laws?

    <p>To relieve individuals or businesses of their debts</p> Signup and view all the answers

    What is the purpose of taxation?

    <p>To fund government programs and services</p> Signup and view all the answers

    What is the purpose of deregulation?

    <p>To remove rules and regulations governing business competition</p> Signup and view all the answers

    What is the purpose of a trademark?

    <p>To create uniqueness in the minds of consumers</p> Signup and view all the answers

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