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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?

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

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

Risk Signup and view all the answers

What is one of the benefits that businesses offer?

An array of goods Signup and view all the answers

What is a factor that affects the business environment?

Global access Signup and view all the answers

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

Money and banking Signup and view all the answers

What is the main purpose of transfer payments?

To provide financial assistance to provinces Signup and view all the answers

What does a patent give an inventor?

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

What is the purpose of consumer protection laws?

To reflect the struggle for power between buyers and sellers Signup and view all the answers

What is the purpose of bankruptcy laws?

To relieve individuals or businesses of their debts Signup and view all the answers

What is the purpose of taxation?

To fund government programs and services Signup and view all the answers

What is the purpose of deregulation?

To remove rules and regulations governing business competition Signup and view all the answers

What is the purpose of a trademark?

To create uniqueness in the minds of consumers Signup and view all the answers