Entrepreneurship Profit Basics

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Questions and Answers

What does the term 'tubo o profit' refer to?

The revenue before taxes

The income of an entrepreneur (correct)

The expenses of a business

The cost of production

Why is the profit of an entrepreneur considered uncertain?

Because the outcome of the business is not known (correct)

Because the market is predictable

Because of stable demand

Because it depends on fixed costs

How does production relate to needs according to the content?

Production creates needs

Production has no relationship to needs

Production responds to our needs (correct)

Production determines the profit

Which of the following statements about profit is true?

Profit is uncertain until the outcome of the business is known Signup and view all the answers

Which of the following best describes profit in entrepreneurial terms?

An unpredictable income based on business outcomes Signup and view all the answers

What does 'Labor' refer to in the factors of production?

Human effort and skills involved in production Signup and view all the answers

Which of the following is included in the 'Capital' factor of production?

Tools, machinery, and buildings used for production Signup and view all the answers

How is 'Entrepreneurship' defined among the factors of production?

The skills and initiative to organize and manage production Signup and view all the answers

Which of the following does NOT represent a factor of production?

Advertising Signup and view all the answers

What is essential for the efficient use of resources in production?

Management of resources Signup and view all the answers

What is considered the fourth factor of production?

Entrepreneurship Signup and view all the answers

Which quality involves anticipating shifts in demand in the market?

Market sensitivity Signup and view all the answers

According to Joseph Schumpeter, what is crucial for a company's success?

Continuous innovation and change Signup and view all the answers

Which essential quality refers to taking informed measures to adapt to business developments?

Proactive approach Signup and view all the answers

What key aspect does entrepreneurship focus on?

Fulfilling individual needs and starting businesses Signup and view all the answers

What characterizes a white collar job?

It involves mental tasks. Signup and view all the answers

Which of the following best describes a blue collar job?

It necessitates physical abilities. Signup and view all the answers

What does the term 'capital' primarily refer to?

Goods and services used to produce something new. Signup and view all the answers

Which of the following is NOT considered capital?

Physical labor performed by workers. Signup and view all the answers

Which statement about capital is false?

It is exclusively linked to money. Signup and view all the answers

Study Notes

Profit

Entrepreneurs buy low, sell high
Profit is made when an entrepreneur sells something for more than the cost to purchase or produce.
Entrepreneurs must successfully manage their expenses to achieve a profit.
Successful entrepreneurs understand their target market.

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Description

This quiz covers the fundamentals of profit in entrepreneurship. Learn how entrepreneurs buy low and sell high to maximize their profits while managing expenses effectively. Understand the importance of knowing your target market to achieve success.