Introduction to Business Chapter One Quiz
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Questions and Answers

What is the definition of revenue?

  • The amount of profit earned by a business after deducting expenses
  • The opportunity for a business to expand its operations and increase sales
  • The chance an entrepreneur takes of losing time and money on a business that may not prove profitable
  • The total amount of money a business takes in during a given period by selling goods and services (correct)

When does a business experience loss?

  • When the business fails to take risks for expansion
  • When the revenues of the business are less than its expenses (correct)
  • When the revenue growth exceeds the expenses growth
  • When the chance of losing time and money is high

What is the definition of risk in business?

  • The amount of profit earned by a business after deducting expenses
  • The opportunity for a business to expand its operations and increase sales
  • The chance an entrepreneur takes of losing time and money on a business that may not prove profitable (correct)
  • The total amount of money a business takes in during a given period by selling goods and services

What characterizes a non-profit organization?

<p>An organization dedicated to social causes and charitable activities, without the goal of personal profit (B)</p> Signup and view all the answers

What is the formula for calculating revenue?

<p>Revenue = Sales Volume * Price (A)</p> Signup and view all the answers

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