Introduction to Business: Chapter One Quiz
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Questions and Answers

What is the total amount of money a business takes in during a given period by selling goods and services?

  • Loss
  • Expense
  • Revenue (correct)
  • Profit

    • What type of organization does not include among its objectives the achievement of personal profit for its owners or organizers?

  • For-profit organization
  • Social enterprise
  • Non-profit organization (correct)
  • Charity organization

    • When does a business experience a loss?

  • When there are no revenues
  • When the revenues equal the expenses
  • When the revenues are less than the expenses (correct)
  • When the revenues exceed the expenses

    • What is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable?

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

    What does the acronym NPO stand for?

    <p>Non-Profit Organizations</p> Signup and view all the answers

    What is the formula for calculating revenue?

    <p>Sales volume * price</p> Signup and view all the answers

    Which term refers to the situation when a business's revenues are less than its expenses?

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

    What does a non-profit organization aim to achieve?

    <p>Social welfare or charitable objectives</p> Signup and view all the answers

    Which term describes the chance an entrepreneur takes of losing time and money on a business that may not prove profitable?

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

    What is the total amount of money a business takes in during a given period by selling goods and services known as?

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

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