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Questions and Answers

What is the primary motivation of non-profit organizations?

To maximize profits for the owners

To acquire and sell goods and services

To compete with for-profit organizations

To raise funds for a specific goal to help people in the community (correct)

What is the formula to calculate profit or loss?

Revenue - Expenses (correct)

Revenue + Expenses

Revenue / Expenses

Revenue * Expenses

Which type of business is owned by one person?

Cooperative

Sole proprietorship (correct)

Partnership

Corporation

What does a non-profit organization do with any surplus funds?

Use it to improve the services offered to members Signup and view all the answers

What is the difference between goods and services?

Goods are manufactured, services involve doing work for someone Signup and view all the answers

What is the primary purpose of for-profit organizations?

To make profit Signup and view all the answers

What is the primary advantage of a partnership business?

Ability to start with less investment Signup and view all the answers

What is the main disadvantage of a corporation?

Complicated and expensive to startup Signup and view all the answers

What is the key difference between a consumer and a customer?

Customers buy the product, consumers use the service Signup and view all the answers

What defines indirect competition?

Competition between unrelated products or services Signup and view all the answers

Which factor of production refers to goods that come from the Earth?

Natural resources Signup and view all the answers

What is another type of good/service apart from natural resources, raw materials, labour, and capital?

Information Signup and view all the answers

Which law refers to the quantity of goods or service that businesses are willing and able to provide within a range of prices?

Law of supply Signup and view all the answers