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Unit One: What is Business?
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The goal of a nonprofit organization is to:
 
Contribute to society
 
Generate financial gain
 
Earn revenues higher than exceed its expenses
 
Offer products in order to earn a profit
Charities and volunteer service organizations are examples of what?
 
Non-Profit Organizations
 
Businesses
 
Government Organizations
 
Service Organizations
The process of recording the financial transactions involving a business is completed by which function of a business?
 
Accounting
 
Finance
 
Management
 
Sales
Which function of a business allocates company resources to efficiently produce products that consumers want?
 
Operations
 
Marketing
 
Human Resources
 
Sales
Tasks such as budgeting and raising capital are done by which function of a business?
 
Finance
 
Accounting
 
Management
 
Operations
The process of promoting new products would be considered which function of a business?
 
Marketing
 
Management
 
Operations
 
Sales
Which of the following is NOT a main function of a business?
 
Distribution
 
Finance
 
Management
 
Sales
The machines, tools, buildings, information, and technology needed to produce goods and services are considered which factor of production?
 
Capital
 
Acquisitions
 
Machinery
 
Land
Which of the following are the four factors of production?
 
Capital, Entrepreneurship, Labor, and Land
 
Earth, Sun, Wind, and Water
 
Knowledge, Land, Machinery, and Power
 
Investment, Machinery, Natural Resources, and Power
The Office Place sells office equipment, such as Xerox copiers, and supplies to other businesses. The Office Place would be considered which type of business?
 
Merchandising
 
Manufacturing
 
Service
 
Hybrid
An accountant prepares tax returns for their clients. What type of business would this be considered?
 
Service
 
Hybrid
 
Merchandising
 
Manufacturing
Peter’s Clam Bar sells clams and other popular seafood dishes at their restaurant, as well as fresh fish that can be purchased in-store and cooked at home. Peter’s Clam Bar would be considered an example of which type of business?
 
Hybrid
 
Service
 
Manufacturing
 
Merchandising
To be considered a business, an entity must:
 
Pursue earning a profit
 
Earn a profit
 
Both A & B
 
Neither A or B
Every month, Carla’s Candy Shop has to pay bills for utilities, wages, rent, insurance, supplies, and raw materials. Those amounts are examples of:
 
Expenses
 
Earnings
 
Net Profit
 
Revenue
When the expenses of a business are greater than its revenue, the business is said to have a:
 
Loss
 
Gain
 
Profit
 
Return
Any organization or activity that offers goods and services in an effort to earn a profit is called a:
 
Business
 
Corporation
 
Market
 
Non-profit organization
Identify the Factor of Production: the innovative ideas, risk-taking abilities, and managerial skills of business owners
 
Entrepreneurship
 
Land
 
Labor
 
Capital
Identify the Factor of Production: the financial resources and tools required for production
 
Capital
 
Labor
 
Land
 
Entrepreneurship
Identify the Factor of Production:the human effort an skills contributed to the production process
 
Labor
 
Land
 
Capital
 
Entrepreneurship
Identify the Factor of Production: Natural resources used in production, such as water, wood, and minerals, as well as physical space and location
 
Land
 
Labor
 
Capital
 
Entrepreneurship
Factors of Production are:
 
resources used in the production of goods and services
 
The process of identifying potential customers
 
Is the process of creating, promoting, and selling products
_____ is the process of identifying potential customers, persuading them to buy a business’ products, and completing the transaction
 
Sales
 
Research & Development
 
Operations
 
Customer Service
______ is a function within a business that focuses on activities aimed at innovating, creating new products, and improving or enhancing existing products
 
Research & Development
 
Operations
 
Management
 
Sales
______ is the day-to-day activities involved in producing and delivering a business’ products efficiently
 
Operations
 
Management
 
Sales
 
Human Resources
______ is the process of creating, promoting, and selling products
 
Marketing
 
Sales
 
Research & Development
 
Operations
_____ is the planning, organizing, leading, and controlling of resources in order to achieve business goals
 
Management
 
Customer Service
 
Sales
 
Human Resources
______ is the use of computers, software, hardware, networks, and other technologies to process, store, transmit, and manage information within a business
 
Information Technology
 
Research & Development
 
Operations
______ is the department within a business that is responsible for managing human capital (the people that work for the business)
 
Human Resources
 
Managment
 
Operations
 
Customer Service
_____ is the management of money, funds, and financial resources of an organization
 
Finance
 
Management
 
Accounting
 
Operations
_____ is the support, assistance, and interactions provided by a business to its customers before, during, and after a purchase
 
Customer Service
 
Human Resources
 
Marketing
 
Operations
______ is the process of recording, summarizing, and analyzing financial transactions for a business
 
Accounting
 
Finance
 
Research & Development
 
Marketing
_____ businesses possess the qualities of multiple business types
 
Hybrid
 
Service
 
Manufacturing
 
Merchandising
_______ businesses sell intangible goods to consumers
 
Service
 
Merchandising
 
Manufacturing
 
Hybrid
_______ is a business strategy in which products are purchased from manufacturers, wholesalers, or other middlemen, and are sold at the retail price
 
Merchandising
 
Manufacturing
 
Service
 
Hybrid
This type of business develops a product and sell it either directly to the customer or to some type of middleman, like a wholesaler or retailer
 
Manufacturing
 
Merchandising
 
Service
 
Hybrid
__________ operate for charitable or social purpose, providing services such as healthcare, education, and community development
 
Non-Profit Organizations
 
Government Organizations
 
Hybrid Businesses
 
LLC
When an organization provides goods or services without seeking a profit, it is not a business
 
True
 
False
______ are costs incurred by a business in the process of generating revenue
 
Expenses
 
Operating Costs
 
Revenue
 
Profit
______ are funds that flow into a business from it primary activity, such as the sale of products
 
Revenue
 
Profit
 
Expenses
 
Operating Costs
_____ is the difference between revenue of a business and its expenses
 
Profit
 
Revenue
 
Expenses
 
Goods
These are things done for you by other people. They are intangible
 
Services
 
Goods
 
Wants
 
Needs
These are items that are tangible, meaning that you can physically touch them
 
Goods
 
Services
 
Wants
 
Needs


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