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