Introduction to Business Final Exam With all complete solutions Any activity that seeks to provide goods and services to others while operating at a profit. CORRECT ANSWERS Business Tangible products such as computers, food, clothing, cars, and appliances.CORRECT ANSWERS Goods Intangible products such as education, health care, insurance, recreation, and travel and tourism. CORRECT ANSWERS Services A person who risks time and money to start and manage a business. CORRECT ANSWERS Entrepreneur The total amount of money a business takes in during a given period by selling goods and services. CORRECT ANSWERS Revenue The amount of money a business earns above and beyond what it spends for salaries and other expenses. CORRECT ANSWERS Profit When a business's expenses are more than its revenues. CORRECT ANSWERS Loss The chance an entrepreneur takes of losing time and money on a business that may not prove profitable. CORRECT ANSWERS Risk The amount of goods and services people can buy with the money they have.CORRECT ANSWERS Standard of Living The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide. CORRECT ANSWERS Quality of Life 1 / 2
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. CORRECT ANSWERS Stakeholders Contracting with other companies to do some or all of the functions of a firm, like its production or accounting tasks. CORRECT ANSWERS Outsourcing An organization whose goals do not include making a personal profit for its owners or organizers. CORRECT ANSWERS Nonprofit Organization The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge. CORRECT ANSWERS Factors of Production The surrounding factors that either help or hinder the development of a business.CORRECT ANSWERS Business Environment Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient, and productive. CORRECT ANSWERS Technology The amount of output you generate given the amount of input. CORRECT ANSWERS Productivity The buying and selling of goods over the Internet CORRECT ANSWERS E- Commerce An electronic storage file for information. CORRECT ANSWERS Database The obtaining of individuals' personal information, such as Social Security and credit card numbers, for illegal purposes. CORRECT ANSWERS Identity Theft Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests. CORRECT ANSWERS Empowerment
- / 2