GEB 1011 Intro to business ch 1-6 Test Review
Questions with Correct Answers
What is business loss? Correct Answer-Occurs when a business's
expenses are more than its revenues.
What is profit? Correct Answer-a financial gain, especially the
difference between the amount earned and the amount spent in buying,
operating, or producing something.
What is revenue? Correct Answer-income
What is a nonprofit organization? Correct Answer-an organization
whose goals do not include making a personal profit for its owners or
organizers
Profit Business Correct Answer-Business that seeks to make profit from
it's operation.
what is standard of living? Correct Answer-refers to the amount of
goods and services people can buy with the money they have.
what does standard of living depend on? Correct Answer-the ability to
produce goods and services
what has been the overall effect of globalization on living standards
around the world? Correct Answer-it has improved living standards
, Who are the stakeholders in a company? Correct Answer-All the people
who stand to gain or lose by the policies and activities of a business and
whose concerns the businesses need to address.
why do businesses need to attempt to meet all the stakeholder's needs?
Correct Answer-because they are the ones who are funding the company
and allowing them to attempt to be successful.
what is the meaning of the phrase "the more risk the more potential
reward" Correct Answer-it means that the more money you risk the
more money you can make
Entrepreneur Correct Answer-A person who organizes, manages, and
takes on the risks of a business.
what are the pros and of being an entrepreneur Correct Answer-Freedom
,Salary, control and flexibility
what are the cons and of being an entrepreneur Correct Answer-Having
to make all the choices on your own and being responsible by yourself
Competition
Loneliness - not healthy to be cooped up all alone
Questions with Correct Answers
What is business loss? Correct Answer-Occurs when a business's
expenses are more than its revenues.
What is profit? Correct Answer-a financial gain, especially the
difference between the amount earned and the amount spent in buying,
operating, or producing something.
What is revenue? Correct Answer-income
What is a nonprofit organization? Correct Answer-an organization
whose goals do not include making a personal profit for its owners or
organizers
Profit Business Correct Answer-Business that seeks to make profit from
it's operation.
what is standard of living? Correct Answer-refers to the amount of
goods and services people can buy with the money they have.
what does standard of living depend on? Correct Answer-the ability to
produce goods and services
what has been the overall effect of globalization on living standards
around the world? Correct Answer-it has improved living standards
, Who are the stakeholders in a company? Correct Answer-All the people
who stand to gain or lose by the policies and activities of a business and
whose concerns the businesses need to address.
why do businesses need to attempt to meet all the stakeholder's needs?
Correct Answer-because they are the ones who are funding the company
and allowing them to attempt to be successful.
what is the meaning of the phrase "the more risk the more potential
reward" Correct Answer-it means that the more money you risk the
more money you can make
Entrepreneur Correct Answer-A person who organizes, manages, and
takes on the risks of a business.
what are the pros and of being an entrepreneur Correct Answer-Freedom
,Salary, control and flexibility
what are the cons and of being an entrepreneur Correct Answer-Having
to make all the choices on your own and being responsible by yourself
Competition
Loneliness - not healthy to be cooped up all alone
