ACC 100 - Chapter 1 Exam Questions and Correct Answers (Rated 100%)
Primary sector - Answers Where we grow and gather raw materials
Secondary sector - Answers Where raw materials are turned into products
Tertiary sector - Answers Where goods and services are sold to consumers
What is a business...
Primary sector - Answers Where we grow and gather raw materials
Secondary sector - Answers Where raw materials are turned into products
Tertiary sector - Answers Where goods and services are sold to consumers
What is a business? - Answers The activity of making, buying, or selling goods or providing services in
exchange for money
What does a business do? - Answers That depends on which business sector a business is in
Three main business sectors - Answers - Primary
- Secondary
- Tertiary
What is our focus? - Answers The tertiary sector, concentrating first on retailers and then on wholesalers
Retailer - Answers Earns profit by reselling goods or providing services to consumers (also called the
public) in order to satisfy their wants and needs
Wholesaler - Answers Buys large quantities of goods from manufacturers, warehouses them, and then
resells them to retailers (DO NOT SELL TO CONSUMERS)
Who cares about a business? - Answers Stakeholders care
Stakeholders - Answers Individuals or groups who either affect the business or are affected by the
actions of the business (either internal or external)
Stakeholder's objective - Answers Something they want from their relationship with the business
Internal stakeholders - Answers Work for the business
Internal stakeholder objectives - Answers Objectives generally relate to their ability to keep their jobs,
do their jobs more efficiently, get promoted, and get paid for their work
External stakeholders - Answers Outside of the business
External stakeholder objectives - Answers Objectives generally relate to decisions they will make about
money (also called resource allocation decisions) or about how the business can affect them, either
positively or negatively
List of internal stakeholders - Answers - General employee
- Marketing manager
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