BUSI 101 - Exam 1 Review Study Guide Quiz.
Business - CORRECT ANSWER Any activity that seeks to provide goods and services to others while operating at a profit.
Goods - CORRECT ANSWER Tangible products such as computers, food, clothing, cars and appliances.
Services - CORRECT ANSWER In...
BUSI 101 - Exam 1 Review Study Guide
Quiz.
Business - CORRECT ANSWER Any activity that seeks to provide goods and services to others while
operating at a profit.
Goods - CORRECT ANSWER Tangible products such as computers, food, clothing, cars and appliances.
Services - CORRECT ANSWER Intangible products (i.e. products that can't be held in your hand) such as
educations, health care, insurance, recreation, and travel and tourism.
Entrepreneur - CORRECT ANSWER A person who risks time and money to start and manage a business.
Revenue - CORRECT ANSWER The total amount of money a business takes in during a given period by
selling goods and services.
Profit - CORRECT ANSWER The amount of money a business earns above and beyond what it spends for
salaries and other expenses.
Loss - CORRECT ANSWER When a business's expenses are more than its revenues.
Risk - CORRECT ANSWER The chance an entrepreneur takes of losing time and money on a business that
may not prove profitable.
Standard of Living - CORRECT ANSWER The amount of goods and services people can buy with the
money they have.
Quality of Life - CORRECT ANSWER 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.
, Stakeholders - CORRECT ANSWER 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.
Outsourcing - CORRECT ANSWER Contracting with other companies (often in other countries) to do
some or all of the functions of a firm, like its production or accounting tasks.
Nonprofit Organization - CORRECT ANSWER An organization whose goals do not include making a
personal profit for its owners or organizers.
(5)Factors of Production - CORRECT ANSWER The resources used to create wealth: land, labor, capital,
entrepreneurship, and knowledge.
Business Environment - CORRECT ANSWER The surrounding factors that wither help or hinder the
development of businesses.
Technology - CORRECT ANSWER 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.
Productivity - CORRECT ANSWER The amount of output you generate given the amount of input (i.e.
hours worked).
E-Commerce - CORRECT ANSWER The buying and selling of goods over the Internet.
Database - CORRECT ANSWER An electronic storage file for information.
Identity Theft - CORRECT ANSWER The obtaining of individuals' personal information, such as Social
Security and credit card numbers, for illegal purposes.
Empowerment - CORRECT ANSWER Giving frontline workers the responsibility, authority, freedom,
training, and equipment they need to respond quickly to customer requests.
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