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Business Principles BUSI 1301 Exam 1 questions with verified answers
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Business Principles BUSI 1301 Exam 1 questions with verified answers
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Business Principles BUSI 1301 Exam 1Business - correct answer ✔✔Any activity that seeks to provide goods and services to others while
operating at a profit.
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 ✔✔Occurs 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.
Do Businesses take risks? - correct answer ✔✔Yes, but with great risks could come great profit. Risk
should match profit potential.
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, healthcare, safety, amount of leisure and rewards that add to personal
satisfaction.
Stakeholders - 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. To be World Class a company must
respond to ALL stakeholders
, Outsourcing - correct answer ✔✔Contracting with other companies (often in other countries) to do
some of the firm's functions, like production or accounting.
Insourcing - correct answer ✔✔Foreign companies opening offices and factories in the United States.
Nonprofit Organization - correct answer ✔✔An organization whose goals do not include making a
personal profit for its owners or organizers. Nonprofits often strive for social gains that are achieved by
its financial gains. These organizations are not subject to income taxes.
Factors of Production - correct answer ✔✔Land
Labor
Capital
Machines, tools, and other means of manufacturing NOT cash, bonds, etc.
Entrepreneurship
Knowledge
Entrepreneurs use what they've learned maximize the factors of production to grow their businesses and
increase wealth.
The Factors of Production that contribute the most to making most countries rich are entrepreneurship
and knowledge
Efficiency - correct answer ✔✔Producing goods and services using the least amount of resources.
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