WPC 480 Chapter 1 Exam Questions With 100% Correct Answers.

WPC 480 Chapter 1 Exam Questions With 100% Correct Answers. A business that sells goods and services over the Internet to businesses, but not to consumers is engaged in: - answerBusiness to business commerce An organization that provides goods and services while seeking to operate at a profit is a(n) - answerBusiness True or false: Profit or loss is the difference between revenues and the expenses needed to run the business. - answerTrue Entrepreneurs start businesses because they expect to be profitable and add to their wealth. It is also true that: - answerMany small businesses fail every year Among the benefits businesses provide to their communities are: - answer-Jobs -Tax payments -Goods and Services A business that sells goods and services over the Internet to consumers, but not to other businesses is engaged in: - answerBusiness to consumer commerce The businesses that contribute to the quality of life and and standard of living in a country are part of its: - answerEconomic system A business tries to earn a profit by providing _____ and _____ that satisfy people's needs and wants. - answer-Goods -Services What is the definition of the standard of living? - answerThe amount of goods and services people can buy with the money they have The difference between revenues and the expenses needed to operate the business is its: - answerProfit or loss True or false: Many small businesses fail every year. - answerTrue What is the term for all of the groups that stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address? - answerStakeholders Businesses improve the quality of life in their communities by - answer-Paying taxes -Providing goods and services -Providing jobs for workers Businesses are part of a country's _____ system that distributes its resources and contributes to the standard of living and quality of life of its citizens. - answerEconomic The amount of goods and services people can buy with the money they have is known as the: - answerStandard of living The purposes of nonprofit organizations include: - answer-Filling a societal need -Feeling an educational need Whether a business makes a profit or loss is determined by the difference between the total amount of money a business takes in from sales, known as its _____, and the money needed to operate it, known as _____ - answer-Revenue -Expenses Among the advantages of being an entrepreneur is that you: - answer-Are your own boss -Have the opportunity to keep any profits from the business True or false: The term stakeholders refers only to those who own stock in a company. - answerFalse The five _____ of _____ are land, labor, capital, entrepreneurship, and knowledge. - answer- Factors -Production Businesses provide help to the communities they are in by helping to provide _____, services, and jobs. - answerGoods Freedom of ownership is part of the _____ and _____ environment. - answer-Economic -Legal Minimizing government interference with the free exchange of goods and services can help developing countries. Why? - answerIt encourages entrepreneurs to start businesses that create jobs and wealth. Nonprofit organizations are: - answerfounded to make a contribution to the welfare of society It is important for a government to have a currency that is easily exchanged in world markets because it: - answerlets you buy and sell goods and services anywhere in the world