Business chp. 1 questions
an organization whose function is to serve a societal need rather than make a profit for its owner is an __________ organization
Nonprofit organization
When a company contracts with other companies, sometimes in another country, to do some or all of its functions, what is it called?
Outsourcing
what is the term for all of the groups that stand to gain or lose by the polices and activities of a business and whose concerns the business needs to address
Stakeholders
equipment such as phone, faxes, and computers are all examples of the _______ element of the business environment
Technological
a nations ________ are a part of an economic system that contributes to the standard of living and quality of life for everyone
Businesses
A product that is tangible and can be touched or held in your hands is...
a good (food, clothing)
When a business's expenses are greater than its revenues:
a loss occurs
what is entrepreneurship (factors of production)
all of the resources in the world would have little value if entrepreneurs are willing to take the risk of starting businesses to use those resources
The definition of a business is...
an organization that seeks to provide goods and services while operating at a profit
One of the ways government can encourage businesses is to provide ________ that is easily exchanged or traded for that of other countries
currency
listening carefully to customers to determine wants and needs, then adjusting the organizations products, policies, and practices is indicative of an ________
customer-driven organization
demography is the statistical study of:
demographics (race, gender, age, population)
the term for buying and selling goods online
e-commerce
Businesses are a part of a country's _____ system that distributes it resources and contributes to the standard of living and quality of life of its citizens
economic
giving frontline workers the authority, responsibility, freedom and training they need to respond quickly to customer needs is the definition of:
empowerment
true or false: profit or loss is the difference between revenues and the expenses needed to run a business
false. When a business costs are lower than its revenues, it makes a profit
Businesses provide help to the communities they are in by providing ______, _______, and ________
goods, services, and jobs
what is knowledge (factors of production)
information technology had revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services
what is land (factors of production)
land and other natural resources are used to make homes, cars, and other products
public schools and charitable organizations like the united way are examples of:
nonprofit organizations
Economic well being and the quality of life improves when businesses create more jobs because:
people can purchase more goods and services
what is labor (factors of production)
people have always been an important resource in producing goods and services, but many people are being replaced by technology
The general sense of well being in a society that includes political freedom, safety, and amount of leisure is called its ________ of __________
quality of life
The total amount of money a business takes in during a given period of time by selling goods and services is its:
revenue
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 its __________
revenue and expenses
The decision to outsource requires management to balance the tradeoffs between their:
stakeholders
The amount of goods and services people can buy with the money they have is known as the:
standard of living
the definition of productivity is:
the amount of output you generate for the amount of input
the resources of land, labor, capital, knowledge, and entrepreneurship is known as
the factors of production
Entrepreneurs who invest in starting a business do so hoping to revise an award for:
their investment of time and money
Business owners will work hard if government minimizes taxes and regulations because:
they can keep more of the profits they earn
what is capital (factors of production)
this includes machines, tools, buildings, or whatever else is used in the production of goods
What is it that entrepreneurs risk losing when they start a business?
time and money
an entrepreneur risks _____ and ____ to start and manage a business
time and money
One government policy that helps to reduce the risk for businesses is:
to pass laws that enable businesspeople to write enforceable contracts
true or false: a company's decision to outsource work may have to balance the competing stakeholders interests of job loss in a community with shareholder profits
true
true or false: businesses are part of the country's economic system
true
true or false: it is important to empower front line workers because they are the ones responding directly to the customers needs
true
true or false: many small businesses fail every year
true: small business owners improve their chances of success by learning from successful business owners
an important effect of changed communication technology is that we communicate
with people worldwide instantly
Businesses can be more successful by responding to customer needs and wants they track using
Databases of customer buying preferences and databases that track a customers specific choices
services can be defined as...
Intangible products (healthcare, insurance)
In the United States, businesses are able to rely on the law to enforce contracts if they comply with the:
Uniform Commercial Code
