BUS 300 ch 1 quiz

Members of millennial generation:

are not accurately described by any of the above

Which of the following businesses provides its customers with a good?

bicycle manufacturer

The standard of living in any country is:

measured by the output of goods and services people can buy with the money they have

The main incentive in capitalism is:

profit

Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans?

social change

Which of the following is NOT an example of a factor of production?

competition

Corrine Attlee has always enjoyed cooking more than doing anything else. Atlee has decided to quit her job as a college professor and invest her life savings in starting a restaurant. Attlee is an example of a(n):

entrepreneur

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:

socialism

Which of the following is the BEST example of a not-for-profit business?

the American Cancer Society

Iris Souza started the summer with $30. She took $10 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125 left. What was Souza's profit for her summer job?

$125