Chapter 1

Question 1

Business

Answer 1

Any activity that seeks to provide goods and services to others while operating at a profit.

Question 2

Services

Answer 2

Intangible products such as a parking space, education, health care, insurance, watching a movie, recreation, tax preparation, haircuts and travel.

Question 3

Entrepreneur

Answer 3

A person who risks time and money to start and manage a business.

Question 4

Revenue

Answer 4

The total amount of money a business takes in during a given period by selling goods and services.

Question 5

Profits

Answer 5

The amount of money a business earns above and beyond what it spends for salaries and other expenses.

Question 6

Loss

Answer 6

When a business’s expenses are more than its revenues it has incurred a loss.

Question 7

Standard of living

Answer 7

The amount of goods and services people can buy with the money they have.

Question 8

Stakeholders

Answer 8

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.

Question 9

Outsourcing

Answer 9

Contracting with other companies (often in other countries) to do some of the functions of a film, like production or accounting.

Question 10

Nonprofit organization

Answer 10

An organization whose goals do not include making a personal profit for its owners or its organizers (use financial gains to meet social or educational goals).

Question 11

Factors of production

Answer 11

The actual resources that are needed to and used to create wealth.

Question 12

Clouds (cloud storage)

Answer 12

A model of computer data storage in which the digital data is stored in logical pools.

Question 13

Database

Answer 13

An electronic storage file for information.

Question 14

Demography

Answer 14

The statistical study of the human population about its size, density, and other characteristics such as age, race, gender, occupation, religion, and income.

Question 15

Artificial Intelligence

Answer 15

Technology

Question 16

Robotics

Answer 16

Technology that uses AI and other computer software to function.

Question 17

Risk

Answer 17

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Question 18

Quality of life

Answer 18

The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure time, and facilities, and rewards that add to the satisfaction of joy.

Question 19

Insourcing

Answer 19

When foreign companies open offices and factories in the U.S.

Question 20

Business environment

Answer 20

The surrounding factors that either help or hinder the development of business.

Question 21

Technology

Answer 21

Everything from phones to computers.

Question 22

E-Commerce

Answer 22

The buying and selling of goods and services over the internet.

Question 23

Identity Theft

Answer 23

The illicit harvesting of individual’s personal information.