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

Goods

Answer 2

Tangible products, such as computers, clothing, food

Question 3

Services

Answer 3

Intangible products, such as healthcare, education, travel

Question 4

Entrepreneur

Answer 4

A person who risks time and money to start a business

Question 5

Revenue

Answer 5

An amount of money a business takes in during a certain period by selling goods and services

Question 6

Profit

Answer 6

The money a business earns above what it spends

Question 7

Loss

Answer 7

Expenses are more than revenues

Question 8

Nonprofit organization

Answer 8

Does not include making money for profit

Question 9

Five Factor of productions

Answer 9

Land, Labor, Capital, Entrepreneurship, Knowledge

Question 10

Business Environment five elements

Answer 10

1. Economic and Legal
2. Technologcial
3. Competitive
4. Social
5. Global

Question 11

Productivity

Answer 11

The amount of output you generate given the amount of input

Question 12

E-Commerce

Answer 12

Buying and selling online

Question 13

Database

Answer 13

An electronic storage file for information

Question 14

Identity Theft

Answer 14

Obtain people’s information

Question 15

Empowerment

Answer 15

Give front-line workers responsibility

Question 16

Demography

Answer 16

The statistical study of humans with regard of size, density, race, gender, and income.

Question 17

Diversity

Answer 17

Includes seniors, disabled, bi-sexual or gay, single

Question 18

Climate Change

Answer 18

Movement of temperature of the planet

Question 19

Greening

Answer 19

Enviormenlty friendly

Question 20

Quality of Life

Answer 20

General well-being of a society, political freedom, environment, health care, and leisure

Question 21

Stakeholders

Answer 21

People who gain or loss by the policies and activities of a business. Includes customers, employees, stockholders, suppliers, dealers, competitors, government leaders

Question 22

Outsourcing

Answer 22

Contracting with another company

Question 23

Risk

Answer 23

You take a chance of losing time or money

Question 24

Standard of Living

Answer 24

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