Intro to Business Unit Review Flashcards
The difference between the revenues and the expenses of a business is referred to as:
Profit
When the expenses of a business are greater than its revenue the business is said to have:
Financial loss
Every month Carla’s candy shop has to pay bills for utilities, wages, rent, insurance, supplies, and raw materials. Those amounts are examples of:
Expenses
An organization or activity that offers goods and services in an effort to earn a profit is called a:
Business
This type of organization provides good and services without seeking a profit:
Nonprofit Organization
What are the four main types of a business?
Manufacturing, Merchandising, Service, Hybrid
In order to be considered a business, an entity must:
Produce goods and services
An accountant prepares tax returns for their clients. What type of business would be considered?
Service
The office place sells equipment such as xerox copiers, and supplies to other businesses. This office place is which type of business :
Manufacturing
What are the four main factors of production?
Land, Labor, Capital, Entrepreneurship
The physical, intellectual, and creative contribution of everyone working within a business are considered which factor of production?
Labor
Peter’s clam bar sells clams and other popular seafood dishes at their restaurant as well as fresh fish that can be purchased in store and cooked at home. Peter’s clam bar would be considered an example of which type of business?
Manufacturing
The process of promoting new products would be considered which function of a business?
Marketing
The machines, tools, buildings, information and technology needed to produce goods and services are considered which factor of production?
Capital
What are the main functions of a business?
Accounting, Marketing, Operation, IT, Management, Sales, Customer Service, Finance, R & D, Human Recourses
What functions of a business allocates company recourse to efficiently produce that consumers want?
Production
The eternal forces affecting a business over which it has no direct control is called:
External Forces
The process of recording the financial transactions involving a business is completed by which function of business?
Bookkeeping
What are the four key components of the external environment?
Social, Political, Economic, Technological
This component of the external environment included government policies and regulations:
Political Environment
The goal of a nonprofit organization is to:
Serve the public goods
Tasks such as budgeting and raising capital are done by which function of business?
Finance
Charities and volunteers service organizations are examples of what?
Nonprofit/Charitable
What is a strategic tool used by businesses to discover, evaluate and track external factors that can impact their business?
PEST analysis
