Role of Business

Question 1

any activity that provides goods or services to consumers for the purpose of making a profit.

Answer 1

business

Question 2

tangible items such as cars, televisions, or soda.

Answer 2

goods

Question 3

consumable, one-time benefit. include things such as haircuts, hotel stays, or roller-coaster rides.

Answer 3

services

Question 4

amount of revenue or income that a business owner retains after paying all the expenses associated with the operation of the business.

Answer 4

profit

Question 5

If the expenses of the business exceed the revenue or income generated from operations, then the business will suffer

Answer 5

loss

Question 6

the relationship between the price a customer pays for the good or service and the perceived benefits the customer receives in exchange for his or her time and money.

Answer 6

value

Question 7

one that provides goods or services to consumers, but its primary goal is not to return profit to the owners of the business (as is the case with a for-profit business). Instead, it uses those profits to provide a public service, advance a cause, or assist others.

Answer 7

Nonprofit

Question 8

land - (1) They are found in nature, and (2) they can be used for the production of goods and services.

Answer 8

natural resource

Question 9

labor - physical or intellectual.

Answer 9

human capital

Question 10

capital

Answer 10

machinery, factories, equipment

Question 11

entrepreneur

Answer 11

someone who recognizes a profit opportunity is able to organize the resources and is willing to accept the risk

Question 12

planning, organizing, controlling, leading

Answer 12

managing

Question 13

inputs (factors of production) are converted to outputs (goods and services).

Answer 13

operations

Question 14

consists of all that a company does to identify customers’ needs and design products and services that meet those needs. The marketing function also includes promoting goods and services, determining how the goods and services will be delivered, and developing a pricing strategy to capture market share while remaining competitive. And internet.

Answer 14

marketing

Question 15

ultimately responsible for accurately representing the financial transactions of a business to internal and external parties, government agencies, and owners/investors.

Answer 15

accounting

Question 16

primarily responsible for the preparation of financial statements to help entities both inside and outside the organization assess the financial strength of the company.

Answer 16

financial accountants

Question 17

provide information regarding costs, budgets, asset allocation, and performance appraisal for internal use by management for the purpose of decision-making.

Answer 17

Managerial accountants

Question 18

involves planning for, obtaining, and managing a company’s funds.

Answer 18

finance

Question 19

plan for both short- and long-term financial capital needs and analyze the impact that borrowing will have on the financial well-being of the business.

Answer 19

finance managers

Question 20

an individual or group that has a legitimate interest in a company, organization, or business;

Answer 20

stakeholder

Question 21

groups or people who work directly within the business, such as managers, employees, and owners.

Answer 21

internal stakeholder

Question 22

groups outside a business or people who don’t work inside the business but are affected in some way by the decisions and actions of the business.

Answer 22

external stakeholder