Elliott POB 5.02 Study Guide

In business terms, what is profit?

Who decides how goods and services will be marketed in a private enterprise economy?

Customers present what at the time of purchase to get money taken off the price of an item?

A business decides to hold its meeting in the US due to int'l crime this is an example of

The act of reducing or removing risk by shifting the risk to another person or business is

The act of removing or reducing risk by shifting it to another person or business is

How do you calculate Net Profit?

The basic role of the US government is to:

Income remaining after all payment of expenses is

The possiblity that a new business will not succeed is considered a(n)

In a private enterprise economic system, the interaction of supply and demand determines

Offering high quality, large assortments and free shipping are examples of

A hurricane that destroys a business is what type of risk

Which one is an example of a speculative business risk?

If revenues are $725 and total expenses are $250, what is the net profit?

A business selects goods and services to sell, which type of risk is this?

What is one condition that must be present for private enterprise to be possible?

The amount of money spent to run a business is

When manufacturers gives back part of the purchase price of an item it is called:

England has socialized medicine, education and other benefits, what are these benefits

Burger King and McDonalds are examples of

Identify a problem associated with communist command economies

In a command economy who answers the 3 economic questions

Government owns production but there is some private ownership of businesses is an example of

The oil industry, the auto industry and the pharmaceutical industry are all considered

What Act is violated if a vendor extends credit 2 a Co. in exchange for exclusive supply rights

One way that competition helps to build a prosperous society is by

A natural risk for the owner of a delivery service would be

Business owners are interested in net profits because they want to know what they can

A government that controls the economic system and does not allow private ownership is