2.05 Business essentials

In business terms, what is profit?

Which activities are likely to increase a firm’s profit?

The amount of money paid for raw materials and products sold is called

In business terms, income is the money

Which of the following is a general benefit profit provides

Businesses must be careful about increasing the prices of goods to increase profits because the result may be that they

For each new product it offers, a business seeks

Besides motivation, what does profit provide business owners in particular?

The money spent to run a business is called

use resources wisely, business owners must reduce

If expenses are greater than income, there’s no

Which of the factors that affect profit are usually able to be controlled

Gross profit shows business owners the difference between what they’ve

If no profit is generated for an extended period, a business must

A popular product is said to be

When employees are working faster or better, they are increasing their

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

Each purchase strengthens the economy by encouraging

Profitable businesses oftern help improve their local communities by

Which of the following is a situation in which people are out of work and can’t afford “extra” purchases: