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Taking risks and making profits within the business environment Flashcards | StudBud
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Taking risks and making profits within the business environment
Taking risks and making profits within the business environment
16 terms
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StudBud Administration
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106 plays
Ch 1 - Understanding Business
Flashcards
16 cards
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Practice quiz
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Host live
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Questions
16
Answers
1
The trend toward saving energy and producing products that cause less harm to the environment is known as greening.
True
False
2
Your criteria may change as you engage in the research process
False
True
3
Which are benefits of being an entrepreneur
Greater possible wealth
All are benefits of being an entrepreneur
Increased Opportunity
Freedom to make decisions
4
What is the difference between standard of living and quality of life?
SOL is amount you are able to spend, QOL is joy and well being
There is no difference
5
Agriculture is one of the largest and most important industries in the US
No because technology and service industries are more important
Yes because it provides food for the US and keeps food prices down
6
The five factors of production are land, labor,_________, knowledge and entrepreneurship
Equipment
money
minerals
capital
7
Revenue - operating expenses = profit
True
False
8
all of the following represent diversity populations except
Differently abled and sexual orientation
Seniors and generational cultures
Atheists and Devout
all are members included in diversity efforts
9
The final step is to make the decision
True
False
10
All of the following are benefits of competition except
More profits
less waste
Lower prices
more choices
11
producing items using the least amount of resources is the meaning of
effectiveness
life
efficiency
productivity
12
You do not need to go through the entire process for routine decisions
True
False
13
the movement of the temperature of the planet up or down over time.
Greening
climate change
14
What can governments in developing countries do to reduce the risk of starting a business and help entrepreneurs?
allow private ownership
help lessen corruption
all of the above
Keep taxes and regulation to a minimum
15
True or False; technology has enabled workers to be more effective, efficient and productive?
False
True
16
what is the relationship of business profit to risk assumption?
Risk is the chance an entrepreneur takes losing time and money
Revenue minus risk equals profit
The higher the risk the greater the expected reward
The greater the reward the better the business