Business Essentials Obj. 2.05

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

A hurricane that destroys a business is an example of which type of risk?

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

Financial loss from investing time and money to comply with accounting standards is an example of which strategic risk?

People who go into business know that the business may not succeed. This possibility is referred to as business

In business terms, income is the money

A popular product is said to be

Which of the following acts prevents monopolies from forming and hinders price fixing?

An electronics store charges less for a new TV than other electronics stores. The store is engaging in:

If a consumer chooses to go to the movies instead of a pizza parlor, then the theater and the pizza parlor are:

A union strike that stops production at a manufacturing plant is which type of risk?

What type of market structure is most commonly found in a private enterprise economy?

Burger King and McDonalds are examples of

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

If no profit is made for an extended period of time, a business must

Businesses can protect themselves from the risk associated with lost shipments by:

Which of the following is a pure business risk?

The act of reducing or removing risks by shifting the risk factor to another person or business is referred to as:

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

The general classifications of business risks are:

If a risk is small in terms of money, a business may decide to ________________ that risk.

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

In business terms, what is profit?

Which of the following is a direct benefit to consumers of the effects of competition?

Which of the following is one of the main principles of the private enterprise system?

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

If expenses are greater than income, there is no

What motivates businesses to produce efficiently and sell effectively?

In many places, trash pickup is legally controlled by one company. This is known as:

Having well-planned buildings and providing effective training are ways that a business can _____________________ risks.