Elliott POB 5.02 Study Guide

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

Which one is an example of a speculative business risk?

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

The basic role of the US government is to:

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

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

Identify a problem associated with communist command economies

In business terms, what is profit?

The amount of money spent to run a business is

A hurricane that destroys a business is what type of risk

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

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

In a command economy who answers the 3 economic questions

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

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

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

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

Income remaining after all payment of expenses is

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

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

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

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

Burger King and McDonalds are examples of

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

How do you calculate Net Profit?

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

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

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