Question 1

Any person,partnership or corporation that seeks to provide goods and services to others at a profit is known as a:

Accepted Answer

A business is defined as an entity that seeks to provide goods or services to others at a profit. This can include individuals, partnerships, or corporations. Therefore, choice C is the best answer. Choice A (Manager) refers to a role within a business, but not necessarily the entity itself. Choice B (Corporation) is a specific type of business structure, but not all businesses are organized as corporations. Choice D (Service) refers only to one type of good or service that a business may provide, but does not encompass the broader definition of a business as a whole.

Question 2

Which one of the following is NOT a means by which businesses can be classified?

Accepted Answer

Businesses can be classified based on size, profit motive, and sector. Profit margin cannot be used as a means of classification as it refers to the percentage of profit made on a sale and not the overall nature of the business.

Question 3

Workers moved to __________ industry jobs as technology and machination eliminated manufacturing jobs.

Accepted Answer

The answer of Workers moved to __________ industry jobs as...

Question 4

Historically workers have moved from rural farm labor positions to the ____________ industry.

Accepted Answer

The answer of Historically workers have moved from rural farm...

Question 5

The __________ of production include land,labor,capital,entrepreneurship,and knowledge.

Accepted Answer

The answer of The __________ of production include land,labor,capital,entrepreneurship,and knowledge....

Question 6

_________ is the total amount of money a business takes in during a given period as a result of selling its good or services.

Accepted Answer

The answer of _________ is the total amount of money...

Question 7

__________ is the buying and selling of goods over the Internet.

Accepted Answer

The answer of __________ is the buying and selling of...

Question 8

__________ are the costs of purchasing the goods and services that are needed to operate business.

Accepted Answer

The answer of __________ are the costs of purchasing the...

Question 9

When classifying a business according to __________,the number of employees is a primary criterion.

Accepted Answer

The answer of When classifying a business according to __________,the...

Question 10

__________ is the reduction of barriers to trade,such as elimination of tariffs on goods brought into another country.

Accepted Answer

The answer of __________ is the reduction of barriers to...

Question 11

__________ are all the people who stand to gain or lose by the policies and activities of a business.

Accepted Answer

The answer of __________ are all the people who stand...

Question 12

__________ played a significant role in farming as it increased efficiency and reduced the number of laborers.

Accepted Answer

The answer of __________ played a significant role in farming...

Question 13

Missy owns and operates her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Missy is an example of a(n)__________.

Accepted Answer

The answer of Missy owns and operates her own Internet...

Question 14

The __________ Internet market consists of selling goods and services to consumers.

Accepted Answer

The answer of The __________ Internet market consists of selling...

Question 15

An electronic storage file where information is kept is called a (n)__________.

Accepted Answer

The answer of An electronic storage file where information is...

Question 16

An increase in __________ indicates that more can be produced in a given time period with the same amount of resources.

Accepted Answer

The answer of An increase in __________ indicates that more...

Question 17

__________ is assigning various functions,such as accounting,production,security,maintenance and legal work,to organizations outside of the business.

Accepted Answer

The answer of __________ is assigning various functions,such as accounting,production,security,maintenance...

Question 18

More than 96% of job openings in the U.S.were recently in the __________ industry.

Accepted Answer

The answer of More than 96% of job openings in...

Question 19

__________ is the quality and quantity of products available to people and how these goods are distributed over the population.

Accepted Answer

The answer of __________ is the quality and quantity of...

Question 20

__________ means producing goods using the least amount of resources.

Accepted Answer

The answer of __________ means producing goods using the least...

Quiz 1: Introduction