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Chapters 1 & 6

amount a business earns after deducting what it spends for salaries and other expenses
profit
change a business owner will lose the time and money invested in a business hat proves to be unprofitable
risk
total amount of money that businesses take in by selling goods and services
revenue
measure of general well-being and satisfaction derived from a variety of factors including political freedom, safety, education and a clean environment
quality of life
most important differences between for-profit and non profit organization is that:
nonprofit organizations do not seek a profit for its owners/organizations
Shelby recently started selling her invention: a bed that looks like it floats in mid-air. shelby is an:
entrepreneur
two factors of production that seem to contribute the most to a nation’s ability to create wealth are:
entrepreneurship and knowledge
which of the following is a benefit of owning your own business?
freedom to keep the profits from your business
taxes and government regulations are part of the _____ environment of business
economic and legal
the internet and the emergence of an information-based economy are important parts of the ____ environment in which businesses operate
technological
____ means producing items using the least amount of resources
efficiency
which of the following is an advantage of utilizing technology?
productivity increase
successful businesses are keenly focused on their:
customers
due to population shifts…
businesses that cater to older consumers will see exceptional growth
efficiency in distribution systems around the world has led to:
increased world trade
airline companies around the world are experiencing increased costs in part due to ____
the threat of terrorism
which of the following explains why individuals accept the risks of business ownership?
the sense of self-satisfaction and independence
a _____ is a group of experienced professionals from different areas of business who join together to develop, make and market a new product
entrepreneurial team
business incubators are usually government funded facilities intended to:
offer startup firms low-cost office space and basic business services
historically entrepreneurs in the US….
started many small firms that later become major corporations employing thousands of workers
one reason we have seen continued growth in home based businesses is:
affordable computer and information technology makes it easier to compete
enterprise zones and investor visas are examples of:
government programs that encourage economic growth through entrepreneruship
when comparing small business to their larger competitors, it is clear that…
small firms often can offer more personalized customer services than big firms
small businesses are important to the US economy because…
they create over 60% of new jobs each year and generate over 50% of the US GDP
a detailed written statement that describes the nature of the business, the target market, the firm’s competitive advantages, as well as the owner’s resources and qualification is a :
business plan

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