Chapters 1 ; 6 – Flashcards
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amount a business earns after deducting what it spends for salaries and other expenses
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profit
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change a business owner will lose the time and money invested in a business hat proves to be unprofitable
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risk
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total amount of money that businesses take in by selling goods and services
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revenue
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measure of general well-being and satisfaction derived from a variety of factors including political freedom, safety, education and a clean environment
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quality of life
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most important differences between for-profit and non profit organization is that:
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nonprofit organizations do not seek a profit for its owners/organizations
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Shelby recently started selling her invention: a bed that looks like it floats in mid-air. shelby is an:
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entrepreneur
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two factors of production that seem to contribute the most to a nation's ability to create wealth are:
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entrepreneurship and knowledge
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which of the following is a benefit of owning your own business?
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freedom to keep the profits from your business
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taxes and government regulations are part of the _____ environment of business
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economic and legal
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the internet and the emergence of an information-based economy are important parts of the ____ environment in which businesses operate
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technological
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____ means producing items using the least amount of resources
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efficiency
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which of the following is an advantage of utilizing technology?
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productivity increase
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successful businesses are keenly focused on their:
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customers
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due to population shifts...
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businesses that cater to older consumers will see exceptional growth
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efficiency in distribution systems around the world has led to:
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increased world trade
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airline companies around the world are experiencing increased costs in part due to ____
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the threat of terrorism
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which of the following explains why individuals accept the risks of business ownership?
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the sense of self-satisfaction and independence
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a _____ is a group of experienced professionals from different areas of business who join together to develop, make and market a new product
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entrepreneurial team
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business incubators are usually government funded facilities intended to:
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offer startup firms low-cost office space and basic business services
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historically entrepreneurs in the US....
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started many small firms that later become major corporations employing thousands of workers
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one reason we have seen continued growth in home based businesses is:
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affordable computer and information technology makes it easier to compete
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enterprise zones and investor visas are examples of:
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government programs that encourage economic growth through entrepreneruship
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when comparing small business to their larger competitors, it is clear that...
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small firms often can offer more personalized customer services than big firms
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small businesses are important to the US economy because...
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they create over 60% of new jobs each year and generate over 50% of the US GDP
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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 :
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business plan
