Chapter 1: Business Now

question

Nonprofit organizations are not in the business of:
answer

financial gain
question

Timber, water, coal deposits, and solar energy are classified as:
answer

natural resources
question

The stock market, housing foreclosures, and unemployment rates are all part of an organization’s _____ environment.
answer

economic
question

Government agencies such as the Small Business Administration and the Federal Trade Commission help reduce the risk of starting and running a business. The result of these efforts leads to:
answer

free enterprise and fair competition.
question

_____ provides information to businesses about where people live and their traits, such as race, gender, age, income, and education.
answer

Demography
question

As competition has become truly global, free trade has resulted in _____ prices and _____ quality across virtually every product category.
answer

lower; higher
question

Value is the relationship between the _____ of a product or service and the benefit that it offers its customers.
answer

price
question

To be successful, entrepreneurs must be comfortable risking their money and _____ to start and manage a business.
answer

time
question

The core goal of business is to generate long-term _____ by delivering _____ to their customers.
answer

profits; value
question

Business will incur a _____ when expenses are higher than revenue.
answer

loss

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