B us 110 w ake tech Questions
and answ er s w ith accur ate
r ationales(PASSED)
Goods - answer Tangible ( food clothing ect)
Services - answer Intangible (insurance)
Entrepreneur - answer Is a person who has time and money to start and manage a
business
Revenue - answer Is the total amount of money a business takes in during a given
period by selling goods and services
Profit - answer Is the amount of money a business earns above and beyond what
it spends for salaries and other expenses needed to run the operation
Loss - answer Occurs when a business expenses are more than its Revenue
Risk - answer Is the chance an entrepreneur takes of losing time and money on a
business that may not prove profitable
, Standard of living - answer The amount of goods and services people can buy with
the money they have
Quality of life - answer The general well-being of a society in terms of its political
Freedom natural environment education Healthcare Safety and the amount of
leisure and rewards that add to the satisfaction and joy that other goods and
services provided
Stakeholders - answer All the people who stand to gain or lose by the policies and
activities of a business and who concerns the business needs to address
Outsourcing - answer Contracting with other companies often and other countries
to do some or all of the functions of a firm like its production or counting
Non-profit - answer An organization whose goals do not include making a personal
profit for its owners or organizers
Factors of production - answer The resources used to create wealth land labor
Capital entrepreneurship and knowledge
Land - answer Landon other natural resources are used to make homes cars and
other products
Labor - answer Workers people have always been an important resource in
producing goods and services but many people are now being replaced by
technology
and answ er s w ith accur ate
r ationales(PASSED)
Goods - answer Tangible ( food clothing ect)
Services - answer Intangible (insurance)
Entrepreneur - answer Is a person who has time and money to start and manage a
business
Revenue - answer Is the total amount of money a business takes in during a given
period by selling goods and services
Profit - answer Is the amount of money a business earns above and beyond what
it spends for salaries and other expenses needed to run the operation
Loss - answer Occurs when a business expenses are more than its Revenue
Risk - answer Is the chance an entrepreneur takes of losing time and money on a
business that may not prove profitable
, Standard of living - answer The amount of goods and services people can buy with
the money they have
Quality of life - answer The general well-being of a society in terms of its political
Freedom natural environment education Healthcare Safety and the amount of
leisure and rewards that add to the satisfaction and joy that other goods and
services provided
Stakeholders - answer All the people who stand to gain or lose by the policies and
activities of a business and who concerns the business needs to address
Outsourcing - answer Contracting with other companies often and other countries
to do some or all of the functions of a firm like its production or counting
Non-profit - answer An organization whose goals do not include making a personal
profit for its owners or organizers
Factors of production - answer The resources used to create wealth land labor
Capital entrepreneurship and knowledge
Land - answer Landon other natural resources are used to make homes cars and
other products
Labor - answer Workers people have always been an important resource in
producing goods and services but many people are now being replaced by
technology
