MGMT 100 Ch.1 EXAM QUESTIONS
WITH VERIFIED ANSWERS
\.What are goods? - ANSWERS✔-Tangible products such as computers, food,
clothing, cars, and appliances.
\.What are services? - ANSWERS✔-intangible products such as education, health
care, insurance etc.
\.definition of Business - ANSWERS✔-any activity that seeks to provide goods and
services for a profit
\.definition of entrepreneur - ANSWERS✔-a person who risks time and money to
start and manage a business
\.What is revenue? - ANSWERS✔-the total amount of money received during a
given period for goods sold and services rendered, and from other financial
sources
\.What is profit? - ANSWERS✔-the amount a business earns above and beyond
what it spends for salaries and other expenses
\.What is loss? - ANSWERS✔-When a business's expenses are more than its
revenues.
WITH VERIFIED ANSWERS
\.What are goods? - ANSWERS✔-Tangible products such as computers, food,
clothing, cars, and appliances.
\.What are services? - ANSWERS✔-intangible products such as education, health
care, insurance etc.
\.definition of Business - ANSWERS✔-any activity that seeks to provide goods and
services for a profit
\.definition of entrepreneur - ANSWERS✔-a person who risks time and money to
start and manage a business
\.What is revenue? - ANSWERS✔-the total amount of money received during a
given period for goods sold and services rendered, and from other financial
sources
\.What is profit? - ANSWERS✔-the amount a business earns above and beyond
what it spends for salaries and other expenses
\.What is loss? - ANSWERS✔-When a business's expenses are more than its
revenues.
