WPC Chapter 1 Exam Questions With 100%
Correct Answers.
A business that sells goods and services over the Internet to businesses, but not to consumers is
engaged in:
Business to business commerce
An organization that provides goods and services while seeking to operate at a profit is a(n)
Business
True or false: Profit or loss is the difference between revenues and the expenses needed to run the
business.
True
Entrepreneurs start businesses because they expect to be profitable and add to their wealth. It is also
true that:
Many small businesses fail every year
Among the benefits businesses provide to their communities are:
-Jobs
-Tax payments
-Goods and Services
A business that sells goods and services over the Internet to consumers, but not to other businesses is
engaged in:
Business to consumer commerce
The businesses that contribute to the quality of life and and standard of living in a country are part of
its:
Economic system
A business tries to earn a profit by providing _____ and _____ that satisfy people's needs and wants.
-Goods
-Services
What is the definition of the standard of living?
The amount of goods and services people can buy with the money they have
The difference between revenues and the expenses needed to operate the business is its:
Profit or loss
True or false: Many small businesses fail every year.
True
What is the term for all of the groups that stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address?
, Stakeholders
Businesses improve the quality of life in their communities by
-Paying taxes
-Providing goods and services
-Providing jobs for workers
Businesses are part of a country's _____ system that distributes its resources and contributes to the
standard of living and quality of life of its citizens.
Economic
The amount of goods and services people can buy with the money they have is known as the:
Standard of living
The purposes of nonprofit organizations include:
-Filling a societal need
-Feeling an educational need
Whether a business makes a profit or loss is determined by the difference between the total amount
of money a business takes in from sales, known as its _____, and the money needed to operate it,
known as _____
-Revenue
-Expenses
Among the advantages of being an entrepreneur is that you:
-Are your own boss
-Have the opportunity to keep any profits from the business
True or false: The term stakeholders refers only to those who own stock in a company.
False
The five _____ of _____ are land, labor, capital, entrepreneurship, and knowledge.
-Factors
-Production
Businesses provide help to the communities they are in by helping to provide _____, services, and
jobs.
Goods
Freedom of ownership is part of the _____ and _____ environment.
-Economic
-Legal
Minimizing government interference with the free exchange of goods and services can help
developing countries. Why?
It encourages entrepreneurs to start businesses that create jobs and wealth.
Correct Answers.
A business that sells goods and services over the Internet to businesses, but not to consumers is
engaged in:
Business to business commerce
An organization that provides goods and services while seeking to operate at a profit is a(n)
Business
True or false: Profit or loss is the difference between revenues and the expenses needed to run the
business.
True
Entrepreneurs start businesses because they expect to be profitable and add to their wealth. It is also
true that:
Many small businesses fail every year
Among the benefits businesses provide to their communities are:
-Jobs
-Tax payments
-Goods and Services
A business that sells goods and services over the Internet to consumers, but not to other businesses is
engaged in:
Business to consumer commerce
The businesses that contribute to the quality of life and and standard of living in a country are part of
its:
Economic system
A business tries to earn a profit by providing _____ and _____ that satisfy people's needs and wants.
-Goods
-Services
What is the definition of the standard of living?
The amount of goods and services people can buy with the money they have
The difference between revenues and the expenses needed to operate the business is its:
Profit or loss
True or false: Many small businesses fail every year.
True
What is the term for all of the groups that stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address?
, Stakeholders
Businesses improve the quality of life in their communities by
-Paying taxes
-Providing goods and services
-Providing jobs for workers
Businesses are part of a country's _____ system that distributes its resources and contributes to the
standard of living and quality of life of its citizens.
Economic
The amount of goods and services people can buy with the money they have is known as the:
Standard of living
The purposes of nonprofit organizations include:
-Filling a societal need
-Feeling an educational need
Whether a business makes a profit or loss is determined by the difference between the total amount
of money a business takes in from sales, known as its _____, and the money needed to operate it,
known as _____
-Revenue
-Expenses
Among the advantages of being an entrepreneur is that you:
-Are your own boss
-Have the opportunity to keep any profits from the business
True or false: The term stakeholders refers only to those who own stock in a company.
False
The five _____ of _____ are land, labor, capital, entrepreneurship, and knowledge.
-Factors
-Production
Businesses provide help to the communities they are in by helping to provide _____, services, and
jobs.
Goods
Freedom of ownership is part of the _____ and _____ environment.
-Economic
-Legal
Minimizing government interference with the free exchange of goods and services can help
developing countries. Why?
It encourages entrepreneurs to start businesses that create jobs and wealth.
