INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
AND ASWERS A+ GRADED. Buy Quality Materials!
Goods
Tangible products such as computers. food, clothing, cars, and appliances.
Services
Intangible (i.e., products that can't be held in your hands) such as education, health
care, insurance, recreation, and travel and tourism.
Business
Any activity that seeks to provide goods and services to others while operating at profit.
Entrepreneur
A person who risks time and money to start and manage a business.
Sam Walton
Founder of Walmart. He opened his first store in Arkansas and, over time became one
of the richest people.
Venture Capitalist
Individuals or companies that invest in new businesses in exchange for partial
ownership of those businesses
Revenue
The total amount of money a business takes in during a given period by selling goods
and services.
Profit
The amount of money a business earns above and beyond what is spends for salaries
and other expenses needed to run the operation.
Loss
Occurs when a business's expenses are more than its revenues. If a business loses
money over time, it will likely have to close, putting its employees out of work.
Risk
The chance an entrepreneur takes of losing time and money on a business that may not
prove profitable.
Denis O' Brien
Founder of Digicel. Makes billions of dollars selling cell phones in the poorest, most
violent countries in the world. He make a big profit by taking a big risk.
Standard of living
The amount of goods and services people can buy with the money they have.
Quality of life
Refers to the general well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure, and rewards that add to
the satisfaction and joy that other goods and services provide.
Stakeholder
All the people who stand to gain o lose by the policies and activities of a business
whose concerns the business needs to address. They include customers, employees,
stockholders, suppliers, dealers (retailers), bankers people in the surrounding
community, the media, environmentalist and elected government leaders.
Outsourcing
AND ASWERS A+ GRADED. Buy Quality Materials!
Goods
Tangible products such as computers. food, clothing, cars, and appliances.
Services
Intangible (i.e., products that can't be held in your hands) such as education, health
care, insurance, recreation, and travel and tourism.
Business
Any activity that seeks to provide goods and services to others while operating at profit.
Entrepreneur
A person who risks time and money to start and manage a business.
Sam Walton
Founder of Walmart. He opened his first store in Arkansas and, over time became one
of the richest people.
Venture Capitalist
Individuals or companies that invest in new businesses in exchange for partial
ownership of those businesses
Revenue
The total amount of money a business takes in during a given period by selling goods
and services.
Profit
The amount of money a business earns above and beyond what is spends for salaries
and other expenses needed to run the operation.
Loss
Occurs when a business's expenses are more than its revenues. If a business loses
money over time, it will likely have to close, putting its employees out of work.
Risk
The chance an entrepreneur takes of losing time and money on a business that may not
prove profitable.
Denis O' Brien
Founder of Digicel. Makes billions of dollars selling cell phones in the poorest, most
violent countries in the world. He make a big profit by taking a big risk.
Standard of living
The amount of goods and services people can buy with the money they have.
Quality of life
Refers to the general well-being of a society in terms of its political freedom, natural
environment, education, health care, safety, amount of leisure, and rewards that add to
the satisfaction and joy that other goods and services provide.
Stakeholder
All the people who stand to gain o lose by the policies and activities of a business
whose concerns the business needs to address. They include customers, employees,
stockholders, suppliers, dealers (retailers), bankers people in the surrounding
community, the media, environmentalist and elected government leaders.
Outsourcing
