Hey batter batter
Jason opened a steak and seafood restaurant. When Jason opened his business, his primary objective was to:
What is make a profit?
When the perceived benefits are greater than the amount paid for the goods or services, the customer would consider this an example of receiving a great:
What is value?
When a business does not generate enough revenue to cover salaries, rent, and other expenses, it incurs a:
What is loss?
Marcie goes to the salon and gets a pedicure and manicure. What has Marcie purchased from the salon?
What is a service?
A hotel guest goes down to the snack shop in the hotel lobby and purchases a candy bar and a soda. The guest has purchased what from the snack shop?
What is a good?
A(n) ________ is a person who seeks to earn profits by assuming the risks of owning and running a business.
What is entrepreneur?
________ is a business that provides goods or services to consumers but whose primary goal is not to return profit to the owners.
What is a nonprofit business?
___ is the only factor of production that needs to be produced.
What is capital?
Which function is responsible for understanding customer needs and aligning products and services to meet those needs?
What is marketing/sales?
The factors of production include which of the following?
What is natural resources?
Both for-profit and nonprofit organizations:
What is can earn revenues?
Both capital and natural resources can be used to produce other goods and services, but only capital:
What is has been produced?
Which function is responsible for creating financial reports that can be used to evaluate the short-term and long-term financial performance of a business?
What is finance?
Sonja has spent the last six months evaluating the roles and responsibilities of all of her direct reports. Her primary job on the executive team is to align staffing plans with organizational strategies and goals. For which business function is she responsible?
What is management?
A nonprofit business differs from a for-profit business in how it uses its profits. The aim of a nonprofit business is:
What is to use its profits to provide a public service?
What is an example of external stakeholders in a business?
What is creditors?
At the time when products and services are produced or provided to customers, which functional area is responsible for ensuring that those products and services meet high quality standards?
What is operations?
A hotel provides both goods and services. Which of the following is an example of a good provided by a hotel?
What is offering a bathrobe that you can purchase to take home with you?
Sabine opens a small marketing firm in her hometown. She is fortunate to have a great location in the downtown business district and a steady client base. However, she is concerned that her current staff has run out of great ideas. Sabine advertises for a new marketing director with experience in the industry and a high degree of creativity. Which factor of production is Sabine acquiring?
What is human resources?
Which group outside of the business is affected in some way by the decisions of the business?
What is customers?
When human resources is used to describe one of the four factors of production, it includes which of the following?
What is human intellect and creativity?
A company decides to relocate its operations to another state in order to take advantage of some new business investment credits. When the company closes its current location, which external stakeholders will be impacted?
What is the local government?
The low cost of labor in other countries around the globe is a factor that businesses must consider, because they are impacted by:
What is the global business environment?
When businesses collect demographic information on where people live, what they buy, and how they spend their time, they are responding to the:
What is social environment?
When a business establishes a website and begins to allow customers to place orders online without ever coming into its store, it is responding to changes in the:
What is technological environment?