BE Unit 2.00 Practice Test

Front

__________________: the rivalry between two or more businesses to attract scarce customer dollars.

Back

competition

Front

__________________: the amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells.

Back

cost of goods

Front

__________________: the possibility of loss or failure that occurs as a result of the economy.

Back

economic risks

Front

The possibility of loss (failure) or gain (success) inherent in conducting business.

Back

business risk

Front

Amount of income earned by a business prior to paying income taxes.

Back

income

Front

The money that a business spends.

Back

expenses

Front

Rivalry between or among businesses that offer similar types of goods or services.

Back

competition

Front

______________: the possibility of loss or failure from human error.

Back

human risks

Front

______________: a type of rivalry between or among businesses that involves factors other than price.

Back

nonprice competition

Front

______________: the type of market, or environment, in which businesses operate.

Back

market structure