Principles of Business

Front

What is profit?

Back

the difference between sells/epenses

Front

What is profit motive?

Back

incentive to make money

Front

Who is competition good for? Options: business owner, bank president, consumer, lawyers

Back

consumer

Front

Why is competition good? Options: keeps prices down, keeps quality of product good, keeps creative products coming to market, all of the above

Back

all of the above

Front

Which of the following is a need? Air Jordans, designer jeans, food, new car

Back

food

Front

Which of the following is a want? Options: tennis shoes, winter coat, UGG boots, home

Back

UGG boots

Front

Who would be considered a consumer? Options: a person who makes a product, a person who advertises a product, a person who sells a product, a person who buys a product

Back

a person who buys a product

Front

Which of the following businesses would be considered a service business? Wal*Mart, Roses, L&J car wash, KMart

Back

L&J car wash

Front

What is the purpose of a business?

Back

To fulfill the needs and wants of the consumer.

Front

Businesses can be classified as: goods, Services, both good and services, one owner

Back

both good and services