Business in Action - Chapter 1

What is the definition of 'Profit'?

• Earnings or income

• Money left over after all the costs of doing business have been deducted.

• When costs are higher than earnings

• Money spent

Which of the following is a service?

• Retailer
• Hairdresser
• Trucking company
• Coal mine

What is the role of a manufacturer?

• Takes resource from nature
• Buys goods
• Sells goods
• Creates product from raw materials

The process of informing the general public about goods and services is called what?

• Marketing
• Product
• Distribution
• Price

what is the definition of human resources?

• Those responsible for recruiting, hiring, developing, firing and supporting employees

• is teaching, or developing in oneself or others, any skills and knowledge that relate to specific useful competencies. Training has specific goals of improving one's capability, capacity, productivity and performance.

• relating to moral principles or the branch of knowledge dealing with these

• A productivity measure is expressed as the ratio of output to inputs used in a production process, i.e. output per unit of input. Productivity is a crucial factor in production performance of firms and nations

What is Business?

• A place to buy things

• Any profit seeking organization

• Where customers go to buy

Expenses are......

• The cost required by a business to buy something

• Money spent

• Money needed to buy clothes

Non for Profit organizations are....

• Business that provides service for a fee

• Business that provides goods and services

• Business that provide goods and services without receiving any profit

Business goods are?

• Services provided to customers

• Anything that is tangible

• Things of value

Business Services are.....

• Business that provides goods to customers

• Business that provides an activity that will benefit the customer

• Business that sells goods but as a service