Semester Review Quiz 1

How many steps are there in the decision making process?

• 6

• 7

• 5

• 4

is a written outline of a business venture that describes all aspects of the business

• Marketing plan

• Business Plan

• Principles of planning

• none of the above

people are free to choose what they buy, what they produce and sell, and where they work.

• Communist state

• Democracy

• Free enterprise

• Oligarchy

Profit motivates people to

• take risks.

• invent new products.

• carefully invest their money.

A business must ___ to survive.

• operate at a profit

• attract customers

• take risk

• expand over time

• a and b

is the amount of money earned over and above the amount spent to keep the business operating.

• inflation

• net income

• profit

• gross income

There are 3 basic parts to a business plan. Which of the following doesn't belong?

• Strategic

• Marketing

• Financial

• Long term/short term goals

the income generated from the sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted.

• profit

• profit margin

• revenue

• gross product

merchandise a business has on hand

• inventory

• product placement

• mass producer

• a and c

is usually the largest expense of a business.

• insurance

• rent

• payroll

• equipment rental