Chapter 1 - The Environment of Business

What is business?

What are the types of business?

• Manufacturing

• Marketing Intermediaries

• Service

• Sales

A business that takes natural resources and converts them into a consumer good known as?

• Extractor

• Manufacturer

• Marketer

• Wholesaler

A retailer is an example of a(n)

• extractor
• producer
• intermediary
• service business

Sales revenues are more than expenses.

• LOSS

• PROFIT

Expenses are more than sales revenues.

• LOSS

• PROFIT

What are the resources of business?

Databases, financial reports and industry info are examples of informational resources.

• TRUE

• FALSE

The business cycle measures ________________ over time.

• wealth

• inflation

• economic growth

• deflation

The business cycle is made up of how many phases?

• 5

• 4

• 3

• 2