Business Characteristics, Mission-Vision-Values

What is the definition of "business"? (choose one)

• A mutually beneficial exchange

• A transaction of equal value between two parties

• An exchange of money for a product

• A sharing of interest

What is a business? (choose one)

• an organization that sells goods and services in an attempt to earn a profit

• An organization that sells something valuable to people

• An organization that exists for the benefit of its employees

• An organization that sells goods/services and receives a profit

What two factors are needed to be included for an entity to qualify as a business? (choose two)

• They have a Chief Executive Officer

• They sell a good and/or a service

• They mutually exchange equal value to another business

• They attempt to earn a profit

What is a mutually beneficial exchange? (choose one)

• An exchange of one resource for another

• An exchange of profit for product or services

• A transaction involving equal value for equal value

• An exchange representing value and benefit to both parties

The expectation of an accomplishment over a specific period of time is called a business ___________?

• success

• plan

• profit

• goal

J&J buying a private energy supplier to reduce pollution with a renewable alternative to electricity is an example of:

• Corporate Social Responsibility

• Financial Innovation

• Profit Maximization

• Economic Productivity

A computer company finding less expensive raw material to reduce cost of producing a laptop is an example of:

• Innovation

• Economic Productivity

• Profit Maximization

• Corporate Social Responsibility

Google introducing a new search algorithm that's faster and more accurate than existing search engines is an example of:

• Profit Maximization

• Corporate Social Responsibility

• Economic Productivity

• Innovation

According to Economist Milton Friedman, the main purpose of business is to _________ __________ for it's owners?

• produce profit

• provide value

• maximize profits

• provide growth

The following are considered BUSINESS GOALS

• Corporate Social Responsibility

• Innovation

• Profit Maximization

• All answers are correct