Introduction to Business

How do you define profit?

• when revenue exceeds cost

• when costs exceed revenue

• when revenue achieves planned target

• when the bottom line is in the red

Factors of production are below, EXCEPT

• Entreprenurship

• Capital

• Equipment

• Labor

What's ethics all about?

• An ethnic minority

• A person who's a bit daft

• Morally correct behavior

• Making lots of money out of customers, bleeding them dry!

In the long run, ethical integrity will keep customers coming back to a business.

• True
• False

A set of guidelines for maintaining ethics in the workplace. 

• Code of Ethics
• Code of Conduct
• Integrity
• Code of Honor

A conflict between self-interest and a professional obligation. 

• Obligation
• Conflict of Interest
• Problem Solving
• Rule Enforcement

____________________ is the amount of a good that a company has. 

• Supply
• Demand
• Good

__________________ is the willingness and desire of a peson to buy a good. 

• Supply
• Service
• Demand

If the supply decreases and the demand increases then the price will ___________________. 

• Decrease
• Increase
• Stay the same

If the supply increases, but the demand decreases, then the price will _______________. 

• Decrease
• Increase
• Stay the same