Introduction to Business

What is a business?

• Activity that provides goods to consumers and making profit.

• Activity that focus on delivering services to consumers and making profit.

• Any activity that provides goods or services to consumers for the purpose of making a profit.

• Any activity that provides goods and services to consumers without generate profits.

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___________ is the amount of revenue or income that a business owner retains after paying all the expenses associated with the operation of the business.

• Sale

• Profit

• Cost

• Debt

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

Something we pay for that we can touch

• good

• service

The amount of money we pay for a good or service

• currency

• price

• inflation

• economics

A need is something we can't live without.

• True

• False

Which items should you pay for before buying any of your wants?

• rent

• utilities

• groceries

• all of the above

Which is a need?

• iPhone

• medication

• backpack

• sunglasses

Needs are goods or services essential for living while Wants are goods or services which people would like to have, but which is not essential for living.

• True

• False

Businesses need to find out what products consumers are prepared to buy and this is called ________.

• marketing

• market research

• business research

• target reserach