Test 1A

What is the main motivating force for starting a business or managing a business?

• Money/Profit

• Time

• Meeting People

• Working Hard

Define "goods"

• Intangible offerings

• accounting or banking service

• tangible items that one can see and touch

Examples of goods include:

• shoes, apple, books, car

• lawn service, insurance, healthcare

Define a service

• Tangible good that one can touch

• Intangible offering

What are some examples of services?

• Buying a work of art.

• barbershop, airline, tax preparer, nail salon

• hamburger, rice, taco, candy

The goods/services people can buy with the money they have is called what?

• Quality of Life

• Money management

• Standard of Living

• Economics

What is the "general level of human happiness or satisfaction"?

• Standard of Living

• Quality of Life

• Community

• A business

These are examples of things that affect our quality of life:

education

healthcare

safety

freedom

environment

• True

• False

The potential to lose money and time is called?

• Profit

• Loss

• Revenue

• Risk

Money a business takes in from selling goods and services is called?

• profit

• revenue

• loss

• costs