Chapter 1, Sec 1-3 review

What is the main reason why a business operates?

• to hire people

• to make a profit

• to create genetically engineered dinosaurs

• for something to do

Which of these describes a profit?

• Expenses are greater than revenue (sales)

• Revenue (sales) is greater than expense

• negative money left at the end of the sales period

Entrepreneurs _________________

• buy a business

• take a risk to start and manage a business

• inherit money from grandma

• sleep all day and don't work

Which of these eras describe how business is conducted today?

• Industrial era

• marketing era

• entrepreneurship era

• relationship era

Nonprofits operate just like a business, except their goal is to not make a profit

• True

• False