1.01 Intro to Business QUIZ 1

Profit is defined as

• A person's incentive to work to gain something for himself or herself (that is to make money).

• Money that remains after a business has paid for the expenses of running the business. Income > Expenses

• Contest between businesses to win customers' business & loyalty.

• The process of recording and reporting the financial data for a business.

A contest between businesses to win customers' business & loyalty is known as Marketing.

• TRUE

• FALSE

The process of recording and reporting the financial data for a business is known as?

• Partnership

• Consumer

• Service

• Accounting

Match the following Terms to the correct Definition.

• Items necessary for existence, such as clothing, food, and shelter.

• Services

• Items businesses sell that can be physically weighed or measured, such as iPods and CDs.

• Wants

• Items necessary for existence, such as clothing, food, and shelter.

• Goods

• Task that businesses perform or provide for customers, such as haircuts and car washes.

• Needs

A business owned by only one person

• Partnership

• Franchise

• Corporation

• Sole Proprietorship

A contract between a parent company and a franchise to use the name and sell the goods or services of the parent company, such as KFC.

• Partnership

• Franchise

• Sole Proprietorship

• Consumer

Match the following Terms to the correct Definition

• The process of leading and directing all part of an organization

• Management

• The process of developing, installing, and implementing computer information systems and application

• Information Technology

• The activities that deal with the hiring, firing, training and other personnel (employee) issues.

• Human Resources

• The process of creating, promoting and presenting a product to the consumer.

• Marketing

A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross is known as a non-profit

• TRUE

• FALSE

Match the following.

• FRANCHISE

• 
• PARTNERSHIP

• 
• CORPORATION

• 
• Sole Proprietorship

• 

The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders is known as.

• Human Resource

• Operations

• Management

• Information Technology