........is the primary goals of business.

• service

• profit

• innovation

• strategy

• quality

Businesses differ from nonprofit organizations in that a business's focus is on

• profit

• goods

• price

• charity

• fund-raising

Which of the following is an example of an intangible product?

• a movie DVD

• a kitten

• perfume

• music concert

• jewelry

Amit hired an attorney to help him draft a purchase and sale agreement for his new home. The home is an example of a product that is a(n)

• idea

• service

• tangible item

• process

• intangible good

Which statement is true about businesses and profits?

• Profit making is a business activity that seldom requires risk taking.

• Businesses do not have the right to use their profits the way they choose.

• Profit-making businesses often weaken the economy of a country.

• Earning profits contributes to society by creating resources that support social institutions and government.

• Ignoring the interests of stakeholders is the best way for a business to be profitable.

Which of the following is NOT an accurate statement regarding nonprofit organizations?

• They may provide goods and services.

• They engage in fund-raising.

• They have the fundamental goal of earning profits.

• They utilize skills related to management, marketing, and finance.

• They include charities and social causes.

All the groups that have an interest in an organization's success and outcomes are known as the organization's _________.

• agencies

• stakeholder

• owners

• investors

• shareholders

Among the major activities of business, which of the following is an element of management?

• obtain financing

• conduct product research

• engage in personal selling

• promote sales

• acquire resources

Ronan works for a custom furniture manufacturer. His job is to oversee the process of taking raw materials—lumber, fabric, and metal components—and ensure that they are transformed to the customer's exact specifications. Ronan's job falls under the business activity known as ________.

• operations

• advertising

• sales promotion

• finance

• marketing

Allie, the manager of a new pet grooming company, makes sure her grooming salon always has plenty of treats and toys for the animals as well as beverages and snacks for their owners to ensure a quality customer service experience. This is an example of the ________ element of management.

• service

• leadership

• decision making

• motivational

• operations