Review for Unit 3 Business Test

A business is an organization that offers goods and services.

• True

• False

A financial reward that comes from starting and running a business is called a

• Expense

• Liability

• Profit

• Owner's Equity

Who is an entrepreneur?

• someone who works for a large company

• someone who studies business in University

• someone who starts their own business

What is profit?

• the money you spend - the price you sell it for

• the price you sell if for- the money you spend

• the price you sell it for + the money you spend

What would make the presentation about your business better?

• Confidence

• Facts and evidence

• Samples, pictures, videos etc.

• All of the above

Being in debt means you...

• ...open your own business

• ...expand your business

• ...have a large income

• ...owe someone money

Goods and services sold to other countries are called

• exports
• tariffs
• imports
• contraband

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