Unit 1: Principles of Business

Any organization or activity that offers goods and services in an effort to earn a profit is called a:

• Business

• Corporation

• Market

• Non-Profit

The difference between the revenue and the expenses of a business is referred to as:

• Sales

• profit

• loss

• breakdown

Things like rent, utilities, insurance, and supplies are examples of what?

• earnings

• net profit

• revenue

• expenses

A business must be "for profit" to be considered a business.

• True

• False

Businesses must have both a storefront and website to be considered a business.

• True

• False

A non-profit business does not seek to make profit.

• True

• False

Which of the following is not a main type of business?

• manufacturing

• merchandising

• middlemen

• service

A business can sell goods or services or both to be considered a business.

• True

• False

A doctor's office is considered what type of business?

• retail

• hybrid

• service

• manufacturing

The Ford Motor plant in Claycomo is considered what type of business?

• hybrid

• service

• retail

• manufacturing