I2B 01 - Review Summative

Time management is the ability to

• Lead a group to the successful completion of a task.

• Act in a way that demonstrates professionalism.

• Use one's time wisely to maintain or increase productivity.

• Identifying and prioritizing business needs and goals.

Analyzing (identifying) short term and long term goals and creating priorities based on the most pressing needs defines which basic business skill?

• Teamwork

• Professionalism

• Organizational planning

• Time management

Classify basic business skills (teamwork, professionalism, organizational planning and time management) according to your belief of most important to least important and then explain how you would utilize your strongest skill to be productive.

A successful business is defined as

• Any activity that creates revenue through the sale of goods.

• An activity performed for the sole purpose of generating goods and services.

• Any activity that provides goods and services to consumers for the purpose of making a profit.

• Any activity in which consumers supply goods and services for the purpose of making a profit.

An example of a good produced by a business is:

Profits are determined by which of the following statements:

• Input costs minus revenue

• Revenue minus expenses

• Expenses plus revenue minus resource expense

• Revenue minus sales plus expenses

Evaluate the following statement: Chris Lema said "Only put a price in front of a client when you fully understand what is motivating them." In your opinion, what is Lema saying about value and price?

A Not-for-Profit is best described by which of the following statements:

• Generates revenues from sales and/or contributions

• Profit is used to pay owners, partners and shareholders

• Profits can be taxed by local, state and federal authorities

• Owned by individuals, partners and/or shareholders

Analysis:

Extended Response: Do you think it would be better for a for-profit business to be mission driven or profit driven (for its organizational goals)? Please explain your answer clearly and concisely.

Which of the following are the four factors of production required to sustain a business?

• Human capital, unskilled labor, entrepreneurs

• Natural resources, labor, capital and entrepreneurship

• Livestock, plants, land

• Oil, natural gas, coal