BEP2O Week 1 Review

What is the formula for calculating profit or loss in a business?

• Profit (or Loss) = Revenue + Expenses and Costs

• Profit (or Loss) = Revenue - Expenses and Costs

• Profit (or Loss) = Revenue * Expenses and Costs

• Profit (or Loss) = Revenue / Expenses and Costs

If you sell $1000 of shoes but you have to pay $400 for the shoes, how much profit do you make?

• $600

• $550

• $400

• $1000

What are the two categories mentioned for classifying a business based on how it delivers goods or services to the customer?

• Wholesale and retail

• Retail and e-commerce

• Manufacturing and services

• Online and offline

What does the term "bricks and mortar" refer to in the context of business classification?

• Online stores

• Physical retail stores

• Manufacturing units

• Service providers

Which of the following is not an example of a service business?

• First Choice Haircutters

• TD Bank

• Loblaws

• Uber

Which of the following is NOT a characteristic of most small or medium-sized businesses?

• Fewer than 500 employees

• Over one million in Canada

• Provides jobs for more than 60% of the Canadian workforce

• More than 1000 employees

What is an example of a want and not a need?

• clothing

• vacation

• house

• water

When categorizing business size, what number are we generally looking at?

• The number of employees in businesses

• The revenue of businesses

• The location of businesses

• The industry of businesses

What is a business?

• a website

• organization that produces or sells goods or services to satisfy the needs, wants and demands of consumers

• something focused on making money

• a store

Which form of business ownership is a group of people working together for a common purpose?

• Franchise

• Co-operative

• Corporation

• Sole proprietorship